Wyndham Hotels & Resorts Inc (WH) 2025 Q3 法說會逐字稿

Please stand by, we're about to begin. Good morning, ladies and gentlemen. Welcome to the Wyndham Hotels & Resorts third quarter 2025 earnings conference call. (Operator Instructions)

請稍等，我們即將開始。女士們、先生們，早安。歡迎參加溫德姆酒店集團2025年第三季財報電話會議。（操作說明）

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

現在，我想把電話交給投資者關係高級副總裁馬特·卡普齊先生。請繼續，先生。

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

謝謝接線生。早安，感謝各位的參與。今天陪同我的是我們的執行長傑夫·巴洛蒂，以及我們的財務長兼策略主管米歇爾·艾倫。

Before we get started, I want to remind you that our remarks today will contain forward-looking statements. These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied.

在正式開始之前，我想提醒各位，我們今天的演講將包含一些前瞻性陳述。這些聲明受風險因素影響，可能導致我們的實際結果與明示或暗示的結果有重大差異。

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.

這些風險因素已在我們最近向美國證券交易委員會提交的 10-K 表格年度報告以及之後向美國證券交易委員會提交的任何報告中進行了詳細討論。我們也會參考一些非GAAP指標。相應的 GAAP 指標以及非 GAAP 指標與 GAAP 指標的調整表已在我們的獲利報告和投資者簡報中提供，這些文件可在我們的投資者關係網站 investor.wyndhamhotels.com 上查閱。

We are providing certain measures discussing future impact on a non-GAAP basis only because without unreasonable efforts, we are unable to provide the comparable GAAP metric. In addition, last evening, we posted an investor presentation containing supplemental information on our Investor Relations website. We may continue to provide supplemental information on our website and on our social media channels in the future. Accordingly, we encourage investors to monitor our website and our social media channels in addition to our press releases, filings submitted with the SEC and any public conference calls or webcast.

我們僅以非公認會計準則 (非 GAAP) 為基礎提供一些討論未來影響的措施，因為如果不付出不合理的努力，我們無法提供可比較的公認會計準則 (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簡報。未來我們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、向美國證券交易委員會提交的文件以及任何公開電話會議或網路直播外，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.

接下來，我會把電話交給傑夫。

Thanks, Matt. Good morning, everyone, and thanks for joining us today. Our Q3 results illustrate yet another quarter of resilience and execution by our teams around the world. Despite a challenging macro environment, we delivered a 21% increase in room openings, signed 24% more deals in the quarter and grew our global pipeline by 4% to 257,000 rooms and nearly 2,200 hotels. We drove an 18% increase in ancillary fee streams and year-to-date, our resilient, highly cash generative business has produced over $260 million of adjusted free cash flow and returned $320 million to our shareholders.

謝謝你，馬特。各位早安，感謝大家今天收看我們的節目。我們第三季的業績再次展現了全球團隊的韌性和執行力。儘管宏觀環境充滿挑戰，但我們本季客房開幕數量增加了 21%，簽署的交易數量增加了 24%，全球專案儲備增加了 4%，達到 257,000 間客房和近 2,200 家飯店。我們實現了輔助費用收入成長 18%，今年迄今為止，我們穩健且現金流充裕的業務已產生超過 2.6 億美元的調整後自由現金流，並向股東返還了 3.2 億美元。

As we continue to focus our development on higher FeePAR brands and geographies and expand our direct franchising in regions that previously relied on master licensees, we're adding hotels with stronger long-term economics. As of September 30, our global pipeline carried a FeePAR premium of over 30% domestically and 25% internationally compared to our existing system.

隨著我們繼續將發展重點放在每間可供出租客房價格更高的品牌和地區，並擴大以前依賴總特許經營商的地區的直接特許經營，我們正在增加具有更強長期經濟效益的酒店。截至 9 月 30 日，我們的全球管道項目在國內的 FeePAR 溢價超過 30%，在國際上的 FeePAR 溢價超過 25%，與我們現有的系統相比。

Here in the United States, we grew our midscale and above system by over 200 basis points led by solid conversion activity and some great new construction additions, including another four ECHO Suites, opening in strong markets like Reno, Nevada and Sterling, Virginia.

在美國，在穩健的改造活動和一些優秀的新建項目的推動下，我們的中檔及以上酒店系統增長了 200 多個基點，其中包括在內華達州里諾和弗吉尼亞州斯特林等強勁市場開設的另外四間 ECHO 套房。

Earlier this month, we also introduced Dazzler Select by Wyndham, a domestic extension of our Latin America Dazzler by Wyndham brand into the economy lifestyle space here in the United States, targeting hoteliers seeking flexibility without sacrificing the power of scale. We're attracting owners of high-quality economy hotels who want to preserve their properties individuality while tapping into Wyndham's global distribution, loyalty, technology and marketing platforms.

本月初，我們也推出了溫德姆精選酒店 (Dazzler Select by Wyndham)，這是我們拉丁美洲溫德姆精選酒店品牌在美國經濟型生活方式領域的延伸，目標客戶是那些既想靈活又不想犧牲規模優勢的酒店經營者。我們正在吸引那些希望在保持酒店個性的同時，利用溫德姆全球分銷、忠誠度、技術和營銷平台的高品質經濟型酒店業主。

Internationally, we grew net rooms by 9%. EMEA grew its net rooms by 8% with several new construction additions like the stunning new Wyndham Grand Udaipur in India, where we now have 88 direct franchise hotels open across that important country and another 50 in our development pipeline.

國際方面，我們的淨客房數增加了 9%。EMEA 的淨客房數增加了 8%，這得益於幾項新建工程，例如位於印度的令人驚嘆的全新溫德姆至尊烏代浦爾酒店。目前，我們在該重要國家已開設了 88 家直營特許經營酒店，另有 50 家正在開發中。

Along with spectacular new conversions like the Dolce by Wyndham Commonwealth, an iconic upscale edition with 5-star meeting facilities in the heart of historic Aalborg, Denmark. Latin America and the Caribbean grew net rooms by 4% with 5-star additions like the new Wyndham Grand Costa Del Sol located inside of Lima Peru's new Jorge Chavez International Airport as well as several exceptional conversions like the Isla Verde, a trademark collection by Wyndham Hotel near some of the most beautiful beaches in the Caribbean.

除了像 Dolce by Wyndham Commonwealth 這樣壯觀的新改建酒店外，它還是丹麥歷史名城奧爾堡市中心一家標誌性的高檔酒店，擁有 5 星級會議設施。拉丁美洲和加勒比地區的淨客房數增長了 4%，這得益於新增的五星級酒店，例如位於秘魯利馬新建的豪爾赫·查韋斯國際機場內的溫德姆格蘭德科斯塔德爾索爾酒店，以及幾家卓越的改建酒店，例如溫德姆酒店旗下的標誌性酒店系列伊斯拉維德酒店，該酒店靠近一些最美麗的海灘。

In China, we grew our direct franchising system 16% with many outstanding new construction additions like the Wyndham Grand in the port city of Yichang on the Yangtze River, our 50th Wyndham Grand in China, along with the La Quinta Turpan in the hub of the World Famous Silk Road, our tenth La Quinta in the Asia Pacific region.

在中國，我們的直接特許經營體系成長了 16%，新增了許多傑出的建築項目，例如位於長江港口城市宜昌的溫德姆至尊酒店（我們在亞太地區的第十家拉昆塔酒店），以及位於世界著名絲綢之路中心吐魯番的拉昆塔酒店（我們在亞太地區的第十家拉昆塔酒店）。

In Southeast Asia and the Pacific Rim, net rooms increased 13% with several exceptional additions like the hotel travel time, our first Trademark Collection hotel in downtown Singapore. And in July, we announced a strategic partnership with the Ovolo Group, bringing four design forward Ovolo hotels and resorts into our system later this quarter and strengthening Wyndham's upscale offerings in Sydney, Brisbane, Canberra and Melbourne.

在東南亞和環太平洋地區，淨客房數增加了 13%，這得益於幾項卓越的新增項目，例如縮短了酒店旅行時間，以及我們在新加坡市中心開設的第一家 Trademark Collection 酒店。7 月，我們宣布與 Ovolo 集團建立戰略合作夥伴關係，將於本季度晚些時候將四家設計前衛的 Ovolo 酒店和度假村納入我們的體系，並加強溫德姆在悉尼、布里斯班、堪培拉和墨爾本的高端產品。

RevPAR declined 5% in constant currency, both globally and domestically, reflecting continued consumer caution in an uncertain economic environment, especially within the select service segments here in the United States, where our guests are more price sensitive. While we saw continued outperformance across parts of the Midwest, in states like Oklahoma, Michigan, Illinois and Missouri, Minnesota and in Ohio, which collectively grew RevPAR 4% versus prior year continued softness in the Sunbelt states where Wyndham over indexes from a room count standpoint more than offset that strength.

以固定匯率計算，全球和國內每間可供出租客房收入 (RevPAR) 均下降了 5%，反映出在不確定的經濟環境下，消費者持續保持謹慎態度，尤其是在美國的精選服務領域，我們的客人對價格更為敏感。雖然我們看到中西部部分地區（如俄克拉荷馬州、密西根州、伊利諾伊州、密蘇裡州、明尼蘇達州和俄亥俄州）的業績持續優於其他地區，這些地區的每間可供出租客房收入 (RevPAR) 比上年同期增長了 4%，但陽光地帶各州的業績仍然疲軟，溫德姆酒店集團從客房數量的角度來看表現強勁指數，這抵消了陽光地帶的表現。

Internationally, RevPAR declined 2%, driven primarily by Asia Pacific, which was down 8%, led by China, down 10% and Latin America, which declined 5%. Elsewhere internationally, performance remained strong. Both Europe and the Middle East grew 4% with considerable strength in Spain, Turkey and Greece. And in Canada, which continued to impact US leisure drive-to markets, RevPAR increased 8% as Canadian travel domestically remains strong.

國際市場方面，每間可供出租客房收入 (RevPAR) 下降了 2%，主要受亞太地區影響，亞太地區下降了 8%，其中中國下降了 10%，拉丁美洲下降了 5%。國際其他地區的表現依然強勁。歐洲和中東經濟均成長了4%，其中西班牙、土耳其和希臘表現特別強勁。而受美國休閒自駕遊市場持續影響的加拿大，由於加拿大國內旅遊業依然強勁，每間可供出租客房收入 (RevPAR) 增長了 8%。

Beyond RevPAR, our focus on growing our ancillary fees again delivered impressive results. New strategic partnerships, new technology initiatives and growth in our co-branded credit card program, where new accounts increased 11% and average spend grew 7%, fueled an 18% growth in third quarter ancillary fees, raising our year-to-date growth to 14%. A key contributor to this growth is the continued strength of Wyndham Rewards, which achieved a record 53% share of occupancy contribution for our domestic hotels and an 8% increase in our global membership enrollments.

除了每間可供出租客房收入（RevPAR）之外，我們專注於提高輔助費用也取得了令人矚目的成果。新的策略合作夥伴關係、新的技術舉措以及聯名信用卡計劃的增長（新帳戶增長 11%，平均消費增長 7%）推動了第三季度輔助費用增長 18%，使我們今年迄今為止的增長達到 14%。推動這一增長的關鍵因素是溫德姆獎賞計劃的持續強勁發展，該計劃在我們國內酒店的入住率貢獻方面創下了 53% 的紀錄，並且我們全球會員註冊人數增長了 8%。

And earlier this week, we introduced Wyndham Rewards Insider, a travel rewards annual subscription program and a first of its kind among our branded peer set in the hotel loyalty space. As the $500 billion subscription economy is projected to grow to over $2 trillion, Wyndham wants to be a part of that. And Wyndham Rewards Insider offers unmatched value to our 121 million Wyndham Reward members for an annual subscription of $95 per year.

本週早些時候，我們推出了 Wyndham Rewards Insider，這是一個旅遊獎勵年度訂閱計劃，也是酒店忠誠度領域品牌同行中的首創。隨著規模達 5,000 億美元的訂閱經濟預計將成長至超過 2 兆美元，溫德姆希望成為其中的一份子。Wyndham Rewards Insider 為我們 1.21 億 Wyndham Rewards 會員提供無與倫比的價值，年訂閱費為 95 美元。

Members subscribing to these upgraded lifestyle benefits will enjoy savings of up to 30% and earn opportunities across flights, hotels, car rentals, cruises and so much more. There'll be granted annual Wyndham Rewards Gold status, exclusive concierge services, Ticketmaster, earn and burn access, expansive bonus earning opportunities on hotel stays and many additional exciting benefits.

訂閱這些升級版生活風格福利的會員將享有高達 30% 的折扣，並有機會在航班、飯店、租車、郵輪等諸多方面獲得獎勵。會員將獲得年度溫德姆獎賞計劃金卡會員資格、專屬禮賓服務、Ticketmaster 門票、積分賺取和兌換權限、酒店住宿豐厚的獎勵賺取機會以及許多其他令人興奮的福利。

Capturing the essence and generosity that defines Wyndham Rewards is the fastest way to earn a free night. Wyndham Insider will further enhance the program's appeal and reinforce the strength that has kept Wyndham Rewards ranked the number 1 hotel loyalty program by the readers of USA today for the eighth consecutive year.

領略溫德姆獎勵計畫的精髓和慷慨，是贏得免費住宿的最快途徑。Wyndham Insider 將進一步增強該計劃的吸引力，並鞏固 Wyndham Rewards 連續第八年被《今日美國》讀者評為排名第一的酒店忠誠度計劃的優勢。

Last quarter, we talked about the success of Wyndham Connect and Wyndham Connect Plus, a suite of supercharged technology innovations that we're promoting to our owners as Wyndham AI. This quarter, over 230 AI agents with encyclopedic knowledge on each of our 8,300 hotels began leveraging the power of Salesforce, Oracle, and Canary Technologies to generate and modify direct bookings while also answering questions and providing tailored travel recommendations by utilizing large language model AI and first-in-industry a genic AI voice assistance.

上個季度，我們討論了 Wyndham Connect 和 Wyndham Connect Plus 的成功，這是一套功能強大的技術創新，我們正在將其推廣給業主，稱為 Wyndham AI。本季度，超過 230 個擁有我們 8,300 家酒店百科全書般知識的 AI 代理開始利用 Salesforce、Oracle 和 Canary Technologies 的強大功能來產生和修改直接預訂，同時利用大型語言模型 AI 和業內首創的基因 AI 語音助理來回答問題並提供量身定制的旅行建議。

These new Wyndham AI-agentic assistance are delivering seamless and complete natural language conversations with full guest service support while also handling live messaging through WhatsApp and Apple messaging. Wyndham AI is driving more direct bookings, producing front desk workloads that's accelerating significant ancillary revenues for thousands of our hotel owners through automatic upsell opportunities like early check-ins, late checkouts and in-room amenity upgrades.

溫德姆酒店集團推出的全新人工智慧助手，能夠提供無縫銜接、完整流暢的自然語言對話，提供全面的賓客服務支持，同時還能透過 WhatsApp 和 Apple Messenger 處理即時訊息。溫德姆人工智慧正在推動更多直接預訂，從而減輕前台的工作量，並透過自動追加銷售機會（如提前入住、延遲退房和客房設施升級）為數千家酒店業主帶來顯著的輔助收入。

To date, Wyndham AI has already handled more than 0.5 million customer interactions delivering faster service, higher booking conversion and a 25% reduction in average handle time all contributing to nearly 300 basis points of improvement in direct contribution for hotels leveraging Wyndham AI to its fullest potential. And with only 7% of our 8,300 hotels now live with this new Agentic AI by Wyndham component and adoption ramping quickly. We're only beginning to unlock what Wyndham AI can deliver.

迄今為止，溫德姆人工智慧已處理超過 50 萬次客戶互動，提供更快的服務、更高的預訂轉換率，並將平均處理時間縮短了 25%，所有這些都為充分利用溫德姆人工智慧潛力的飯店的直接貢獻提高了近 300 個基點。目前，我們旗下 8300 家酒店中只有 7% 採用了 Wyndham 的這款全新 Agentic AI 組件，但其普及速度正在迅速加快。我們才剛開始挖掘溫德姆人工智慧所能帶來的潛力。

Before Michele takes us through the financials, we always want to extend our sincere appreciation to our team members and franchisees worldwide without whose passion and collaboration. Our solid performance and execution would not be possible. Their conviction in the opportunities ahead of us, coupled with their commitment to our strategic initiatives to deliver exceptional value continues to be the cornerstone of our success.

在 Michele 向我們介紹財務狀況之前，我們始終想向我們遍布全球的團隊成員和加盟商表達我們真誠的感謝，沒有他們的熱情和合作，就沒有今天的我們。如果沒有這些，我們不可能有如此出色的業績和執行力。他們對未來機會的信念，以及對我們策略性舉措的承諾，為我們提供卓越的價值，一直是我們成功的基石。

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

接下來，我將把電話交給米歇爾。米歇爾？

Thanks, Geoff, and good morning, everyone. I'll begin my remarks today with a detailed review of our third quarter results I'll then review our cash flows and balance sheet, followed by an update to 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第三季的業績，然後回顧我們的現金流量和資產負債表，最後更新我們的展望。在開始之前，我想提醒大家，我們財務表現的可比較性仍受到行銷資金支出時間的影響。

In the third quarter of this year, marketing fund revenues exceeded expenses by $18 million compared to revenues exceeding expenses by $12 million in the third 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.

今年第三季度，行銷基金收入比支出多出 1,800 萬美元，而去年第三季收入比支出多出 1,200 萬美元。為了提高透明度，讓大家更了解我們持續營運的成果，我將以可比較的方式重點介紹我們的成果，從而消除行銷基金的影響。

In the third quarter, we generated $382 million of fee-related and other revenues and $213 million of adjusted EBITDA. Fee-related and other revenues declined 3% year-over-year primarily reflecting a 5% decrease in global RevPAR, as Geoff mentioned, as well as lower other franchise fees. These headwinds were partially offset by an 18% increase in ancillary revenues a larger global system and royalty rate expansion, both domestically and internationally.

第三季度，我們獲得了 3.82 億美元的手續費及其他收入，以及 2.13 億美元的調整後 EBITDA。費用相關收入和其他收入年減 3%，主要反映出全球每間可供出租客房收入 (RevPAR) 下降了 5%（如 Geoff 所提到的），以及其他特許經營費的減少。這些不利因素被輔助收入成長 18%、全球系統規模擴大以及國內外特許權使用費率的提高部分抵消。

Despite $12 million of lower fee-related and other revenue, adjusted EBITDA was flat year-over-year on a comparable basis as the revenue decline and elevated costs related to insurance, litigation defense and employee health care programs, all of which are reflected by higher interest expense, all of which are reflective of the broader operating environment, were more than offset by operational efficiencies and one-time cost containment measures.

儘管費用相關收入和其他收入減少了 1200 萬美元，但經調整後的 EBITDA 與去年同期相比持平，因為收入下降以及與保險、訴訟辯護和員工醫療保健計劃相關的成本上升（所有這些都反映在更高的利息支出中，而這些支出又反映了更廣泛的經營環境），都被運營效率的提高和一次性成本控制措施所抵消。

Adjusted diluted EPS for the quarter was $1.46, up 1% on a comparable basis, as the benefit of share repurchases was partially offset by higher interest expense. Adjusted free cash flow was $97 million in the third quarter and $265 million year-to-date, with a conversion rate from adjusted EBITDA of 48%. Development advanced spend totaled $22 million in the third quarter, bringing our year-to-date investment to $73 million. These investments support high-quality FeePAR accretive additions that strengthen our system and future earnings power.

本季經調整後的稀釋每股收益為 1.46 美元，以可比口徑計算成長 1%，原因是股票回購帶來的收益被更高的利息支出部分抵銷。第三季調整後自由現金流為 9,700 萬美元，年初至今為 2.65 億美元，調整後 EBITDA 的轉換率為 48%。第三季開發預付款支出總計 2,200 萬美元，使我們今年迄今的投資達到 7,300 萬美元。這些投資支持高品質的 FeePAR 增值項目，從而增強我們的體系和未來的獲利能力。

Year-to-date, about 30% of our openings have included development advances and these hotels are entering our system at a FeePAR premium roughly 40% above our current system. We returned $101 million to our shareholders during the third quarter through $70 million of share repurchases and $31 million of common stock dividends.

今年迄今為止，我們新開業的酒店中約有 30% 是開發預付款，這些酒店進入我們系統時的每間可供出租客房價格 (FeePAR) 比我們目前的系統高出約 40%。第三季度，我們透過7,000萬美元的股票回購和3,100萬美元的普通股股息，向股東返還了1.01億美元。

Year-to-date, we have now repurchased 2.5 million shares of our stock for $223 million. We closed the quarter with approximately $540 million in total liquidity, and our net leverage ratio of 3.5 times remained as expected at the midpoint of our target range. Last week, we completed the refinancing of our revolving credit facility, increasing total capacity to $1 billion, a more than 30% increase in potential liquidity while reducing the borrowing cost of the facility by 35 basis points and extending maturity to 2030.

今年迄今為止，我們已回購了 250 萬股股票，耗資 2.23 億美元。本季末，我們的總流動資金約為 5.4 億美元，淨槓桿 3.5 倍，符合預期，處於目標範圍的中點。上週，我們完成了循環信貸額度的再融資，將總額度增加到 10 億美元，潛在流動性增加了 30% 以上，同時將借款成本降低了 35 個基點，並將到期日延長至 2030 年。

Turning to outlook. With RevPAR trends softening throughout the third quarter, we now expect full year constant currency global RevPAR to range between down 3% to down 2%. This represents a reduction of 100 basis points to 300 basis points from our prior outlook and implied fourth quarter global RevPAR of down 7% to down 4%.

展望未來。隨著第三季每間可供出租客房收入 (RevPAR) 趨勢的放緩，我們現在預計全年以固定匯率計算的全球每間可供出租客房收入 (RevPAR) 將下降 3% 至 2%。這比我們先前預期的下調了 100 至 300 個基點，隱含的第四季全球每間可供出租客房收入 (RevPAR) 將下降 7% 至 4%。

At the low end, this assumes roughly 200 basis points of additional softening beyond third quarter results, while the high end assumes slightly better performance than the 5% decline experienced in Q3. This outlook also assumes that US performance continues to lag meaningfully behind our international regions and that international trends moderate modestly from recent levels. There are no changes to our net room growth outlook of 4% to 4.6%. Fee-related and other revenues are now expected to be $1.43 billion to $1.45 billion, down $20 million to $40 million from our prior outlook of $1.45 billion to $1.49 billion.

低階預測假設第三季業績的基礎上再下降約 200 個基點，而高階預測則假設業績略好於第三季 5% 的降幅。這項展望也假設美國經濟表現將繼續顯著落後於國際區域經濟，並且國際經濟趨勢將從近期水準略有放緩。我們對客房淨增長的預期仍為 4% 至 4.6%，沒有變化。預計費用相關收入和其他收入將達到 14.3 億美元至 14.5 億美元，比我們先前預測的 14.5 億美元至 14.9 億美元減少了 2,000 萬美元至 4,000 萬美元。

Since our initial outlook in February, RevPAR has come in about 500 basis points softer and our revenue forecast has decreased by approximately $60 million. Through cost containment measures, including both operational efficiencies and onetime variable reduction, we have been able to offset approximately $30 million of that revenue shortfall as well as $15 million of incremental costs primarily related to litigation defense and employee health care programs.

自從我們 2 月的初步預測以來，每間可供出租客房收入 (RevPAR) 下降了約 500 個基點，我們的收入預測減少了約 6000 萬美元。透過成本控制措施，包括提高營運效率和一次性可變成本削減，我們已經能夠彌補約 3000 萬美元的收入缺口，以及主要與訴訟辯護和員工醫療保健計劃相關的 1500 萬美元的增量成本。

As a result, adjusted EBITDA is now expected to be between $715 million and $725 million, down $15 million to $20 million or approximately 2% from our prior outlook of $730 million to $745 million. Our marketing fund expenses are now expected to exceed marketing fund revenues by approximately $5 million, which reflects a modest investment to support in-flight initiatives that strengthen the long-term health of our franchise system. As a reminder, we do not adjust the performance of our marketing funds out of our reported results, and we have a strong track record of recovering these investments and fully intended to do so here as well.

因此，調整後的 EBITDA 目前預計在 7.15 億美元至 7.25 億美元之間，比我們先前預期的 7.3 億美元至 7.45 億美元減少了 1,500 萬美元至 2,000 萬美元，降幅約為 2%。我們的行銷基金支出預計將比行銷基金收入多出約 500 萬美元，這反映了我們對支持正在進行的各項舉措的適度投資，這些舉措旨在加強我們特許經營體系的長期健康發展。再次提醒，我們不會將行銷基金的業績從公佈的業績中剔除，而且我們一直以來都有良好的投資回收記錄，並完全打算在這裡也做到這一點。

Adjusted net income is projected to be $347 million to $358 million, and adjusted diluted EPS is projected at $4.48 to $4.62 and which is based on a diluted share count of 77.5 million, and as usual, does not assume future share repurchase activity or incremental interest expense associated with any potential new borrowing. There are no changes to our outlook for development advance spend or free cash flow conversion.

調整後淨收入預計為 3.47 億美元至 3.58 億美元，調整後攤薄每股收益預計為 4.48 美元至 4.62 美元，這是基於 7750 萬股攤薄股份數計算的，並且像往常一樣，沒有假設未來的股票回購活動或與任何潛在利息的新借款相關的增量支出。我們對開發預付款支出或自由現金流轉換率的預期沒有改變。

In closing, we remain focused on executing our plan in this challenging economic environment. We're maintaining cost discipline across controllable expenses, delivering strong ancillary revenue growth, returning capital to shareholders, and investing in our business to attract high-quality additions to our system, all while continuing to expand our royalty rate and grow our pipeline.

最後，我們將繼續專注於在當前充滿挑戰的經濟環境下執行我們的計劃。我們嚴格控制可控費用，實現強勁的輔助收入成長，向股東返還資本，並投資於我們的業務，以吸引高品質的新成員加入我們的系統，同時不斷提高我們的特許權使用費率並擴大我們的專案儲備。

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

那麼，傑夫和我很樂意回答你們的問題。操作員？

(Operator Instructions) Dan Politzer, JP Morgan.

（操作員指令）Dan Politzer，摩根大通。

Hey, good morning, Jeff, Michelle, and everyone. Thank you for taking my questions. But as you think about this challenging RevPAR environment that we're currently in, especially in the economy segment. Can you talk about, I guess, what's in your control and what you're doing and what's out of your control and kind of the active things that you're doing?

嘿，傑夫、米歇爾以及各位，早安。謝謝您回答我的問題。但當你思考我們目前所處的充滿挑戰的RevPAR環境，尤其是在經濟型酒店領域時。你能談談，哪些事情在你的掌控之中，哪些事情在你的掌控之外，以及你正在做的正面的事情嗎？

And then similarly, how do we gain comfort that there isn't something structurally wrong with the economy segment, just given the recent RevPAR trends are obviously pretty concerning? Thanks.

同樣地，鑑於最近的每間可供出租客房收入 (RevPAR) 趨勢明顯令人擔憂，我們如何才能確信經濟型酒店市場不存在結構性問題？謝謝。

Yes. Thanks, Dan, for the question. structural piece, I'll take first. I mean we're moving into our slowest quarter of the year. And despite the softness that we talked about in Texas, California, Florida, we are seeing nothing structural that concerns us in any of the leading indicators that we look at daily.

是的。謝謝丹的提問。結構部分，我先回答。我的意思是，我們即將進入一年中最淡季的季度。儘管我們談到了德州、加州和佛羅裡達州的經濟疲軟，但在我們每天關注的任何領先指標中，我們都沒有看到任何令我們擔憂的結構性問題。

Our booking lead times, they're up 2% the prior year. Our length of stay are consistent with last year. Something that if we thought something structural was happening would not be the case. And our cancellation rates have actually improved over last year by 160 basis points in Q3 versus prior year.

我們的預訂提前期比前一年增加了 2%。我們的停留時間與去年持平。如果我們認為發生了結構性變化，那麼事實就不會如此。與去年同期相比，我們第三季的取消率實際上降低了 160 個基點。

So on those indicators, we feel good. Slide 11 is an interesting slide that we -- because we know you're getting a lot of questions, we're getting a lot of questions on this structural question. And we're looking at demand and occupancy. And this year, if you look at that slide, we're seeing occupancy down across all chain scales year-over-year with the divergence of RevPAR really being driven by ADR with the upscale segments taking rate. While the economy and the midscale where we're concentrated are not.

所以從這些指標來看，我們感覺良好。第 11 張投影片很有意思，因為我們知道你們收到了很多關於這個結構性問題的問題。我們正在關注需求和入住率。今年，如果你看一下那張幻燈片，你會發現所有連鎖飯店的入住率同比都在下降，RevPAR 的差異實際上是由 ADR 驅動的，而高端飯店的平均房價上漲了。然而，我們所集中的經濟和中型市場卻並非如此。

Occupancy, as we all know, has not recovered to pre-COVID levels in any segment, but it has more so in economy and mid-scale. If we look versus 2019, STR mid-scale is down 5% to 2019 versus upper upscale and luxury, both down 8% to 2019, 100 basis points worse than economy and 300 basis points worse than midscale. So the question you ask in terms of is there anything structural that we're seeing out there aside from persistent inflation and consumer uncertainty and immigration in some of those states that we mentioned that aren't helping is the upscale hotels are able to price more aggressively to inflation than the lower chain scales are, where the guest is obviously more price sensitive.

眾所周知，各細分市場的入住率尚未恢復到新冠疫情前的水平，但經濟型和中檔市場的入住率恢復得比較好。如果與 2019 年相比，STR 中檔酒店比 2019 年下降了 5%，而高檔酒店和豪華酒店都比 2019 年下降了 8%，比經濟型酒店差 100 個基點，比中檔酒店差 300 個基點。所以，你問的問題是，除了持續的通貨膨脹、消費者的不確定性以及我們提到的某些州的移民問題之外，我們是否還看到了任何結構性因素，而這些因素又加劇了通貨膨脹。高檔飯店能夠比低檔連鎖飯店更積極地根據通貨膨脹調整價格，而低檔連鎖飯店的客人顯然對價格更敏感。

SDR ADR for economy is up 11% to 2019, versus up 29% in the luxury segment. Luxury is the only segment, as we know, that's been able to outpace inflation growth at 26%, which is very good news for economy and mid-scale segments from a pricing power standpoint, moving longer term, especially as wage growth continues to outpace inflation, providing upside when that consumer confidence stabilizes and we get back to that 2% to 3% CAGR. In terms of the first part of the question, what we're doing to help our franchisees, franchisees in the lower chain scales are beginning to discount.

經濟型轎車的 SDR ADR 比 2019 年上漲了 11%，而豪華轎車的 SDR 則上漲了 29%。眾所周知，奢侈品是唯一一個成長超過通膨率（26%）的細分市場，從定價權的角度來看，這對經濟型和中檔市場來說是個好消息，尤其是在薪資成長持續超過通膨的情況下，當消費者信心穩定下來，複合年增長率恢復到 2% 到 3% 時，這將帶來上漲空間。關於問題的第一部分，我們正在採取哪些措施來幫助我們的加盟商，規模較小的連鎖店的加盟商已經開始打折。

We're seeing that in the rates, more so to try to capture demand right now. And we're helping franchisees where we can and urging franchisees to hold rate where it makes sense, especially on leisure versus the corporate contracted pricing and discounting where appropriate, but not playing heavily in that last minute discounting on those all-channel sales.

我們從利率中看到了這一點，這更多是為了抓住當前的需求。我們會盡我們所能幫助加盟商，並敦促加盟商在合理的情況下保持價格，尤其是在休閒旅遊方面，而不是按照公司合約價格和適當的折扣進行，但不要過度參與全通路銷售的最後一刻折扣。

We're trying not to discount last minute because of the long-term value dilution. And we're seeing our brands, they gain the most share in the mid-scale. We saw 160 basis points of RevPAR index, and it's being driven by the weekday, which was up 180 basis points for our mid-scale brands. And we're gaining with more rate index, which our revenue management teams really want to see continue for franchisee profitability.

我們盡量避免在最後一刻進行折價，因為這會稀釋長期價值。我們看到，我們的品牌在中端市場中獲得了最大的份額。我們看到 RevPAR 指數上升了 160 個基點，這主要得益於工作日的上漲，其中檔品牌的工作日 RevPAR 指數上升了 180 個基點。而且，隨著費率指數的提高，我們的收益管理團隊也希望看到這種情況持續下去，以提高加盟商的獲利能力。

Got it. Thanks so much.

知道了。非常感謝。

Thanks, Dan.

謝謝你，丹。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

Good morning, everybody. Thanks for taking my question. So just to follow on to that, we'll stick on the demand side for a minute. And maybe just talk about business and infrastructure-related travel demand, specifically to what extent the new administration's curtailment of government spending and that sort of program has slowed down the pipeline of projects that I know that you guys have been excited about that were driving a tailwind late last year.

大家早安。謝謝您回答我的問題。所以，接下來，我們再花點時間談談需求方面。或許可以談談與商業和基礎設施相關的旅行需求，特別是新政府削減政府支出和類似計劃在多大程度上減緩了你們一直很興奮、並在去年底帶來利好因素的項目進度。

And maybe data centers have been a bit of a positive offset, but if you could sort of frame that up for us. Thank you, Jeff and Michelle.

或許資料中心起到了一定的積極作用，但如果您能為我們解釋一下這一點就更好了。謝謝傑夫和米歇爾。

Thanks for the question, Brandt. Yeah, look, we continue to view the $1.2 trillion of infrastructure as a multi-year tailwind for our franchisees. That's going to drive over $3 billion of revenue to our hotels. And the 150 basis points of growth that drove for us in the Q4 of last year is now more on par with the rest of our portfolio.

謝謝你的提問，布蘭特。是的，我們仍然認為這1.2兆美元的基礎建設將為我們的加盟商帶來多年的發展機會。這將為我們的酒店帶來超過30億美元的收入。去年第四季推動我們實現的 150 個基點的成長，現在與我們投資組合中的其他部分更加一致。

Obviously, there's a lot of headlines out there that allocated monies have potentially been frozen as the federal government looks to possibly reallocate among states. And we're seeing some projects being paused as project priorities are certainly shifting. For example, EV-related spending is more shifting to energy spending or modernizing highways and bridges and air traffic control we read a lot about. But we're optimistic. The infrastructure spending, again, over 80% of which is not spent, is going to resume at some point.

顯然，目前有許多新聞報導稱，由於聯邦政府可能在各州之間重新分配資金，已撥付的資金可能已被凍結。我們看到一些項目因為專案優先順序的變化而被暫停。例如，我們經常看到的關於電動車相關支出更多地轉向能源支出或公路、橋樑和空中交通管制現代化改造的報告。但我們持樂觀態度。基礎設施建設支出（其中超過 80% 尚未支出）遲早會恢復。

Infrastructure room nights contracted this year are up 2 times versus consumed, and they're pacing well ahead of same time last year. And to the back part of your question, we're also very confident that private investment in reshoring and manufacturing will continue to as it has specifically with data centers, as you mentioned, where our hotels in those markets outperform the hotels from a RevPAR standpoint and have gained 500 basis points to 600 basis points. Many of the states that we called out in our script are certainly benefiting from that.

今年基礎設施客房預訂量已達實際消費量的 2 倍，並且遠超去年同期水準。至於您問題的後半部分，我們也非常有信心，私人投資對製造業和回流的投資將繼續增長，就像您提到的數據中心那樣，在這些市場中，我們的酒店從每間可供出租客房收入（RevPAR）的角度來看優於其他酒店，並且已經增長了 500 到 600 個基點。我們在腳本中提到的許多州無疑都從中受益。

We're spending a lot of time with our teams. We've identified over 150 planned data centers. And the Wyndham hotels in those markets that we're tracking and targeting from the $1.6 billion Amazon Web Data Center in Kent, Mississippi, to the $800 million Meta Data Center in Graniteville, they're seeing traction. And we're contracting with the surveyors from a GSO global sales standpoint and the design firms on the data centers that haven't even begun. There's so much early site development.

我們花了很多時間和團隊成員在一起。我們已經確定了超過 150 個規劃中的資料中心。我們正在追蹤和瞄準的這些市場中的溫德姆酒店，從密西西比州肯特價值 16 億美元的亞馬遜網路數據中心，到格蘭尼特維爾價值 8 億美元的元數據中心，都取得了進展。我們正在從 GSO 全球銷售的角度與測量員簽訂合同，並與尚未開工的資料中心的設計公司簽訂合約。網站早期開發工作量大。

Our teams, we met recently with the Mississippi governor, Tate Reeves, and the $1.4 billion AWS data center in Ridgeland, Mississippi, is the biggest investment that's ever seen. So our hotels within the radius, and we've got a lot of them, are seeing improvement in Q3 market share, which gives us a lot of optimism, compared to the other sites and markets outside of those radius that are under pressure for all the reasons we mentioned. So it's a really big deal and something that we're very excited about.

我們的團隊最近與密西西比州州長泰特·里夫斯會面，位於密西西比州里奇蘭的AWS資料中心耗資14億美元，是迄今為止最大的投資。因此，我們半徑範圍內的酒店（我們有很多這樣的酒店）在第三季度的市場份額有所改善，這讓我們非常樂觀，而半徑範圍外的其他地區和市場由於我們提到的所有原因都面臨壓力。所以這真的是一件大事，也是我們非常興奮的事情。

Okay. Thanks, everyone.

好的。謝謝大家。

Thanks, Brandt.

謝謝你，布蘭特。

Dany Asad, Bank of America.

Dany Asad，美國銀行。

Good morning, everybody, and thank you for taking my question. Michelle, in your prepared remarks, you mentioned that you expect the US RevPAR in Q4 to be in line with Q3. We're obviously still early in the quarter, but any early reads you can share with us as to where we're trending today relative to that domestic down five expectation?

各位早安，感謝你們回答我的問題。米歇爾，你在事先準備好的發言稿中提到，你預計美國第四季的每間可供出租客房收入（RevPAR）將與第三季持平。現在顯然還處於季度初期，但您能否分享一些早期數據，說明我們目前的趨勢與先前國內經濟下滑 5% 的預期相比如何？

Yeah, sure. Good morning, Dany. I'd say from an October perspective, we are encouraged by some of the early trends. And in our three largest states, California, Texas, and Florida, we're seeing a RevPAR about 100 basis points above September performance. We've also seen stabilization in US booking pace month of date in October and a really strong October fest in Germany.

當然可以。早安，丹妮。從十月的角度來看，一些早期趨勢令人鼓舞。在我們最大的三個州——加利福尼亞州、德克薩斯州和佛羅裡達州，我們看到每間可供出租客房收入 (RevPAR) 比 9 月份的水平高出約 100 個基點。我們也看到，10 月美國預訂速度趨於穩定，德國的十月旅遊旺季也表現非常強勁。

So those are some of the green shoots that we're tracking. The rest of the portfolio appears to be performing more in line with third quarter results. So our fourth quarter implied RevPAR is at the midpoint anchored to those third quarter results and also includes, I'd say, the headwinds from last year's hurricane. And then the high end would assume some modest improvement from those trends, not a sharp rebound at all.

這些是我們正在關注的一些積極跡象。其餘投資組合的表現似乎與第三季的業績更為一致。因此，我們第四季的隱含RevPAR處於第三季業績的中點，而且我認為，也包含了去年颶風帶來的不利影響。高端市場則預期這些趨勢會略有改善，但不會大幅反彈。

And again, it's supported by those things that I just mentioned. And then, of course, the low end would allow for some further softening. But we certainly believe it is potentially achievable as booking trends hold. And some of that strength I mentioned continues through the end of the year.

而且，這也得到了我剛才提到的那些因素的支持。當然，低端部分還可以進一步柔化音質。但我們堅信，只要預訂趨勢保持不變，這完全有可能實現。我提到的某些優勢將持續到年底。

Thank you very much.

非常感謝。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Morning, everybody. Thanks for taking my question. With respect to net unit growth, presumably the bigger it gets, the easier it is to weather RevPAR volatility. Geoff, or Michelle, can you talk about what kinds of momentum we can expect to see from you in terms of net unit growth and what the gating factors or puts and takes would be toward next year being the same or better than what we have in terms of total net unit growth and geographies, et cetera? A lot to talk about in there. Thanks.

大家早安。謝謝您回答我的問題。就淨單位成長而言，成長幅度越大，就越容易應對每間可供出租客房收入 (RevPAR) 的波動。Geoff 或 Michelle，你們能否談談我們可以期待在淨單位增長方面看到什麼樣的勢頭，以及明年在淨單位增長總量和地域分佈等方面，有哪些限制因素或利弊，才能使明年的淨單位增長與今年持平或更好？裡面有很多值得討論的內容。謝謝。

Yes, there is, David. And our favorite David Katz quote, NUG lasts for a lifetime. We need RevPAR to get back. But we're feeling very good about our NRG outlook. Accelerating in the higher fee segments, it's continued. And as you've seen, we've opened a record 48,000 organic firms year to date, which is up 9% to prior year. It's up 29% to 2019.

是的，有的，大衛。我們最喜歡的戴維·卡茨名言是：NUG（通用知識）能伴隨一生。我們需要恢復每間可供出租客房收入（RevPAR）。但我們對NRG的前景非常樂觀。在高收費領域，這種加速成長的趨勢仍在持續。正如你所看到的，今年到目前為止，我們已經創紀錄地新增了 48,000 家有機企業，比去年增加了 9%。與 2019 年相比成長了 29%。

And what we're really happy about and confident about looking forward is that openings are pacing ahead of prior year. And net room growth sequentially is pacing ahead each quarter throughout the year. So Q1, we added net 4,800 rooms. Q2, 6,800 net rooms were added. And Q3, 8,700 net rooms were added in the quarter. So as of September 30, we've opened 9% more rooms versus where we were same time last year.

真正讓我們感到高興和充滿信心的是，今年的開幕速度比去年同期更快。全年每季淨客房成長速度都在穩定提升。所以第一季度，我們淨增了4800間客房。第二季新增淨客房6800間。第三季度，淨新增客房8700間。截至9月30日，我們比去年同期增加了9%的客房數。

So we're feeling, again, very good about our outlook. And 70% of those rooms are in the mid-scale and the above segments. In terms of next year, given just how strong the pipeline is, we're feeling very, very good. This was our 21st consecutive quarter of pipeline growth. And it's up sequentially. And it's up 4% versus year over year with, again, a concentration in higher RevPAR segments in markets, not only across the US, but obviously internationally as well.

所以我們再次感到非常樂觀，對前景充滿信心。其中 70% 的客房屬於中檔及以上檔次。展望明年，鑑於目前的專案儲備非常充足，我們感覺非常非常好。這是我們連續第21個季度實現業務成長。它是按順序遞增的。與去年同期相比成長了 4%，而且再次強調，高 RevPAR 細分市場的集中度不僅在美國，而且顯然在國際市場上也是如此。

60% of our pipeline is international with really steady growth across Europe, the Middle East, Eurasia, Latin America, which have grown 140% since then and 170% in Latin America, in this case, since then. So with that type of continued growth in net rooms, we're feeling confident about the rest of the year, obviously, and more importantly, next year in '27.

我們 60% 的業務管道來自國際市場，在歐洲、中東、歐亞大陸和拉丁美洲都實現了非常穩定的成長，其中拉丁美洲的成長率為 140%，而我們目前的成長率為 170%。因此，隨著淨客房數量的持續增長，我們對今年剩餘時間充滿信心，更重要的是，我們對2027年充滿信心。

Thanks.

謝謝。

Thanks David.

謝謝你，大衛。

Michael Bellisario, Baird.

Michael Bellisario，貝爾德。

Thanks. Good morning, everyone. Two-parter for you, probably for Michelle here. Just first on the franchise fees in the third quarter, can you maybe give us a little more detail on what's in that other bucket that you mentioned? Maybe also why were they down more than you thought? Any color there would be helpful.

謝謝。各位早安。對你來說可能是兩個部分，對米歇爾來說可能也是如此。首先關於第三季的特許經營費，您能否詳細介紹一下您提到的另一個「款項池」裡都包含些什麼？或許還能解釋為什麼他們的損失比你想像的還要大？任何顏色都會有所幫助。

And then second part is just as we think about the bridge into next year, maybe help us put some of the moving pieces with G&A, the cuts this year, and maybe any step-ups that you expect next year. Thanks.

第二部分是當我們思考如何過渡到明年時，也許可以幫助我們理清一些與 G&A 相關的變動因素，今年的削減，以及您預計明年可能出現的任何增長。謝謝。

Sure. With respect to franchise fees, Mike, that line item captures a number of items that aren't tied directly to rooms or RevPAR. So those are things like termination fees, transfer fees, application fees, transactional revenue that's subject to varying revenue recognition policies.

當然。關於特許經營費，Mike，該項費用包含了與客房或每間可供出租客房收入 (RevPAR) 沒有直接關聯的許多項目。這些包括終止費、轉讓費、申請費、交易收入等，這些收入需遵循不同的收入確認政策。

These items are event-driven, so the level of activity can vary quarter to quarter. For example, the number of transfers in any given quarter can shift based on deal timing and obviously, transaction volume, which is down quite meaningfully this year, industry-wide 24% for the select service space.

這些項目都是由事件驅動的，因此每個季度的活動水平可能會有所不同。例如，任何特定季度的轉帳次數都可能根據交易時機和交易量而變化，而今年交易量明顯下降，整個行業的精選服務領域下降了 24%。

So I think when we look at these fees, they're healthy and high margin part of our business, but naturally variable. And that's why, occasionally, you're going to see some movement year-over-year in this line item. This quarter, we saw a $7 million decline versus last year third quarter. But in terms of our internal expectations, we were only short about $3 million. to our forecast. And year-to-date, I think these fees are just roughly maybe $2 million ahead of last year. So we really look at the Q3 decline as timing related.

所以我認為，當我們審視這些費用時，它們是我們業務中利潤豐厚且健康的組成部分，但自然也會有所波動。因此，你偶爾會看到這項同比出現一些波動。本季與去年第三季相比，我們下降了700萬美元。但就我們內部預期而言，我們只比預測少了約 300 萬美元。今年迄今為止，我認為這些費用大約比去年同期增加了 200 萬美元。所以我們認為第三季的下滑主要是因為時間因素造成的。

I think the second part of your question was with respect to next year, and I'd say it's still too early to talk about our 2026 expectations, we're just beginning our planning process now. We are, of course, approaching the budget the same way we always do. We're staying very focused on what we can control. From an expense perspective, we did have some variable reductions this year. About half of those we expect will be permanent to the margin and the other half are more temporary for 2025.

我認為你問題的第二部分是關於明年的，現在談論我們對 2026 年的預期還為時過早，我們現在才剛開始規劃過程。當然，我們制定預算的方式和以往一樣。我們始終專注於我們能夠控制的事情。從支出角度來看，我們今年的確有一些變動性方面的削減。我們預計其中大約一半將成為永久性的邊緣措施，而另一半則更像是 2025 年的臨時措施。

Helpful, thank you.

很有幫助，謝謝。

Thank you.

謝謝。

Steve Pizzella,Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Good morning everybody, and thank you for taking our questions. Maybe we could pivot to ancillary revenue. Can you talk about your expectations for ancillary fee growth to accelerate from low teens this year to mid-teens in 2026. What are the drivers of that specifically from a credit card perspective? How should we think about lapping the tough compares for most of this year? And do you expect the procurement business to also accelerate next year?

各位早安，感謝你們回答我們的問題。或許我們可以轉向輔助收入來源。您能否談談您對輔助費用成長的預期，預計從今年的十幾個百分點加速到 2026 年的十幾個百分點中段？從信用卡角度來看，具體有哪些驅動因素？今年大部分時間裡，我們該如何看待超越那些實力強勁的對手？您預計明年採購業務也會加速成長嗎？

Okay. Yes. There's a lot in there. I'm going to try to remember your six part question. We're really pleased with how ancillary revenues are performing up 18%, I think, in the quarter. Year-to-date, we're tracking 14%. Pretty much in line with maybe modestly ahead of our low teens expectation.

好的。是的。裡面內容很多。我會努力記住你提出的六個部分的問題。我們對本季輔助收入的成長非常滿意，我認為成長了 18%。今年迄今，我們追蹤到 14%。基本上符合我們的預期，甚至可能略微超出預期的十幾個百分點。

On the credit card side, we saw a 10% increase in new accounts. We saw a 7% lift in average spend per cardholder. That's an acceleration from the Q2 metrics, which were 5% and 2%, so 5% in new accounts and 2% in average spend. For ancillary revenues, we've got several initiatives driving this multiyear above algo growth. So credit card is obviously the largest contributor to growth this year, but we've got the replatforming happening later this year as well as early next year. That's another inflection point from a growth perspective.

信用卡方面，新帳戶數量增加了 10%。我們發現每位持卡人的平均消費量增加了7%。這比第二季的指標加快，第二季的指標分別為 5% 和 2%，即新帳戶成長 5%，平均消費成長 2%。在輔助收入方面，我們有多項措施推動未來幾年高於演算法預期的成長。因此，信用卡顯然是今年成長的最大貢獻者，但我們將在今年稍後以及明年年初進行平台重構。從成長的角度來看，這是另一個轉捩點。

Then we've got international expansion. We've got the debit card, which is ramping slowly and intentionally slowly. We've got technology like Wyndham Connect. And then we're really excited about Wyndham Insider. It's first of its kind, as Geoff mentioned, to add on subscription service. It won't drive much in EBITDA this year or even perhaps next year as we focus on ramping the program and testing and proving out the model, but we think there's real opportunity here in future years from an ancillary perspective.

接下來是國際擴張。我們已經推出了借記卡，但其推廣速度正在緩慢提升，而且是有意為之。我們擁有像 Wyndham Connect 這樣的技術。然後，我們對 Wyndham Insider 也感到非常興奮。正如傑夫所提到的那樣，這是首款提供訂閱服務的產品。由於我們專注於擴大專案規模、測試和驗證模型，因此今年甚至明年它都不會對 EBITDA 產生太大影響，但我們認為從輔助性角度來看，未來幾年這裡存在著真正的機會。

So at this point in time, like I just mentioned, still a little too early to talk about 2026. We don't consider the forecast or the 2026 period as lapping a tough comparison, we see we're growing off of a higher base, obviously, post renewal but we still think there is a significant growth opportunity, not just in 2026, but like I said, multiyear tailwinds from the number of initiatives we currently have in flight.

所以，正如我剛才提到的，現在談論 2026 年還為時過早。我們不認為預測或 2026 年期間是一個難以比較的時期，我們看到，我們是在更高的基數上增長的，顯然，這是續約之後的結果，但我們仍然認為存在巨大的增長機會，不僅在 2026 年，而且正如我所說，我們目前正在實施的眾多舉措將帶來多年的順風。

I think the only thing you missed, Steve asked about was sourcing team that Michele leads and a team that's making significant strides, Steve. We've got new sourcing categories and global expansion of programs that are really benefiting our franchisees. New sourcing brands that Michele's team are adding like Nestle, Seattle Best, Starbucks on the coffee side.

史蒂夫問到的，我認為你唯一漏掉的就是米歇爾領導的採購團隊，以及一個正在取得重大進展的團隊。我們新增了採購類別，並在全球擴展了項目，這些都真正惠及了我們的加盟商。米歇爾的團隊正在新增一些採購品牌，例如雀巢、西雅圖最佳、星巴克等咖啡品牌。

And a great program for franchisees when it comes to sourcing insurance through a program that's driving significant savings on franchisee insurance quotes, which is a big issue for small business owners resulting in a lot of savings for franchisees. So we're optimistic as well that we've got a lot of upside on the sourcing side.

對於加盟商來說，這是一個很棒的保險計劃，它通過該計劃為加盟商節省了大量的保險報價費用，這對於小企業主來說是一個大問題，從而為加盟商節省了很多費用。因此，我們也樂觀地認為，我們在採購方面還有很大的發展空間。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

Hi there, thanks for taking the question. You noted in the presentation that your new deals, which require key money coming in at about a 40% VPA premium versus the portfolio. But then China is also becoming, has become a bigger part of the mix curious like how we should think about the kind of balance of that mix shift, the benefit from the key money deals versus China? And whether this is kind of accretive or dilutive to RevPAR over time?

您好，感謝您回答這個問題。您在簡報中提到，您的新交易需要關鍵資金投入，其 VPA 溢價約為投資組合的 40%。但中國也逐漸成為，並且已經成為其中越來越重要的組成部分，這讓人好奇我們應該如何看待這種組合轉變帶來的平衡，以及關鍵資金交易與中國之間的利弊？隨著時間的推移，這會對RevPAR（每間可供出租客房收入）產生增值還是減損作用？

Hi, Lizzie. So key money is absolutely accretive to RevPAR over time. We are having great success with that strategy, bringing in high-quality product in higher demand, higher RevPAR market. I think your question more has to do with the mix of net room growth, right?

嗨，莉齊。因此，關鍵資金從長遠來看絕對會增加每間可供出租客房收入（RevPAR）。我們憑藉這一策略取得了巨大的成功，將高品質產品引入了需求量更高的市場，從而獲得了更高的每間可供出租客房收入（RevPAR）。我認為你的問題更多是與淨客房增長的組合有關，對嗎？

So as we grow faster in international regions that have lower royalty rate that could wind up looking dilutive to the overall royalty rate and maybe even dilutive to FeePAR on a global basis, but still very accretive to revenue and very accretive to EBITDA. So we have -- from our perspective, the world is a very big place. Nothing -- no market is off limits just because it's a lower RevPAR market. We may not be incentivizing our development team as much to tap into those markets, and we may be adding more feet on the street in higher RevPAR markets, all of those things are very true.

因此，隨著我們在特許權使用費率較低的國際地區快速增長，這最終可能會稀釋整體特許權使用費率，甚至可能在全球範圍內稀釋每次授權費，但仍然會大幅增加收入和 EBITDA。所以，從我們的角度來看，世界非常大。沒有任何市場－即使某個市場的每間可供出租客房收入較低，也不會被排除在外。我們可能沒有給予開發團隊足夠的動機去開拓這些市場，而且我們可能在每間可供出租客房收入更高的市場增加了更多的人手，所有這些都是事實。

But if the deal comes our way and we can support it appropriately and drive the value proposition, we're not going to say no, just at the RevPAR market itself is a lower RevPAR market. And again, like I said, I think from a key money perspective, feel highly confident that where we are deploying our money is for higher FeePAR product coming into our system.

但是，如果交易機會擺在我們面前，而且我們能夠給予適當的支持並推動價值主張，我們不會拒絕，只是目前的RevPAR市場本身是一個較低的RevPAR市場。而且，就像我剛才說的，我認為從關鍵資金的角度來看，我非常有信心，我們把資金投入到更高費率的產品中，以促進產品進入我們的系統。

And I think it's fair to say, Michele, that we're not deploying key money in China today, correct or very little. Yes. I mean we're, Lizzie, just having a great success over there with -- as we've talked a lot about with you when we've been out on the road driving that double-digit net room growth increase in direct FeePAR accretive rooms without key money.

米歇爾，我認為可以公平地說，我們今天並沒有在中國投入大量資金，或者說投入很少。是的。我的意思是，莉齊，我們在那邊取得了巨大的成功——正如我們之前跟你多次談到的那樣，我們在外奔波時，實現了兩位數的淨客房增長率，直接增加每間可供出租客房的費用，而無需收取額外費用。

And it was just so great to see what happened again this quarter, the team executed 52 new deals in the quarter in China, 30% more than last year and 11% now more than last year-to-date. And it was great to see that net room growth grow sequentially and the pipeline grow sequentially, pipeline was up 3% in China without key money.

看到本季再次取得的成績真是太棒了，球隊在本季在中國完成了 52 筆新交易，比去年同期成長了 30%，比去年同期成長了 11%。令人欣喜的是，淨客房成長和專案儲備也較上季成長，中國市場在沒有關鍵資金的情況下，專案儲備增加了 3%。

And so many of those contracts awarded are new construction, I mean, just absolutely positively stunning new adds this quarter, Wyndham Grands and just some phenomenal locations competing against our larger peers in so many cities across China without the use of key money. So we're really excited that, that could continue.

而且，這些授予的合約中有很多都是新建項目，我的意思是，本季度新增的Wyndham Grands酒店以及其他一些位置絕佳的酒店，它們在中國的許多城市與我們規模更大的同行展開競爭，而無需使用預付款。所以我們很高興這種情況能夠持續下去。

Thank you.

謝謝。

And congratulations on your recent nuptials.

恭喜你們喜結連理。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

Thanks for taking the question, Geoff, I appreciate some of the detail you gave on the AI front, but I want to make sure I understood some of what you're doing there. Is that largely an internal AI tool to drive bookings in the direct channels?

謝謝你回答我的問題，Geoff，我很欣賞你提供的關於人工智慧方面的一些細節，但我希望確保我了解你在那裡所做的一些事情。這主要是一款用於推動直銷通路預訂的內部人工智慧工具嗎？

And if so, how do you think about partnerships or opportunities with indirect channels for example, what would make partnering with an LOM more or less attractive versus other LLMs or even considering compared to OTAs?

如果是這樣，您如何看待與間接管道的合作或機會？例如，與 LOM 合作相比其他 LLM 合作，甚至與 OTA 合作，有哪些因素會讓合作更具吸引力或吸引力？

Yes. Well, a lot to unpack there, Stephen, how we would consider it. I mean, certainly chat perplexity, Gemini are reshaping how guests book hotels. And it is presenting a unique opportunity for us to continue to reduce our dependency on OTAs. I've heard you asked this question before. We continue to add new capabilities to optimize how our brand.com sites appear in LLM searches, and we're currently experimenting with an MCP server a sort of USB port, if you will for AI to allow LLM to plug into us to directly access all of our hotel availability, all of our rates, all of our inventory, making it easier for an LLM to receive fully updated hotel information from a trusted source.

是的。嗯，史蒂芬，這裡面有很多東西要探討，我們該如何看待這個問題。我的意思是，聊天中的困惑確實存在，雙子座正在改變客人預訂飯店的方式。這為我們提供了一個獨特的機會，讓我們能夠繼續減少對線上旅行社的依賴。我之前聽人問過這個問題。我們不斷增加新功能，以優化我們的 brand.com 網站在 LLM 搜尋中的顯示方式。目前，我們正在試驗一個 MCP 伺服器（可以理解為一種用於 AI 的 USB 連接埠），以便 LLM 可以連接到我們，直接存取我們所有的飯店可用性、所有價格和所有庫存，從而使 LLM 更容易從可信任來源獲取完全更新的飯店資訊。

What we referenced in the script and that we -- not put into the IP is what the last six years of investment, the $375 million that we have invested in our industry-leading tech stack with best-in-class providers who all embrace AI. We don't think we could build it better than Oracle or Adobe or any of these great providers we partner with. We were the first to cloud with a very scalable system that is fully optimized right now 100% optimized to drive down cost.

我們在劇本中提到的，以及我們沒有投入到知識產權中的，是過去六年我們投入的 3.75 億美元，用於打造我們行業領先的技術堆棧，並與一流的供應商合作，他們都擁抱人工智慧。我們認為我們無法比Oracle、Adobe或任何其他與我們合作的優秀供應商做得更好。我們率先採用雲端技術，並建立了一個高度可擴展的系統，目前已全面優化，100% 優化以降低成本。

You could read a lot about our tech team success. Rackspace, a global leader in cloud management recently said that Wyndham's cloud environment is more optimized for AI than most, if not all of its competitors. And that's enabling us to innovate faster and innovate at a lower cost. I mean, AI has been helping everyone in the industry for years on the security front, the marketing front, the operations front. But what we're doing with Wyndham AI, which is an industry first is leveraging now that we have the system built Salesforce and Canary technologies with the 250 AI agents that we talked about, who are handling hundreds of thousands of guest costs.

你可以閱讀很多關於我們技術團隊成功案例的文章。全球領先的雲端管理公司 Rackspace 近日表示，溫德姆的雲端環境比大多數（如果不是全部）競爭對手都更適合人工智慧。這使我們能夠以更快的速度和更低的成本進行創新。我的意思是，人工智慧多年來一直在安全、行銷、營運等方面幫助著業內所有人。但我們正在利用 Wyndham AI 實現業內首創的理念，即利用 Salesforce 和 Canary 技術構建的系統，以及我們之前提到的 250 個 AI 代理，這些代理正在處理數十萬客人的費用。

Mrs. Grambling calls, and she wants to book the Grambling's on a holiday. And one of our AI agents know everything about whichever one of our 8,300 hotels, the Grandland kids want to visit. And it's able to answer any question on any question that, that guest might have about any of our hotels and seamlessly book it. And that's what's driving direct bookings. That's what is allowing our franchisees to save on the labor cost.

格林布林太太打電話來，想為格林布林一家預訂假期。我們的人工智慧代理商對格蘭德蘭的孩子們想去的8300家酒店中的任何一家都瞭如指掌。它可以回答客人可能提出的關於我們任何酒店的任何問題，並無縫完成預訂。這就是直接預訂量成長的驅動因素。正是這一點使得我們的加盟商能夠節省人力成本。

And it's what's driving right now, 300 basis points of increased direct contribution for only 600 of our 8,300 hotels have that specific Wyndham AI piece enabled so far. We talked last call on Wyndham Connect, which is allowing us to talk to customers with AI. A lot of our competitors are doing that. We're taking labor intense tasks away from our franchisees, we're allowing them to make extra money by seamlessly selling an early check-in or a check-out to the Grand line or an upgrade or amenities in terms of what the kids want the refrigerator.

而這正是目前推動業績成長的因素，在我們 8,300 家飯店中，只有 600 家啟用了溫德姆人工智慧的這項特定功能，直接貢獻增加了 300 個基點。我們最後討論了 Wyndham Connect，它使我們能夠利用人工智慧與客戶溝通。我們的許多競爭對手都在做。我們正在為加盟商分擔勞動密集型任務，讓他們能夠透過無縫銷售提前入住或退房到 Grand Line 的服務，或升級服務或提供便利設施（例如孩子們想要的冰箱）來賺取額外的收入。

But what we are doing right now with Wyndham AI in terms of that direct booking piece is what really excites our franchise sales team and our franchisees. And we're told by Oracle, who works with all of our peers that we're doing things really no one else is, and it's something that our franchisees are very, very excited about.

但我們現在與 Wyndham AI 在直接預訂方面所做的工作，真正讓我們的特許經營銷售團隊和加盟商感到興奮。甲骨文公司（Oracle）與我們所有的同行都有合作，他們告訴我們，我們正在做一些別人沒有做的事情，我們的加盟商對此感到非常非常興奮。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Thank you very much. I just wanted to ask kind of a follow-up on the Wyndham Rewards Insider. Michele, I know you said kind of not a lot of EBITDA impact either this year or next year, but how do we kind of frame the opportunity here maybe just longer term, like when you conceptualize what it could deliver to you from either a profitability standpoint, et cetera? Or maybe point us to kind of a comparable program that you might think your reward system could deliver?

非常感謝。我只是想問一下關於溫德姆獎勵計劃的後續問題。米歇爾，我知道你說過今年或明年對 EBITDA 的影響不會太大，但是我們該如何看待這個機會，也許從長遠來看，比如從盈利能力等方面，你能設想一下它能為你帶來什麼？還是您能否向我們推薦一個類似的、您認為您的獎勵機制可以達到的效果的方案？

And then also, how do you actually get there? Would that just be on the fees? Would it be on more loyalty? Just any other type of color you could give us there would be helpful.

那麼，你究竟該如何到達那裡呢？那隻是手續費嗎？會更注重忠誠度嗎？如果您能提供其他任何顏色，那就太好了。

Sure. Thanks, Ian. I would frame it, and Michele could add to this, but we're very excited about it. I think it has the potential to deliver engagement on par at some point with our credit card. Wyndham Insider right now, as Michele said, we expect a strong take rate from members over the next 24 months. And over time, it has that type of potential.

當然。謝謝你，伊恩。我會把它裱起來，米歇爾也可以添加一些內容，但我們對此感到非常興奮。我認為它有潛力在未來某個時候達到與我們的信用卡相媲美的用戶參與度。正如 Michele 所說，我們預計 Wyndham Insider 會員在未來 24 個月內將獲得較高的轉換率。隨著時間的推移，它確實具備這種潛力。

So long-term fee growth is certainly the goal. But short term, as Michele said, the focus is more on proving out the model and using returns to further grow Wyndham Rewards. Our new co-branded credit card complements it. And with the credit card rewarding everyday spend, and we're really excited about that, but Insider enhancing Wyndham Rewards value proposition.

因此，長期費用成長無疑是我們的目標。但正如米歇爾所說，短期內，重點更多在於驗證該模式，並利用收益進一步發展溫德姆獎勵計劃。我們新推出的聯名信用卡與之相輔相成。信用卡獎勵日常消費，我們對此感到非常興奮，而 Insider 則增強了 Wyndham Rewards 的價值主張。

I mean we know to frame the opportunity that the subscription economy is absolutely booming. The hotel loyalty travel subscriptions are really in their infancy of those that have something like this in the hotel space, they're tied and they're limited to select brands or hotel-only benefits. But at $95 a year, we expect the savings for the average Wyndham Reward member to more than cover the fee after just one trip. Plus members earn a free night. And we hope you subscribe to this, Ian, at thousands of hotels with the 7,500 annual bonus points.

我的意思是，我們知道要把握住這個機遇，訂閱經濟正在蓬勃發展。飯店忠誠度旅遊訂閱服務在飯店領域仍處於起步階段，目前這類服務大多受到限制，僅限於特定品牌或飯店專屬權益。但每年只需 95 美元，我們預計溫德姆獎勵計劃的普通會員只需一次旅行，節省的費用就能遠遠超過這筆費用。Plus會員可享免費住宿一晚。伊恩，我們希望您訂閱此服務，即可在數千家酒店享受每年 7,500 點獎勵積分。

It expands our value prop to our most important members, and it basically stacks their discount. So if our promo rate to you is 10% off as an Insider, Ian Zaffino is a Wyndham Insider gets an additional discount on top of that with a 50% acceleration in the points earned and without impacting our franchise, and that's a very important point, without impacting our franchisees cost. The program is absorbing the costs.

它擴大了我們對最重要的會員的價​​值主張，基本上可以疊加他們的折扣。因此，如果我們給您的促銷價是 10% 的會員折扣，那麼作為溫德姆會員的 Ian Zaffino 還能在此基礎上獲得額外折扣，積分加速 50%，而且不會影響我們的特許經營權，這一點非常重要，不會影響我們加盟商的成本。該項目將承擔所有費用。

We've had a lot of interest, a lot of excitement from franchisees. A lot of interest, obviously, from the media upgraded points calls it quite a lot of value for $95. TNL Magazine, no editorial from our friends at TNL, it's completely separate, compares this program well to premium credit card fee programs, which are charging anywhere between $795 to $895 that we see.

我們收到了許多加盟商的濃厚興趣和熱情。顯然，媒體對此非常感興趣，升級後的積分稱其為 95 美元的超值之選。TNL 雜誌（並非來自我們 TNL 的編輯，而是完全獨立的）將該計劃與我們看到的收費在 795 美元到 895 美元之間的優質信用卡費用計劃進行了很好的比較。

We're partnering with American, with United, with JetBlue, with Avis who else, we're partnering with Carnival with up to 30% discounts from some of those providers, and that's really driving the value prop and the affinity to most importantly, increase our Wyndham Reward members engagement and their share from wallet. So we're super excited about this.

我們正在與美國航空、聯合航空、捷藍航空、安飛士航空等公司合作，也與嘉年華郵輪公司合作，其中一些供應商提供高達 30% 的折扣，這真正提升了價值主張和忠誠度，最重要的是，提高了溫德姆獎勵計劃會員的參與度和消費份額。我們對此感到非常興奮。

All right. Thank you very much. I think I might sign up right now.

好的。非常感謝。我覺得我現在就可以報名。

All right. Thank you, Ian.

好的。謝謝你，伊恩。

Alex Brignall, Redburn.

亞歷克斯·布里格納爾，雷德本。

Thank you for taking the questions. The first one is on the marketing expense over spend. Could you just talk a little bit about what that specific is, and you talked about getting it back? Does that specifically mean in the next couple of years? And what are the benefits that you're getting? And who's sort of sharing between you and franchisees?

感謝您回答這些問題。第一個問題是行銷費用超支。能具體談談那是什麼嗎？您剛才提到要把它找回來？那具體是指未來幾年嗎？你從中獲得了哪些好處？那麼，你和加盟主之間究竟是誰在進行某種程度的分成呢？

And then the second, you talked a lot about the structural dynamics of RevPAR and demand in the US. It's obviously something that's a curiosity for a lot of people. In September, it was obviously a very, very hard comp for the economy segment because of the hurricane impact last year. But versus 2019, the gap between luxury and economy was actually there was no gap having previously been a very large gap in the months before.

其次，您詳細談到了美國每間可供出租客房收入 (RevPAR) 和需求的結構動態。顯然，這引起了許多人的好奇。由於去年颶風的影響，9 月經濟板塊的年比數據顯然非常非常高。但與 2019 年相比，奢侈品與經濟型之間的差距實際上已經消失，而此前幾個月兩者之間的差距非常大。

I guess what I'm wondering is if that gap is to close and you talked about franchisees passing rates, are you worried that it will be because the higher segments will have to see price deterioration to because you become a better value prop versus them because of the relative cumulative price growth over the time? Or do you think that the economy segment can see sort of a big bounce back in pricing in 2026? Thank you.

我想問的是，如果這個差距要縮小，而你又提到了加盟商的通過率，你是否擔心這是因為高端市場的價格會下降，而你的產品會因為相對的累計價格增長而成為比它們更具性價比的產品？或者您認為經濟型汽車的價格在 2026 年會大幅反彈嗎？謝謝。

Well, I'll take the fund question, Geoff, and then maybe you want to address the second part of Alex's question. I mean it's $5 million overspend to the marketing funds. Let's keep it in perspective. The fund is over $0.5 billion, right, so in annual activity. So it's only roughly 1% of total spend. So still a very immaterial amount when we're trying to kind of manage that level of spend. And remember, we're the only large lodging corporation that does not adjust these marketing funds out of our reported earnings.

好的，Geoff，我來回答基金方面的問題，然後也許你想回答Alex問題的第二部分。我的意思是，行銷經費超支了500萬美元。讓我們理性看待這件事。該基金規模超過 5 億美元，對吧，所以是按年度活動計算的。所以這只佔總支出的大約 1%。所以，當我們試圖控制這種程度的支出時，這仍然是一個微不足道的金額。請記住，我們是唯一一家不從公佈的收益中扣除這些行銷費用的大型飯店集團。

If you look at the peer set, the variability from their marketing funds is much larger than $5 million. So we feel pretty good about how we've been able to manage that level of annual activity in this RevPAR environment specifically. And I think as RevPAR deteriorated specifically throughout the third quarter, we had to make a conscious decision on whether or not we were going to stop some in-flight initiatives or we were going to continue them.

如果看看同行，就會發現他們的行銷資金波動幅度遠大於 500 萬美元。因此，我們對在目前的RevPAR環境下能夠管理好這一年度業務量感到非常滿意。我認為，隨著 RevPAR 在第三季持續惡化，我們不得不認真考慮是否要停止一些機上推廣活動，還是繼續推行這些活動。

And certainly, there were ones that we decided to pause, but there were a bunch of other ones that we looked at the overall benefits of those investments to our franchisees and to our -- the overall health of our franchise system, things like Wyndham Insider, for example, some of the initiatives that Geoff was talking about, a bunch of personalization initiatives that we're doing and some updates we're doing even to our digital platform to our website.

當然，有些項目我們決定暫停，但還有很多其他項目，我們考慮了這些投資對我們的加盟商和我們整個特許經營體系的整體健康所帶來的整體益處，例如 Wyndham Insider，Geoff 提到的一些舉措，我們正在實施的一系列個性化舉措，以及我們正在對數字平台和網站進行的一些更新。

And so we decided that we were going to continue to invest in those programs. They will have benefits, not just in 2025, but well beyond 2025. So ultimately, we view this modest overspend as an investment, and we do have a very strong track record of recovering these funds in future periods, and we're really comfortable with that decision when we recover this $5 million could be as early as 2026. It could be 100% in 2026, it could be 100% in 2027. It could be some in '26 and some in 2027, but certainly more in the nearer term as opposed to the longer term.

因此，我們決定繼續投資這些項目。它們不僅在 2025 年會帶來好處，而且在 2025 年以後也會帶來好處。因此，最終我們將這筆適度的超支視為一項投資，而且我們在未來時期收回這些資金方面有著非常良好的記錄，我們對這一決定感到非常有信心，因為我們最早可能在 2026 年就能收回這 500 萬美元。2026年可能達到100%，2027年也可能達到100%。2026 年可能會有一些，2027 年可能會有一些，但肯定更多的是在近期而不是長期。

In the back half, Alex, it's a really good question. I've seen you sort of answer on it, I think, in your hitchhikers guide. If you think about the rate for economy up, whatever it is, 10% to where we were pre-COVID and luxury right now at up 30%. And to your point, what's happening there, it is very good news for our economy and mid-scale segments from a pricing power standpoint.

後半部分，Alex，這確實是個好問題。我想，你在你的搭便車指南裡好像回答過這個問題。如果你考慮一下經濟成長率，無論是多少，10% 都比新冠疫情前的水平高，而奢侈品目前的成長率是 30%。正如您所說，從定價權的角度來看，這對我們的經濟和中端市場來說都是非常好的消息。

And at some point, we do believe, to your question, that can flip when consumer confidence stabilizes. Remember, both of those segments, economy and mid-scale, we're the first to recover coming up out of COVID. And we know that at some point, domestic RevPAR is going to return to that 2% to 3% long-term CAGR, that it's always average. And especially given the earlier comments, everything that's out there from a macro setup on the infrastructure and private investment side, the historically low levels of supply.

至於你的問題，我們認為，當消費者信心穩定下來時，這種情況可能會發生轉變。請記住，無論是經濟型還是中檔市場，我們都是從新冠疫情中率先復甦的。我們知道，在某個時候，國內每間可供出租客房收入（RevPAR）將會回歸到 2% 到 3% 的長期複合年增長率，也就是始終處於平均水平。尤其考慮到先前的評論，以及從宏觀層面來看，基礎設施和私人投資方面的一切，還有歷史性的低供應水準。

And more over on the leisure side, I mean, we've got a lot to look forward to next year, like America 250, the FIFA World Cup, which is a $20 billion impact in markets like say Atlanta's impact is $2.1 billion. We've got a lot of hotels in Atlanta, along with Dallas and Houston, right, which right now with all of the consumer uncertainty and immigration activity is stressed, but Dallas and Houston are both going to benefit from that next year.

此外，在休閒娛樂方面，明年有很多值得期待的事情，例如美國建國250週年紀念活動、國際足總世界杯，這些活動將為亞特蘭大等市場帶來200億美元的影響，其中亞特蘭大的影響為21億美元。我們在亞特蘭大、達拉斯和休士頓都有很多飯店，對吧？目前由於消費者的不確定性和移民活動，這些地區都面臨壓力，但達拉斯和休士頓明年都將從中受益。

L.A. in California where we're down is going to benefit Miami is going to benefit from FIFA World Cup next year, where we've got a lot of hotels in Florida, 300 in Florida, 400 California, 700 hotels in Texas, our 3 largest states, and we've got a half a dozen other cities that this FIFA World Cup is going to play in where we've got collectively about 1,000 hotels. So it's an interesting observation.

加州的洛杉磯將會受益，邁阿密也將受益於明年的國際足總世界盃。我們在佛羅裡達州有許多飯店，佛羅裡達州有 300 家，加州有 400 家，德州有 700 家，這三個州是我們最大的州。此外，還有其他六個城市也將舉辦本屆國際足總世界杯，這些城市加起來大約有 1000 家酒店。這是一個有趣的觀察。

Fantastic. Thank you so much.

極好的。太感謝了。

Thanks Alex.

謝謝你，亞歷克斯。

Meredith Jensen, HSBC.

Meredith Jensen，匯豐銀行。

Hi. Good morning. So many questions, I don't know where to start. So, I was thinking about something touching upon what Stephen mentioned. So, realizing how the lodging sector supply continues to evolve, and there's a wider array of options for consumers, including short-term rental and distribution shifting, all these moving parts.

你好。早安.問題太多，我不知道從何說起。所以，我一直在思考一些與史蒂芬提到的內容相關的話題。因此，要意識到住宿業的供應是如何不斷發展變化的，消費者又有了更多選擇，包括短期租賃和分銷管道的轉變，所有這些因素都在不斷變化。

Of course, this is nothing new to Wyndham, but it is something we're increasingly fielding questions on, given the push from OTAs like booking and Expedia and Airbnb to get into the lodging sector. So, I was really hoping you might be able to speak a little bit about how Wyndham views these opportunities, and how we're going up against some of these challenges in non-traditional, or as some might label it, shadow supply. So, that would be really helpful. Thank you.

當然，這對溫德姆來說並不新鮮，但鑑於 Booking、Expedia 和 Airbnb 等線上旅行社紛紛進軍住宿業，我們收到的相關問題也越來越多。所以，我真的很希望您能談談溫德姆是如何看待這些機會的，以及我們如何應對非傳統供應（或者有些人可能會稱之為影子供應）中的一些挑戰。那真的很有幫助。謝謝。

Yeah, it's an interesting question our teams think about a lot, Meredith. Agentic AI, the possibility of STRs, short-term rentals, coming into the space from a distribution standpoint, they're all certainly bringing a different rhythm to search that's more frequent and more automated. AI is really moving the traditional SEO to GEO, which we talk a lot about, that generative engine optimization, with these new channels searching for more trust and more contextual relevance.

是的，梅雷迪思，這是一個我們團隊經常思考的有趣問題。智慧人工智慧、短期租賃的可能性，以及從分銷角度進入這個領域，它們無疑都為搜尋帶來了不同的節奏，這種節奏更加頻繁、更加自動化。人工智慧正在將傳統的搜尋引擎優化 (SEO) 轉向地理資訊系統 (GEO)，我們經常談到這種生成式引擎優化，因為這些新管道正在尋求更高的信任度和更強的上下文相關性。

And so, how we think about it is all about, with our franchisees and our teams and our brand teams, is our reputation and the confidence, which is always the top signal in any search. Whenever you go on vacation, you're doing your own research, and we're trying to find ways, and we are finding ways through Wyndham Connect, which we've talked a lot about, and Matt put in the deck. It's improving that confidence with guests and more frequent reviews from our guests.

因此，我們與加盟商、團隊和品牌團隊的思考方式，都圍繞著我們的聲譽和信心，而聲譽和信心始終是任何搜尋中的首要訊號。每當你去度假時，你都會自己做研究，我們也在努力尋找方法，我們正在透過 Wyndham Connect 尋找方法，我們已經談論了很多次，Matt 也把它放了出來。這有助於提升顧客對我們的信心，並增加顧客的評價頻率。

We're engaging more frequently and more immediately through so many different ways. SMS messaging, voice, and digital to add context to your search. And we're boosting higher online review scores, because immediately when Meredith Jensen checks out now from one of our hotels, we're asking you for review on TripAdvisor, on Google Reviews, on all of the major OTAs, because we want your feedback, and we want to improve that feedback, because we know it's the key indicator of quality. And it's the whole point of consistency for overall satisfaction in those large language model searches.

我們正透過多種不同的方式，更頻繁、更直接地參與互動。利用簡訊、語音和數位方式為您的搜尋添加背景資訊。我們正在努力提高線上評價分數，因為當梅雷迪思·詹森 (Meredith Jensen) 從我們的一家酒店退房後，我們會立即在 TripAdvisor、Google Reviews 和所有主要在線旅行社 (OTA) 上請求您進行評價，因為我們想要您的反饋，並且我們希望改進這些反饋，因為我們知道這是衡量質量的關鍵指標。而這正是大型語言模型搜尋中保持一致性以獲得整體滿意度的關鍵。

Thanks for the reminder and the level set. That's really, really helpful. Thank you.

感謝你的提醒和設定的難度等級。這真的很有幫助。謝謝。

Thanks, Meredith.

謝謝你，梅雷迪思。

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

謝謝。巴洛蒂先生，看來今天早上我們沒有其他問題了，所以我想把時間交還給您，請您作最後的總結發言。

All right. As always, both. Thank you very much, and thanks, everybody, for your questions and your interest in Wyndham. Michele, Matt and I look forward to talking to and seeing many of you in the weeks ahead at several of the upcoming investor lodging conferences that we'll be attending.

好的。一如既往，兩者兼有。非常感謝，也感謝大家的提問和對溫德姆酒店的關注。米歇爾、馬特和我期待在接下來的幾周里，在我們將要參加的幾個投資者住宿會議上與你們中的許多人交談和見面。

In the meantime, have a great weekend ahead. and happy Halloween, everyone. Thanks again for joining us today.

同時，祝大家週末愉快！萬聖節快樂！再次感謝您今天收看我們的節目。

Thank you, Mr. Ballotti, and thank you, Ms. Allen. Again, ladies and gentlemen, that will bring us to the conclusion of today's Wyndham Hotels & Resorts third quarter 2025 earnings conference call. Again, thank you so much for joining us, everyone, and we wish you all a great day. Goodbye.

謝謝巴洛蒂先生，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年第三季財報電話會議到此結束。再次感謝各位的參與，祝福大家今天過得愉快。再見。