Wyndham Hotels & Resorts Inc (WH) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Wyndham Hotels & Resorts second-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Mr. Matt Capuzzi, Senior Vice President of Investor Relations. Please go ahead, sir.

大家早安，歡迎參加溫德姆酒店及度假村 2025 年第二季財報電話會議。（操作員指示）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 Jeff 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。今天與我一起的有我們的執行長 Jeff Ballotti 和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。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'll also be referring to a number of non-GAAP measures. Corresponding GAAP measures and a reconciliation of non-GAAP measures to GAAP metrics are provided in our earnings release and investor presentation which are available on our Investor Relations website at investor.wyndhamhotels.com. We are providing certain measures discussing future impact on a non-GAAP basis only because without unreasonable efforts, we are unable to provide the comparable GAAP metric.

我們也將參考一些非公認會計準則指標。我們的收益報告和投資者簡報中提供了相應的 GAAP 指標以及非 GAAP 指標與 GAAP 指標的對帳表，可在我們的投資者關係網站 investor.wyndhamhotels.com 上查閱。我們僅提供某些以非 GAAP 為基礎討論未來影響的指標，因為若不付出合理努力，我們無法提供可比較的 GAAP 指標。

In addition, last evening, we posted an investor presentation containing supplemental information on our Investor Relations website. We may continue to provide supplemental information on our website 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 webcast.

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。

Thanks, Matt. Good morning, everyone, and thanks for joining us today. We reported another strong quarter of progress with global system growth of 4% and sequential net room growth across every region we operate in.

謝謝，馬特。大家早安，感謝大家今天加入我們。我們報告了又一個強勁的季度進展，全球系統增長了 4%，並且我們運營的每個地區的淨客房數量都實現了連續增長。

We grew comparable adjusted EBITDA by 5%, and we grew EPS by 11% despite the challenging RevPAR environment. We drove an increase of nearly 20% in our ancillary fee streams, and we saw continued expansion in both our US and in our international royalty rates. Year to date, our resilient, highly cash generative business model has produced approximately $170 million of adjusted free cash flow, and we've returned nearly $220 million to our shareholders.

儘管 RevPAR 環境充滿挑戰，我們的可比調整後 EBITDA 仍成長了 5%，EPS 仍成長了 11%。我們的附加費用流增加了近 20%，並且美國和國際特許費率持續擴大。今年迄今為止，我們富有彈性、現金流充沛的業務模式已產生約 1.7 億美元的調整後自由現金流，並向股東返還了近 2.2 億美元。

The second quarter reaffirmed our team's owner-first commitment as we registered over 6,000 owners and strategic sourcing partners for the Wyndham Global Conference in May. As one of the largest gatherings of hoteliers in the world, our conference was designed to empower our owners with major new initiatives to increase their revenues and guest service, to lower their costs, and to strengthen their operating performance.

第二季度，我們為 5 月的溫德姆全球會議登記了超過 6,000 名業主和策略採購合作夥伴，這再次證明了我們團隊的業主至上承諾。作為世界上最大的酒店業者聚會之一，我們的會議旨在為業主提供重大的新舉措，以增加他們的收入和客戶服務，降低他們的成本，並提高他們的經營業績。

We unveiled several new cutting-edge technology-driven tools, including Wyndham Gateway, a new centralized Wi-Fi log-in system that creates new ancillary revenue opportunities and eliminates loyalty program enrollment requirements for participating hotels.

我們推出了幾款新的尖端科技驅動工具，包括溫德姆網關 (Wyndham Gateway)，這是一種新的集中式 Wi-Fi 登入系統，可創造新的輔助收入機會並消除參與飯店的忠誠度計畫註冊要求。

And building on our very successful guest engagement platform, Wyndham Connect, we launched Wyndham Connect PLUS, an AI-driven guest engagement platform designed to enhance the guest experience and improve hotel operations. Utilizing automated text messaging and voice assistance to facilitate bookings to answer questions and to provide tailored recommendations, this platform is also designed to drive more direct bookings to reduce front desk workloads and to create personalized guest experiences.

在我們非常成功的賓客參與平台 Wyndham Connect 的基礎上，我們推出了 Wyndham Connect PLUS，這是一個由人工智慧驅動的賓客參與平台，旨在提升賓客體驗並改善酒店營運。該平台利用自動簡訊和語音協助來促進預訂，回答問題並提供客製化建議，還旨在推動更多直接預訂，以減少前台工作量並創造個人化的客戶體驗。

Since being launched at our conference, over 1,100 of our over 5,000 hotels already on Wyndham Connect have now enrolled in Wyndham Connect PLUS. We introduced Wyndham Marketplace with PriceIQ to reduce procurement costs, access better pricing and simplify supply chain processes. We debuted new strategic F&B partnership integrations with Grubhub, with Applebee's, and with SBE's Everybody Eats to increase guest satisfaction by offering chef-driven restaurant quality offerings without the need for extensive equipment or large back-of-the-house operations.

自從我們在會議上推出以來，Wyndham Connect 上已有的 5,000 多家酒店中已有 1,100 多家加入了 Wyndham Connect PLUS。我們推出了具有 PriceIQ 的 Wyndham Marketplace，以降低採購成本、獲得更優惠的價格並簡化供應鏈流程。我們與 Grubhub、Applebee’s 以及 SBE 的 Everybody Eats 建立了新的策略性餐飲合作夥伴關係，透過提供廚師主導的餐廳品質產品來提高客人滿意度，而無需大量設備或大型後台操作。

We launched affordable high-quality insurance programs through a partnership with HUB International, to provide tailored solutions to improve coverage and lower costs at a critical moment for franchisees amidst rising insurance premiums. And we introduced Wyndham Rewards experiences, leveraging partnerships with world-renowned sports and entertainment brands like Madison Square Garden, Radio City Music Hall, and Minor League Baseball, allowing our 120 million members to use their points to bid on premier live events as well as unforgettable once-in-a-lifetime memories.

我們與HUB International合作推出了價格實惠的高品質保險計劃，在保費上漲的關鍵時刻為加盟商提供量身定制的解決方案，提高保險覆蓋範圍並降低成本。我們還推出了溫德姆獎賞計劃體驗，利用與麥迪遜廣場花園、無線電城音樂廳和小聯盟棒球等世界知名體育和娛樂品牌的合作，讓我們的 1.2 億會員能夠使用積分競標頂級現場活動以及一生難忘的回憶。

Franchisee satisfaction with what they learned and how they believe this conference will improve their business was higher than in any past conference as was their confidence in the years ahead. And last month, we released our first annual Hotel Owner Trends Report, a multi-month effort, which surveyed hundreds of developers and owners from the United States, Canada, and the Caribbean.

特許經營者對他們所學到的知識以及他們認為這次會議將如何改善他們的業務的滿意度比以往任何一次會議都要高，他們對未來幾年的信心也更高。上個月，我們發布了第一份年度酒店業主趨勢報告，這是一項歷時數月的工作，調查了來自美國、加拿大和加勒比地區的數百名開發商和業主。

The results reveal an industry full of owners who remain confident in its resilience and long-term growth prospects. Nearly all of those surveyed responded that they're open to exploring branded offerings underscoring the value that strong brands deliver compared to operating independently.

調查結果顯示，該行業充滿了對其韌性和長期成長前景充滿信心的業主。幾乎所有受訪者都表示，他們願意探索品牌產品，並強調強勢品牌與獨立營運相比所提供的價值。

When ranking the most critical factors in selecting a brand, these owners and developers pointed to support and executive leadership as top priorities, followed by a strong loyalty program and access to best-in-class technology. More than 90% of respondents expressed optimism about the next five years. And while they acknowledge the challenges posed by the current macro environment, four out of five owners also indicated plans to expand their portfolios via either new construction or new unit additions.

在對選擇品牌的最關鍵因素進行排名時，這些業主和開發商指出，支持和執行領導力是首要考慮因素，其次是強大的忠誠度計劃和一流的技術。超過90%的受訪者對未來五年表示樂觀。儘管他們承認當前宏觀環境帶來的挑戰，但五分之四的業主也表示計劃透過新建建築或增加新單位來擴大其投資組合。

Our owners' confidence in their brands and their future with Wyndham was once again reflected in our growing openings, signings, and net room growth this quarter. We opened over 16,000 rooms in Q2, bringing June year-to-date new additions to over 30,000 rooms, a record first half of openings for our company, and 3% higher than last year.

本季度，我們不斷增長的開業數量、簽約數量和淨客房數量再次反映了業主對其品牌和溫德姆未來的信心。我們在第二季開設了超過 16,000 間客房，使今年 6 月新增客房數量達到超過 30,000 間，創下了公司上半年開業客房數量的新高，比去年同期增長了 3%。

Q2 contract signings increased 40% to prior year, driving another 5% growth in our global development pipeline to a record 255,000 rooms. This was the 20th consecutive quarter of pipeline growth, a development pipeline with an average fee part premium, that's approximately 30% higher domestically and nearly 15% higher internationally versus the existing domestic and international rooms in our system.

第二季的合約簽約量比去年同期成長了 40%，推動我們全球開發管道再成長 5%，達到創紀錄的 255,000 間客房。這是連續第 20 個季度的管道增長，開發管道的平均費用部分溢價，與我們系統中現有的國內和國際客房相比，國內客房高出約 30%，國際客房高出近 15%。

Domestically, our midscale and above brands grew 3% with new construction openings like the La Quinta Olive branch, located just minutes from Grace Land, Elvis Presley's historic home in Memphis, Tennessee; and strong conversion activity with new additions like the Hilo Hawaiian Hotel on the Big Island; and the Airport Honolulu Hotel on the island of Oahu, both converting to our Trademark Collection by Wyndham brand.

在國內，我們的中檔及以上品牌增長了 3%，其中包括新開業的 La Quinta Olive 酒店，該酒店距田納西州孟菲斯市貓王埃爾維斯·普雷斯利故居 Grace Land 僅幾分鐘路程；此外，我們還大力開展檀香改建活動，新增了大島的希洛夏威夷酒店 (Hilo Hawaiian Hotel) 和兩家胡島的品牌精選酒店，這兩家品牌（Airport Hotel)，這兩家品牌都名為我們德胡島的精選酒店提供，這兩家品牌。

Internationally, we increased net rooms by 8%. EMEA grew net rooms by 5% with several new construction additions like the beautiful new Wyndham Alanya Resort on Turkey's Mediterranean Coast, while also growing their development pipeline by 34%. And just last week, we announced the development agreement with Gorgon-based Signet hotels who will be developing our La Quinta and registry brands across India, Bangladesh, Sri Lanka, and Nepal.

在國際上，我們的淨客房數量增加了 8%。歐洲、中東和非洲地區的淨客房數量增加了 5%，其中包括幾座新建的飯店，例如位於土耳其地中海海岸的美麗的阿拉尼亞溫德姆度假村 (Wyndham Alanya Resort)，同時其開發案也成長了 34%。就在上週，我們宣布與總部位於戈爾貢的 Signet 酒店達成開發協議，該酒店集團將在印度、孟加拉、斯里蘭卡和尼泊爾開發我們的 La Quinta 和註冊品牌。

Latin America and the Caribbean grew its pipeline by 16% and increased net rooms by 4% with new construction openings like the Dassler by Wyndham Salta in the cradle of Argentinian history and folklore, and set new high-quality conversions like the first HQ Hotel and residents by SBE, a $100 million development on the northern tip of Antigua, Hodge's Bay Resort spot, a proud member of our growing registry collection brand in the Lifestyle, Luxury segment.

拉丁美洲和加勒比地區新開業酒店數量增長了 16%，客房淨數量增加了 4%，其中包括位於阿根廷歷史和民間傳說發源地的達斯勒溫德姆薩爾塔酒店等新酒店，以及由 SBE 改造的首家 HQ 酒店和居民酒店，這是位於安提瓜北端、霍奇灣度假勝地的一項耗資 1 億美元的開發

In Southeast Asia and the Pacific Rim, net rooms grew by 13% with newbuild additions like the Wyndham Soleil Da Nang Resort highlighting our rapid expansion in Vietnam, where our system size now exceeds 7,000 rooms. In China, our team grew net rooms by another 16% in our direct franchising system with high-quality, new conversions and stunning new construction additions like the Days Hotel by Wyndham, Suzhou Dushu Lake; and the Wyndham Garden Shanghai Pudong, our 50th Wyndham Garden in China.

在東南亞和環太平洋地區，隨著峴港溫德姆索萊爾度假村等新酒店的開業，淨客房數量增長了 13%，這凸顯了我們在越南的快速擴張，我們的系統規模現已超過 7,000 間客房。在中國，我們的團隊透過高品質、新改建和令人驚嘆的新建酒店（如蘇州獨蜀湖戴斯溫德姆酒店）以及上海浦東溫德姆花園酒店（我們在中國的第 50 家溫德姆花園酒店）使直接特許經營體系的淨客房數量再次增長了 16%。

As we've shared on our last two earnings calls, our Super 8 master licensee in China has struggled to add new units and retain existing ones. Following an operational review this quarter, we identified violations of the license agreement by this master licensee and subsequently issued them a notice of default, a potential outcome of which could include termination. As a result, we revised our reporting basis to exclude the impacts of these rooms from our reporting metrics. And as a reminder, the financial impact of this portfolio is immaterial to our overall results, as Michele will discuss in a moment.

正如我們在前兩次財報電話會議上所分享的那樣，我們在中國的速 8 主許可證持有者一直在努力增加新單位並保留現有單位。經過本季度的營運審查，我們發現該主許可證持有者違反了許可協議，並隨後向其發出了違約通知，其潛在後果可能包括終止合約。因此，我們修改了報告基礎，將這些房間的影響排除在報告指標之外。需要提醒的是，該投資組合的財務影響對我們的整體表現並不重要，Michele 稍後將進行討論。

As we focus on our development of higher FeePAR brands and geographies on building scale in markets where we have a strong footprint and strong growth potential, and on expanding direct franchising and regions previously relying on master license agreements, we're adding hotels with stronger economics that drive meaningful royalty rate accretion.

我們專注於開發更高 FeePAR 品牌和地區，在我們擁有強大影響力和強大成長潛力的市場中擴大規模，並擴大直接特許經營和以前依賴主許可協議的地區，我們正在增加經濟實力更強勁的酒店，以推動有意義的特許費率增長。

This quarter, our royalty rate increased by another 6 basis points domestically and by 13 basis points internationally. By continuing to focus our development on higher FeePAR properties and geographies, we're enhancing the continued long-term earnings potential of our system.

本季度，我們的國內特許權使用費率又增加了 6 個基點，國際特許權使用費率增加了 13 個基點。透過繼續將開發重點放在 FeePAR 更高的物業和地區，我們正在增強我們系統的持續長期獲利潛力。

On a global basis, RevPAR declined 3% in constant currency. International RevPAR grew 1% with strength across all regions except Asia Pacific, which was down 9% on continued softness across China. EMEA RevPAR grew 7% with strength across Europe and the Middle East. Latin America and the Caribbean RevPAR grew by 18%, driven by strong ADR and higher FeePAR additions in Brazil, Mexico, and the Caribbean; and Canada RevPAR grew by 7% with lower US outbounds.

從全球來看，以固定匯率計算，RevPAR 下降了 3%。國際 RevPAR 成長 1%，除亞太地區外，其他所有地區均表現強勁。由於中國經濟持續疲軟，亞太地區 RevPAR 下降了 9%。EMEA 地區的 RevPAR 成長了 7%，歐洲和中東地區表現強勁。拉丁美洲和加勒比地區的 RevPAR 成長了 18%，這得益於巴西、墨西哥和加勒比地區強勁的 ADR 和更高的 FeePAR 增加；由於美國出境旅客減少，加拿大 RevPAR 成長了 7%。

US RevPAR declined 4% and about 150 basis points. So this decline was driven by the lapping effect of the solar eclipse in April of last year and the timing of the Easter holiday, which shifted into the second quarter of this year. On a normalized basis, our second-quarter RevPAR declined approximately 2.3%, consistent with our expectations and a 60-basis point improvement from the 3% normalized RevPAR decline we reported for March.

美國 RevPAR 下降了 4%，下降了約 150 個基點。因此，這種下降是由去年 4 月日食的疊加效應和今年復活節假期推遲到第二季造成的。以正常化標準計算，我們第二季的 RevPAR 下降了約 2.3%，與我們的預期一致，比我們 3 月報告的 3% 正常化 RevPAR 降幅提高了 60 個基點。

Higher for longer interest rates, persistent inflation, and uncertainty around immigration and trade have created an environment of ongoing economic volatility for economy and mid-scale guests who remain especially sensitive to these dynamics.

長期利率上升、持續的通貨膨脹以及移民和貿易方面的不確定性，為經濟型和中檔酒店的客人創造了持續的經濟波動環境，他們對這些動態特別敏感。

Also, as expected, we saw a significant acceleration in our ancillary fee growth this quarter given the full quarter of benefit that our new co-branded credit card agreement delivered, combined with our growing strategic partnership initiatives and our significant and ongoing technology innovations. Collectively, our ancillary revenues have now grown 13% for the first half of the year, pacing in line with our full-year expectations.

此外，正如預期的那樣，由於我們的新聯名信用卡協議帶來了整個季度的收益，加上我們不斷發展的戰略合作夥伴關係計劃以及我們重大而持續的技術創新，本季度我們的附加費用增長顯著加速。總體而言，我們上半年的輔助收入成長了 13%，與我們的全年預期一致。

Before Michele takes us through the financials, we'd like to take a moment to thank and recognize our teams around the world. The continued success of our owner-first operating philosophy, which was on full display at our Wyndham Global Conference this quarter, is a direct result of their unwavering commitment and dedication.

在 Michele 向我們介紹財務狀況之前，我們想花點時間感謝並表彰我們在世界各地的團隊。我們的業主至上經營理念在本季度的溫德姆全球會議上得到了充分展示，而這一理念的持續成功正是業主堅定不移的承諾和奉獻的直接結果。

We're incredibly grateful to our team members who consistently put our owners at the very heart of everything it is that we do. Their passion fuels our momentum and their confidence in the road ahead reinforces our ability to deliver exceptional value to our shareholders, our guests, and our franchisees each and every day.

我們非常感謝我們的團隊成員，他們始終將業主放在我們所做的一切事情的核心位置。他們的熱情激發了我們的動力，他們對未來道路的信心增強了我們每天為股東、客人和特許經營商提供卓越價值的能力。

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

現在，我將把電話交給 Michele。米歇爾？

Thanks, Geoff, and good morning, everyone. I'll begin my remarks today with a detailed review of our second-quarter results. I'll then review our cash flows and balance sheet, followed by our outlook. Before we begin, let me remind everyone that the comparability of our financial results continues to be impacted by the timing of our marketing fund spend.

謝謝，傑夫，大家早安。今天我將首先詳細回顧我們的第二季業績。然後我將檢視我們的現金流量和資產負債表，然後介紹我們的展望。在我們開始之前，請允許我提醒大家，我們的財務結果的可比性繼續受到我們的行銷基金支出時間的影響。

In the second quarter of this year, marketing fund revenues exceeded expenses by $3 million compared to expenses exceeding revenues by $5 million in the second quarter of last year. To enhance transparency and provide a better understanding of the results of our ongoing operations, I will be highlighting as usual, our results on a comparable basis, which neutralizes the marketing fund impact.

今年第二季度，行銷基金收入超過支出 300 萬美元，而去年第二季支出超過收入 500 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，我將像往常一樣強調我們在可比較基礎上的業績，以抵消行銷基金的影響力。

Additionally, as Geoff mentioned, beginning this quarter, we've revised our reporting methodology to exclude the full Super 8 China master license portfolio from our reported system size, RevPAR, royalty rate, and related growth metrics, given the operational challenges of obtaining accurate information from this master licensee and the uncertain outcome of this compliance process.

此外，正如 Geoff 所提到的，從本季度開始，我們修改了報告方法，將整個速 8 中國主許可證組合排除在我們報告的系統規模、RevPAR、特許權使用費率和相關增長指標之外，因為從該主許可證持有者處獲取準確信息存在運營挑戰，而且這一合規過程的結果不確定。

While we work through our compliance actions, we'll continue to recognize fees due to us under the master agreement, which contributed less than $3 million to our full-year 2024 consolidated adjusted EBITDA. We also updated our full-year net room growth guidance to reflect this reporting change, raising the low end of that range by 40 basis points. Historical results for comparability can be found in table 6 of our earnings release with additional background and context provided on slide 25 of our investor presentation.

在我們採取合規行動的同時，我們將繼續確認主協議項下應付給我們的費用，該費用對我們 2024 年全年合併調整後 EBITDA 的貢獻不到 300 萬美元。我們也更新了全年淨客房成長指引以反映此報告變化，將該範圍的低端提高了 40 個基點。可比性的歷史結果可以在我們的收益報告表 6 中找到，而我們的投資者簡報的第 25 張投影片中提供了更多背景和上下文。

Now moving to second-quarter results. In the second quarter, we generated $397 million of fee-related and other revenues and $195 million of adjusted EBITDA. Fee-related and other revenues increased $31 million year over year, primarily reflecting higher royalties and franchise fees, a 19% increase in ancillary fee streams, and higher pass-through marketing reservation and loyalty revenues due to our global franchisee conference in May, which is held about every 18 months.

現在轉向第二季業績。第二季度，我們產生了 3.97 億美元的費用相關收入和其他收入以及 1.95 億美元的調整後 EBITDA。費用相關收入和其他收入較上年同期增加了 3,100 萬美元，主要反映了特許權使用費和特許經營費的增加、附加費用流的增加 19% 以及由於我們每 18 個月舉行一次的 5 月份全球特許經營商會議而帶來的更高的直通營銷預訂和忠誠度收入。

The increase in royalties and franchise fees reflects system growth of 4%, higher other franchise fees and royalty rate improvement, partially offset by a 3% decline in global RevPAR. Ancillary revenue growth meaningfully accelerated this quarter as expected, driven by the full-quarter impact of our renewed long-term co-branded credit card agreement, which is also fueling stronger loyalty engagement across our portfolio.

特許權使用費和特許經營費的增加反映了系統成長 4%、其他特許經營費用增加和特許權使用費率提高，但全球 RevPAR 下降 3% 部分抵消了這一影響。本季輔助收入成長如預期般大幅加速，這得益於我們續簽的長期聯名信用卡協議對整個季度的影響，這也推動了我們整個投資組合中忠誠度的提升。

Adjusted EBITDA grew 5% on a comparable basis, reflecting our revenue growth, partially offset by higher operating expenses primarily related to the growth in our credit card program and the absence of insurance recoveries recognized in the second quarter of last year. Adjusted diluted EPS for the quarter was $1.33, up 11% on a comparable basis, driven by our EBITDA growth, the benefit of share repurchases, and lower depreciation and amortization, partially offset by higher interest expense.

調整後的 EBITDA 在可比基礎上增長了 5%，反映了我們的收入增長，但部分被更高的營運費用所抵消，這主要與我們的信用卡計劃的增長以及去年第二季度沒有確認保險賠償有關。本季度調整後稀釋每股收益為 1.33 美元，同比增長 11%，這得益於 EBITDA 的增長、股票回購的好處以及折舊和攤銷的降低，但利息支出的增加部分抵消了這一增長。

Adjusted free cash flow was $88 million in the second quarter and $168 million year to date with a conversion rate from adjusted EBITDA of approximately 50%. At our current trading levels, our adjusted free cash flow yield of 6% remains the highest in the lodging sector.

第二季調整後的自由現金流為 8,800 萬美元，年初至今調整後的自由現金流為 1.68 億美元，調整後 EBITDA 的轉換率約為 50%。在我們目前的交易水準下，我們 6% 的調整後自由現金流收益率仍然是住宿業最高的。

Development advance spend was $23 million in the second quarter, bringing our year-to-date total to $51 million. We continue to see an increased appetite for our brands with global openings up 3% so far this year, and we're happy to put our excess cash to work in order to position us in key markets and high-demand locations that attract FeePAR accretive properties into our system.

第二季的開發預付款支出為 2,300 萬美元，使我們年初至今的總額達到 5,100 萬美元。我們持續看到市場對我們品牌的興趣不斷增加，今年迄今為止，全球開業酒店數量已增長 3%，我們很高興將多餘的現金投入使用，以便將我們定位在關鍵市場和高需求地區，從而吸引 FeePAR 增值物業納入我們的系統。

We returned $109 million to our shareholders during the second quarter through $77 million of share repurchases and $32 million of common stock dividends. Year to date, we have now repurchased 1.7 million shares of our stock for $153 million.

我們在第二季透過 7,700 萬美元的股票回購和 3,200 萬美元的普通股股息向股東返還了 1.09 億美元。今年迄今為止，我們已以 1.53 億美元回購了 170 萬股股票。

We closed the quarter with approximately $580 million in total liquidity, and our net leverage ratio of 3.5 times remains as expected at the midpoint of our target range. At this leverage ratio, our current outlook implies up to $550 million of capital available for deployment this year after dividends.

本季結束時，我們的總流動資金約為 5.8 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。以這一槓桿率，我們目前的預測意味著，在支付股息後，今年可供部署的資本將高達 5.5 億美元。

Of that, we've earmarked $110 million for key money, leaving nearly $400 million for share repurchases or strategic transactions. Through the first half of the year, we've deployed about $200 million, largely taking advantage of a depressed stock price, leaving ample capacity for additional capital return or opportunistic investment in the back half.

其中，我們已撥出 1.1 億美元作為關鍵資金，剩餘近 4 億美元用於股票回購或策略交易。今年上半年，我們已投入約 2 億美元，主要利用了股價低迷的有利時機，為下半年的額外資本回報或機會性投資留下了充足的空間。

Turning now to outlook. As we've already mentioned, our net room growth outlook is now 4% to 4.6%, up from 3.6% to 4.6% to reflect the removal of our Super 8 master licensee in China. We are also raising our EPS outlook to a range of $4.60 to $4.78 to reflect the impact of second quarter share repurchases. This outlook is based on a lower diluted share count of 77.8 million shares and as usual, assumes no additional share repurchases or incremental interest expense associated with any potential borrowing activity to maintain our leverage at 3.5 times.

現在轉向展望。正如我們已經提到的，我們的淨客房增長預期現在為 4% 至 4.6%，高於 3.6% 至 4.6%，這反映了我們在中國取消了速 8 酒店總特許經營權。我們也將每股收益預期上調至 4.60 美元至 4.78 美元之間，以反映第二季股票回購的影響。這項展望是基於7,780萬股較低的稀釋股數，並且像往常一樣，假設沒有額外的股票回購或與任何潛在藉貸活動相關的增量利息支出，以將我們的槓桿率維持在3.5倍。

We are reaffirming our expectation that full-year constant currency global RevPAR growth will range between down 2% to up 1%. As we shared last quarter, we purposefully set a wider range to account for ongoing volatility and uneven demand across markets, and we continue to believe that range remains appropriate today.

我們重申我們的預期，即全年全球 RevPAR 成長率將在下降 2% 至上升 1% 之間。正如我們上個季度所分享的，我們特意設定了一個更大的範圍，以應對持續的波動和不同市場之間不均衡的需求，並且我們仍然相信這個範圍在今天仍然是合適的。

When normalized for the headwinds from the Solar Eclipse and Easter timing, second-quarter performance was within that range. Should we see a near-term resolution to global trade tensions, consumer sentiment and demand could recover as quickly as it softened. And with our largest volume months still ahead, we believe this outlook reflects a range of potential outcomes in today's environment.

當日食和復活節時間帶來的不利因素正常化後，第二季的表現就在這個範圍內。如果我們看到全球貿易緊張局勢在短期內得到解決，消費者情緒和需求可能會迅速恢復。由於我們的交易量最大的幾個月仍將到來，我們相信這種前景反映了當今環境下一系列潛在的結果。

There are no changes to the remainder of our outlook nor to our expectations for the marketing fund to break even on a full-year basis, give or take a few million dollars. With respect to seasonality, we expect the marketing funds to underspend by roughly $10 million in each of the third and fourth quarters in order to land at approximately breakeven for the full year.

我們對其餘前景的預期沒有變化，對行銷基金全年收支平衡的預期也沒有變化，上下浮動數百萬美元。就季節性而言，我們預計第三季和第四季的行銷資金將分別減少約 1,000 萬美元，以實現全年的收支平衡。

In closing, our second-quarter results reflect steady execution across key priorities, growing our system with high-quality FeePAR accretive room, accelerating ancillary revenues, expanding our royalty rates, and delivering on our earnings targets. With a strong balance sheet and highly cash-generative business model, we're well positioned to navigate near-term headwinds while continuing to invest in long-term value creation. As always, we remain committed to disciplined capital allocation and generating consistent, meaningful returns for shareholders.

最後，我們的第二季業績反映了關鍵優先事項的穩定執行，透過高品質的 FeePAR 增值空間發展我們的系統，加速輔助收入，提高我們的特許權使用費率，並實現我們的獲利目標。憑藉強大的資產負債表和高度現金創造的商業模式，我們完全有能力應對短期逆風，同時繼續投資於長期價值創造。像往常一樣，我們仍然致力於嚴格的資本配置並為股東創造持續、有意義的回報。

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

有了這些，傑夫和我很樂意回答您的問題。操作員？

(Operator Instructions) David Katz, Jefferies.

（操作員指示）David Katz，Jefferies。

Thanks for taking my questions. First, just a quick comment with respect to China. I know we're not going to talk about it, but I know this has been an issue since 2018, and I hope it works out in a productive way. My question, Geoff and Michele is around RevPAR in your segments. We see the weekly numbers, and it's been pressured.

感謝您回答我的問題。首先，我只想就中國問題做一個簡短的評論。我知道我們不會談論它，但我知道自 2018 年以來這個問題就一直存在，我希望它能夠以富有成效的方式解決。Geoff 和 Michele，我的問題是關於你們細分市場中的 RevPAR。我們看到了每週的數據，並且它已經面臨壓力。

My hope is that you can help us unpack a bit what's going on even a more granular level with RevPAR, which is pressured in a lot of areas, but not all. And I'd love just a little walk around on what you're seeing with respect to RevPAR, and maybe we can -- when we might start to see some growth?

我希望您能幫助我們更詳細地了解 RevPAR 的情況，RevPAR 在許多領域都面臨壓力，但並非所有領域都面臨壓力。我很想稍微了解一下您對 RevPAR 的看法，也許我們可以——什麼時候我們可能會開始看到一些增長？

Sure. Thanks, David. As we've always heard you say RevPAR lasts for a day and pipeline lasts for a lifetime. And this has been more than a day. Q2 RevPAR was down 2.3% normalized versus the down 2.9% we ran in March. So a bit better. Slide 11 in our investor presentation lays that out.

當然。謝謝，大衛。正如我們經常聽到的那樣，RevPAR 只持續一天，而渠道則持續一生。這已經過去一天多了。第二季 RevPAR 正常化下降了 2.3%，而 3 月則下降了 2.9%。所以好一點。我們的投資者簡報中的第 11 張投影片對此進行了闡述。

July month to date has been generally consistent with the STR results with continued softness in the Sun Belt states like Texas, Florida, and California, where we have about a quarter of our system, but it's been offset by strength in oil markets like Ohio, up 4% in the quarter and up July to date; Oklahoma up double digits; and natural gas states like Pennsylvania, which was up 6% in the quarter.

7 月迄今的表現與 STR 結果基本一致，位於陽光地帶的德克薩斯州、佛羅裡達州和加利福尼亞州等州（我們的系統在這些州約佔四分之一）的油價持續疲軟，但這一疲軟被石油市場的強勁表現所抵消，例如俄亥俄州，該市場本季度上漲了 4%，7 月份迄今為止也上漲了；俄克拉荷馬州上漲了兩6%。

Combined with strength in the large Midwest industrial states, Matt put a green shoots chart and 11 where we're seeing strength, RevPAR-wise in states like Wisconsin, Michigan, Minnesota, Missouri, all indicating steady demand from our blue-collar everyday travelers. So softness more leisure focused in those large Sun Belt and border states that I just mentioned.

結合中西部大型工業州的實力，馬特製作了一張綠芽圖表，其中 11 個我們看到了強勢的州，如威斯康星州、密西根州、明尼蘇達州、密蘇裡州等州的 RevPAR 情況，都表明我們的藍領日常旅行者的需求穩定。因此，柔軟度更集中在我剛才提到的那些陽光地帶和邊境大州的休閒方面。

In terms of going forward, the next two weeks of July are, as you all know, our most important weeks of the year. And in August, we'll see a stronger summer travel season, which we're happy about, given the favorable school calendars with more schools starting later this year than last year per STR.

就未來而言，眾所周知，七月的接下來兩週是我們一年中最重要的幾週。8 月份，我們將迎來更強勁的夏季旅遊旺季，我們對此感到高興，因為學校的校歷安排很有利，據 STR 稱，今年開學時間比去年晚的學校更多。

And while the demand shift happened very quickly, and while optimism certainly abounds for continued resolution of the global trade tensions and improved consumer sentiment, we're not seeing anything structurally to your question that concerns us. Pricing is holding steady. ADR year over year was essentially flat in the quarter and is up 17% to 2019, which is trailing inflation by a full 7 points, but we're not seeing any trade down opportunities or impact.

儘管需求轉變發生得非常快，而且人們對全球貿易緊張局勢的持續解決和消費者信心的改善充滿樂觀，但我們沒有從結構上看到您提出的問題中令我們擔憂的任何變化。物價保持穩定。本季 ADR 年比基本持平，較 2019 年上漲 17%，落後通貨膨脹率整整 7 個百分點，但我們並未看到任何降價機會或影響。

In fact, the gaps between those chain scales continue to strengthen with little signs of any discounting or compression. If you just look at the last quarter, $50 gap between economy and upper mid-scale, it's now over $65. And the $80 gap last quarter between upper mid and upper upscale has moved up as well.

事實上，這些連鎖規模之間的差距持續擴大，幾乎沒有任何折扣或壓縮的跡象。如果你只看上個季度，經濟艙和中高階艙之間的差距是 50 美元，現在已超過 65 美元。上個季度，中高端和高端之間的 80 美元差距也擴大了。

So nothing structurally that concerns us. Our most booking lead times of late is essentially flat to last year. The average length of stay are consistent with last year, in fact, up about 3% to pre-COVID. And our cancellation rates have actually improved somewhat over the last year by about 60 basis points.

因此從結構上來說，我們無需擔心。我們最近的大多數預訂提前期與去年基本持平。平均住院時間與去年持平，實際上比疫情之前增加了約 3%。而我們的取消率實際上比去年有所改善，大約提高了 60 個基點。

Economy is still humming. Our guests are more employed. They have healthy balance sheets and household incomes that continue to strengthen. Each month, David, we run internal research on our guests that point towards more optimism on travel intent and less concerned about economic worries than both last year and even last month.

經濟依然蓬勃發展。我們的客人就業率較高。他們的資產負債表健康，家庭收入也持續增加。大衛，每個月我們都會對我們的客人進行內部調查，結果顯示，與去年甚至上個月相比，人們對旅行意願更加樂觀，對經濟問題的擔憂減少。

And we look at all the research we get our hands on syndicated research that's out there, and we continue to see consumers with more plans to travel in the next six months. I think it was 94%, 95%, up from 89% in the first quarter. Consumer spending on travel is continuing despite the macro headlines, and we remain optimistic that RevPAR long-term 2% to 3%, (inaudible) travel. Domestic RevPAR CAGR is going to return, especially given the historical low levels of supply that we've been seeing.

我們研究了所有現有的聯合研究，發現消費者在未來六個月內有更多的旅行計劃。我認為是 94%、95%，高於第一季的 89%。儘管宏觀情況不容樂觀，但消費者在旅遊方面的支出仍在繼續，我們仍然樂觀地認為，RevPAR 的長期增長率將達到 2% 至 3%，（聽不清楚）旅遊。國內 RevPAR CAGR 將會回歸，特別是考慮到我們所見的歷史最低供應水準。

I do say that. I appreciate the credit and the answer. Thank you.

我確實這麼說。我感謝您的讚揚和回答。謝謝。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

So Geoff, I want to -- or Michele, I want to talk a little bit more about net unit growth expectations and just sort of how your expectations for the year has evolved since the beginning of the year. So we know that construction in the US has been challenged and starts have been challenge for the reasons we all know. But has the mix shift for your expectations change between starts -- or sorry, new construction opening versus conversions? And how are those sort of pieces evolving throughout the year for you?

所以傑夫，我想——或者米歇爾，我想多談談淨單位成長預期，以及自今年年初以來你對今年的預期是如何演變的。因此，我們知道，美國的建築業面臨挑戰，開工也面臨挑戰，原因我們都知道。但是，您的預期在開工與改建之間是否發生了變化？或者，抱歉，是新建建築的開工與改建？那麼這些作品在這一年中是如何發展的呢？

Thank you, Brandt. (multiple speakers) Go ahead, Geoff, you start.

謝謝你，布蘭特。（多位發言者）來吧，傑夫，你開始。

I'll start and then talk about outlook for the year. I mean, Brendt, our near-term optimism just continues to grow, from an openings and executions in a pipeline start and certainly a net room growth both domestically and internationally. And we are -- just a high level on openings. We have been so happy in terms of the accelerating net room growth in the higher FeePAR segments that we've continued to see. There's a good slide in 9 in the IP that points to those record openings pacing ahead of prior year, as is the first half of NRG.

我將首先談論今年的展望。我的意思是，布倫特，從管道中的開業和執行開始，以及國內和國際的淨房間增長來看，我們近期的樂觀情緒仍在繼續增長。我們 — — 只是處於高水準的開局。我們很高興看到，較高 FeePAR 細分市場的淨客房成長持續加速。IP 中的 9 出現了良好的下滑，表明這些創紀錄的開局領先於去年，NRG 的上半年也是如此。

And from an execution standpoint, just thrilled with how our teams have performed this year. The pipeline is larger, it's stronger than ever. And our franchise sales teams really around the world have been more productive than they've ever been, and that pipeline continues to skew higher domestically.

從執行的角度來看，我們對我們團隊今年的表現感到非常興奮。管道比以前更大、更堅固。我們的特許經營銷售團隊在世界各地的效率都比以前更高，國內的銷售管道也持續保持高成長。

It's been in the last few years, growing from about 35% domestic to 42%, as you see in our investor presentation this quarter driven by really strong domestic executions, up 6% to last year and international executions of 11,000 rooms, up significantly 400 basis points internationally.

過去幾年，國內酒店佔比從約 35% 增長至 42%，正如您在本季度投資者報告中看到的那樣，這得益於國內酒店執行情況的強勁增長，較去年增長 6%，國際酒店執行情況為 11,000 間客房，較國際酒店大幅增長 400 個基點。

Yeah. And I would just add to that, Brandt, our expectations for net room growth have remained largely consistent throughout the year, although the composition has improved in both quality and visibility as the year has progressed. And at the start of the year, we set the range at 3.6% to 4.6%, which has now been raised to 4% to 4.6%, and that reflects the removal of the Super 8 master license agreement.

是的。我想補充一點，布蘭特，我們對淨客房成長的預期在全年基本保持一致，儘管隨著時間的推移，客房品質和可見度都有所提高。今年年初，我們將範圍設定為 3.6% 至 4.6%，現在已提高到 4% 至 4.6%，這反映了 Super 8 主許可協議的取消。

But again, also the continued strength in the development activity that Geoff mentioned and the record first half openings as well as the growth in our pipeline and the 23% year-to-date increase in execution. So we're really pleased with the development momentum.

但同樣，Geoff 提到的開發活動持續強勁，上半年開幕數量創歷史新高，通路成長，以及今年迄今執行量成長了 23%。因此，我們對發展勢頭感到非常滿意。

Perfect. Thank you, both.

完美的。謝謝你們兩位。

Dany Asad, Bank of America.

丹尼·阿薩德，美國銀行。

So more of a strategic question here, but how does this incident with the Super 8 master licensee in China approach change your approach to China or other international markets going forward. So does it accelerate even more the want or need for direct franchising?

所以這裡更多的是一個戰略問題，但是與速8在中國的總授權方相關的事件將如何改變你們未來對中國或其他國際市場的策略。那麼，它是否會進一步加速直接特許經營的需求或願望？

Yeah. I mean we've been saying, Danny, thanks for the question, consistently that we're no longer signing master license agreements to grow. And that these agreements that were entered into over 20 years ago with local developers before we had franchise sales teams located in those markets as we do today, were why we did it back then. We have very strong teams, as we've talked about before on these calls, in China. I believe we have the biggest, largest, most successful franchise sales team over there today, and so we're absolutely committed.

是的。我的意思是，丹尼，謝謝你的提問，我們一直在說，我們不再簽署主許可協議來實現成長。這些協議是我們 20 多年前與當地開發商達成的，當時我們還沒有像今天這樣在這些市場設立特許銷售團隊，這就是我們當時這樣做的原因。正如我們之前在電話會議上談到的，我們在中國擁有非常強大的團隊。我相信我們目前擁有那裡最大、最成功的特許經營銷售團隊，因此我們絕對致力於此。

And as we've been talking about consistently, we've seen continued development acceleration in our direct franchising business, to your question on both the openings and the executions front. No slowdown. It's grown 12% on a compounded annual growth rate since 2020. That's our direct franchising business.

正如我們一直在談論的那樣，我們看到我們的直接特許經營業務在開業和執行方面都在持續加速發展。沒有減速。自 2020 年以來，其年複合成長率達到 12%。這就是我們的直接特許經營業務。

It's on pace this year to deliver double-digit growth again. And we are -- we have increased our direct franchising business in China by over 100% since spin to nearly 100,000 rooms, and that is at 3 times the royalty rate, and we have about 400 direct hotels now in our pipeline.

今年，該行業有望再次實現兩位數的成長。自從分拆以來，我們在中國的直接特許經營業務增長了 100% 以上，客房數量達到近 100,000 間，這是特許經營費率的 3 倍，目前我們擁有約 400 家直營酒店正在籌備中。

Q2 is another great example. We opened 5% more rooms direct, and that drove the 16% net room growth in our direct FeePAR accretive rooms. And our teams executed really strongly again, 26 new deals, more than last year with a new construction pipeline that's growing. And these are contracts that are about three-quarters weighted to new construction, one-quarter to conversions.

Q2 是另一個很好的例子。我們直接開設的客房數量增加了 5%，這推動了直接 FeePAR 增值客房的淨客房增長率達到 16%。我們的團隊再次表現強勁，達成了 26 筆新交易，比去年同期有所增加，新建築項目也在增加。這些合約中約有四分之三用於新建工程，四分之一用於改建工程。

So there is a lot of excitement. There's a lot of development out there. We continue to add new brands to Wyndham Grand, Wyndham Garden, they've all been really performing well for us. We took back a master license days in. We just signed our 110th days in over there. We've added 25 Microtels.

因此大家非常興奮。那裡有很多發展。我們繼續為溫德姆至尊、溫德姆花園等增添新品牌，這些品牌都為我們帶來了良好的表現。我們幾天後就拿回了主許可證。我們剛剛在那裡度過了第 110 天。我們新增了 25 家 Microtel 飯店。

Nobody thought we'd be adding (inaudible) but I think the team just opened their fifth over there. And the team is very committed. We're very committed to growing across the country, and they're firing on all cylinders.

沒有人認為我們會增加（聽不清楚）但我認為球隊剛剛在那裡開設了第五個。並且團隊非常敬業。我們致力於在全國範圍內發展，他們也正全力以赴。

Thank you very much.

非常感謝。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Thank you for taking our questions. I wanted to focus more on the credit card. You noted ancillary fees through 19% in the 2Q. And in the deck, I believe you expect low teens growth for 2025 overall. How should we think about the acceleration in the second half of this year and into 2026?

感謝您回答我們的問題。我想更多地關注信用卡。您注意到第二季附加費用增加了 19%。在簡報中，我相信您預計 2025 年整體成長率將處於低十幾個百分點。我們該如何看待今年下半年以及2026年的加速？

Steve, we were really, really pleased with the performance of our ancillary revenues in the second quarter. They were, as you mentioned, up 19% right in line with the acceleration that we had expected. And a large portion of that growth came from our co-branded credit card program.

史蒂夫，我們對第二季輔助收入的表現非常非常滿意。正如您所說，它們上漲了 19%，與我們預期的加速度完全一致。其中很大一部分成長來自於我們的聯名信用卡計畫。

In the first half, we saw a 5% increase in new accounts alongside a 2% lift in average spend per card holder. These are really strong indicators of engagement, and we expect that momentum to continue throughout the remainder of the year.

上半年，新帳戶數量增加了 5%，同時每位持卡人的平均消費增加了 2%。這些都是非常強勁的參與指標，我們預計這種勢頭將在今年剩餘時間內持續下去。

On a year-to-date basis, we're at that 13%, which again is right in line with our low teens full-year expectation, and we expect the back half is going to produce some similar results.

從年初至今，我們的成長率為 13%，這與我們對全年低十幾個百分點的預期完全一致，我們預計下半年也會產生類似的結果。

Okay. Great, thank you.

好的。太好了，謝謝。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Thanks for taking the question. I just wanted to ask about the key money environment, what you've been seeing recently, whether it's gotten more competitive, whether more kind of money per deal has been required now?

感謝您回答這個問題。我只是想問一下關鍵的資金環境，您最近看到了什麼，競爭是否變得更激烈了，現在每筆交易是否需要更多的資金？

I think pretty consistent. We're really pleased with how successful the teams have been penetrating the mid-scale and above space, bringing in higher FeePAR deals, strategies working, and we can't think of a better place. We're really thrilled to be putting some of our excess free cash flow to work here. Our openings are up 4% year to date. Our contract signings are up again that 23% year to date.

我認為相當一致。我們真的很高興看到團隊在中型及以上規模領域的成功，帶來了更高的 FeePAR 交易，策略也發揮了作用，我們想不出比這更好的地方了。我們非常高興能夠將部分多餘的自由現金流投入這裡。今年迄今為止，我們的職缺數量增加了 4%。今年迄今為止，我們的合約簽署量再次成長了 23%。

We're at every table and this tool is helping us win deals, the [done] deals this year so far have brought in FeePAR that's 36% higher than our existing system. So there's real value in in this money that we're deploying, and I think it's a pretty consistent environment.

我們在每個談判桌上都使用這個工具來幫助我們贏得交易，今年迄今完成的交易帶來的 FeePAR 比我們現有的系統高出 36%。因此，我們部署的這筆資金具有真正的價值，而且我認為這是一個非常一致的環境。

Thanks.

謝謝。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

We're surprised you're on this call, Michael. No number three.

邁克爾，我們很驚訝您接聽了這次電話。沒有三號。

No, not yet patiently or maybe impatiently waiting. Jeff, you haven't talked about ECHO Suites yet. Maybe just what's the latest and greatest there in terms of signings and starts for that brand? And then also maybe just the latest update on the growth trajectory for the brand with your multi-unit owners who are the initial developers versus maybe thinking about doing more one-off deals going forward?

不，還沒有耐心等待，或者說不耐煩地等待。傑夫，你還沒有談論 ECHO Suites。也許只是就品牌的簽約和啟動而言，最新和最棒的事情是什麼？然後也許只是與作為最初開發商的多單元業主一起更新品牌成長軌蹟的最新情況，還是考慮在未來進行更多一次性交易？

Sure. Yeah, we're doing more one-off deals. The team continues to execute. And when you look at the new construction executions, which were up -- if I talk broad pipeline, up 9% to prior year, driving that new construction pipeline, which I think a lot of folks think is slowing down. It's not for us. Our new construction pipeline is up 4% year over year, record 1,500 hotels.

當然。是的，我們正在做更多一次性交易。團隊繼續執行。當您查看新建築施工執行情況時，如果我談論的是廣泛的管道，則比上年增長了 9%，推動了新建築管道的發展，我認為很多人認為這一增長正在放緩。這不適合我們。我們的新建設酒店數量年增 4%，達到創紀錄的 1,500 家。

ECHO played a role in that. Our new construction ECHO pipeline, this quarter grew another 3% to prior quarter. We signed 1,600 -- 1,600 new rooms with those individual developers. We're at roughly -- we're north of 30,000 rooms, and we're growing that pipeline. We've seen recent openings in Texas, let's see Tennessee, Virginia, last week, Reno. And yesterday, we just opened another ECHO suites. I hear in Katy, Texas. Unfortunately, I couldn't be there.

ECHO 在其中發揮了作用。本季度，我們新建的 ECHO 管道比上一季成長了 3%。我們與這些個人開發商簽訂了 1,600 間新房間。我們大約有 30,000 間客房，我們正在擴大這一渠道。我們看到了德克薩斯州最近的開業情況，讓我們看看田納西州、維吉尼亞州，以及上週的里諾。昨天，我們剛開設了另一家 ECHO 套房。我聽說是在德州凱蒂。不幸的是，我無法到場。

But we had new signings this quarter in Oregon in Utah and Washington. Again, it was multiple new developers. And we've got nearly a dozen open -- another dozen or so under construction, and another 30 sites in active development in really strong markets like -- coming soon, Sterling, Virginia; Fort Worth, Texas, off the top of my head; Pasadena; Naples, Florida, great new unit that will be opening there. Performance to date is pacing on track.

但本季我們在俄勒岡州、猶他州和華盛頓州都有新簽約。再次，有多個新開發人員。我們已經開設了近十幾家分店，另有十幾家正在建設中，另外還有 30 家分店正在積極開發中，這些分店分佈在非常強大的市場，例如：弗吉尼亞州斯特林、德克薩斯州沃斯堡（我首先想到的）、帕薩迪納、佛羅裡達州那不勒斯，即將在那裡開設新的分店。迄今的表現一切順利。

And we have several of these hotels already achieving a RevPAR index levels of over 100%. They're not all there yet. They're ramping towards that. But what is exciting to us is that these developers are putting mid-scale, upper mid-scale, and in some cases, upscale competitors in their market in their comp sets as they continue to look to push that average rate and RevPAR and most importantly, extended stay occupancy levels to a level that we haven't seen before in any of our brands.

其中幾家飯店的 RevPAR 指數已超過 100%。他們還沒有全部到達那裡。他們正在努力實現這一目標。但令我們興奮的是，這些開發商正在將其市場中的中檔、中高檔，有時甚至是高檔的競爭對手納入其競爭範圍，因為他們繼續尋求將平均房價和每間可用客房收入 (RevPAR)，以及最重要的，長期入住率提升到我們以前在任何品牌中都未曾見過的水平。

And we've said all along would have 300 open by 2032. And with over, I think, now over 280 executed contracts in our pipeline and that interest in conversations with new developers, both multi-unit still interested, but more so now that the big multi-unit territories are locked down. continuing to express interest to continue to build on a one-off basis. We're feeling very good about that number.

我們一直說到 2032 年將開設 300 家門市。我認為，現在我們的管道中已經執行了 280 多個合同，並且有興趣與新的開發商進行對話，這兩個開發商都對多單元項目仍然感興趣，但現在大型多單元項目區域已被封鎖，因此更加感興趣。他們繼續表達了繼續一次性建設的興趣。我們對這個數字感到非常滿意。

And then just one follow up. I guess when do you expect to take the brand international? And that's all for me.

然後只需跟進一次。我猜您什麼時候希望將這個品牌推向國際？對我來說這就是全部了。

Yeah. We are talking. In fact, we're meeting with our divisional presidents next week about Latin America, perhaps Mexico being the first, but probably in the next year.

是的。我們正在談話。事實上，下週我們將與各部門總裁開會討論拉丁美洲問題，也許首先討論的是墨西哥，但可能要等到明年。

And we already have agreements in place in Canada.

我們已經與加拿大達成協議了。

Oh yeah, that is an international country.

哦是的，那是一個國際化的國家。

Patrick Scholes, Truist.

帕特里克·斯科爾斯，Truist。

Wonder if you can lay out what you see as the range of the various possible outcomes with the China notice of default. I'm not asking what you see as the most likely or the most desirous, but really, what are the possible outcomes that you see in this current scenario?

我想知道您是否可以闡述您認為中國違約通知可能產生的各種結果。我並不是問您認為最有可能或最希望出現什麼結果，而是問您實際上在當前情況下看到了哪些可能的結果？

Yeah, Patrick, it's -- this is an active compliance process. So I don't think it would be appropriate for us to discuss those details publicly. But we can say, of course, this could lead to a variety of outcomes, including termination of the master.

是的，派崔克，這是一個積極的合規流程。所以我認為我們不宜公開討論這些細節。但我們當然可以說，這可能會導致各種各樣的結果，包括解僱主人。

Okay. Is it possible any of those outcomes could end up being a net positive for you folks?

好的。這些結果最終有可能對你們產生正面的影響嗎？

Sure. It's just too early to speculate on potential outcomes, but I can definitely see a few paths where this could be a positive for Wyndham for the sublicensees and even potentially for the master.

當然。現在推測可能的結果還為時過早，但我肯定可以看到一些可能對溫德姆、分許可證持有者甚至主許可證持有者有利的途徑。

Okay. We'll leave it at that. Thank you.

好的。我們就到此為止吧。謝謝。

Dan Politzer, JPMorgan.

摩根大通的 Dan Politzer。

Thanks for taking my question. I wanted to touch on the net rooms growth. Obviously, this is an area where you do have some visibility. How are you thinking about this -- the kind of growth rate as you think about 2026? Is that level of 4% to 4.5% achievable? And then any kind of semblance just given the momentum of ECHO Suites that you talked about on how to think about kind of the breakdown of growth between US and international?

感謝您回答我的問題。我想談談網路房間的成長。顯然，這是一個您確實具有一定知名度的領域。您如何看待這個問題—您認為 2026 年的成長率是什麼樣的？4%至4.5%的水平可以實現嗎？那麼，鑑於您所談論的 ECHO Suites 的發展勢頭，您如何看待美國和國際之間的成長細分？

And then just similarly, one quick housekeeping with Michele. For the net rooms growth outlook this year, you raised the low end by 40 basis points but kept the high end. Were there any kind of changes other than the (inaudible) that just -- because it seems like it would kind of affect both ends of the range?

然後同樣地，與 Michele 一起進行一次快速的整理。對於今年淨客房成長前景，您將低端提高​​了 40 個基點，但保留了高端。除了（聽不清楚）之外，還有其他變化嗎？因為它似乎會影響範圍的兩端？

Okay. There's a lot in there to unpack. Let me see if I can remember all the questions. I'll start with the last one. I'd say, no, our net rent growth outlook today reflects increased confidence as we move halfway through the year. We have greater clarity around production for the year, more visibility, better kind of quality information.

好的。這裡面有很多東西要解開。讓我看看我是否能記住所有的問題。我先從最後一個開始。我想說，不，我們今天的淨租金成長前景反映出，隨著年末的到來，信心有所增強。我們對全年的生產情況有了更清晰的了解，可視性更強，品質資訊也更好。

And so we feel as confident as ever in being able to achieved that net room growth guidance. And then -- which also, by the way, does reflect a 20-basis point increase at the midpoint of the guide as a result of the changes we made for the Super 8 master licensee.

因此，我們對於實現淨客房成長目標充滿信心。然後 — — 順便說一下，由於我們為 Super 8 主許可證持有者所做的更改，這也確實反映了指南中點 20 個基點的增長。

It's still too early to really talk about 2026. But I'd say our long-term growth objective has always been 3% to 5%, and we're clearly above that 3% in 2025, and we would expect that we can continue to deliver on those growth targets. We've got a record pipeline with a significant portion of that new construction pipeline with already kind of being in the ground and under construction.

現在談論 2026 年還為時過早。但我想說，我們的長期成長目標一直是 3% 到 5%，到 2025 年，我們的成長目標顯然會高於 3%，而且我們預計能夠繼續實現這些成長目標。我們擁有創紀錄的管道，其中很大一部分新建管道已經埋入地下並處於建設中。

We've got continued momentum in the mid-scale and extended stay, which are really positive on fundamentals and where demand remains strong in financing is still very much available. And we've got greater contribution from international markets, but most importantly, higher FeePAR international markets, again, under that direct franchising base.

我們在中型和長期住宿方面繼續保持發展勢頭，這對基本面來說是非常積極的，而且融資需求依然強勁，而且仍然非常充足。我們在國際市場上獲得了更大的貢獻，但最重要的是，在直接特許經營的基礎上，國際市場的 FeePAR 更高。

And again, with more accelerated growth coming out of a higher FeePAR regions such as EMEA. So we feel like there's really high-quality net room growth happening here, and that should continue well into 2026 and beyond.

並且，來自 FeePAR 較高的地區（例如 EMEA）的成長速度更快。因此，我們覺得這裡確實存在著高品質的淨客房成長，而且這種成長應該會持續到 2026 年及以後。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Two quick follow ups. First, on Lizzie's question around key money. Just given the success here, do you generally anticipate potentially loosening up the purse strings or I guess in the past, you talked about it as an eyedropper to deploy more? Or what are the guardrails investors should be thinking about with that deployment?

兩個快速的後續行動。首先，關於 Lizzie 關於禮金的問題。鑑於這裡的成功，您是否普遍預期可能會放鬆錢袋，或者我猜在過去，您曾將其視為一種可以部署更多資金的滴管？或者投資者在部署時應該考慮哪些防護措施？

I hope our development team is not listening. Yes, I refer to it as an eye dropper. I think we are always very judicious in how we deploy our capital, and we want to make sure that any key money that we're deploying is returning proper economic value to our shareholders. And any deals would be assessed kind of through that lens. I don't anticipate needing to increase the key money meaningfully beyond the levels contemplated in our current outlook.

我希望我們的開發團隊沒有聽。是的，我稱它為滴管。我認為我們在部署資本方面始終非常明智，我們希望確保我們部署的任何關鍵資金都能為股東帶來適當的經濟價值。任何交易都會透過這種視角進行評估。我預計不需要將關鍵資金大幅增加到超出我們目前預期的水平。

Our strategy hasn't changed, right? So we still want to prioritize investment in high-quality growth and make sure that those returns are meeting or exceeding our hurdle rate. And I think we're fortunate enough to be able to be judicious, but also opportunistic.

我們的策略沒有改變，對嗎？因此，我們仍然希望優先投資於高品質成長，並確保這些回報達到或超過我們的最低收益率。我認為我們很幸運，既能明智行事，又能抓住機會。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

This is Isaac Sellhausen on for Ian. Thanks for taking all the questions. I think we've covered a lot already, but my question is just on the positive RevPAR trends you're seeing in the Midwest and industrial markets. If you could just touch on if that mix is being driven by both ADR and occupancy, or is there anything to call out as far as sizing the occupancy uplift from infrastructure?

這是 Ian 的 Isaac Sellhausen。感謝您回答所有問題。我想我們已經討論了很多，但我的問題是關於您在中西部和工業市場看到的積極的 RevPAR 趨勢。您能否簡單談談這種組合是否由 ADR 和入住率共同推動，或者在確定基礎設施對入住率提升的影響方面有什麼需要注意的嗎？

It's been more -- rate has been, as I said earlier, steady. Our rate in the quarter and rate July to date has been flat to last year. And I think to the infrastructure point, we are beginning to see some reacceleration in those Midwest states, and really across the country in spending. Our global sales, our Wyndham sales infrastructure room nights that are contracted. We're seeing them pick up. They're up about 3 times what the consumed is, and that's business on the books that's pacing ahead.

正如我之前所說，利率一直比較穩定。本季度的利率以及七月份迄今的利率與去年持平。我認為，就基礎建設而言，我們開始看到中西部各州乃至全國的基礎建設支出出現一些重新加速的跡象。我們的全球銷售、我們的溫德姆銷售基礎設施客房晚數都已簽約。我們看到他們正在回暖。他們的消費量大約是原來的三倍，這是帳面上的業務正在快速發展。

And if you look at the eight Midwest states that we noted in our investor presentation, which combined, saw second-quarter RevPAR growth of, I think it was over 500 basis points. Over 100 basis points of that was driven by hotels near large infrastructure projects. And so while infrastructure, as we've been talking on the last call on this call, it's slower than what we saw in the 4Q. It is similar to what we saw more broadly then.

如果你看我們在投資者演示中提到的八個中西部州，你會發現它們第二季度的 RevPAR 成長率超過了 500 個基點。其中超過 100 個基點的成長是由大型基礎設施項目附近的飯店推動的。因此，正如我們在上次電話會議上所討論的那樣，基礎設施的成長速度比第四季慢。這與我們當時所看到的景象類似。

And we believe that as those national priorities continue to crystallize, that business should pick up. I mean, the headlines and the administration's focus is on getting the balance of those allocations out and spent, and the priority now appears to be certainly faster highway projects starts, faster bridge and transportation starts.

我們相信，隨著這些國家優先事項的不斷明確，這項業務將會回升。我的意思是，新聞頭條和政府的重點是平衡分配和支出，現在的首要任務顯然是加快高速公路項目、橋樑和交通項目的啟動。

And then on the flip side of that, we continue to see very strong public and private data center construction starts, energy construction starts, semiconductor investment starts. And that's giving our teams a lot to go after. They've identified 150 planned data center projects within 15 miles of a Wyndham Hotel and they're hunting these projects using a combination of reporting and technology and networking with contractors.

另一方面，我們繼續看到公共和私人資料中心建設、能源建設和半導體投資的強勁啟動。這為我們的團隊帶來了很多需要努力的事情。他們已經在溫德姆酒店 15 英里範圍內確定了 150 個計劃中的資料中心項目，並且正在使用報告和技術以及與承包商建立聯繫相結合的方式尋找這些項目。

And I believe we have a slide in there for the top 10 data center projects under construction, the RPI for our hotels within 10 miles of those was up 500 basis points, better year to date than those hotels and markets further away from the project. So every day, a new data center project is being announced. And we still continue to view this as a great multiyear tailwind for our hotels, our owners, and our sales teams.

我相信，對於我們正在建造的十大資料中心項目來說，其零售價格指數 (RPI) 有所下滑，而距離這些項目 10 英里範圍內的酒店的零售價格指數 (RPI) 上漲了 500 個基點，今年迄今為止的表現比遠離項目的酒店和市場要好。因此，每天都會有一個新的資料中心專案被宣布。我們仍然認為這對我們的酒店、業主和銷售團隊來說是一個多年的巨大順風。

Yeah. And in those Midwest states, you mentioned, Geoff, I think we're up about 100 basis points in RevPAR on the infrastructure market.

是的。傑夫，您提到過，在中西部各州，我認為基礎設施市場的 RevPAR 上升了約 100 個基點。

Exactly, Michele.

確實如此，米歇爾。

Alex Brignall, Redburn.

亞歷克斯·布里格納爾 (Alex Brignall)，雷德伯恩。

Thank you very much for taking the question. Following up on the pipeline question and the (inaudible) questions that have been asked. Could you just give a little bit more on your retention rate, both in terms of the existing estate, which has obviously been on a positive trajectory as we go through the year, maybe looking into outer years, how you're thinking about that, if there's any new thoughts.

非常感謝您回答這個問題。跟進管道問題和已提出的（聽不清楚）問題。您能否再多介紹一下您的保留率，包括現有資產的保留率，隨著我們度過這一年，現有資產的保留率顯然一直處於積極的軌道上，也許可以展望一下未來幾年，您對此有何看法，是否有任何新的想法。

And then within the pipeline, if there's anything you can say on any dropouts of pipeline projects or whether that's still or proceeding as you would hope. Obviously, those ones will be for outer years.

然後在管道內，您是否可以談談管道項目的中途退出情況，或者管道項目是否仍在按您希望的方式進行。顯然，這些將用於未來幾年。

And then there are a few questions yesterday on Hilton's call about the positive expectations they had for Q4. Now the cadence of RevPAR is a little different because of the tier that you are in relative to them. But Q4 seems like a relatively tough compare in the US? So just any thoughts that you have there on your expectations, that would be great?

昨天希爾頓在電話會議上提出了幾個問題，關於他們對第四季的積極預期。現在，RevPAR 的節奏略有不同，因為您相對於他們處於不同的層級。但第四季在美國似乎比較困難？那麼，您對自己的期望有什麼想法嗎？

Okay, Alex. I will start and then Michele could fill in anything that I missed, and I'll let her talk about the Q4 RevPAR expectations. You asked about pipeline and pipeline fallouts. We're not seeing anything as Michele rightly alluded to. We're seeing an increase in starts, and just great additions to that pipeline where our teams from an execution standpoint, are really adding to it as we talked about 229 contracts signed in the quarter, 40% up to last year, and domestic rooms executed.

好的，亞歷克斯。我先開始，然後 Michele 可以補充我遺漏的任何內容，我會讓她談談第四季 RevPAR 預期。您詢問了有關管道和管道後果的問題。正如 Michele 正確提到的，我們沒有看到任何東西。我們看到開工數量有所增加，而且我們的團隊從執行的角度來看確實在為這一渠道增添新成員，正如我們談到的，本季度簽署了 229 份合同，比去年增加了 40%，並且執行了國內客房預訂。

We're really happy about what's happening. In the US is now pacing 7% ahead of the same time last year, but no follow up. You asked about retention, and we're really pleased with the steady progress that we've seen since then. And really, nothing different in terms of our narrative on retention.

我們對正在發生的事情感到非常高興。美國目前的成長速度比去年同期高出 7%，但沒有後續成長。您詢問了保留率的問題，我們對自那時以來看到的穩步進展感到非常高興。事實上，就我們對保留的敘述而言，並沒有什麼不同。

We've always said that we've had a long-term retention goal in these segments we operate in of about 96%. And when we spun out, we were in the 93s. We've moved it to the 94s to 95s last year. And right now, at [6:30], we're running 95.8% on our rolling 12-month retention rate, which is how we look at it.

我們一直說，我們在這些業務領域的長期保留目標是約 96%。當我們分拆出來時，我們已經是 93 年代了。去年我們已將其移至 94 至 95。現在，[6:30]，我們的 12 個月滾動保留率為 95.8%，這就是我們的看法。

Importantly, we have the highest Net Promoter Scores and quality scores our brands have ever seen or enjoyed. Our overall satisfaction rate with our brands domestically was up 350 basis points year on year. So a huge shout out to our DFO teams, our directors of franchise operations who are out there across the country every day.

重要的是，我們的品牌擁有有史以來最高的淨推薦值和品質分數。我們對國內品牌的整體滿意度較去年同期上升了350個基點。因此，我們要向我們的 DFO 團隊，也就是每天在全國各地工作的特許經營業務總監們致以最誠摯的謝意。

Saying goodbye to franchisees that aren't living up to our quality standards after trying to work with them to get there, but continually improving the quality and improving along those lines, along with everything else we're doing, especially on the technology front, our retention rates. Michele, you want to talk about Q4?

在我們努力與加盟商合作以達到我們的品質標準後，我們會與他們告別，但我們會不斷提高質量，並沿著這些方向不斷改進，同時我們所做的其他一切，特別是在技術方面，我們的保留率也會不斷提高。米歇爾，你想談談第四季嗎？

Yeah, sure. Undoubtedly, it is a tougher comp. Last year, we benefited from hurricane-related relief efforts elevated demand that we saw in the Gulf Coast and the Southeast market, it was about 150 basis points. So that is a headwind to the fourth-quarter comp in the US and that's already reflected in our guidance for the full year, and we're certainly not expecting to repeat at that same level.

是的，當然。毫無疑問，這是一場更艱難的比賽。去年，我們受惠於颶風相關的救援工作，墨西哥灣沿岸和東南市場的需求上升了約 150 個基點。因此，這對美國第四季的業績來說是一個阻力，並且已經反映在我們對全年的預期中，我們當然不希望重複同樣的水平。

(Operator Instructions) Meredith Jensen, HSBC.

（操作員指示）匯豐銀行的梅雷迪思·詹森。

I was wondering if you might speak to the slide that discusses the $550 million that could potentially go to shareholder returns or business development? I know you mentioned sort of earmarked for key money, but sort of what you're thinking in terms of opportunities there and what that might be?

我想知道您是否可以談談幻燈片中討論的可能用於股東回報或業務發展的 5.5 億美元？我知道您提到了專門用於支付押金的資金，但是您認為那裡存在哪些機會，可能有哪些機會？

Sure. I think that slide really represents the possible with respect to this year's capital allocation if we look at our excess free cash flow and then the leverage capacity that we had, we would have about $550 million to deploy in the year. I think about $110 million of that is earmarked for key money. And so that leaves a considerable amount remaining for whether it's share repurchase or what we call strategic transactions of further investment in the business.

當然。我認為這張投影片確實代表了今年資本配置的可能性，如果我們看一下我們的超額自由現金流，然後看看我們擁有的槓桿能力，我們今年將有大約 5.5 億美元可供部署。我認為其中約有 1.1 億美元是指定用於支付押金的。因此，無論是股票回購還是我們所謂的進一步投資業務的策略交易，都留下了相當多的剩餘資金。

And I think about half of that has been deployed already, including for opportunistic share repurchases. As we've always said, investing in our business is our top priority. We are doing that primarily through the [dan] program today. We continue to allocate capital towards those higher quality deals that help us grow our system and then increase our FeePAR, which is a key pillar of our long-term strategy.

我認為其中大約一半已經部署，包括機會性股票回購。正如我們一直所說，投資我們的業務是我們的首要任務。我們今天主要透過[dan]計劃來實現這一點。我們將繼續向那些有助於我們發展系統並提高 FeePAR 的高品質交易分配資金，這是我們長期策略的重要支柱。

So as we look to the back half of the year, I think you can expect us to continue to balance an active deal environment with opportunistic share repurchases, and that's how we would expect to deploy our capital this year.

因此，展望下半年，我想您可以期待我們繼續在活躍的交易環境和機會性股票回購之間取得平衡，這就是我們今年預期的資本配置方式。

And it appears we have no further questions this morning. Mr. Ballotti, I'd like to turn things back to you for any closing comments.

看來我們今天早上沒有其他問題了。巴洛蒂先生，我想把話題轉回給您，請您做最後的評論。

Well, thank you very much, Leo, and thanks, everyone, for your questions and for your interest in Wyndham Hotels & Resorts. Michele, Matt, and I look forward to talking to and hopefully seeing many of you in the weeks and months ahead.

好吧，非常感謝你，Leo，也感謝大家的提問和對溫德姆酒店及度假村的關注。米歇爾、馬特和我期待在未來幾週和幾個月內與你們交談並希望見到你們。

In the meantime, we'd like to remind all of you golf fans into the Wyndham Championship next week. It is the final tournament of the PGA Tour's regular season before the playoffs begin, it's become a play off in and of itself, where there is an awful lot of stake. Coverage begins one week from today, July 30, next Thursday on the golf channel and continues over the weekend on CBS with Jim Nansen and his incredible crew.

同時，我們想提醒所有高爾夫球迷關注下週的溫德姆錦標賽。這是美巡賽常規賽季後賽開始前的最後一場比賽，它本身就變成了一場賭注很大的季後賽。報導將於今天（7 月 30 日）起一周後（下週四）在高爾夫頻道開始，並於週末在 CBS 繼續播出，屆時吉姆·南森 (Jim Nansen) 及其出色的團隊也將參與報道。

And where you'll be able to catch our new linear TV advertising spots where we're very proud of where there's a Wyndham, there's a way. Have a great rest of your summer, everyone, and thanks again for joining us today.

您將能夠看到我們新的線性電視廣告，我們非常自豪，因為有溫德姆，就有出路。祝大家有個愉快的夏天，再次感謝大家今天的加入我們。

Thank you, Mr. Ballotti. Thanks, Ms. Allen. Again, ladies and gentlemen, this does conclude today's Wyndham Hotels & Resorts second-quarter 2025 earnings conference call. Please disconnect your lines at this time, and have a wonderful day. Goodbye.

謝謝您，巴洛蒂先生。謝謝，艾倫女士。女士們、先生們，今天的溫德姆酒店及度假村 2025 年第二季財報電話會議到此結束。此時請斷開您的線路，祝您有美好的一天。再見。

Thanks, Bob.

謝謝，鮑伯。