Wyndham Hotels & Resorts Inc (WH) 2025 Q1 法說會逐字稿

Welcome everyone to the Wyndham Hotels and Resorts first quarter, 2025 earnings conference call. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. (Operator Instructions)

歡迎大家參加溫德姆飯店及度假村 2025 年第一季財報電話會議。目前，所有參與者都處於只聽模式，演講結束後將開放提問環節。（操作員指示）

I would now like to turn the call over to Matt Capuzzi, Senior Vice President of Investor Relations.

現在我想將電話轉給投資者關係高級副總裁 Matt Capuzzi。

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

謝謝您，接線生。早安，感謝您加入我們。今天與我一起的有我們的執行長 Geoff Ballotti 和我們的財務長兼策略主管 Michele Allen。在我們開始之前，我想提醒您，我們今天的評論將包含前瞻性陳述。這些聲明受風險因素的影響，可能導致我們的實際結果與明示或暗示的結果有重大差異。

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. 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.

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詳細討論了這些風險因素。我們也將參考一些非公認會計準則指標。我們的收益報告和投資者介紹中提供了相應的 GAAP 指標以及非 GAAP 指標與 GAAP 指標的對賬，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.

我們提供的某些措施僅在非 GAAP 基礎上討論未來的影響，因為如果不付出不合理的努力，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。

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

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。說完這些，我會把電話轉給傑夫。

Thanks, Matt. Good morning, everyone, and thanks for joining us today. Despite an uncertain macro environment, we delivered a very solid start to the year. Adjusted EBITDA grew 9% on a comparable basis and adjusted EPS increased 20%.

謝謝，馬特。大家早安，感謝大家今天加入我們。儘管宏觀環境不確定，但我們今年的開局非常穩健。調整後的 EBITDA 年成長 9%，調整後的 EPS 年成長 20%。

We grew our global system by 4% and our pipeline by 5% to a record 2,143 hotels. We saw healthy increases in both our US and our international royalty rates. We drove continued growth in our ancillary fee streams, and we returned nearly $110 million to our shareholders.

我們的全球系統成長了 4%，飯店儲備量增加了 5%，達到創紀錄的 2,143 家飯店。我們在美國和國際的版稅率均出現了健康成長。我們推動了附加費用流的持續成長，並向股東返還了近 1.1 億美元。

Global RevPAR grew 2% in constant currency. International RevPAR grew in all regions except China. Latin America RevPAR grew by 25%, excluding Argentina's hyperinflation, with both strong ADR and higher FeePAR editions in Mexico and in the Caribbean.

以固定匯率計算，全球每間可用客房收入 (RevPAR) 成長了 2%。除中國外，所有地區的國際 RevPAR 均實現成長。除了阿根廷的惡性通貨膨脹外，拉丁美洲的 RevPAR 成長 25%，墨西哥和加勒比海地區的 ADR 強勁，FeePAR 也更高。

EMEA RevPAR rose 6% with solid performance in Germany, Turkey, India, and Greece. And Southeast Asia and the Pacific Rim posted year over year RevPAR growth of 8%. And in China, demand remains steady, but revPA declined 8% year over year, reflecting continued pricing pressure.

歐洲、中東和非洲地區的 RevPAR 上漲了 6%，其中德國、土耳其、印度和希臘的表現穩健。東南亞和環太平洋地區的 RevPAR 年增 8%。在中國，需求保持穩定，但 revPA 年比下降 8%，反映出持續的價格壓力。

As you've all been tracking through STR, while US RevPAR started strong in January, momentum softened in February and March as consumer sentiment weakened. Our results finished about 3 points below our expectations, growing 2% for the quarter, or up 60 basis points when normalizing for the benefit from hurricanes and the Easter shift to Q2. Excluding these benefits, pricing power still remains steady, increasing 110 basis points for the quarter against a 50 basis points decline in demand.

正如大家透過 STR 所追蹤的那樣，雖然美國 RevPAR 在 1 月表現強勁，但隨著消費者情緒的減弱，2 月和 3 月的發展勢頭有所減弱。我們的業績比預期低了約 3 個百分點，本季成長了 2%，如果將颶風和復活節期間第二季的收益正常化，則成長了 60 個基點。除去這些收益，定價能力仍保持穩定，本季增加了 110 個基點，而需求則下降了 50 個基點。

When normalizing for the timing of Easter and the lapping of last year's solar eclipse, April month to date RevPAR in the US is down 3%, consistent with what we saw in March on a normalized basis. And while March and April results have trended below the expectations we had assumed in our original outlook, and Michele will take you through our revised outlook in a moment. Recent trends are now more encouraging, indicating positive momentum. As we head into the busy summer travel months, whatever demand scenario may transpire, our brands have always outperformed in periods of economic downturn relative to the overall industry.

當根據復活節的時間和去年日食的重疊進行標準化時，美國 4 月迄今為止的 RevPAR 下降了 3%，與我們 3 月的標準化情況一致。雖然 3 月和 4 月的業績趨勢低於我們最初預測的預期，但 Michele 稍後將帶您了解我們修改後的預測。最近的趨勢更加令人鼓舞，顯示出積極的勢頭。隨著我們進入繁忙的夏季旅遊月份，無論需求情況如何，我們的品牌在經濟低迷時期的表現始終優於整個行業。

Following 9/11, RevPAR for our select service hotels outperformed STR's upscale and above segments by 300 basis points. During the global financial crisis by 500 basis points and during COVID by 2,500 basis points. Wyndham's track record of industry outperformance is not coincidental. It reflects the structural advantages of our select service model and the nature of the demand that we serve.

9/11 活動之後，我們精選服務酒店的 RevPAR 比 STR 高檔及以上級別的酒店高出 300 個基點。在全球金融危機期間，利率下降了 500 個基點；在新冠疫情期間，利率下降了 2,500 個基點。溫德姆在業界取得優異表現並非偶然。它反映了我們精選服務模式的結構優勢以及我們所服務的需求的性質。

With limited reliance on white collar corporate and group travel, which tends to contract most during economic downturns, our business is anchored by a stable and resilient base of essential frontline blue collar workers, a guest segment that continues to drive consistent demand even as broader corporate discretionary travel budgets tighten.

由於對白領企業和團體旅行的依賴有限，而這些旅行在經濟低迷時期往往會萎縮最為嚴重，因此我們的業務以穩定且有韌性的一線藍領工人為基礎，即使在更廣泛的企業可自由支配的旅行預算收緊的情況下，這一客戶群仍繼續推動穩定的需求。

This segment has shown resilience through prior cycles, and we expect it to do the same in any macro economic setup. Moreover, we are far less impacted by the current international inbound demand declines. Less than 3% of our bookings in the United States arrive from international inbounds, including less than 2% from Canada.

這個細分市場在先前的周期中表現出了韌性，我們預期它在任何宏觀經濟環境下都會表現出同樣的韌性。此外，我們受當前國際入境需求下降的影響也小得多。我們在美國預訂的國際入境航班不到 3%，其中來自加拿大的不到 2%。

Approximately 90% of our footprint is concentrated in drive to markets, where leisure demand is less impacted by the cost and the complexity of air travel. Our brands are attractively priced relative to upscale full service hotels, positioning Wyndham to capture trade down demand from both leisure and business travellers seeking value.

我們的業務範圍約有 90% 集中在自駕市場，這些市場的休閒需求較少受到航空旅行成本和複雜性的影響。與高檔全方位服務酒店相比，我們的品牌價格更具吸引力，使溫德姆能夠滿足尋求價值的休閒和商務旅客的低端需求。

We outperform in times of economic distress because our model is different. During economic down cycles, we've continued to grow our system amid softer demand environments. Hotel owners consistently turned to brands at scale that they know and that they trust, and brands that outperform their competitors, seeking broad distribution, a loyal customer base, operational support, and cost efficiencies as independent and underperforming branded hotels face mounting pressure.

由於我們的模式不同，我們在經濟困難時期表現出色。在經濟下行週期中，我們在需求疲軟的環境中繼續發展我們的系統。由於獨立和表現不佳的品牌酒店面臨越來越大的壓力，酒店業主不斷轉向他們了解和信任的規模品牌以及表現優於競爭對手的品牌，尋求廣泛的分銷、忠誠的客戶群、運營支持和成本效益。

Wyndham offers the tools, and the support needed to compete more effectively. And as investment in US manufacturing accelerates, particularly in secondary markets, our existing system and pipeline of select service and extended stay hotels are located in regions where demand is growing.

溫德姆提供更有效競爭所需的工具和支援。隨著對美國製造業的投資加速，特別是在二級市場，我們現有的精選服務和長期住宿酒店系統和管道都位於需求不斷增長的地區。

Whether it's in markets driven by the onshoring that new tariffs are creating, whether it's in markets that are beginning to benefit from large infrastructure projects that are finally beginning to break ground from the federal infrastructure bill where allocations are ramping, or whether it's from new private sector investments in large data center projects across the country, Wyndham's portfolio is well positioned to serve the everyday travel that these markets will benefit from. In the decade ahead.

無論是在新關稅推動的在岸化推動下的市場，還是在聯邦基礎設施法案撥款不斷增加、終於開始破土動工的大型基礎設施項目中受益的市場，亦或是受到全國各地大型數據中心項目私營部門新投資的影響，溫德姆的投資組合都能夠很好地服務於這些市場將從中受益的日常旅行。在未來的十年裡。

Our continued momentum on the development front speaks volumes, reflecting not only the strength of our value proposition to owners, but also the confidence that they have in our ability to perform in any range of market conditions. This was a record first quarter for us in terms of room additions. We opened 15,000 rooms, 13% more than we did last year. And our development teams drove sequential net room growth across every region we operate in.

我們在開發方面的持續發展勢頭說明了一切，這不僅反映了我們對業主的價值主張的力度，也反映了他們對我們在任何市場條件下表現的能力的信心。就客房增加數量而言，這是我們第一季創下的新紀錄。我們開設了 15,000 間客房，比去年增加 13%。我們的開發團隊推動了我們營運的每個地區的淨客房持續成長。

We signed 6% more deals than a year ago, expanding our pipeline for the 19th consecutive quarter to a new all-time high of 254,000 rooms, representing an average FeePAR premium of over 30% versus our current domestic and international systems.

我們簽署的協議比一年前增加了 6%，連續第 19 個季度擴大了我們的酒店儲備，客房數量達到 254,000 間，創歷史新高，與我們目前的國內和國際系統相比，平均 FeePAR 溢價超過 30%。

Domestically, our mid-scale and above brands grew 4%, driven by conversions like the Wyndham Avanti Resort and Conference Center on International Drive in Orlando and new construction openings like the La Quinta Hotel in La Habra in Orange County, California. New Echo Suites and Hawthorne Suites openings continued across Texas, Virginia, and Wyoming, reflecting growing developer interest in our extended stay, new construction prototypes.

在國內，我們的中檔及以上品牌增長了 4%，這得益於奧蘭多國際大道上的溫德姆阿凡提度假村及會議中心等酒店的改建，以及加利福尼亞州奧蘭治縣拉哈布拉的拉昆塔酒店等新酒店的開業。德州、維吉尼亞州和懷俄明州繼續開設新的 Echo Suites 和 Hawthorne Suites，反映出開發商對我們的長期住宿、新建築原型的興趣日益濃厚。

Internationally, we grew net rooms by 7%. With continued strong interest in our brands across Europe, the Middle East, and Eurasia, our team grew the pipeline by nearly 40%, and that rooms for the quarter by 5%, with new construction additions like the La Quinta Batumi beach in Georgia's coastal hotspot.

在國際上，我們的淨客房數量增加了 7%。由於歐洲、中東和歐亞大陸對我們品牌的持續濃厚興趣，我們的團隊將專案儲備增加了近 40%，本季增加了 5%，新增了喬治亞沿海熱點地區 La Quinta Batumi 海灘等建築。

Latin America grew its pipeline by 9% and increased net rooms by 10% with high quality conversions like the Wyndham Ultra Punta Cana Resort and new construction hotels like the new Trip by Wyndham Guzman located in the heart of Jalisco, the Mexican birthplace of Tequila.

拉丁美洲的飯店數量增加了 9%，客房淨數量增加了 10%，其中包括溫德姆超級蓬塔卡納度假村 (Wyndham Ultra Punta Cana Resort) 等高品質改建飯店，以及位於墨西哥龍舌蘭酒發源地哈利斯科州中心地帶的 Trip by Wyndham Guzman 等新建飯店。

In Southeast Asia in the Pacific Rim, net rooms grew by 14%, including the debut of our Wyndham Grand brand in Phnom Penh, Cambodia. And in China, our team doubled our direct franchising system openings and grew net direct franchise rooms by 17% with both spectacular new conversions and beautiful new construction additions like the Days inn by Wyndham, Shanoo Jining. Our 100 days inn in China.

在環太平洋地區的東南亞地區，淨客房數量增加了 14%，其中包括在柬埔寨金邊首次亮相的溫德姆至尊飯店品牌。在中國，我們的團隊將直接特許經營系統的開業數量增加了一倍，並透過引人注目的新改建和漂亮的新建築（如濟寧山城溫德姆戴斯酒店）增加了 17%。我們在中國的100天旅館。

By contrast, our legacy master license franchisees in China grew at a much slower pace, up less than 2% year over year. Excluding our China master licensees, global system growth would have been 30 basis points higher than our headline growth rate, underscoring our strategic focus on accelerating growth within our direct franchising platform internationally, where we continue to see stronger FeePAR and greater revenue potential in the quarters in the years ahead.

相較之下，我們在中國的傳統主許可加盟商的成長速度要慢得多，比去年同期成長不到 2%。不包括我們的中國主授權持有者，全球系統成長率將比我們的整體成長率高出 30 個基點，這突顯了我們的戰略重點是加速國際直接特許經營平台的成長，我們將繼續看到未來幾年各季度更高的 FeePAR 和更大的收入潛力。

As we prioritize our development growth in higher FeePAR geographies and higher chain scales, as we build scale in markets where we already have significant density, and as we expand our direct franchising in select regions previously heavily reliant on master licensee relationships, the hotels we're adding are entering the system with a stronger economics, contributing to meaningful royalty rate accretion which is beginning to pay off.

隨著我們優先考慮在 FeePAR 較高地區和連鎖規模較大的酒店發展，隨著我們在已經具有相當高密度的市場中擴大規模，隨著我們在以前嚴重依賴主許可證關係的特定地區擴大直接特許經營，我們新增的酒店正以更強勁的經濟實力進入該系統，從而促進特許費率的有意義增長，並開始獲得回報。

This quarter, for example, our royalty rate increased by 19 basis points domestically and by 15 basis points internationally. By continuing to remix our portfolio towards higher FeePAR hotels, we're elevating the long-term earnings power of our system.

例如，本季我們的國內特許權使用費率增加了 19 個基點，國際特許權使用費率增加了 15 個基點。透過持續調整我們的投資組合，向更高 FeePAR 的酒店傾斜，我們正在提升我們系統的長期盈利能力。

We also continue to see strong momentum in our ancillary fee growth this quarter, driven by our renewed co-branded credit card agreement, our growing partnership initiatives, and our ongoing technology innovations. New Barclays accounts rose 11% and spend volumes increased 7%.

本季度，我們的附加費用持續保持強勁成長勢頭，這得益於我們續簽的聯名信用卡協議、不斷增長的合作夥伴計劃以及我們正在進行的技術創新。巴克萊銀行新帳戶數量增加了 11%，支出金額增加了 7%。

Our new debit card, which was launched this quarter is attracting a much younger demographic into our ecosystem. And we recently announced a new partnership adding Carnival Cruise Lines to Wyndham Rewards, giving our loyalty members even more ways to explore, to earn, and to make the very most out of their vacations.

我們本季推出的新簽帳卡正在吸引更多年輕族群加入我們的生態系統。我們最近宣布了一項新的合作夥伴關係，將嘉年華郵輪公司加入溫德姆獎勵計劃，為我們的忠誠會員提供更多方式來探索、賺取積分並充分利用他們的假期。

Finally, we want to recognize our phenomenal team members around the world. For the third straight year and the fifth time overall, Wyndham was named one of the world's most ethical companies by Ethisphere. This honour reflects the care, the commitment, and the integrity that our teams bring to their work every day. And it's what makes Wyndham such a great place to work and a great company to partner with.

最後，我們要表揚我們在世界各地的傑出團隊成員。溫德姆連續第三年、第五次被 Ethisphere 評為全球最具商業道德的公司之一。這項榮譽體現了我們的團隊在日常工作中所表現出的關懷、承諾和誠信。這也使得溫德姆成為一個理想的工作場所和理想的合作夥伴。

In closing, while the current demand environment is uncertain, our focus remains firmly on the long term. We've been here before, and each time we've stayed grounded in what we do best growing our system, supporting our franchisees, and advancing the strategic initiatives that strengthen our business over time, which is exactly what we're focused on doing right now.

最後，雖然目前的需求環境不確定，但我們的重點仍放在長期。我們以前也經歷過這種情況，每次我們都堅持做自己最擅長的事情，發展我們的系統，支持我們的特許經營商，推進能夠逐步加強我們業務的戰略舉措，這正是我們現在所關注的事情。

Our value proposition is stronger than ever. It's powered by our world class teams, a best in class technology stack, the industry's number one loyalty program, and a resilient acid-like business model designed to perform through all phases of any economic cycle.

我們的價值主張比以往更強大。它由我們世界一流的團隊、一流的技術堆疊、業界第一的忠誠度計劃以及旨在貫穿任何經濟週期各個階段的彈性酸性商業模式提供支援。

We remain confident that our growth strategy will continue to deliver meaningful value for all of our stakeholders, and with that, I'll now turn the call over to Michele.

我們仍然相信，我們的成長策略將繼續為所有利害關係人帶來有意義的價值，現在我將把電話交給 Michele。

Thanks, Geoff, and good morning, everyone. I'll begin my remarks today with a detailed review of our first quarter results. I'll then review our cash flows and balance sheets followed by our Outlook. Before we begin, let me remind everyone that the comparability of our quarterly results is impacted by the timing of our marketing fund spend.

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一季業績。然後，我將審查我們的現金流量和資產負債表，並進行展望。在我們開始之前，讓我提醒大家，我們的季度業績的可比性受到行銷基金支出時間的影響。

In the first quarter this year, marketing fund expenses exceeded revenues by $22 million compared to expenses exceeding revenues by $14 million in the first quarter of last year. 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.

今年第一季度，行銷基金支出超過收入 2,200 萬美元，而去年第一季支出超過收入 1,400 萬美元。為了提高透明度並更好地了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。

In the first quarter, we generated $316 million of fee-related and other revenues and $145 million of adjusted EBITDA. Fee related and other revenues increased $12 million year over year, principally reflecting a 9% increase in royalties and franchise fees, as well as higher ancillary revenues.

第一季度，我們產生了 3.16 億美元的費用相關收入和其他收入以及 1.45 億美元的調整後 EBITDA。費用相關收入和其他收入年增 1,200 萬美元，主要反映了特許權使用費和特許經營費增加 9%，以及輔助收入增加。

The increase in royalties and franchise fees reflects system growth of 4%, royalty rate improvement of 16 basis points, and higher other franchise fees. Our ancillary revenue growth was primarily driven by higher credit card and partnership fees as well as increased license fees. Adjusted EBITDA grew 9% on a comparable basis, primarily reflecting the higher fee related and other revenue, and approximately 60 basis points of margin improvement.

特許權使用費和特許經營費的增加反映了系統成長 4%、特許權使用費率提高 16 個基點以及其他特許經營費的增加。我們的輔助收入成長主要得益於信用卡和合作費用的增加以及授權費用的增加。調整後的 EBITDA 年成長 9%，主要反映了費用相關收入和其他收入的增加，以及約 60 個基點的利潤率提高。

First quarter adjusted diluted EPS was $0.86, up 20% on a comparable basis due to EBITDA of growth, the benefit of share repurchases, and lower depreciation and amortization partially offset by higher interest expense. First quarter free cash flow was $80 million converting from adjusted EBITDA at approximately 55% in line with our expectations.

第一季調整後稀釋每股收益為 0.86 美元，年增 20%，原因是 EBITDA 成長、股票回購收益以及折舊和攤提減少，但利息支出增加部分抵消了這一影響。第一季自由現金流為 8,000 萬美元，由調整後的 EBITDA 轉換為約 55%，符合我們的預期。

We returned $109 million to our shareholders in the first quarter through $76 million of share repurchases and $33 million of common stock dividends. Amid broader market volatility and a meaningful share price decline during the quarter, we accelerated buybacks, repurchasing 35% more than we did in the first quarter of 2024.

我們在第一季透過 7,600 萬美元的股票回購和 3,300 萬美元的普通股股息向股東返還了 1.09 億美元。在本季市場普遍波動且股價大幅下跌的情況下，我們加快了回購速度，回購量比 2024 年第一季增加了 35%。

We closed the quarter with approximately $640 million in total liquidity, and our net leverage ratio of 3.5 times remained as expected at the midpoint of our target range. Turning now to Outlook. Well first quarter Global RevPAR performed in line with our full year expectations, as Geoff mentioned, we had anticipated stronger performance, especially in March, given the relative ease of the year over year comparison.

本季結束時，我們的總流動資金約為 6.4 億美元，我們的淨槓桿率為 3.5 倍，仍符合預期，處於目標範圍的中點。現在轉向 Outlook。第一季全球 RevPAR 的表現與我們的全年預期一致，正如 Geoff 所提到的那樣，考慮到同比比較相對容易，我們預計會有更強勁的表現，尤其是在 3 月。

With trends remaining softer through April, we are refining our 2025 outlook to reflect a more cautious view of industry-wide RevPAR performance for the remainder of the year. Our current assumption is that full year constant currency global RevPAR will range between down 2% to up 1%.

由於 4 月趨勢依然疲軟，我們正在完善 2025 年的展望，以反映對今年剩餘時間全行業 RevPAR 表現更為謹慎的看法。我們目前的假設是，全年全球固定匯率 RevPAR 將在下降 2% 至上升 1% 之間。

The high end of this range assumes the remaining nine months of the year perform largely in line with our original outlook, essentially implying a swift resolution to the current global trade tensions and a corresponding improvement in consumer sentiment.

該範圍的高端假設今年剩餘九個月的表現與我們最初的展望基本一致，這實質上意味著當前全球貿易緊張局勢將迅速得到解決，消費者信心也將相應改善。

While that may prove optimistic, we believe it provides a useful reference point for modeling purposes. Conversely, the lower end of the range reflects RevPAR performance more consistent with the trends we saw in March and April, where the rest of the year declined about 3%.

雖然這可能被證明是樂觀的，但我們相信它為建模目的提供了一個有用的參考點。相反，該範圍的低端反映出 RevPAR 的表現與我們在 3 月和 4 月看到的趨勢更加一致，而今年剩餘時間的 RevPAR 均下降了約 3%。

Given the current uncertainty and limited long-term visibility, we believe this new guidance is a reasonable lower bound for planning purposes, wider than what we typically provide, but a prudent response in today's volatile macro environment.

鑑於當前的不確定性和有限的長期可見性，我們認為這項新指南對於規劃目的而言是一個合理的下限，比我們通常提供的範圍更廣，但在當今動蕩的宏觀環境中卻是一種審慎的反應。

To help frame the potential variability, we've provided RevPAR sensitivities on slide 21 of our investor presentation. Every 1 point change in RevPAR equates to an approximate $10 million impact to fee related and other revenues and $4 million impact to adjusted EBITDA.

為了幫助描述潛在的變化，我們在投資者簡報的第 21 張投影片中提供了 RevPAR 敏感度。RevPAR 每變動 1 點，就相當於對費用相關收入和其他收入產生約 1000 萬美元的影響，對調整後的 EBITDA 產生 400 萬美元的影響。

There are no changes to our net room growth outlook. Fee related and other revenues is now expected to be $1.45 billion to $1.49 billion down from our prior outlook of $1.49 billion to $1.51 billion. This decline is roughly split evenly between royalties and franchise fees and marketing, reservation and loyalty revenues.

我們的淨客房成長前景沒有變化。目前預計費用相關收入和其他收入為 14.5 億美元至 14.9 億美元，低於我們先前預測的 14.9 億美元至 15.1 億美元。這一下降大致平均分配給特許權使用費和特許經營費以及行銷、預訂和忠誠度收入。

As we navigate this environment, we're taking prudent action to manage expenses carefully, which is allowing us to meaningfully offset much of the revenue impact at the EBITDA line. Adjusted EBITDA is now expected to be between $730 million and $745 million down $10 million to $15 million from our prior outlook.

在應對這種環境時，我們採取審慎的行動來謹慎管理費用，這使我們能夠有效地抵消 EBITDA 線上的大部分收入影響。調整後的 EBITDA 目前預計在 7.3 億美元至 7.45 億美元之間，比我們先前的預測下降 1,000 萬至 1,500 萬美元。

Adjusted net income is projected to be $358 million to $372 million and adjusted diluted EPS is projected at $4.57 to $4.74. Which reflects the first quarter share repurchases and is based on a diluted share count of $78.4 million.

調整後淨利預計為3.58億美元至3.72億美元，調整後稀釋每股盈餘預計為4.57美元至4.74美元。該預期反映了第一季的股票回購，並基於7,840萬美元的稀釋股本。

As usual, our EPS outlook 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 be approximately 57%. There is no change to our development advanced spend outlook.

與往常一樣，我們的每股盈餘展望假設不存在與任何潛在藉貸活動相關的股票回購活動或增量利息支出。預計開發預付款前的自由現金流轉換率約為 57%。我們對開發高級支出的展望沒有改變。

As it relates to our marketing funds, our expectation remains that at the RevPAR levels we're now guiding to, the funds will break even on a full year basis, give or take a few million dollars. We also expect the marketing funds will break even in the second quarter.

就我們的行銷資金而言，我們仍然期望，按照我們現在指導的 RevPAR 水平，資金將在全年實現收支平衡，上下浮動數百萬美元。我們也預計行銷資金將在第二季實現收支平衡。

Our business model is built for resilience. We no longer own hotels. We no longer carry management or performance-based operating guarantees, and nearly 100% of our system is franchised, making Wyndham the most asset-like business in the industry.

我們的商業模式是為彈性而建立的。我們不再擁有酒店。我們不再提供管理或基於績效的營運擔保，而且我們幾乎 100% 的系統都是特許經營的，這使得溫德姆成為業內最像資產的企業。

Our strong balance sheet enables us to stay focused on our long-term growth strategy, disciplined capital allocation, and the flexibility to lean and win opportunities arise. Together, these strengths position us to unlock long-term value and deliver meaningful returns for our shareholders regardless of near-term dynamics. With that, Geoff and I would be happy to take your questions, Operator?

我們強勁的資產負債表使我們能夠專注於長期成長策略、嚴格的資本配置以及靈活地抓住機會。綜合起來，無論短期情況如何，這些優勢使我們能夠釋放長期價值並為股東帶來可觀的回報。那麼，Geoff 和我很樂意回答您的問題，接線生？

(Operator Instructions)

（操作員指示）

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi there, thanks for taking the question. First off, Geoff, I just wanted to say a big congratulations on the new addition to your family last week. It's exciting news.

您好，感謝您提出這個問題。首先，傑夫，我只想對你家上週新添成員表示熱烈祝賀。這是令人興奮的消息。

Yeah, of course 4 daughters, 3 grandsons and 2 short years. It's amazing how fast that happens.

是的，當然有 4 個女兒、3 個孫子和 2 個小孩子。令人驚訝的是，事情發生得如此之快。

That's awesome. So on the question, I appreciate all the comments around the range of outcomes for RevPAR Outlook. Super helpful, I guess looking at the US specifically, could you share a little more about what you've been seeing and just put a finer point on what has changed? I think last quarter the makeup of the outlook of 2% to 3% in the US was about 150 basis points to 200 basis points infrastructure, then another 50% on leisure, 50% on pricing power. So when you think of that makeup now, I'm just curious how that build up is different today.

太棒了。因此，關於這個問題，我很感謝有關 RevPAR Outlook 一系列結果的所有評論。非常有幫助，我想具體看一下美國，您能否分享一下您所看到的情況並更詳細地說明發生了什麼變化？我認為上個季度美國 2% 至 3% 的預期組成中，約有 150 個基點至 200 個基點用於基礎設施，另外 50% 用於休閒，50% 用於定價權。所以當你現在想到那個化妝時，我只是好奇今天的構造有何不同。

Sure, it's probably a little bit different on the infrastructure side and we could talk about that in a second, but to your first part of your question in terms of what we're seeing, I'd say we're all still optimistic on the team, Lizzie. Normalized April demand was performing. As Michele said similarly to March, but that was until last week where we saw RevPAR improve by 400 basis points, running about a full point ahead of prior year.

當然，基礎設施方面可能有點不同，我們可以稍後再討論這個問題，但就你所看到的情況而言，對於你問題的第一部分，我想說我們對團隊仍然持樂觀態度，莉齊。四月份需求表現正常。正如 Michele 所說，三月的情況類似，但直到上週，我們看到 RevPAR 提高了 400 個基點，比去年同期提高了整整一個基點。

So the pace for May, 20 days out with a third of our business on the books is trending in line with our revised outlook with pricing holding firm, and I think that's really important. Our franchisees realize. That there is still pricing power out there, that their ADRs are still well below inflation and well a good room for ADRs to run, and I've got to give a shout out to our teams who are working so hard to communicate with our franchisees, our revenue management best practices to really drive rate and margin.

因此，5 月的進度（還有 20 天，我們的三分之一業務已經完成）與我們修改後的展望一致，而且價格保持穩定，我認為這非常重要。我們的加盟商意識到了。他們仍然具有定價能力，他們的 ADR 仍然遠低於通貨膨脹率，並且 ADR 還具有良好的運行空間，我必須向我們的團隊致以謝意，他們正在努力與我們的特許經營商溝通，我們的收入管理最佳實踐真正推動了利率和利潤率。

We have a global conference coming up in a couple weeks, and that will be what we're talking about ensuring that franchisees are building that base business with contracted, negotiated business, really taking advantage of all of our on-demand and digital marketing to drive occupancy. So pricing holding firm, majority of our franchisee revenue, as I think it was your question, Michele, on last month's call. Is there seasonality?

我們將在幾週後召開一次全球會議，我們將討論如何確保特許經營商透過簽訂合約和協商的業務來建立基礎業務，真正利用我們所有的按需和數位行銷來推動入住率。因此，定價保持穩定，我們的特許經營收入的大部分，我想這是你米歇爾在上個月的電話會議上提出的問題。有季節性嗎？

There is a third of our hotels full year demand shows up in June, July and August. And so we're exiting April with momentum and we're encouraged that leisure transient will pick up into the summer months, and there are lots of other reasons for that optimism. Our cancellation rates are holding steady. They're not ticking down. Our average lead times are holding steady at 20 nights, and our average lengths of stay are still well ahead of where they were pre-COVID level.

我們飯店全年三分之一的需求出現在六月、七月和八月。因此，我們以強勁的勢頭結束了四月份的活動，並且我們很高興看到休閒旅遊客流量將在夏季回升，還有很多其他理由讓我們感到樂觀。我們的取消率保持穩定。它們沒有減少。我們的平均預訂時間穩定在 20 晚，平均入住時間仍遠高於疫情前的水平。

In fact, in the quarter. They picked up 3% year on year based on the paid media campaigns that our marketing funds were running and hit 1.95 nights was significantly higher than they were pre-COVID levels. So on the transient side, our middle income guests are still more employed with wages and with savings higher than pre-COVID, and nearly half of all Americans are still saying that they're planning a vacation for this summer. Which is we don't have foresight to in terms of our booking windows, but the back part of your question, we're optimistic on the blue collar everyday travel fronts.

事實上，在本季。根據我們行銷資金進行的付費媒體活動，他們的收入同比增長了 3%，達到 1.95 晚，大大高於新冠疫情之前的水平。因此，在流動人口方面，我們的中等收入客人就業率仍然較高，薪資和儲蓄也高於新冠疫情之前，而且近一半的美國人仍在表示他們計劃今年夏天度假。也就是說，我們在預訂窗口方面沒有預見性，但對於您問題的後半部分，我們對藍領日常旅行方面持樂觀態度。

We're seeing increasing private onshoring and public infrastructure demand, although it did start off slower than what we saw in the fourth quarter in that in terms of that 150 basis points. Michele, I don't know if you want to add anything to that.

我們看到私人在岸和公共基礎設施需求不斷增長，儘管就 150 個基點而言，其起步速度確實比第四季慢。米歇爾，我不知道您是否想對此進行補充。

Sure, happy to. Yeah, it's, as Geoff mentioned, Lizzy had leisure, I think the biggest disconnect from our initial guide and the results we saw back in January was leisure just not performing as strongly as we had expected. Pricing is holding, our weekday trends, continue to outperform our weekend trends. It's just that consumer sentiment resulting from the macro uncertainty that's weighing on the overall leisure occupancy in driving what I would say our outlook at this stage.

當然，我很樂意。是的，正如傑夫所提到的，莉茲有休閒時間，我認為與我們最初的指南和我們在一月份看到的結果最大的脫節就是休閒表現不如我們預期的那麼強勁。價格保持不變，我們的工作日趨勢繼續優於週末趨勢。只是宏觀不確定性導致的消費者情緒對整體休閒入住率產生了影響，並決定了我們現階段的前景。

And so if we think about the remainder of the year, we're in the US specifically, we're expecting at the low end that the rest of the year will perform consistent with the normalized trends we saw in March and April. So that implies about 3% down. And then at the high end, obviously we are building in some optimism, to that, just assuming that there could be potential that those trends were more of just a short term reaction to the uncertainty and As the shock wears off, we would see the improvement that that Geoff is talking about.

因此，如果我們考慮今年剩餘時間的情況，特別是在美國，我們預計今年剩餘時間的表現將與我們在 3 月和 4 月看到的正常化趨勢一致。這意味著下降約 3%。然後在高端，顯然我們正在建立一些樂觀情緒，對此，只是假設這些趨勢可能只是對不確定性的短期反應，隨著衝擊的消退，我們將看到傑夫所說的改善。

And in addition to the positive momentum he referenced, I would just add we're also seeing Google search volumes up over the last two weeks in April as it relates to hotel and travel-related keywords, again giving us optimism that consumers are beginning to plan their summer vacations.

除了他提到的積極勢頭之外，我想補充一點，我們還看到 4 月份最後兩週與酒店和旅遊相關的關鍵字的谷歌搜尋量有所上升，這再次讓我們樂觀地認為消費者開始計劃他們的暑假了。

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, Mike. You had a you had a new baby, I think last quarter, right? Was it Annie?

早上好，麥克。我想您上個季度就生了一個新寶寶，對吧？是安妮嗎？

No, number three is next quarter, so I'm doing my part to doing my part to catch up to you. Just, you didn't talk about your longer-term outlook and I go. I don't think that slides in your deck anymore, so maybe you can just help us frame what that outlook would be in the current environment, what changes and so what are the sensitivities that we should be thinking about there, looking out to 26 today.

不，第三個是下個季度，所以我正在盡我所能趕上你。只是，你沒有談論你的長期前景，我就走了。我認為那張投影片不再出現在您的簡報中，所以也許您能幫助我們勾勒出在當前環境下的前景是什麼樣的，有哪些變化，以及展望今天的 26 號，我們應該考慮哪些敏感因素。

Yeah, I, I'll talk just really quickly. An important part of that algo mic is obviously our net room growth. And there is nothing, that we're seeing that would prevent us from delivering. We've had a lot of questions on net room growth on our long term 3% to 5% net room [algo]. We've had a record first quarter as we talked about 15,000 room openings, up 13%, really strong signings and really around the world with a with a 180 hotel contracts awarded up 6% to last year and up 40% to the first quarter of 2019, and our pipelines in great shape, but Michele could talk about the EBITDA.

是的，我會很快講完。這個演算法麥克風的一個重要部分顯然是我們的淨房間增長。我們看到，沒有任何事情能夠阻止我們實現目標。我們收到了很多關於淨客房成長率的問題，我們長期的淨客房成長率為 3% 至 5%[演算法].我們第一季度創下了紀錄，新開客房 15,000 間，增長 13%，簽約量非常強勁，全球共簽訂了 180 份酒店合同，比去年同期增長 6%，比 2019 年第一季度增長 40%，我們的渠道狀況良好，但 Michele 可以談談 EBITDA。

Hi Mike, so I think we'll have a better perspective on 2026 once we see how 2025 plays out February at the midpoint of this year's original outlook. We were pacing, toward an 8.5% even at Tager over the three-year period. I'd say with our revised outlook, even is down only about $13 million this year, which, as Geoff mentioned in no way alters our long term trajectory. Our growth algorithm remains intact.

嗨，麥克，所以我認為，一旦我們看到 2025 年 2 月（今年最初展望的中點）的表現，我們就會對 2026 年有更好的展望。我們正努力實現 Tager 在三年內達到 8.5% 的成長率。我想說，根據我們修改後的展望，今年的損失僅約為 1,300 萬美元，正如 Geoff 所提到的，這絕不會改變我們的長期發展軌跡。我們的成長演算法保持不變。

Our focus is on controlling what we can control, and everything within our control is performing at or above our expectations system growth, royalty rate, margin, the par, ancillary revenues, the pipeline all in line or better than expectations. So we'll continue to execute against our strategic priorities, manage our cost structure with discipline, and of course, deploy capital where it drives the greatest long term return.

我們的重點是控制我們能夠控制的事情，我們控制範圍內的一切都達到或超過了我們的預期，系統增長、特許權使用費率、利潤率、票面價值、輔助收入、管道都符合或優於預期。因此，我們將繼續執行我們的策略重點，嚴格管理我們的成本結構，當然，將資本部署到能夠帶來最大長期回報的地方。

And history tells us then that US growth is typically around 2.6%. Annually and and so while 2024 came in below trend and 2025 May too, those under earning years should then be followed by stronger than average ones. So we feel really good about the fundamentals we can control. We're confident our business can compound growth at attractive rates in a more normalized RevPAR environment.

歷史告訴我們，美國的成長率通常在 2.6% 左右。每年如此，儘管 2024 年低於趨勢水平，2025 年 5 月也低於趨勢水平，但收入較低的年份之後的收入應該會高於平均水平。因此，我們對於我們能夠控制的基本面感到非常滿意。我們相信，在更標準化的 RevPAR 環境下，我們的業務能夠以有吸引力的速度實現複合成長。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning everybody. Thanks for taking my question. So I was, I wanted to talk a little bit about the development backdrop. The net unit growth in the first quarter was just, I mean when we calculated it's just a touch below the range for the year, and so that you guys refirming that it implies a little bit of a lift as you go through the year wondering if that's sort of plan what you guys expected to happen as you go through the year and second.

大家早安。感謝您回答我的問題。所以我想稍微談談開發背景。第一季的淨單位成長率只是，我的意思是，當我們計算時，它只是略低於全年的範圍，所以你們確認它意味著隨著一年的過去，會有一點提升，想知道這是否是你們預計在今年和第二季度會發生什麼的計劃。

Maybe Geoff, if you could just talk about, the your 70% of your opens or conversions, if you just talk about the puts and takes of the conversion. Business and that that momentum as it pertains to the current backdrop, i.e., cost for furnished goods going up, but of course we've got this potential counter cyclicality effect of slowing RevPAR, potentially helping. Hope that all makes sense, but any thoughts that would be helpful.

也許 Geoff，您可以談談，您的 70% 的開啟率或轉換率，或談論轉換的投入和產出。商業和這種勢頭與當前背景有關，即家具商品的成本上升，但當然，我們也有這種潛在的反週期效應，即減緩每間可用客房收入，這可能會有所幫助。希望這一切都有意義，但任何想法都會有所幫助。

There's a lot in there, Brendt, and I'll start with where you started. I think we feel very good about the first quarter in terms of where we landed, as our openings ramped throughout the year and it was very consistent. There's a good slide map put on the deck in terms of what we need to do this quarter, and we felt we did it and again nothing out there that, as I said to Mike is making us doubt our long term 3% to 5% algo.

布倫特，這裡面有很多內容，我將從你開始的地方開始。我認為，就第一季的成績而言，我們感覺非常好，因為我們的開業數量在全年都在增加，而且非常穩定。關於我們本季需要做的事情，有一張很好的幻燈片地圖放在了檯面上，我們覺得我們已經做了，但正如我對麥克所說的那樣，那裡什麼也沒有，這讓我們懷疑我們長期的 3% 到 5% 的演算法。

In terms of conversions, the second part of your question, we, there's, I think it's slide six in the IP, which talks about our ability to flex up, but we were around 90% conversions during COVID, which, as new constructions came down, conversions came up, and you saw that normalized in our investor presentation 70% of our full year 2024 openings.

關於轉換，即您問題的第二部分，我想這是 IP 中的第六張幻燈片，其中談到了我們的靈活變通能力，但在 COVID 期間，我們的轉換率約為 90%，而隨著新建築的減少，轉換率上升了，您可以在我們的投資者演示中看到，2024 年全年開業的 70% 已恢復正常。

Given the strength and the success of our new construction prototypes, and that has continued to pick up. Our new construction openings ticked up by 500 basis points, both domestically and internationally to nearly a third of all of our openings.

鑑於我們新建築原型的實力和成功，這一數字還在持續上升。我們的國內和國際新開幕酒店數量增加了 500 個基點，佔所有開業酒店數量的近三分之一。

And with our executions, our new construction pipeline being up 400 basis points to 1,500 hotels in the first quarter on quarter, we're not seeing that slow down. So is there the ability to flex up in conversions absolutely domestically our conversion pipeline was up double digits versus last year, but we're feeling really good about it domestically.

從我們的執行情況來看，第一季我們的新酒店建設數量環比增長了 400 個基點，達到 1,500 家，我們並沒有看到這一增長放緩的跡象。那麼，是否有能力在國內絕對實現轉換彈性？與去年相比，我們的轉換管道成長了兩位數，但我們對國內的情況感到非常滿意。

We're feeling great about it internationally. We met with dozens of developers this quarter in Southeast Asia where our signings were strong, our conversion pipeline. It we grew in Southeast Asia significantly in the quarter and in China, still real strong strength out there. You saw 90% more room openings in last quarter and a 17% domestic net room growth over there.

我們在國際上對此感到十分高興。本季度，我們在東南亞會見了數十名開發商，我們的簽約情況良好，我們的轉換管道也很好。本季我們在東南亞和中國市場均實現了顯著成長，實力依然強勁。上個季度客房開放量增加了 90%，國內淨客房數量增加了 17%。

And then in Europe we talked about that 40% increase in the pipeline, I believe in our script. We were over in India where [gee whiz], I mean infrastructure demand is exploding. And hotel supply just can't keep up.

然後在歐洲，我們談到了管道增加 40% 的問題，我相信我們的計劃。我們去了印度，那裡的基礎設施需求正在激增。但酒店供應根本跟不上。

We were in India the first franchise company to enter India before franchising was even as popular as it is today, and we are today the company with more franchise hotels than anyone else, and India is really what's helping fuel our EMEA growth in both the openings in the pipeline.

在特許經營尚未像今天這樣流行之前，我們是第一家進入印度市場的特許經營公司，如今，我們的特許經營酒店數量超過其他任何公司，而印度確實是推動我們在 EMEA 地區兩家新酒店開業業務增長的動力。

And then the last part of your question on what we're hearing. In terms of costs, tariffs, and whether or not that's going to slow things down, tariffs, supply chain, stability on those two fronts certainly top of mind, but our teams are doing a great job of shifting sourcing, bringing production closer to home, and negotiating with suppliers to share in the increased costs. There's always been a concern in you.

然後是關於我們所聽到的內容的最後一個問題。就成本、關稅以及是否會減慢速度而言，關稅、供應鏈、這兩個方面的穩定性當然是首要考慮的問題，但我們的團隊在轉移採購、將生產轉移到離家更近的地方以及與供應商談判分擔增加的成本方面做得很好。你心裡一直有個擔憂。

Read a lot about the cost of steel and aluminum in the industry, but with us in our type of construction, we're a lot less about steel and aluminum, much more so focused on lumber, which is a huge driver of cost. Most of our new construction is stick construction as opposed to steel and aluminum construction, and happily the administration exempted Canadian lumber from the new tariffs, given, I think what it knew its impact would be on new construction.

閱讀了很多關於行業中鋼鐵和鋁成本的文章，但對於我們這種類型的建築來說，我們很少關注鋼鐵和鋁，而更多地關注木材，這是成本的巨大驅動因素。我們的大多數新建築都是木結構建築，而不是鋼結構和鋁結構建築，令人高興的是，政府免除了加拿大木材的新關稅，我認為政府知道這將對新建築產生影響。

And then the concern shifts to imported fixtures, furniture, equipment, technology, electronics, but we're optimistic, and I think our franchisees are as well rent, that the uncertainty that's out there could be relatively short-lived. I mean, we've worked through, they've worked through supply chain disruptions before, and they are increasingly looking to us for help, and our teams are increasingly sourcing domestically.

然後，人們的關注點轉向進口固定裝置、家具、設備、技術、電子產品，但我們很樂觀，而且我認為我們的特許經營者也一樣，存在的不確定性可能相對短暫。我的意思是，我們已經解決了，他們以前也已經解決了供應鏈中斷的問題，他們越來越多地向我們尋求幫助，我們的團隊也越來越多地在國內採購。

Wherever possible, in fact, we're mandating at least one domestic sourcing solution for all important supply categories. For example, our FF&E for our new days [in Dawn] prototype. Days Inn is our best performing economy brand right now, and it's RPI just keeps going up, and Days in dawn prototype is a big part of that. It's being sourced entirely from North Carolina or Texas.

事實上，只要有可能，我們就會要求所有重要的供應類別至少採用一種國內採購解決方案。例如，我們新天地（Dawn 版）原型的 FF&E。戴斯飯店 (Days Inn) 是我們目前表現最好的經濟型飯店品牌，其零售物價指數 (RPI) 持續上漲，而「黎明時分」原型是其中的重要組成部分。其原料全部來自北卡羅來納州或德州。

Our Eco Suites, which we've talked a lot about, our fastest growing new construction brand launch yet. All of that FF&E is manufactured in Minnesota where we're not seeing any costs increase yet. So where sourcing is not domestic. We're certainly expanding solutions in other countries when it comes to things like technology like Vietnam and Cambodia.

我們已經多次討論過的 Eco Suites 是我們迄今為止發展最快的新建築品牌。所有這些 FF&E 都是在明尼蘇達州製造的，我們目前還沒有看到任何成本增加。因此採購地點不在國內。當談到技術方面的問題時，我們肯定會在越南和柬埔寨等其他國家擴展解決方案。

And we're again optimistic that this is going to be. More temporary than long term. I hope that answered it.

我們再次對此充滿樂觀。暫時的，而非長期的。我希望這能解答你的疑問。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Hi, good morning everybody. Thanks for taking my question. Well, I was just going to leave it right there. I wanted to talk about, I wanted to talk about your development engine, and sort of the development process, right? Easy to get sort of sucked into the near term RevPAR and demand, etc.

嗨，大家早安。感謝您回答我的問題。好吧，我只是想把它留在那裡。我想談談，我想談談您的開發引擎以及開發過程，對嗎？很容易陷入短期 RevPAR 和需求等。

Which is relevant, but taking the long term view on, how you're one sort of allocating resources, driving, building a pipeline. I'd love some geographic updates on how you're doing in different areas. There's been a lot of concern about, what might be going on in Asia or elsewhere.

這是相關的，但從長遠來看，你如何分配資源、推動、建立管道。我希望了解您在不同地區的地理更新情況。人們非常擔心亞洲或其他地方可能發生的局勢。

With it and if you could, Michele, just talk a little bit about sort of key money and key money strategies, it's another area that you know we're all quite interested in. Thank you. Okay.

有了它，如果可以的話，米歇爾，請稍微談談關鍵資金和關鍵資金策略，這是我們都非常感興趣的另一個領域。謝謝。好的。

I'll start off and pass it to Michele on key money. She's very tough about those key money allocations, and we're not doing much of it to the charging of our international Presidents overseas, nor do we have to. And I mean, you mentioned Asia. That's a good place to start. We were over there. This quarter and we've just seen continued acceleration on both the execution and the development front.

我會先把押金交給 Michele。她對這些關鍵資金的分配非常嚴格，而我們對海外國際總裁的收費並沒有做太多，我們也沒有必要這樣做。我的意思是，你提到了亞洲。這是一個很好的起點。我們在那裡。本季度，我們看到執行和開發方面都持續加速。

We are bringing in FeePAR accretive rooms. We opened 90% more rooms. Many of our peers have been talking about building master license relationships over there and how well they're working for them. Yeah, we've been very focused, having entered China, for example, 20 years ago with master license to focus more on selling the 20-plus brands that are not master licensed directly because they're coming in at much higher FeePARs, much higher license fees, and so while we opened 90% more rooms, the team executed so many more deals, over 50 deals, more deals executed than they did last year.

我們正在引入 FeePAR 增值客房。我們新增了 90% 的客房。我們的許多同行一直在談論在那裡建立主許可關係以及他們為他們提供的服務有多好。是的，我們一直非常專注，例如，20 年前我們通過主許可進入中國，更加專注於銷售未直接獲得主許可的 20 多個品牌，因為它們的 FeePAR 要高得多，許可費要高得多，因此，雖然我們開設的客房增加了 90%，但團隊執行的交易也多得多，超過 50 筆，比去年執行的交易更多。

And our Asia Pacific pipelines, whether it's in countries like Thailand or yeah, Singapore, we are seeing robust growth and we're seeing really strong growth on both the new construction side and on the conversion side. We have continually invested in our franchise sales and development teams overseas. Europe is a big area right now that we're focused on that's doing.

我們的亞太管道，無論是在泰國還是新加坡這樣的國家，都呈現出強勁的成長勢頭，無論是在新建管道方面還是在轉換管道方面，都呈現出強勁的成長勢頭。我們持續投資海外的特許經營銷售和開發團隊。歐洲是我們目前重點關注的一個大地區。

Doing very well from both an application standpoint and an opening standpoint, as is Latin America, so we continue to increase our sellers, our franchise sales team, we're focused entirely right now on selling direct franchise agreements as opposed to master license agreements. Overseas and we're using very little key money to do that, Michele.

從應用角度和開放角度來看都做得很好，拉丁美洲也是如此，所以我們繼續增加我們的賣家，我們的特許經營銷售團隊，我們現在完全專注於銷售直接特許經營協議，而不是主許可協議。在海外，我們只用很少的禮金來做這件事，米歇爾。

Sure, from a key money strategy, we are prioritizing opportunities, David, as that deliver high-quality revenue, accretive FeePAR to the system. That means we're focusing on higher RevPAR markets where we can where we can or already do have scale. And where we can drive pricing I'd say internationally we're being selective and strategic about how we direct the capital, even how we direct our human capital and you'll see us do a good bit of volume in EMEA.

當然，從關鍵的資金策略來看，我們優先考慮機會，大衛，因為這些機會可以為系統帶來高品質的收入和增值的 FeePAR。這意味著我們將專注於那些我們能夠或已經具備規模的、RevPAR 更高的市場。我們可以在哪裡推動定價，我想說，在國際上，我們對如何引導資本，甚至如何引導人力資本都有選擇性和策略性，你會看到我們在歐洲、中東和非洲地區取得了相當大的成就。

This year, specifically in Germany, we really like the structure of that market, being the largest economy in Europe, but as Geoff mentioned, we're not deploying capital into China, for example. So being very selective and very strategic, we know this strategy is working. It's worked really well for us over the last few years and we continue to add, more attractive markets into the system just this quarter we added Singapore for instance, internationally, and the deals that have development advances associated with them are coming in at much higher FeePARs.

今年，特別是在德國，我們非常喜歡這個市場的結構，因為它是歐洲最大的經濟體，但正如傑夫所提到的，我們不會將資本投入中國等國家。因此，透過精心選擇和策略規劃，我們知道這項策略是有效的。過去幾年來，這種方法效果非常好，我們繼續在系統中添加更多有吸引力的市場，就在本季度，我們添加了新加坡等國際市場，並且與開發進展相關的交易的 FeePAR 要高得多。

So we're really thrilled to be to be seeing the strategy executing according to our expectations and the teams are really happy to have this tool in their tool kit.

因此，我們很高興看到該策略按照我們的期望執行，團隊也很高興在他們的工具包中擁有這個工具。

And very happy to see without a lot of key money as Michele mentioned going out internationally that international pipeline coming in with a FeePAR premium of over 30%, I think it's 32% of what is in our existing international system.

很高興看到，正如 Michele 所提到的，在沒有大量關鍵資金的情況下，國際通路的 FeePAR 溢價超過 30%，我認為這是現有國際體系的 32%。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Thanks. So this is just a follow up on that question. I guess sometimes what we see now is the output of several years of efforts as we think about what might happen going forward and the major changes you see in the development environment, maybe if you can just elaborate on how the terms of the structure of agreements may have changed over the past few years of higher interest rates.

謝謝。這只是對該問題的後續跟進。我想，有時我們現在看到的是幾年努力的成果，因為我們在思考未來可能發生的事情以及您在發展環境中看到的重大變化，也許您可以詳細說明在過去幾年利率上升的情況下，協議結構的條款可能發生了怎樣的變化。

And then just to clarify, I think the loan advances you cited there were up a little bit is that and that's just that related to moving upstream or is that new markets and then what's the typical I guess payback that we should think about on those thank you.

然後澄清一下，我認為您提到的貸款預付款略有增加，這只是與上游或新市場有關，那麼我想我們應該考慮的典型回報是什麼，謝謝。

Yeah, sure, with respect to the loan advances we had an opportunity to advance our partnership with one of the premier developers in Germany. I just mentioned that with the strategic and is a strategic market for us we're able to strengthen our footprint. In this very important region, Germany's largest economy, highest speed par market outside of outside of North America, and we've been really focused on building density there. This portfolio will add over 3,000 rooms to our system over the next few quarters as we integrate it, and you can see that impact in the EMEA pipeline, which is up 40% for the region.

是的，當然，就貸款預付款而言，我們有機會與德國頂級開發商之一加強合作。我剛才提到，憑藉這個策略，我們能夠加強我們的影響力。在這個非常重要的地區，德國是最大的經濟體，也是北美以外速度最快的市場，我們一直非常關注那裡的建築密度。隨著我們整合該投資組合，未來幾個季度內，該系統將新增 3,000 多間客房，您可以從 EMEA 管道中看到這一影響，該地區的房間數量增加了 40%。

Got it. And I guess are those kinds of standard terms or do we see that get paid back over, a typical length of time, or do we assume?

知道了。我想這些都是標準條款嗎？或者我們看到這些在典型的時間內得到償還，或者我們假設？

Oh sure, yeah, that. Yeah, it's definitely an interest bearing loan, and it will be paid back over I believe the next two years.

哦，當然，是的。是的，這絕對是一筆有利息的貸款，我相信在未來兩年內就能還清。

Dany Asad, Bank of America.

丹尼·阿薩德，美國銀行。

Hi, good morning, everybody. Just a follow up question on your change in outlook comments, Michele, you talked about the low end-run rating at down three, the top end of the guide being up one for the balance of the year. Can you maybe break that down for us by, what's changing in your outlook by region? So what, what's changing in the US and then how is your outlook, in the rest of the world changing?

大家好，早安。米歇爾，我只是想問一下關於您的展望評論變化的一個後續問題，您談到了低端運行評級下降了 3 個，而指南的最高端在今年餘下時間內上升了 1 個。您能否為我們詳細分析一下，依地區劃分，您的觀點有何改變？那麼，美國正在發生什麼變化？您對世界其他地區的看法又有何改變？

Sure. Yeah, actually, my prior comments were with respect to the US only, because I think that was the exact question. So let me just clarify. In the US we're assuming that we see the continued pressure from March and April for the remainder of the year, so that would have us down to 3% on a normalized basis. Of course, it's going to be down a little bit more in the fourth quarter.

當然。是的，實際上，我之前的評論僅針對美國，因為我認為這正是問題所在。所以讓我澄清一下。在美國，我們假設 3 月和 4 月的壓力將持續到今年剩餘時間，因此在正常情況下通膨率將降至 3%。當然，第四季還會進一步下降。

When you take into account lapping the hurricane headwinds, but it will all average out to down 3% for the remaining the remainder of the year. Internationally, I'd say we've taken a generally consistent approach using the more recent trends in each of the regions to project out the rest of the year. Every region, as faces its own dynamics.

如果考慮到颶風逆風的影響，今年剩餘時間的產量平均將下降 3%。在國際上，我想說我們採取了一種總體一致的方法，利用每個地區的最新趨勢來預測今年剩餘時間的趨勢。每個地區都有其自身的動態。

China has faced more recent pricing pressure. EA momentum has continued. Latam is seeing exceptional ADR growth in Canada, we're assuming again consistent March and April performance, which, was not really stellar. So overall we're expecting international RevPAR to decline at about a point on a constant currency basis.

中國近期面臨更大的價格壓力。EA 的勢頭仍在持續。拉丁美洲地區在加拿大的 ADR 成長異常顯著，我們再次假設 3 月和 4 月的表現將保持一致，但實際上並不是很出色。因此，總體而言，我們預期國際 RevPAR 將在固定匯率基礎上下降。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Hey, good morning, everyone. I just wanted to follow up on the encouraging recent trends comment again. Maybe you could expand on where you are seeing that and if you think they are sustainable, and if these recent trends were to continue, would that get you to the bid point of the EBITDA guidance?

嘿，大家早安。我只是想再次跟進令人鼓舞的近期趨勢評論。也許您可以詳細說明您看到的情況，以及您是否認為它們是可持續的，如果這些最近的趨勢繼續下去，您是否會達到 EBITDA 指導的出價點？

I'd say our guidance is meant to reflect any range of outcomes at the low end, we are assuming pretty generally speaking, that the trends we saw in March and April continue for the remainder of the year. Again, there is potential, as Geoff mentioned, that those trends were more transitory and that we would see improvement from that and we're starting to see some early signs of positive momentum.

我想說，我們的指導旨在反映低端的任何結果範圍，我們普遍假設，我們在 3 月和 4 月看到的趨勢將持續到今年剩餘時間。再次，正如傑夫所提到的，這些趨勢有可能只是暫時的，我們會看到由此帶來的改善，而且我們開始看到一些積極勢頭的早期跡象。

But, to be fair, starting to see some early signs of positive momentum and the majority of our EBITDA is going to come in those very important summer months. So until we have full visibility of what that looks like, it's really, we really just need to see how those are going to perform.

但公平地說，我們開始看到一些積極勢頭的早期跡象，而我們的大部分 EBITDA 將在非常重要的夏季實現。因此，在我們完全了解其情況之前，我們實際上只需要看看它們的表現如何。

What's going to get us to the midpoint, or the higher end is improved performance from those March and April trends, obviously. We would expect to be closer to the midpoint. I'd say that then the lower end if we see improvement from that down 3% in the US.

顯然，讓我們達到中間點或更高點的，是 3 月和 4 月趨勢的改善表現。我們期望更接近中點。我想說的是，如果我們看到美國的情況有所改善，那麼下限就是下降 3%。

Patrick Scholes, Truist.

帕特里克·斯科爾斯，Truist。

Great, thank you. Question here on, the ancillary revenues. I believe last quarter, you had called out an expectation for low teen growth for this year. Certainly, since, last quarter, I believe it was in February, we've seen declining consumer confidence. Is your expectation, still the same for low teen and ancillary revenue growth? thank you.

太好了，謝謝。這裡的問題是關於輔助收入。我相信上個季度您曾表示，預計今年青少年經濟成長將處於低點。當然，自上個季度以來，我認為是二月，我們看到消費者信心下降。您對低青少年和輔助收入成長的預期是否仍然相同？謝謝。

Hi, Patrick. Sure, yeah, we continue to expect 2025 growth to be in the low teens range, and there are further growth opportunities beyond '25, including international expansion, and so we continue to expect it will be higher than low teens in 2026. As it relates to this year and this current RevPAR environment, I'd say a significant portion of our ancillary revenue is contract based, which provides a high level of visibility and durability, and then the largest growth driver this year, as is expected to be our co-branded credit card and the non-contractual piece of our card income is based on total card.

你好，派崔克。當然，是的，我們仍然預計 2025 年的成長率將處於低十幾歲的水平，並且 25 年以後還有進一步的成長機會，包括國際擴張，因此我們仍然預計 2026 年的成長率將高於低十幾歲的水平。就今年和目前的 RevPAR 環境而言，我想說我們的輔助收入很大一部分是基於合約的，這提供了高度的可見性和持久性，並且是今年最大的成長動力，預計是我們的聯名信用卡，而我們卡收入的非合約部分是基於總卡收入的。

And not just travel spend, and only about a third comes from the travel category. So I think that makes the B stream more insulated from RevPAR fluctuations, and we feel really comfortable at this stage and where we're guiding right now from a RevPAR outlook that the ancillary fees will continue to grow in that low teen range for '25.

而且不只是旅行支出，只有約三分之一來自旅行類別。因此，我認為這會使 B 流更好地抵禦 RevPAR 波動，並且我們對現階段感到非常放心，並且根據我們目前的 RevPAR 前景預測，附加費用將在 25 年繼續保持在較低的十幾個百分點的範圍內增長。

Okay. Could you just, give a little bit of explanation exactly what a contracted, sounds like that's something that's locked in no matter what happens here. What exactly is that?

好的。您能否稍微解釋一下什麼是合同，聽起來無論發生什麼，合約都是被鎖定的。那到底是什麼？

Sure, with respect to license fees, for example, there's a minimum floor that TNL will pay to Wyndham. So their VOI at TNL would need to drop pretty materially before we would eat into that floor so it provides kind of a base space.

當然，就許可費而言，TNL 向 Wyndham 支付的費用有一個最低限額。因此，在我們蠶食該樓層之前，他們在 TNL 的 VOI 需要大幅下降，因此它提供了一個基礎空間。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

I agree that thank you. Maybe talk about like the trends you're seeing in infrastructure right now. Have you really seen any impact from macro, do you expect to see any, softening there or is it kinda just steady as she goes? Thanks.

我同意，謝謝。也許可以談談您現在在基礎設施方面看到的趨勢。您是否真的看到了宏觀經濟的影響，您是否預期會看到宏觀經濟有所軟化，還是會保持穩定？謝謝。

Yeah, thanks, we did, as I mentioned in Lizzie's question, see a bit of a slowdown in the first quarter versus the fourth quarter with the halting of disbursements of infrastructure funds in January, but the IIJA allocations are gradually resuming. Several of us, several hotel and airline CEOs had the opportunity to meet a few weeks ago with Transportation Secretary, Sean Duffy down in DC.

是的，謝謝，正如我在 Lizzie 的問題中提到的那樣，由於 1 月份基礎設施資金的支付停止，我們確實看到第一季度與第四季度相比有所放緩，但 IIJA 的分配正在逐步恢復。幾週前，我們中的幾位、幾家酒店和航空公司的首席執行官有機會在華盛頓特區與交通部長肖恩·達菲會面。

And the assurance that the administration's main focus. It is all about getting the balance of the allocations out, but more importantly, as Secretary Duffy said, the dollar's actually spent. The administration wants faster spending on highway and bridge construction, big, beautiful highways, big, beautiful bridges. There's just too much economic growth. There's too much job creation. There's too much economic stimulus to boost GDP for this, as Secretary Duffy put it to us, not to happen. In terms of making, the transportation.

並保證這是政府的主要關注點。這一切都是為了平衡撥款，但更重要的是，正如達菲部長所說，這筆錢確實花出去了。政府希望加快對高速公路和橋樑建設的投入，建造寬闊、美麗的高速公路和寬闊、美麗的橋樑。經濟成長太快了。創造的就業機會太多了。正如達菲部長向我們所說的那樣，為了提高 GDP，我們實施了過多的經濟刺激措施，因此這種情況不會發生。在製作、運輸方面。

Infrastructure stronger and we certainly heard that for anybody that was listening yesterday to the televised cabinet meeting in the White House, all about getting those funds flowing when it comes to things like our nation's airports and air traffic control or the recent energy dominance executive order to expand oil and gas exploration that Secretary Wright talked about yesterday.

基礎設施更加強大，對於昨天收聽白宮電視內閣會議的人來說，我們當然聽到了這一點，所有關於如何讓這些資金流入我國機場和空中交通管制等方面，或者像賴特部長昨天談到的最近的能源主導行政命令那樣，擴大石油和天然氣勘探。

And we're starting to see that our GSO revenue growth continued to pick up. It was up smaller numbers, but it was up 30% year on year, and so much of that is driven by infrastructure and by our remote sales teams that franchisees can opt into for sales support actually availing themselves of the demand that those contracts are creating.

我們開始看到我們的 GSO 收入成長持續回升。雖然增幅較小，但同比增長了 30%，其中很大一部分是由基礎設施和我們的遠端銷售團隊推動的，特許經營商可以選擇獲得銷售支持，實際上利用這些合約所創造的需求。

Our consumed GSO revenue in the first quarter from infrastructure room nights exceeded the US STR industry growth by about 380 basis points. And so that's helping us drive continued mid mid-scale midweek share gain. And we're also seeing strong private investment with dozens of hotels near. Our nation's largest data centers.

我們第一季從基礎設施間夜量中獲得的 GSO 消費收入超過美國 STR 產業成長約 380 個基點。這有助於我們推動中周中期份額的持續成長。我們也看到強勁的私人投資，附近有數十家飯店。我們國家最大的資料中心。

Secretary Lutnick, they were all talking about it yesterday, was referencing what's going on out in Arizona with TSMC and the investment that they're making. We have dozens of hotels that are seeing the benefits of that of that demand. So we continue to view the infrastructure spend that $1.2 trillion bill as a multi-year tailwind that's going to be driving.

盧特尼克部長，昨天他們都在談論這個問題，提到了台積電在亞利桑那州的情況以及他們正在進行的投資。我們有數十家酒店從這種需求中獲益。因此，我們繼續將 1.2 兆美元的基礎設施支出視為推動多年的順風。

Over $3 billion of gross room revenue to our hotels in the next eight to 10 years.

未來 8 到 10 年內，我們的飯店客房總收入將超過 30 億美元。

(Operator Instrcutions)

（操作員指令）

Alex Brignall, Redburn Atlantic.

雷德伯恩大西洋公司的亞歷克斯·布里格納爾 (Alex Brignall)。

Good morning. Thank you for taking the question. On the German deal, could you just give us some more detail on the terms of that, on the nature of the 3,000 rooms, if they're already existing on new construction, and whether there are any similar deals that you have in the pipe that could come through later down the line.

早安.感謝您回答這個問題。關於德國的交易，您能否向我們提供更多細節，包括交易條款、3,000 間客房的性質、這些客房是否已在新建築中存在，以及是否有任何類似的交易正在籌劃中，可以在以後達成。

Sure, oh, probably can't disclose, specific terms for competitive reasons. I can say that it is, a structure that allowed us to provide financing, to a partner that was, well above our cost of capital and with strong structural provisions. And personal guarantees, we're always judicious with our capital and make sure when we deploy it, it's above our hurdle rates.

當然，哦，出於競爭原因，可能無法透露具體條款。我可以說，這種結構使我們能夠向合作夥伴提供融資，其融資金額遠高於我們的資本成本，並且具有強大的結構性規定。對於個人擔保，我們始終謹慎使用資本，並確保在部署資本時，其收益率高於我們的最低收益率。

Our first priority is investing in the business and in high quality growth, and I'd say. An asset like cash generative business like ours gives us flexibility even in uncertain times, to evaluate opportunities on a case-by-case basis and deploy capital where it creates the most long-term value.

我想說，我們的首要任務是投資業務和高品質成長。像我們這樣的現金生成業務這樣的資產使我們即使在不確定的時期也能保持靈活性，可以根據具體情況評估機會，並將資本部署到能夠創造最大長期價值的地方。

Could there be potential opportunities like this in the future? We hope so. We're bringing in 3,000 high-quality the par accretive rooms. In one of our key strategic markets, it's something we're incredibly excited about. And so I think, when we think about deals and what makes most sense for the long-term health of our business, we have a number of tools in the toolkit and we deploy them very strategically.

未來還會出現類似的潛在機會嗎？我們希望如此。我們正在引進 3,000 間高品質的標準加值客房。在我們的一個關鍵策略市場中，這是讓我們感到無比興奮的事情。因此我認為，當我們考慮交易以及什麼對我們業務的長期健康最有意義時，我們的工具包中有許多工具，我們會非常有策略地部署它們。

Dan Wasiolek, Morningstar.

丹‧瓦西奧萊克（Dan Wasiolek），晨星公司。

Hey, good morning guys. Yeah, just wondering, your commercial team seems to be leading the industry and innovative technology solutions. What opportunities are you providing owners in this environment to lower costs and increase top line growth?

嘿，大家早安。是的，只是好奇，您的商業團隊似乎正在引領產業和創新技術解決方案。在這種環境下，您為業主提供了哪些機會來降低成本並提高收入成長？

Well, thank you for that shout out, Dan. I'm sure Scott Strickland and his incredible commercial team appreciate it. They've been very busy over the last six years. We've talked a lot about it's in our investor deck. We've invested over $300 million in what has become an industry leading tech stack. We have completely moved off of legacy providers.

好吧，謝謝你的呼喊，丹。我相信斯科特·斯特里克蘭和他出色的商業團隊會對此表示讚賞。過去六年他們一直非常忙碌。我們在投資者演講中已經對此進行過多次討論。我們已投資超過 3 億美元，打造出業界領先的技術棧。我們已經完全擺脫了傳統供應商。

We have best in class providers that are entirely cloud based like Oracle and Amazon and Adobe. Canary is our most recent and exciting partner and all of these partners, along with Sabre, of course, which is all of where all of our ARI is held, it's enabling us to innovate faster. It's taking labor intensive tasks away from our franchisees, and it's really raising the service bar for our customers.

我們擁有完全基於雲端的最佳供應商，如 Oracle、Amazon 和 Adob​​e。Canary 是我們最新、最令人興奮的合作夥伴，所有這些合作夥伴，當然還有 Sabre（我們的所有 ARI 都在這裡舉行），使我們能夠更快地進行創新。它使我們的加盟商不再需要承擔勞力密集的任務，而且也確實提高了我們為客戶提供的服務標準。

Most importantly for our small business owners, we'll be talking a lot about this at a global conference. It's allowing them to make extra money, but our approach with our franchisees and small business owners is not to mandate these services, these programs, this technology, but to offer them on an opt-in basis. And when we have 5,000 of our 6,000 US franchisees op opting into services like our signature reservation service where they don't have to employ a front desk agent to check [Dan Waziolik] in, but they're able to actually service them while all of those calls are bounced to a professionally run call center that's delivering a much faster average speed of answer, a much higher conversion rate, and a significantly higher, up to 15% higher ADR lift.

對於我們的小企業主來說最重要的是，我們將在全球會議上詳細討論這個問題。這讓他們可以賺取額外的錢，但我們對待特許經營商和小企業主的方式不是強制要求他們提供這些服務、這些計劃、這些技術，而是讓他們選擇加入。當我們在美國的 6,000 家特許經營商中有 5,000 家選擇使用我們的特色預訂服務時，他們無需僱用前台接待員來為 [Dan Waziolik] 辦理入住手續，而是能夠真正為他們提供服務，同時所有這些電話都會轉接到專業運營率最高的電話中心，該中心提供更快的平均應答提升率更高的速度。

That's a big deal. And they'll sign up for that all day long as they will our opt-in revenue management services which drive hundreds of increased basis points of occupancy or I mentioned earlier, our sales support where we're hiring salespeople across the country because small business owners can't necessarily afford them on their team.

這可是件大事。他們會整天註冊，因為他們會選擇我們的收入管理服務，這將推動入住率增加數百個基點，或者我之前提到的，我們的銷售支持，我們在全國各地招聘銷售人員，因為小企業主不一定能負擔得起他們的團隊。

But are willing to opt into those type of services. We're also offering free services that any small business owner would be crazy not to opt into, like our ability to reconcile OTA reservations that don't show up at no cost delivering thousands of dollars of savings a month.

但願意選擇這些類型的服務。我們還提供免費服務，任何小企業主如果不選擇這些服務都會覺得瘋狂，例如我們可以免費協調未出現的 OTA 預訂，每月可節省數千美元。

I could go on and on. We've talked a lot about Wyndham Connect. It will be a big push for us at conference. Over [three fifth] of our franchisees have opted into because it is a best in class suite of technology that's allowing monetization efforts for franchisees to now charge effortlessly, seamlessly for.

我還可以繼續說下去。我們已經討論過很多關於溫德姆互聯 (Wyndham Connect) 的事情。這對我們會議來說將是一個巨大的推動。超過 [五分之三] 的加盟商選擇加入我們，因為它是一套一流的技術，讓加盟商現在可以輕鬆、無縫地實現盈利。

An early check-in for the Wazioli family or a late check out or what they might want in their room before they arrive. So we're really excited about it. It's a big piece of our value proposition and something that our franchise sales teams are very proud of offering to our franchisees.

為 Wazioli 一家提供提前入住或延遲退房服務，或在他們抵達之前提供他們可能需要的房間設施。所以我們對此感到非常興奮。這是我們價值主張的重要組成部分，我們的特許經營銷售團隊非常自豪能夠為我們的特許經營商提供這項服務。

And there are no further questions on the line at this time. I'll turn the floor back to Geoff Bellotti for any closing remarks.

目前我們還沒有其他問題。我將把發言權交還給 Geoff Bellotti，請他做最後發言。

Thank you very much, David, and thanks everyone for joining us and for your questions today and your continued interest in Wyndham Hotels and resorts. Michele, Matt, and I look forward to seeing many of you at the upcoming investor conferences that we'll be out in the weeks ahead and to spending time with thousands of our franchisees, our team members from around the world.

非常感謝你，大衛，也感謝大家今天加入我們，提出問題，並感謝大家對溫德姆酒店及度假村的持續關注。米歇爾、馬特和我期待在未來幾週舉行的投資者會議上見到你們，並期待與來自世界各地的數千名特許經營商和團隊成員共度時光。

And our strategic sourcing partners at our 2025 Wyndham Global Hotel conference in Las Vegas at Caesar's Forum from May 19 to 21 of this month. Have a great day, everyone.

以及我們本月 5 月 19 日至 21 日在拉斯維加斯凱撒論壇舉行的 2025 年溫德姆全球酒店會議上的策略採購合作夥伴。祝大家有個愉快的一天。

Thank you, and this does include today's Wyndham Hotels and Resorts first quarter 2025 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝，這包括今天的溫德姆酒店及度假村 2025 年第一季財報電話會議。請此時斷開您的線路並祝您有美好的一天。