Wyndham Hotels & Resorts, Inc. (WH) 2026 Q1 法說會逐字稿

Good morning, everyone. Welcome to the Wyndham Hotels & Resorts First Quarter 2026 Earnings Conference Call. [Operator Instructions]

各位早安。歡迎參加溫德姆酒店及度假村（Wyndham Hotels & Resorts）2026 年第一季財報電話會議。[接線員指示]

I would now like to turn the call over to Mr. Matt Capuzzi, Senior Vice President, Financial Planning and Analysis and Investor Relations. Mr. Capuzzi, please go ahead.

現在我想把電話會議交給財務規劃與分析及投資人關係資深副總裁 Matt Capuzzi 先生。Capuzzi 先生，請開始。

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

謝謝接線員。各位早安，感謝各位加入。今天與我一同出席的有我們的執行長 Geoff Ballotti，以及我們的財務長 Amit Sripathi。在開始之前，我想提醒各位，我們今天的發言將包含前瞻性陳述。這些陳述受風險因素影響，可能導致我們的實際結果與所表達或暗示者有重大差異。

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

這些風險因素已在我們最近一期向美國證券交易委員會（SEC）提交的 Form 10-K 年報，以及其後向 SEC 提交的任何報告中詳加說明。我們也將提及若干非 GAAP 衡量指標。相對應的 GAAP 指標，以及非 GAAP 指標與 GAAP 指標之間的調節表，已載於我們的財報新聞稿與投資人簡報中，並可於我們的投資人關係網站 investor.wyndhamhotels.com 取得。我們僅以非 GAAP 基礎提供某些討論未來影響的衡量指標，原因是若不付出不合理的努力，我們無法提供可比的 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, file submitted with the SEC and any public conference calls or webcast. With that, I will turn the call over to Geoff. Geoff?

此外，昨晚我們已在投資人關係網站上發布一份包含補充資訊的投資人簡報。未來我們也可能持續在網站及社群媒體管道提供補充資訊。因此，我們鼓勵投資人除新聞稿、提交 SEC 的文件以及任何公開電話會議或網路直播外，也一併關注我們的網站與社群媒體管道。接下來，我把電話交給 Geoff。Geoff？

Thanks, Matt. Good morning, everyone, and thanks for joining us today. We're very pleased to report a strong start to the year with first quarter results highlighting the strength of the value proposition we deliver to our owners in a faster-than-expected RevPAR recovery for our US select service brands. Our development momentum continued with net room growth of 4% and a pipeline which increased for the 23rd consecutive quarter to a record of over 259,000 rooms. We delivered 21% growth in ancillary revenues. We generated $64 million of free cash flow, and we returned $85 million to our shareholders. Global RevPAR improved 450 basis points sequentially from the fourth quarter. Domestic RevPAR, excluding last year's hurricane impact, improved over 600 basis points to essentially flat and ahead of our down 2% to down 3% expectation as demand continued to pick up throughout the quarter. January's 4% RevPAR decline improved to plus 1% growth for February and also for March.

謝謝你，Matt。各位早安，感謝今天加入我們。我們很高興報告今年強勁的開局：第一季的結果凸顯了我們為業主所提供價值主張的實力，同時美國精選服務（select service）品牌的 RevPAR 復甦速度快於預期。我們的開發動能持續，淨客房數成長 4%，而開發管線連續第 23 季增加，創下超過 259,000 間客房的歷史新高。我們的附屬收入（ancillary revenues）成長 21%。我們創造了 6,400 萬美元的自由現金流，並向股東回饋 8,500 萬美元。全球 RevPAR 較第四季按季改善 450 個基點。國內 RevPAR（排除去年颶風影響）改善超過 600 個基點，基本持平，且優於我們原先預期的下滑 2% 至下滑 3%，因為需求在整個季度持續回升。1 月 RevPAR 下滑 4%，到 2 月與 3 月皆改善為成長 1%。

Our 3 largest states of Texas, California and Florida which account for 1/4 of our US room count improved by 800 basis points sequentially from down 11% in Q4 to down only 3% in Q1. The Q4 strength we saw in our Midwest and industrial states continued into Q1 without performance in Iowa, Illinois, Michigan, Oklahoma and Wisconsin. Immigration and trade policies that created an environment of uncertainty appear to have stabilized and strong leisure demand over the spring break travel season has provided improved confidence among many franchisees as they approach the peak leisure summer travel season. April month-to-date RevPAR growth has been consistent with February and March.

我們在美國客房數量占比四分之一的三大州——德州、加州與佛州——按季改善 800 個基點，從第四季下滑 11% 改善至第一季僅下滑 3%。我們在第四季於中西部與工業州所見的強勢延續至第一季，並在愛荷華、伊利諾、密西根、奧克拉荷馬與威斯康辛等州表現亮眼。造成不確定性的移民與貿易政策似乎已趨於穩定，而春假旅遊季強勁的休閒需求，也在特許經營業主邁向夏季休閒旅遊旺季之際帶來更高信心。4 月截至目前的 RevPAR 成長與 2 月及 3 月一致。

International RevPAR growth was consistent with the fourth quarter at down 1% in constant currency. In Canada, RevPAR increased 8% on increased pricing power and improved demand. In EMEA, RevPAR grew 1% with strong performance in Turkey, Greece and Spain, offset by softness in the Middle East, which declined from plus 18% in Q4 to down 5% in Q1. RevPAR in Mexico fell with lower US inbound travel driving pricing pressure and dropping our Latin America RevPAR by 4% versus prior year.

國際 RevPAR 成長與第四季一致，以固定匯率計為下滑 1%。加拿大 RevPAR 因定價能力提升與需求改善而成長 8%。在 EMEA 地區，RevPAR 成長 1%，土耳其、希臘與西班牙表現強勁，但被中東地區的疲弱所抵銷；中東 RevPAR 從第四季成長 18% 轉為第一季下滑 5%。墨西哥 RevPAR 下滑，因美國入境旅遊減少帶來定價壓力，使我們拉丁美洲 RevPAR 較去年下降 4%。

Excluding Mexico, our Latin America region saw an 11% RevPAR increase, driven by strong pricing and demand growth in Argentina, Brazil and the Caribbean. Asia Pacific RevPAR improved nearly 700 basis points from down 7% in Q4 to down 1% in Q1. Strength in Thailand and Vietnam was offset by China where RevPAR improved 540 basis points sequentially from down 10% in Q4 to down 5% in Q1, driven by continued occupancy improvement, which remains a significant tailwind at only 88% of pre-COVID levels.

若排除墨西哥，我們拉丁美洲地區 RevPAR 成長 11%，主要由阿根廷、巴西與加勒比海地區強勁的定價與需求成長所帶動。亞太地區 RevPAR 按季改善近 700 個基點，從第四季下滑 7% 改善至第一季下滑 1%。泰國與越南的強勢被中國所抵銷；中國 RevPAR 按季改善 540 個基點，從第四季下滑 10% 改善至第一季下滑 5%，主要由入住率持續改善所帶動；目前入住率僅恢復至疫情前水準的 88%，仍是顯著的順風因素。

Earlier this month, the large contingent of our franchise sales, operations and technology team members attended a [indiscernible] '26 the Asian American Hotel Owners Association Conference in Philadelphia, which aside from Wyndham's Global Hotel Conference is the largest gathering of select service hotel owners in the US our booth at [indiscernible] trade show was the busiest it's ever been, and developer enthusiasm for our brands and our AI-driven technology offerings designed to capture revenue at every touch point of the guest journey was strong.

本月稍早，我們特許加盟銷售、營運與科技團隊的大批成員出席了在費城舉行的 [indiscernible] '26 亞裔美國飯店業主協會（AAHOA）年會；除溫德姆全球飯店大會外，這是美國精選服務飯店業主最大的聚會。我們在 [indiscernible] 展會的攤位是歷來最繁忙的一次，開發商對我們的品牌以及以 AI 驅動、旨在於旅客旅程每個接觸點捕捉營收的科技方案，展現出強烈熱情。

Developers are increasingly noting that our best-in-class technology, powered by providers like Sabre, Oracle, Salesforce, Canary Technologies is making our brands ever more efficient and less expensive to operate and that our rapidly expanding AI-enabled shared service approach is lowering their breakeven point and making their hotels more profitable to run.

開發商愈來愈常指出，我們由 Sabre、Oracle、Salesforce、Canary Technologies 等供應商所支援的同級最佳科技，正讓我們的品牌營運更有效率、成本更低；而我們快速擴張的 AI 賦能共享服務模式，正在降低其損益兩平點，讓飯店營運更具獲利性。

This increased interest in our brands is certainly reflected in our first quarter results where new hotel contracts awarded in the United States increased by 8% and where our global development pipeline grew to a record of over 2,200 hotels as the most asset-light player in the industry, with the development pipeline whose domestic and international rooms carry a 30% PPAR premium. We're structurally upgrading Wyndham's long-term earnings power as we continue to move towards higher tier and higher RevPAR segment brands. As we previewed on our last call, net rooms were flat domestically, which included legacy affiliated room exits from the sale of Vacasa Vacation Rentals to Casago, along with T&L's closure of 17 vacation resorts from our Blue Thread Partners previously announced resort optimization initiative.

這股對我們品牌的興趣提升，清楚反映在第一季成果：美國新簽飯店合約數增加 8%，全球開發管線成長至創紀錄的 2,200 多家飯店；作為業界最輕資產（asset-light）的業者，我們的開發管線中，國內與國際客房皆具備 30% 的 PPAR 溢價。隨著我們持續朝更高等級、RevPAR 更高的品牌區隔邁進，我們正在結構性地提升溫德姆的長期獲利能力。如同我們在上次電話會議中預告，國內淨客房數持平，其中包含因 Vacasa Vacation Rentals 出售予 Casago 而退出的既有聯盟（legacy affiliated）客房，以及 T&L 依先前宣布的 Blue Thread Partners 度假村最佳化計畫而關閉 17 座度假村。

On the opening side, momentum was driven by strong conversion activity from upscale Travelers' Choice Award winners like the Vapi Palm Springs, which joined our Dolce by Wyndham brand, and [indiscernible] boutique Island Sky Ocean Hotel, which joined our trademark collection by Wyndham, a brand that has grown to over 100 hotels in the US with 99 hotels in its global development pipeline. Domestic new construction activity was again fueled as it will be for the decade ahead with new Echo Suites by Wyndham hotels opening in markets like Colorado Springs, our seventh in the past 6 months, with our 20th opening 2 weeks ago in Bozeman, Montana. We also saw more new construction upper mid-scale dual-branded La Quinta Hawthorn Suites prototypes, opening and popular tourist destinations like 11 Worth Washington and more new construction upper upscale hotels like the Dolce by Wyndham opening in the heart of South Beach, Florida.

在開業方面，動能來自強勁的轉牌（conversion）活動，包括如 Vapi Palm Springs 等榮獲 Travelers' Choice Award 的高階飯店加入我們的 Dolce by Wyndham 品牌，以及 [indiscernible] 精品飯店 Island Sky Ocean Hotel 加入我們的 Trademark Collection by Wyndham；該品牌在美國已成長至超過 100 家飯店，且其全球開發管線中有 99 家飯店。國內新建案活動再次受到帶動，且未來十年仍將如此；例如 Echo Suites by Wyndham 在科羅拉多泉等市場開業，這是我們在過去 6 個月內的第 7 家，而第 20 家也於兩週前在蒙大拿州博茲曼開業。我們也看到更多新建的中高端（upper mid-scale）雙品牌 La Quinta／Hawthorn Suites 原型店開業，落腳於如 11 Worth Washington 等熱門旅遊目的地；同時也有更多新建的高端（upper upscale）飯店，例如位於佛羅里達州南海灘核心地段開業的 Dolce by Wyndham。

Internationally, we increased the number of net rooms by 9%. And EMEA grew net rooms by 7% with standout new conversions like our 90th Ramada by Wyndham in Turkey with the opening of the Ramada Encore Mid yacht along with several new construction additions, including the Remosa Plaza Tashkent located in the heart of Uzbekistan's capital. Latin America and the Caribbean grew net rooms by 12% with several notable trademark conversions, including the new parka Boutique Hotel in the heart of Cartagena's old City, along with the Decameron Baru, a TripAdvisor Holly Fame award-winning resort near Playa Blanca. In Southeast Asia, in the Pacific Room, we grew net rooms by 11% and driven by exceptional new construction additions such as the Wyndham Garden Manila Bay, which marks our first Wyndham Garden property in the Philippines.

在國際市場方面，我們的淨客房數增加了9%。此外，EMEA 的淨客房數成長7%，亮點包括多項全新品牌轉換案，例如我們在土耳其開幕的第90家 Ramada by Wyndham——Ramada Encore Mid yacht，以及數個新建案的新增，其中包括位於烏茲別克首都核心地段的 Remosa Plaza Tashkent。拉丁美洲與加勒比地區的淨客房數成長12%，並完成多項值得關注的商標／品牌轉換案，包括位於卡塔赫納舊城核心的新 parka Boutique Hotel，以及鄰近 Playa Blanca、榮獲 TripAdvisor「名人堂」獎項的度假村 Decameron Baru。在東南亞與太平洋地區，我們的淨客房數成長11%，主要受惠於表現突出的新建案新增，例如 Wyndham Garden Manila Bay，這也標誌著我們在菲律賓的首家 Wyndham Garden 物業。

And in China, we once again delivered double-digit net room growth for our direct franchising system and 13% net room growth across Mainland China in total, with several new construction additions, including the Wyndham Grand Tongcheng Hot Springs, our first Wyndham Grand in the Tongcheng Yanan province and the Wyndham Fuzhou Guo [indiscernible] which marks the first Wyndham 5 Star Hotel in the bustling downtown of Fuzhou's capital. Ancillary revenues increased 21% in the quarter fueled by our renewed and very successful suite of Wyndham Rewards credit card products, along with the continued expansion of our strategic partnership initiatives and ongoing technology innovations. Key to this growth is our award-winning loyalty program, where Wyndham Rewards occupancy contribution increased 120 basis points to a record 54% domestically.

在中國，我們再次為直營加盟體系交出雙位數的淨客房成長；中國大陸整體淨客房數成長13%，並新增多個新建案，包括 Wyndham Grand Tongcheng Hot Springs——我們在同城（Yanan 省）的首家 Wyndham Grand，以及 Wyndham Fuzhou Guo [聽不清]，這標誌著溫德姆在福州繁華市中心的首家五星級飯店。本季附屬收入年增21%，主要由我們重新推出且非常成功的一系列 Wyndham Rewards 聯名信用卡產品所帶動，同時也受惠於策略合作夥伴計畫的持續擴張與持續的科技創新。推動此成長的關鍵是我們屢獲殊榮的忠誠度計畫：在美國國內，Wyndham Rewards 的入住貢獻度提升120個基點，達到創新高的54%。

Global membership enrollments grew another 10% year-over-year and the collective length of stay for our 124 million members grew by 6%. Our Wyndham Rewards experiences platform is increasingly helping to drive that growth as well as deeper member engagement. In the first quarter, we introduced exclusive new opportunities for members to redeem for even more unforgettable experiences like a private tasting with Chef Lorena Garcia at our Miami culinary Loft, who stays at our new registry collection Valor Miami Beach Hotel, and private suite tickets for Harry Styles and Lady Gaga concerts at Madison Square Garden. Looking ahead, we'll continue to leverage our premier partnerships to deliver these once-in-a-lifetime moment. Next month, Wyndham Reward members will have the exclusive opportunity to redeem points to play in the program with PGA Tour professionals at the 20th Wyndham Championship the last stop on the PGA Tour prior to the FedEx Cup playoffs.

全球會員註冊人數年增10%，我們1.24億名會員的整體平均住宿天數成長6%。我們的 Wyndham Rewards 體驗平台正日益協助推動上述成長，並深化會員互動。第一季，我們推出會員可兌換的全新獨家機會，帶來更多難忘體驗，例如在邁阿密的 Culinary Loft 與主廚 Lorena Garcia 進行私人品鑑；她入住我們全新 Registry Collection 的 Valor Miami Beach Hotel；以及在麥迪遜廣場花園（Madison Square Garden）觀賞 Harry Styles 與 Lady Gaga 演唱會的私人包廂門票。展望未來，我們將持續運用頂級合作夥伴關係，提供這些一生一次的時刻。下個月，Wyndham Rewards 會員將可獨家兌換點數，與 PGA 巡迴賽職業選手一同參與第20屆 Wyndham Championship 的賽事活動；該賽事是 FedEx Cup 季後賽前 PGA 巡迴賽的最後一站。

As our technology innovations have increasingly helped our franchisees operate more efficiently and more profitably, we're rapidly deploying AI, making it easier for guests to discover and book Wyndham hotels. Today, every property that utilizes Wyndham Connect+ effectively has its own AI-powered voice agent. With more than 1,100 hotels live on this platform domestically and now ramping globally. That's over 1,100 AI agents answering calls and chats on behalf of our owners, helping to drive nearly 300 basis points of incremental direct contribution for these hotels through agenetic voice channels while also driving meaningful cost savings for these owners by taking labor out of their hotels and front offices.

隨著我們的科技創新日益協助加盟業主更有效率、也更具獲利能力地營運，我們正快速部署 AI，讓旅客更容易發現並預訂溫德姆飯店。目前，每一家有效使用 Wyndham Connect+ 的物業，都擁有自己的 AI 驅動語音代理。在美國國內已有超過1,100家飯店於此平台上線，並正擴展至全球。這代表超過1,100個 AI 代理，代表業主接聽來電與回覆聊天，透過代理式語音通路為這些飯店帶來近300個基點的額外直訂貢獻；同時也透過減少飯店與前台的人力需求，為業主帶來可觀的成本節省。

In addition, nearly 5,000 franchisees already live on Wyndham's proprietary AI-powered Wyndham Connect platform, are collectively earning millions of incremental dollars by autonomously generating revenue from early check-in, late checkouts, room upgrades and pet fees, incremental amenities and services and so many other creative upsell opportunities they develop themselves.

此外，已有近5,000位加盟業主在溫德姆自有、AI 驅動的 Wyndham Connect 平台上線，透過自動化方式從提早入住、延後退房、房型升等與寵物費、加值備品與服務，以及他們自行開發的各式創意加購機會中創造收入，合計賺取數百萬美元的增量收益。

Together, these initiatives are creating a durable competitive advantage that we expect to compound as adoption continues to ramp. Building on this momentum, AI is transforming our marketing economics and booking process performance, amplifying our reach, transforming our digital acquisition model and optimizing our unit economics by allowing us to drive significant reservation volume growth while consistently compressing our cost per click and cost per acquisition by embedding AI across the full guest engagement journey and leveraging our partnership with Adobe, we are dramatically increasing personalization while keeping guests engaged longer, driving higher conversion rates shifting demand into direct booking channels and improving the foundational profitability of our business. Our strategy to meet guests wherever their travel intent is formed is working.

綜合而言，這些計畫正在打造可長期維持的競爭優勢；我們預期隨著採用率持續提升，該優勢將進一步複利成長。在此動能之上，AI 正在改變我們的行銷經濟性與訂房流程表現：擴大觸及、重塑數位獲客模式，並透過在完整的旅客互動旅程中嵌入 AI 來優化單位經濟；使我們在持續壓低每次點擊成本（CPC）與每次獲客成本（CPA）的同時，仍能推動顯著的訂房量成長。並且藉由與 Adobe 的合作，我們大幅提升個人化程度、延長旅客停留與互動時間、提高轉換率、將需求導向直訂通路，並改善我們業務的基礎獲利能力。我們的策略——在旅客形成旅行意圖的任何地方與其相遇——正在奏效。

And increasingly, that's beginning inside of OpenAI's ChatGPT, inside of Anthropics Cloud and inside of Google search AI mode. Wyndham's distribution engine has expanded into these important channels where our growing demographic of younger guests are progressively searching, planning and booking.

而且愈來愈多地，這個起點正發生在 OpenAI 的 ChatGPT、Anthropic 的 Cloud，以及 Google 搜尋的 AI 模式之中。溫德姆的分銷引擎已擴展至這些重要通路；我們日益成長的年輕客群正逐步在這些通路中搜尋、規劃並完成預訂。

Last quarter, we announced our direct integration with Anthropics Cloud enabling subscribers to conduct intent-driven searches. This quarter, we're excited to share that we've launched Wyndham apps on both Cloud and ChatGPT, delivering that same functionality through a more visual and interactive experience. including dynamic mapping, rich property tiles and detailed hotel pages, representing a highly interactive hotel discovery and decision journey.

上季我們宣布與 Anthropic 的 Cloud 直接整合，使訂閱用戶能進行以意圖為導向的搜尋。本季，我們很高興分享：我們已在 Cloud 與 ChatGPT 上推出溫德姆應用程式，透過更具視覺化與互動性的體驗提供相同功能，包括動態地圖、豐富的物業卡片與詳細的飯店頁面，呈現高度互動的飯店探索與決策旅程。

And we're pleased to report that we continue to make strong progress with Google to develop our direct booking genic AI experience in AI mode, allowing our guests to experience the full value of booking directly with Wyndham through natural conversational interactions without ever leaving Google's AI mode. In closing, the over $450 million investment we've made in technology, which is enabling our AI innovation and which is detailed in our investor presentation posted last night to our Investor Relations website, serves as a powerful engine for franchisee profitability regardless of the economic climate.

我們也很高興報告：我們持續與 Google 取得重大進展，共同開發在 AI 模式中的直訂「代理式 AI」體驗，讓旅客透過自然的對話互動即可完整體驗直接向溫德姆預訂的價值，而無需離開 Google 的 AI 模式。最後，我們在科技方面已投入超過4.5億美元，這些投資正驅動我們的 AI 創新；相關細節已載於昨晚發布於投資人關係網站的投資人簡報中。這些投資不論經濟景氣如何，都是提升加盟業主獲利能力的強大引擎。

As we look ahead, we're incredibly optimistic and see clear signs of strengthening consumer and business confidence, which we're well positioned to capitalize on as RevPAR in the select service segments continues its recovery. Most importantly, we want to extend our gratitude to our team members worldwide whose unwavering commitment and resilience throughout the challenging macro environment over the past year has been the bedrock of our success. And now I'm very pleased to formally introduce Amit Sripathi, our newly appointed Chief Financial Officer. Amit's been in the lodging industry for most of his distinguished career and with Wyndham for the past 5 years in a variety of roles, leading our M&A, our strategic development and our franchise sales efforts, most recently as our Chief Development Officer. Amit's combination of deep finance and capital markets expertise his firsthand operational leadership at Wyndham and his strong relationships with our franchisees, have positioned him very well to take over as our CFO.

展望未來，我們非常樂觀，並看到消費者與企業信心轉強的明確跡象；隨著精選服務（select service）細分市場的 RevPAR 持續復甦，我們已做好準備把握這些機會。最重要的是，我們要向全球團隊成員致上感謝：在過去一年充滿挑戰的總體環境中，你們堅定的投入與韌性一直是我們成功的基石。現在，我非常高興正式介紹我們新任命的財務長 Amit Sripathi。Amit 在其卓越職涯的大部分時間都在住宿產業，並在過去5年於溫德姆擔任多項職務，領導我們的併購（M&A）、策略發展與加盟銷售工作，最近的職務為首席發展長。Amit 結合深厚的財務與資本市場專業、在溫德姆第一線的營運領導經驗，以及與加盟業主之間的強大關係，使他非常適任接任財務長一職。

And with that, Amit will now walk us through our financial highlights and full year outlook. Amit?

接下來，Amit 將帶領我們回顧財務重點與全年展望。Amit？

Thanks, Jeff, and good morning, everyone. I'm excited to step into the Chief Financial Officer role and to speak with all of you today. In my prior role as Chief Development Officer and collaborating with our regional presidents, I gained a strong understanding of the value proposition we deliver to owners and developers through the Wyndham Advantage. The continued development momentum we've seen across our system and our pipeline reinforces my confidence in the strength of our brands and our ability to achieve our long-term growth outlook. Turning to results.

謝謝你，Jeff，各位早安。我很高興接任財務長一職，並在今天與各位交流。在我先前擔任首席發展長期間，並與各區域總裁合作，我對我們透過「Wyndham Advantage」為業主與開發商所提供的價值主張有了深刻理解。我們在整個系統與開發管線中持續看到的發展動能，進一步強化我對品牌實力以及我們達成長期成長展望能力的信心。接著來看本季表現。

My remarks today will include a detailed review of our first quarter financial performance followed by an update on our cash flows, our balance sheet and our outlook. Before I begin, let me remind everyone that the comparability of our financial results continues to be impacted by the timing of our marketing fund spend. In the first quarter of this year, marketing fund expenses exceeded revenues by $9 million compared to expenses exceeding revenues by $22 million in the first quarter of last year. to enhance transparency and provide a better understanding of the results of our ongoing operations, I'll be highlighting our results on a comparable basis, which neutralizes the marketing fund impact. In the first quarter, we generated $327 million of net revenues and $156 million of adjusted EBITDA.

我今天的說明將包括：第一季財務表現的詳細回顧，接著更新我們的現金流、資產負債表以及展望。在開始之前，我想提醒各位：我們財務結果的可比性仍持續受到行銷基金支出時點的影響。今年第一季，行銷基金費用較收入多出900萬美元；相較之下，去年第一季費用較收入多出2,200萬美元。為提升透明度並更清楚呈現我們持續營運的結果，我將以可比基礎重點說明，亦即排除行銷基金影響。第一季，我們創造淨營收3.27億美元，調整後 EBITDA 為1.56億美元。

Net revenues increased 3% year-over-year primarily reflecting a 21% increase in ancillary revenues and system growth of 4%, partially offset by lower other franchise fees and the deferral of fees from Riva Hospitality Group. Ancillary revenue growth was driven by the full quarter impact of our renewed long-term co-branded credit card agreement, which occurred at the end of first quarter last year. Adjusted EBITDA declined 1% on a comparable basis primarily reflecting the absence of onetime cost reductions, partially offset by our revenue growth. Adjusted diluted EPS for the quarter was $0.96, down 3% on a comparable basis. as a 1% comparable adjusted EBITDA decline, a marginally higher effective tax rate and increased interest expense was partially offset by the benefit of share repurchase activity.

淨營收年增3%，主要反映附屬收入年增21%以及系統規模成長4%，但部分被其他特許經營費較低以及來自Riva Hospitality Group之費用遞延所抵銷。附屬收入成長主要由我們續簽的長期聯名信用卡協議在本季完整貢獻所帶動；該協議於去年第一季末生效。在可比基礎上，調整後EBITDA年減1%，主要反映一次性成本降低不再發生，部分被營收成長所抵銷。本季調整後稀釋每股盈餘為0.96美元，在可比基礎上下降3%；原因為可比調整後EBITDA下降1%、有效稅率略高及利息費用增加，但部分被股份回購活動帶來的效益所抵銷。

Development in advanced spend totaled $29 million in the first quarter, roughly consistent with our spend in first quarter 2025. We continue to see an increased appetite for our brands, and we're happy to put our excess cash to work to bolster our footprint in some of the PPAR accretive markets Jeff mentioned earlier. We continue to be disciplined with the use of development in ANSYS and underwriting above our cost of capital. With these hotels historically entering our system at a PPAR premium of roughly 40% above our systems PPAR. We returned $85 million to our shareholders in the first quarter through $51 million of share repurchases and $34 million of common stock dividends.

第一季在前期投入（advanced spend）的開發支出合計2,900萬美元，與2025年第一季的支出大致一致。我們持續看到市場對我們品牌的偏好提升，也樂於運用多餘現金，在Jeff先前提到的一些可提升PPAR的市場中擴大我們的版圖。我們在運用開發資金於ANSYS以及在資本成本之上進行承作（underwriting）方面，仍保持紀律。這些飯店歷來加入我們系統時，其PPAR溢價約為較我們系統PPAR高出約40%。第一季我們透過5,100萬美元的股份回購及3,400萬美元的普通股股利，合計向股東返還8,500萬美元。

In February, we issued $650 million of senior unsecured notes at 5.625% and primarily used the net proceeds to fully repay our then outstanding revolver borrowings and term loan [indiscernible] bonds. Pro forma for the transaction are nearest maturities in the second half of [indiscernible] and nearly all our debt is fixed at attractive rates. We ended the quarter with approximately $1.1 billion in total liquidity, and our net leverage ratio of 3.5x remained as expected at the midpoint of our target range. Now turning to outlook.

2月，我們以5.625%發行6.5億美元的無擔保優先票據，並主要以淨募集資金全數償還當時未償還的循環信貸借款及定期貸款[聽不清]債券。以該交易之備考（pro forma）計算，最近到期日位於[聽不清]下半年，且我們幾乎所有債務皆以具吸引力的利率固定。本季末我們的總流動性約為11億美元，淨槓桿比率為3.5倍，符合預期並位於目標區間中點。接下來談展望。

We are reaffirming our expectation for full year global net room growth of 4% to 4.5%, excluding any potential termination impact associated with Revo's ongoing insolvency. As Jeff mentioned, first quarter US RevPAR trends exceeded our expectations, and we've seen sustained 1% growth in the US over the past 3 months. As such, we've updated our expectations to include our first quarter US outperformance as well as assumptions that the US.

我們重申對全年全球淨客房成長4%至4.5%的預期，不包含與Revo持續破產程序相關的任何潛在終止影響。如Jeff所提到，第一季美國RevPAR趨勢優於我們預期，且過去3個月美國維持1%的持續成長。因此，我們更新預期，納入第一季美國表現超預期，以及假設美國

maintains this level of growth through the second quarter.

在第二季維持此一成長水準。

Our expectations for the back half of the year in the US remain unchanged at approximately flat until we gain further visibility in the peak leisure summer months. Accordingly, we're raising our global RevPAR outlook to a range of up 1% to down 1%. As part of our efforts to pursue all available remedies related to Revo's ongoing insolvency proceedings, and optimize the recoverability for our shareholders, we exercised our rights during the first quarter to foreclose on and take ownership of 2 properties in Europe that were previously owned by Revo.

我們對今年下半年美國市場的預期維持不變，約為持平，直到我們在暑期休閒旺季月份獲得更高能見度為止。因此，我們將全球RevPAR展望上調至上升1%至下降1%的區間。作為我們就Revo持續破產程序尋求所有可用救濟並為股東最佳化可回收性之努力的一部分，我們在第一季行使權利，對先前由Revo持有的歐洲2處資產進行止贖並取得所有權。

We expect these properties to generate approximately $10 million of net revenues in full year 2026, with a limited impact to earnings as we work to stabilize operations and implement an asset management plan to maximize value. As such, net revenues are now expected to be $1.47 billion to $1.5 billion. The impact from our increased RevPAR outlook falls within our adjusted EBITDA outlook range of $730 million to $745 million, which therefore remains unchanged. We've updated our adjusted net income range to $351 million to $365 million to reflect the impact of increased interest expense resulting from our issuance of senior unsecured notes, which is offset in adjusted diluted EPS by the impact of share repurchases. As such, our adjusted diluted EPS outlook range of $4.62 to $4.80 remains unchanged.

我們預期這些資產在2026年全年將產生約1,000萬美元的淨營收；在我們致力於穩定營運並推動資產管理計畫以最大化價值的過程中，對獲利的影響有限。因此，淨營收目前預期為14.7億至15.0億美元。我們提高RevPAR展望所帶來的影響落在調整後EBITDA展望區間7.30億至7.45億美元之內，因此該展望維持不變。我們將調整後淨利區間更新為3.51億至3.65億美元，以反映發行無擔保優先票據導致利息費用增加的影響；而在調整後稀釋每股盈餘中，該影響由股份回購的效果所抵銷。因此，我們調整後稀釋每股盈餘展望區間4.62至4.80美元維持不變。

Our expectation for the marketing fund to break even on a full year basis also remains unchanged. With respect to seasonality, we expect the funds to underspend by approximately $10 million to $15 million in the second quarter, bringing the first half under spend to approximately $0 million to $5 million, which we then expect will reverse in the back half of this year. In closing, our first quarter results underscore the strength and appeal for brands to guests, developers and owners as reflected in the meaningful recovery in US RevPAR and continued growth in our system size and development pipeline.

我們對行銷基金全年損益兩平的預期亦維持不變。就季節性而言，我們預期第二季基金支出將低於預算約1,000萬至1,500萬美元，使上半年累計低支出約為0至500萬美元；我們預期此情況將在今年下半年反轉。最後，我們第一季的結果凸顯我們品牌對旅客、開發商與業主的強勁吸引力，反映在美國RevPAR的顯著回升，以及我們系統規模與開發管線的持續成長。

We've remained disciplined in our capital allocation approach, prioritizing investments in high-return growth opportunities and digital technology advancements while consistently returning excess capital to shareholders. We're confident that our resilient asset-light business model and strong balance sheet position us well to drive solid results in 2026, while providing clear visibility into our long-term growth trajectory. With that, Jeff and I would be happy to answer your questions. Operator?

我們在資本配置上持續保持紀律，優先投資於高報酬的成長機會與數位科技進展，同時一貫地將多餘資本回饋股東。我們相信，具韌性的輕資產商業模式與強健的資產負債表，使我們在2026年能夠推動穩健成果，並為長期成長軌跡提供清晰能見度。接下來，Jeff和我很樂意回答各位的問題。接線員？

[Operator Instructions] We'll go first this morning to Michael Bellisario, Baird.

[接線員指示] 今天早上我們先請Baird的Michael Bellisario提問。

Amit, congrats on the new role. Can we start big picture on the demand side? Just first, sort of where and when did you begin to see the RevPAR improvement in the first quarter? And then second part, how much of what you've seen through April is maybe actual underlying demand improvement versus maybe just easier year-over-year comparisons.

Amit，恭喜你擔任新職務。我們能否先從需求端的大方向談起？第一，第一季你們大概是在何時、哪些地方開始看到RevPAR改善？第二，4月迄今你們看到的改善，有多少是實際的基本面需求提升，還是可能只是年對年比較基期較容易？

We began to see it, Mike, really, as we talked about on our last call in January, we're midway through February. The Q4 RevPAR, as we talked about in the script of down 8% was down 4% in January. And then it just jumped to plus 1% for February and March. And April month-to-date is continuing with that same strong demand, that same February and March improved performance. We saw it specifically in states like Texas, which we talked about the combination of Texas, Florida and California improving 800 basis points.

Mike，我們其實在2月中旬就開始看到，正如我們在1月上次電話會議中提到的。第四季RevPAR如我們在講稿中所說下滑8%，但1月僅下滑4%。接著2月與3月就跳升到成長1%。而4月截至目前仍延續同樣強勁的需求，以及2月與3月改善後的表現。我們特別在德州等州看到改善；如我們所說，德州、佛州與加州合計改善了800個基點。

But Texas alone was a 700 basis point improvement, and it was up 2% year-over-year, which was great to see -- and we have 700 hotels in Texas, 2% up for the quarter. That was a big deal. -- improvement, of course, in California and Florida. We saw it, as we talked about, across the Midwest infrastructure states, collectively a big group of them, up 8%, we're seeing corporate contracted in that everyday business pick up. And sequentially, it was both occupancy and rate.

但光是德州就改善了700個基點，且年增2%，這點很令人振奮——而我們在德州有700家飯店，本季年增2%。當然，加州與佛州也有改善。我們也看到，如我們所談到的，在中西部基礎建設州（多個州合計的一大群）整體成長8%，我們看到企業合約的日常商務需求回升。而就環比而言，改善同時來自住房率與房價。

We saw nongovernment infrastructure pick up oil and gas pickup. Our oil and gas market tracks, which are 12% of our room count picked up by 400 basis points. And in terms of what we're seeing now in April, if we just look at STR for the last 8 weeks, US economy occupancy is running up 140 basis points to prior year. So that's demand driven, with Wyndham's economy brands outperforming over those last 8 weeks, the STR economy industry occupancy by 120 basis points.

我們看到非政府的基礎建設需求回升，油氣相關需求也回升。我們追蹤的油氣市場（占我們客房數的12%）改善了400個基點。至於4月目前的情況，如果我們看STR過去8週的數據，美國經濟型（economy）住房率較去年同期高出140個基點。因此這是需求驅動；而Wyndham的經濟型品牌在過去8週的表現，較STR經濟型產業住房率高出120個基點。

And our economy brands are continuing to drive rate index gains. And we talked about in the last call, and we continue to see it ADR being the biggest opportunity for our small business owners moving forward, especially in select service. Our economy and mid-scale brands continue to gain rate index. There's a lot of runway ahead. We know that economy ADR has a long way to recover.

而我們的經濟型品牌仍持續推動房價指數（rate index）提升。我們在上次電話會議中提到，且目前仍看到，ADR將是我們小型業主未來最大的機會，尤其是在精選服務（select service）領域。我們的經濟型與中階品牌持續提升房價指數。未來仍有很大的成長空間。我們知道經濟型ADR距離完全復甦仍有很長一段路要走。

It's only up 11% to 2019 versus higher-end segment like luxury being up 30%. So as wage growth continues to outpace inflation and consumer confidence continues to stabilize, the pricing opportunity for our franchisees to catch up on both the demand side, which we're seeing and now looking forward on the rate side is significant.

相較於2019年僅上升11%，而高端區隔如奢華則上升30%。因此，隨著薪資成長持續跑贏通膨、消費者信心持續趨於穩定，我們加盟商在定價上的追趕空間相當可觀——不僅在需求端（我們已經看到了），而且展望未來在房價端也同樣顯著。

We'll go next now to Brandt Montour, Barclays.

接下來請巴克萊的 Brandt Montour 提問。

Maybe we'll just keep that thread going, Jeff. If we were to sort of read between the lines in terms of business travel versus leisure travel, sequentially, it sounds like business travel might be driving some -- a little bit more of the majority of the sequential strength. So maybe talk a little bit more on the leisure side. do you feel like you're seeing closer to home trends pick up? Do you think that you're seeing tax refunds sort of more than offset sensitivity to gas prices? What are you kind of seeing near term in terms of like booking trends and booking window, the length of the booking window. Any other sort of KPIs you're looking at leases that would be helpful.

Jeff，也許我們就延續這個脈絡。如果我們從商務旅行相對於休閒旅行的角度來「讀懂弦外之音」，按序列來看，聽起來商務旅行可能正在帶動——在一定程度上——更多的序列性走強。所以想請你多談談休閒端：你是否覺得更近距離、在家附近的趨勢正在回升？你是否認為退稅款在某種程度上足以抵消對油價的敏感度？就短期而言，你們在預訂趨勢、預訂窗口（預訂提前期的長短）方面看到了什麼？還有沒有其他你們在看的 KPI（例如租賃相關）可以分享，會比較有幫助？

Sure. Thanks, Brandt. There is so much optimism out there in the United States, both obviously on the US development side, but on the consumer demand side, specifically cancellation rates are improving. They're getting better. Booking lead times are really solid. And the lengths of stay interestingly are getting longer. They're up to prior year, and they're up significantly, 540 basis points to where they were pre-COVID. And we're seeing guests drive a bit further than last year and drive a lot further than they were post-COVID with that revenge travel coming back.

當然。謝謝你，Brandt。美國目前有非常多的樂觀情緒，當然包括美國開發端，但在消費者需求端也是如此；尤其是取消率正在改善。確實在變好。預訂提前期非常穩健。而且有趣的是，住宿天數正在拉長。不僅高於去年，且相較於疫情前也顯著增加——比疫情前高出540個基點。我們也看到旅客比去年開得更遠，且比疫情後「報復性旅遊」回歸時開得更遠。

And whether it's a C-shaped or an E-shaped economy with that middle tier of middle-income consumers, our sweet spot feeling better. They are gaining confidence in purchasing power. And our franchisees across the country, you're feeling it, you referenced tax refunds. Those second half tax refunds absolutely have the potential to unlock further discretionary spending. US travel published a research report earlier this month, which estimates that one out of every $9, 9% of the estimated $57 billion of tax refunds will be spent on travel.

不論是所謂的 C 型或 E 型經濟、以及中間那一層中等收入消費者的表現，我們的甜蜜點感覺正在變好。他們對自身購買力的信心正在提升。而我們全國各地的加盟商也都感受得到；你提到退稅款，下半年那一波退稅款確實很有可能進一步釋放可自由支配支出。美國旅遊協會（US Travel）本月稍早發布研究報告，估計約每9美元中就有1美元——也就是預估570億美元退稅款中的9%——將用於旅遊。

And that middle-income guests US travel believes and their research shows will drive 70% of that, meaning an extra 1 out of 9 on $57 billion, 70% of that, $3.5 billion, $4 billion that their research estimates will be spent on domestic travel this year. And our internal consumer research shows that our middle-income guests continue to express a higher intent to travel this year, certainly than they were at this point last year. Wage growth, as we saw yesterday, is robust enough to support increased discretionary spending, which, again, are small business owners are seeing -- and while Amit mentioned in his outlook comments that while we have limited back half visibility, we know our comps ahead get easier.

而美國旅遊協會認為（其研究也顯示）中等收入旅客將帶動其中的70%；也就是說，在570億美元中每9美元多出1美元、其中70%——約35億到40億美元——其研究估計今年將花在國內旅遊上。我們內部的消費者研究也顯示，我們的中等收入旅客今年的旅遊意願持續更高，至少比去年此時更高。如同我們昨天看到的，薪資成長足夠強勁，可支撐更高的可自由支配支出；同樣地，我們的小企業主（加盟商）也正在看到——另外，正如 Amit 在展望評論中提到，雖然我們對下半年能見度有限，但我們知道接下來的同店比較基期會變得更容易。

And we're expecting a stronger June. We're expecting a stronger July with FIFA, where we're already seeing our hotels within 20 miles are pacing considerably ahead of prior year, which should contribute. We're estimating about 20 bps of uplift right there. And then we have events planned for the Route 66 and the America 250 celebrations this summer and fall that have our -- here in this building, our PR, our sales teams, our marketing teams targeting drive-to guests with mobile offers to boost room night demand across the hundreds and hundreds of our hotels along US highways and byways like Route 66. So it was more leisure to your question, but it was similarly and we could save it for another question.

我們預期6月會更強。我們也預期7月在 FIFA 帶動下會更強；我們已經看到距離賽事20英里內的飯店，進度（pacing）明顯領先去年，這應會帶來貢獻。我們估計僅此就可帶來約20個基點的提振。此外，我們也為今年夏季與秋季的 66 號公路（Route 66）以及「America 250」慶祝活動規劃了相關活動；我們這棟大樓裡的公關、銷售與行銷團隊，正以行動端優惠鎖定自駕旅客，提升沿著美國高速公路與支線道路（如 66 號公路）數百、數百家飯店的間夜需求。所以就你的問題而言，更多是休閒端，但其實也同樣——我們可以留到下一題再談。

Blue collar and infrastructure business, which is strengthening government showing signs of improvement, a lot of optimism out there with oil and gas in those markets that we're in. But there is a lot to be confident about.

藍領與基礎建設相關的商務需求、政府端的強化也顯示出改善跡象；我們所在的市場中，油氣產業也帶來許多樂觀情緒。總之，有很多值得有信心的地方。

We go next now to Steve Pizzella, Deutsche Bank.

接下來請德意志銀行的 Steve Pizzella 提問。

Just wanted to follow up on AI. How have your initiatives benefited Wyndham and your owners? What have you seen in terms of increasing direct bookings? And what are the upside cases you're hearing for your owners in terms of additional ancillary spend?

我想追問一下 AI。你們的各項計畫如何讓溫德姆（Wyndham）以及業主受益？在提升直接預訂方面，你們看到了什麼成效？另外，從業主角度，你們聽到的上行情境（upside cases）有哪些，特別是額外的附加消費（ancillary spend）？

A lot in there, Steve, and it's something I was sitting with owners in Southeast Asia and the Pacific last month, and it's -- whether I was in New Zealand talking to a developer building La Quintas or in Singapore, in a full-service hotel, there is nothing that they're more excited about in terms of everything you asked in that question, incremental revenue and more direct bookings. I mean, AI is moving so quickly. And our whole AI forward 6 year, we've talked a lot about it on these calls, a $450 million investment that Scott Strickland and the team has led has really accelerated our AI readiness. We are now 100% cloud-based. We're fully optimized across all of our platforms with best-in-class partners like AWS and Salesforce, Oracle, Adobe.

Steve，你這裡面包含很多點；而且我上個月和東南亞與太平洋地區的業主坐在一起時，這——不論我是在紐西蘭與一位正在興建 La Quinta 的開發商交流，或是在新加坡的一家全服務型飯店——在你問到的所有面向上（增量營收與更多直接預訂），沒有什麼比這更讓他們興奮。AI 的進展非常快。我們的「AI Forward」六年計畫——我們在這些電話會議上談過很多——由 Scott Strickland 與團隊主導的4.5億美元投資，確實大幅加速了我們的 AI 就緒度。我們現在已經100%雲端化。並且在 AWS、Salesforce、Oracle、Adobe 等一流合作夥伴的協助下，全面完成各平台的最佳化。

And the foundation is enabling us to launch products like we've talked a lot about. I won't go into it, the Wyndham connect AI with Canary, it's in our investor deck powered by Open AI. That was launched 2 years ago. And that gave us a very early lead in removing friction across the guest journey for franchisees. And it delivered to your question, commercial value to our owners, allowing them to focus more on hospitality.

而這個基礎讓我們能推出我們談過很多的產品。我就不展開了，例如與 Canary 合作的 Wyndham Connect AI（在我們的投資人簡報中），由 OpenAI 提供支援。那是在兩年前推出的。它讓我們在為加盟商移除旅客旅程中的摩擦方面取得非常早期的領先。而且回到你的問題，它也為業主帶來商業價值，讓他們能把更多精力放在待客之道上。

Because we're deploying it at scale across all of our guest touch points, we're no longer piloting. We're driving up to in an engaged full-service hotel up to $25 million of additional NOI ancillary revenue, that is real money for those hotels. We've got engaged economy hotels driving $120,000 of incremental spend incremental spend from guests, which is flowing straight through to their bottom line and incremental mid-scale hotels driving a $150,000 through that 1 product. And so it's -- it's really exciting in terms of what it's driving for them, and it's certainly helping us. It was a big topic of conversation when we were at the AoA conference I referenced in my remarks today in terms of what's differentiating Wyndham from -- in the Select service space, their competitive sets to do business with us.

因為我們正在所有旅客接觸點大規模部署，所以我們不再只是試點。在高度投入的全服務型飯店，我們可帶動最高達2,500萬美元的額外 NOI 附加營收，這對那些飯店來說是真金白銀。我們也看到投入度高的經濟型飯店，帶動旅客12萬美元的增量消費（incremental spend），直接流入其損益底線；而投入度高的中階飯店，僅靠那一項產品就能帶動15萬美元。所以——就它為他們帶來的驅動效果而言，真的非常令人振奮，也確實在幫助我們。我今天發言中提到的 AoA 大會上，這也是一個重要話題：在精選服務（Select service）領域，溫德姆相較於競品，哪些差異化因素讓他們更願意與我們合作。

And we're really excited about to your direct contribution question. I think that's, for us, the biggest benefit that as we roll this out, we talked about 1,100 hotels right now and rolling it out across the world with our Wyndham Connect+ product that's also in the investor deck, we are taking millions and millions of dollars of costs out of those hotels front office. We're taking millions of guest calls, millions of questions away from people that would have to answer them. And we're autonomously handling those labor-intensive tasks that they no longer have to stack to. That's what's saving the money.

而且就你問到的直接貢獻（direct contribution）而言，我們也非常興奮。我認為對我們來說，最大的好處是：隨著我們推廣——目前約1,100家飯店，並透過我們同樣在投資人簡報中的 Wyndham Connect+ 產品向全球擴展——我們正在從這些飯店的前台營運中移除數以百萬計美元的成本。我們把數以百萬計的旅客來電、數以百萬計的問題，從原本需要人力回覆的工作中移開。我們以自動化方式處理那些勞力密集的任務，他們不再需要去承接。這就是節省成本的來源。

But it's also resulting in better or interactions with our guests. We have no drop calls, faster handle times, handle times have improved by 25%. And it's that AI product that we've deployed that's driving that. We talked about in the script, 300 basis points of increased direct contribution to those franchisees, which they're very excited about.

但同時也帶來更好的——與旅客的互動。我們沒有掉線通話，處理時間更快，處理時間已改善25%。而這正是我們部署的 AI 產品所帶動的。我們在講稿中提到，加盟商的直接貢獻提升了300個基點，他們對此非常興奮。

We go next now to David Katz, Jefferies.

我們接下來請 David Katz（Jefferies）提問。

Just following on the AI thing, given the slides that you have in your deck and the amount of commentary put on it. Do you have any statistics or any perspectives on customer uptake? I think that's obviously going to be one of the gating factors for how much and how soon and how fast -- how are you measuring that?

延續剛才 AI 的話題，考量到你們簡報裡的投影片以及你們對此的評論篇幅。你們是否有任何統計數據或觀點，關於客戶採用情況？我認為這顯然會是影響規模、時點與速度的關鍵因素之一——你們如何衡量？

Yes. The incremental revenue upside that I'm talking about, David, is with with Steve's question is the most immediate important measurement for our franchisees. I mean we're looking at everything that we could do to drive incremental revenue to their hotels. We're looking at how much margin we could drive by taking a guest service agent, perhaps or a PABX operator. off of their payroll and allow them to free up staff for others.

是的。David，我所談到的增量營收上行，呼應 Steve 的問題，對我們加盟商而言是最即時且重要的衡量指標。我們正在檢視所有能為他們的飯店帶來增量營收的方法。我們也在看，透過把一位客服專員（guest service agent）或可能是 PABX 總機接線員從薪資名單中移除，讓他們能把人力釋放到其他工作上，能帶來多少毛利提升。

We're looking at the percentage that we're able to drive to the hotel from a direct booking basis because the call wasn't dropped or it wasn't lost, and that's that 300 basis point KPI that we're tracking right now for the 1,100 hotels, only 1,100 so far of our 8,000 as we roll it across the world in 100 different languages that we're looking at. So our job is to make sure that the small business owners are engaged with these tools that can drive hundreds of thousands of dollars up to 100,000 maybe in a -- or over 100,000 in an engaged franchise economy hotel to $0.25 million in a very engaged leak point of Vista Palace in Orlando that complex is just all over this, and is really, really creative.

我們在看，從直接訂房的角度，我們能把多少比例導回飯店，因為電話沒有被掛斷、也沒有遺失；這就是我們目前正在追蹤的 300 個基點 KPI，涵蓋 1,100 家飯店——目前只有 1,100 家，因為我們正把它推向全球 8,000 家飯店，並以 100 種不同語言逐步上線。因此，我們的工作是確保小型企業主能投入使用這些工具；在高度投入的加盟經濟型飯店，這些工具可帶來數十萬美元、可能達到 10 萬美元以上的增量；而在奧蘭多的 Vista Palace 那個非常投入的「leak point」案例中，甚至可達 0.25 百萬美元——那個複合體對此投入非常深，也非常非常有創意。

And we can't underestimate the KPI for guest satisfaction. We're continuing to see -- we've seen an uptick of 400 basis points in guest satisfaction because those calls are answered right away. I mean we have that single source of truth, where David Katz is booking a reservation and we now know that autonomous agent now knows all about David. Before we did not, that front desk agent might not. We have that basic information that was not easily at their fingertips about what David and his daughters like and not having to ask David to give us anything about them in terms of his loyalty is booking behaviors these agents are able to answer any question imaginable that I guess might ask about his stay in moments, not minutes and book the Cat family into their preferred room based on their past day history and then work to sell them a suite upgrade and really check an late checkout or an F&B amenity package.

而且我們不能低估住客滿意度的 KPI。我們持續看到——由於電話能立即被接起，我們已看到住客滿意度提升了 400 個基點。我的意思是，我們有那個單一事實來源（single source of truth）：當 David Katz 在預訂時，我們現在知道那個自動化代理（autonomous agent）已經了解 David 的所有資訊。以前我們做不到，櫃檯人員可能也不知道。我們掌握了那些以前不容易即時取得的基本資訊，例如 David 和他女兒們喜歡什麼；也不需要再請 David 提供任何資訊——就他的忠誠度、訂房行為而言，這些代理能在片刻（moments）而非幾分鐘內回答住客對住宿的任何問題，並依據過往入住紀錄把 Cat 一家安排到他們偏好的房型，接著再推銷套房升等、延後退房，或餐飲（F&B）迎賓禮遇套裝。

All of this being done autonomously is just so exciting. We would not have had the time to do that before, and it's the revenue generated that we're looking at. It's the it's the direct bookings because that call wasn't dropped and you didn't hop off on to a third-party to book, and it's the increased satisfaction that we're delivering for our guests at time of booking. And then you just multiply that on -- in terms of everything that we're doing. With the LLM in terms of where we're live today with Cloud and Open AI and Google, and it's really, really, really exciting. I mean we're scratching the surface with so many new initiatives underway that we're not going to talk about or disclose on this call, but we're very well positioned as these platforms continue to evolve.

所有這些都能以自動化方式完成，真的非常令人振奮。以前我們不可能有時間做到這些，而我們關注的是所產生的營收。我們關注的是直接訂房，因為電話沒有被掛斷，你也不會跳到第三方去訂；我們也關注的是在訂房當下為住客帶來的滿意度提升。接著你再把這些效益放大——就我們正在做的所有事情而言。在 LLM 方面，就我們目前與 Cloud、Open AI 以及 Google 的上線情況而言，這真的、真的、真的令人興奮。我的意思是，我們才剛觸及表面，還有許多新計畫正在推進，但我們不會在這通電話中談或揭露；不過，隨著這些平台持續演進，我們的布局非常到位。

And David, if I could, if I could just add on your customer uptick and uptake question studies are showing that almost 40% of travel searches are coming through LOM. So really, we want to meet guests wherever they're choosing to book and offer Wyndham hotels and their engagement through our Wyndham mobile app through interacting with the properties, front desk and all of that, we're seeing strong increases. So guests are definitely embracing it as -- and we're right there to meet them.

David，如果可以的話，我想補充你關於客戶成長與採用的問題：研究顯示，將近 40% 的旅遊搜尋是透過 LOM 進行的。因此，我們確實希望在住客選擇訂房的任何地方與他們相遇，並提供溫德姆（Wyndham）飯店；而透過我們的 Wyndham 行動 App、與物業互動、櫃檯互動等，我們看到強勁的成長。所以住客確實正在擁抱它——而我們也就在那裡迎接他們。

We go next now to Dany Asad, Bank of America.

接下來請 Bank of America 的 Dany Asad 提問。

And congrats on the new role. My question for you is more on the ancillary side. Can you just help us understand the big drivers of that increase in the quarter? And then more importantly, I think how should we think about that opportunity long term here?

也恭喜你擔任新職務。我想問的比較偏向附加收入（ancillary）這一塊。你能否協助我們理解，本季增長的主要驅動因素是什麼？然後更重要的是，長期來看，我們應該如何看待這個機會？

I'm excited to be in the new role. Ancillary, we had a strong quarter this year, 21% year-over-year growth, primarily driven by the credit card program. As you kind of think about that, we have -- we've guided to low to mid-teens for the full year. That's still the outlook for the full year Q1, the 21% is really driven by lapping. We renewed the credit card agreement with Barclays in March of last year.

我很高興擔任這個新職務。附加收入方面，我們今年本季表現強勁，年增 21%，主要由信用卡計畫帶動。當你思考這點時，我們對全年指引是低到中十位數（low to mid-teens）。這仍是全年的展望；第一季的 21% 主要是由於比較基期因素（lapping）。我們在去年 3 月與 Barclays 續簽了信用卡協議。

So as you look at it for this quarter, we had a full quarter versus just a month last year. So that's really the lapping. But with -- as far as the full year, it's still the low to mid-teens guidance that we provided, and we're excited about [indiscernible] continued growth in the ancillary side.

因此就本季而言，我們今年是一整季的貢獻，而去年只有一個月。所以這主要就是比較基期因素。不過——就全年來看，仍是我們提供的低到中十位數成長指引；我們也對附加收入端的[聽不清]持續成長感到振奮。

We'll go next now to Patrick Scholes, Truist Securities.

接下來請 Truist Securities 的 Patrick Scholes 提問。

Wonder if you could give us a little bit more color on your performance out of China. Certainly, across the industry and 1Q results, we've seen just a very wide volatility in RevPAR results out of China, certainly, Smith Travel sort of implied up low single digits, some companies reported, we're doing up in the teens. You folks were negative 5%. A little bit more color on what drove the negative 5% versus, say, the industry where perhaps what you know about the other companies? And then your expectations for the near to midterm for China.

想請你們多分享一些中國市場表現的細節。當然，從整個產業以及第一季結果來看，我們看到中國的 RevPAR 結果波動非常大；STR（Smith Travel）似乎暗示是低個位數成長，有些公司回報是十位數成長。你們則是負 5%。能否多說明一下，造成負 5% 的原因是什麼？相較於產業、或你們對其他公司的了解，差異在哪裡？以及你們對中國短中期的預期。

Sure. looking at the industry, looking at STR, and we've talked about this before, Patrick, our brands in China were much like here in the US, the first to recover coming out of the lockdown. And looking at our overall RevPAR today versus where it was pre-COVID were in line with STR. Certainly, we want to see that minus 5% become positive in overall, China RevPAR did improve. It was 540 basis points of improvement from last quarter to this quarter.

當然。從產業、從 STR 來看，而且我們之前也談過這點，Patrick，我們在中國的品牌就像在美國一樣，是在解封後最早復甦的一批。以我們目前的整體 RevPAR 相較於 COVID 前的水準來看，與 STR 是一致的。當然，我們希望整體的負 5% 能轉為正成長；中國 RevPAR 確實有所改善。從上季到本季改善了 540 個基點。

And what was great to see was occupancy improving a full 12 points to being up 8% to prior year. ADR is still the issue over in China, continued deflation. The deflationary environment in China is the longest it's been since a long, long time, back in the '60s. But -- it is estimated to likely soon turn, and we're looking forward to that RevPAR continuing to improve and get back to a positive, which I think is our expectation for the full year. Occupancy is the big tailwind.

而很高興看到的是，入住率（occupancy）整整提升了 12 個點，達到較去年同期成長 8%。ADR 仍是中國那邊的問題，通縮仍在持續。中國的通縮環境是很長一段時間以來最久的一次，可追溯到 60 年代。不過——估計很可能很快就會反轉，我們也期待 RevPAR 持續改善並回到正成長，我想這也是我們對全年的預期。入住率是最大的順風。

It's still trailing by a long, long margin where it was pre-COVID. But with PPI turning positive for the first time in 41 months at up 1%. And with the government boosting service consumption and travel demand visa-free entry in international inbound is a lot of our peers have been talking about as that picks up with increased flight capacity, we're optimistic. But where we're most optimistic in China is the continued growth on the development front. Our Q1 NRG double digits for both our direct franchising system and our overall system with direct franchise signings up a solid 5%.

它仍然遠遠落後於 COVID 前的水準。但隨著 PPI 在 41 個月來首次轉正、年增 1%。以及政府提振服務消費與旅遊需求、免簽入境帶動國際入境旅遊——這也是許多同業一直在談的；隨著航班運力增加、需求回升，我們保持樂觀。但我們在中國最樂觀的是開發端的持續成長。我們第一季 NRG 在直營加盟系統與整體系統皆為雙位數成長，且直營加盟簽約量穩健成長 5%。

We've increased our direct franchising business. We continue to grow it. It's up 100% since spin. It's sitting at about 100,000 rooms with over 400 hotels -- direct hotels now in our pipeline. And this accelerating double-digit net room growth is helping grow our international royalty rates.

我們已擴大我們的直營加盟業務。我們持續推動其成長。自分拆以來已成長100%。目前約有100,000間客房、超過400家飯店——而且我們的開發管線中，直營飯店也已超過400家。這種加速的雙位數淨客房成長，正協助提升我們的國際權利金費率。

And as we pivot from MLAs to direct franchising agreements, it's at a significantly higher, 3x higher royalty rate is what it was for Q1. So we're really pleased with how things are going in China. We've got strong direct development owner relationships. 12 of our 25 brands are now registered for sale in China. And we've taken back these legacy MLAs like days in, which has grown significantly since we did that, and we're growing across the capitals of Beijing and Shanghai, our brand really resonates tech centers we talk about on every call as we did this.

而隨著我們從MLA轉向直營加盟協議，權利金費率顯著提高——在第一季約為原來的3倍。因此，我們對中國的進展非常滿意。我們與業主建立了強而有力的直營開發關係。我們25個品牌中已有12個完成在中國的銷售註冊。我們也收回了像Days Inn這類歷史MLA；自我們採取該措施以來成長顯著。我們在北京、上海等一線城市持續擴張；我們的品牌在我們每次電話會議提到的科技中心也非常有共鳴。

The Elite 8 cities, great growth. We've just -- we're very proud of what our Chief Development Officer over there, Bill Wang and his team's significant growth has been delivering and continues to deliver and achieve for us.

菁英8大城市的成長表現非常好。我們對那邊的首席開發長Bill Wang及其團隊所帶來、並持續帶來與達成的顯著成長感到非常自豪。

Just if I could just add on. As Jeff mentioned, we have recovered on pace with 2019 versus the industry. Patrick, I think you look at it, we recovered ahead of the industry. So we're right now kind of in line with the industry. So the recovery is just the timing of it.

我再補充一下。如Jeff提到的，我們相較於產業，已以2019年的水準為基準恢復到相同步調。Patrick，我想你若看數據，我們其實是領先產業復甦。所以我們目前大致與產業持平。因此，復甦主要只是時間點的差異。

And then for the full year basis, last year, we were down 9%. And as we said, we expect to see that kind of like flat to positive growth this year. So it's really a huge sequential improvement year-over-year to almost 10% to get to that level.

以全年來看，去年我們下滑了9%。如我們所說，我們預期今年會看到大致持平到正成長。因此，年對年序列改善幅度非常大，從接近-10%改善到那個水準。

We go next now to Ben Chaiken, Mizuho.

接下來請Mizuho的Ben Chaiken提問。

Maybe on the US demand front, you touched on it briefly earlier. I think in response to a previous question, you mentioned that leisure was improving. And then if I call you correctly, you also suggested that kind of like blue collar infrastructure was improving. Am I correct that that latter comment, infrastructure in blue collar was more of a forward-looking comment?

關於美國需求面，你稍早有簡單提到。我想在回應前一個問題時，你提到休閒需求正在改善。然後如果我沒記錯，你也提到類似藍領基礎建設相關需求正在改善。我理解正確嗎？你後者那個評論——藍領基礎建設——比較偏向前瞻性的看法？

And then especially in states like Texas that are seeing rapid improvement, I guess how long do you need to see the stabilization improvement for that eventually show up in pipeline or net unit growth.

另外，特別是在像德州這些改善很快的州，我想問你需要看到改善與穩定持續多久，才會最終反映在開發管線或淨新增單位成長上？

Leisure was up about 100 basis points versus business in terms of improvement, but we're seeing we're still seeing it improve. I mean our overall infrastructure business that I touched on, Ben, was while it was still down to prior year, improved 10 points sequentially from Q4. And the nongovernment infrastructure revenue increased double digits in the first quarter, which helped our total business segment, if you think about 70% of our business being leisure, 30% being business, we were down 7% year-over-year for Q4, and we were flat for Q1. So significant improvement. And it helped boost our weekday occupancy, our weekday demand to flat for both February, March, and we're seeing that again in April.

休閒相較於商務的改善幅度大約高出100個基點，但我們仍看到它持續改善。至於我提到的整體基礎建設業務，Ben，雖然仍較去年同期下滑，但相較第四季序列改善了10個百分點。第一季非政府基礎建設收入呈雙位數成長，帶動我們整體業務板塊；若以我們業務結構約70%為休閒、30%為商務來看，第四季年對年下滑7%，而第一季持平。因此改善非常顯著。這也推升我們平日住房率與平日需求：2月、3月都回到持平，我們在4月也再次看到同樣情況。

A piece of that is oil and gas and energy infrastructure spending, that, as we talked about, increased really, really impressively for Q1. And in terms of forward-looking, our GSO consumed infrastructure revenue for the quarter grew 12%, while the contracted infrastructure revenue, what's on the books forward-looking continues to pace well ahead of the same time last year. And the second part of the question, Amit, did you pick that up?

其中一部分來自油氣與能源基礎建設支出，如我們所談到的，第一季增幅非常、非常亮眼。就前瞻性而言，我們本季GSO已消化的基礎建設收入成長12%；而已簽約的基礎建設收入——也就是帳上未來可見度——相較去年同一時間點仍持續大幅領先。第二個問題，Amit，你有接到嗎？

Yes. I think you were asking about, I think, Ben, about net rooms growth. I think if you look at it, the even last year with the RevPAR backdrop that we had we had record openings in the US, just kind of underline the strength of our brands and the performance. Really, our brands are resilient through periods of RevPAR cyclicality and then turn looking at this year, you see US signings up 8% global pipeline up to a record 259,000 rooms and 2,200 hotels. So yes, we're seeing continued growth.

有。我想你問的是淨客房成長，Ben。如果你看，即便在去年我們面對那樣的RevPAR環境背景下，我們在美國仍創下開業數的紀錄，這也凸顯我們品牌的實力與表現。我們的品牌在RevPAR景氣循環期間具韌性；再看今年，美國簽約量成長8%，全球管線提升至創紀錄的259,000間客房與2,200家飯店。所以，是的，我們看到成長持續。

Yes, mid former franchise sales team, now led by David Willner, Jared Medan, Brian Parker and Brad Gant, they did not miss a beat as Amit was promoted, and they saw very strong momentum domestically. The 8% they signed, more US development contracts than last year. I think what impresses us all is how they are coming in for more upscale and more accretive rooms, significant PPAR premium growth of 30% above our US system average.

是的，原本的加盟銷售團隊（中端品牌），現在由David Willner、Jared Medan、Brian Parker與Brad Gant領導；在Amit升任後，他們完全沒有停下腳步，並在國內市場展現非常強的動能。他們簽下的8%成長，代表美國開發合約數量高於去年。我想讓我們都印象深刻的是，他們帶來更多中高端、且更具增益的客房；PPAR溢價成長顯著，較我們美國系統平均高出30%。

And yes, we're just thrilled right now with a pipeline that grew by domestically 300 basis points. It's sitting at a record 110,000 rooms. And openings as well, opening 6,300 domestic rooms being in line with last year's record Q1 openings, all fueled by extended today, which we know there's going to be a lot of demand in stabilizing economy base and increasing upscale executions, is something that we're feeling good about.

而且，是的，我們對目前管線感到非常振奮，國內管線成長了300個基點。目前達到創紀錄的110,000間客房。同時開業表現也不錯，國內新增開業6,300間客房，與去年創紀錄的第一季開業量一致；這一切都受惠於延住型產品（我們知道在經濟逐步穩定的環境下需求會很大），以及中高端產品執行占比提升，這些都讓我們感到樂觀。

We go next now to Stephen Grambling, Morgan Stanley.

接下來請Morgan Stanley的Stephen Grambling提問。

On AI, do you find that all these benefits sound really encouraging, but do you find any difference in the impact as we think about either property type or customer type, meaning high-end or low-end properties, maybe have different impacts or leisure versus business customers or even thinking through different geographies.

關於AI，這些效益聽起來都很令人鼓舞，但你是否觀察到影響在不同面向上有差異？例如不同物業類型或客群類型——高端或低端物業可能有不同影響、休閒與商務客也不同，或是不同地理區域之間的差異。

It really gets back to the engagement of the property in terms of what they could think of, Stephen, to market to the Grambling. If you're flying across the country and you're arriving in -- on the West Coast and it's still early in the morning, it's pretty easy to sell you that early check-in an amenity package to get you in the Grambling kids to their room.

這其實回到物業的投入程度，也就是他們能想到哪些方式來行銷，Stephen，來向Gambling推廣。如果你飛越全國、抵達西岸時還是清晨，那就很容易向你銷售提早入住這項加值服務，以及一個設施配套，好讓你把Gambling的孩子們帶進房間。

Obviously, the higher up the chain scales, you move, there are increasing opportunities from what you could do with food and beverage in the hotels. I mean that's where we're seeing a lot of our success in full-service hotels like the one I mentioned in Orlando, where you do have food and beverage outlets and experiences. But it's just a really great opportunity from an incremental revenue standpoint for really all chain scales to drive.

顯然，連鎖等級越往上走，你在飯店餐飲方面可做的事情就越多、機會也越大。我們很多成功案例就出現在全服務型飯店，例如我提到的奧蘭多那家，因為那裡確實有餐飲據點與體驗。但從增量營收的角度來看，這對所有連鎖等級而言都是非常好的推動機會。

And it's most impactful, I think, to the small business owner that is able to drive something that's in their minds, really offsetting the rising labor costs and the rising brand fee costs and the rising distribution costs that obviously the whole industry always talks about. I mean it's a massive, massive offset for them.

而我認為影響最大的是小型企業主，因為他們能藉此推動一些原本就在他們腦海中的作法，實質抵銷不斷上升的人力成本、品牌費用，以及通路分銷成本——這些顯然也是整個產業一直在談的議題。對他們而言，這是一個非常、非常大的抵銷來源。

We go next now to Dan Politzer, JPMorgan.

接下來請JPMorgan的Dan Politzer提問。

You gave a little bit of color a few minutes ago on the development front. I was wondering if we could just kind of circle back there. How do you think about net rooms growth in the US for this year and the potential to grow there? And can you maybe give a little bit more detail on the affiliate rooms that came out in the quarter? And how we should think about that on a go-forward basis?

你剛才在開發面提供了一些補充說明。我想我們可以再回到那裡深入一下。你如何看待今年美國的淨客房成長，以及在那裡進一步成長的可能性？另外，你能否更詳細說明本季退出的聯盟（affiliate）客房？以及我們未來應該如何看待這件事？

Yes. We -- I mean, we had -- as we previewed to all of you in February, affiliate rooms come out. The US system was certainly pressured in Q1 with the outsized removal of what were legacy travel and leisure rooms that they've talked a lot about publicly and a legacy all the way back to our worldwide days of our Vacasa vacation rental affiliate room product as that company was sold, which could always happen from time to time. But when we look ahead with net room growth domestically to the first part of your question, I mean, we had a record 72,000 room openings last year.

是的。我們——我是說，我們確實——正如我們在2月向各位預告的那樣，關聯方客房會退出。美國系統在第一季確實承受壓力，原因是大幅移除了一些他們也在公開場合談了很多的既有旅遊與休閒客房，以及可追溯到我們全球時期、與 Vacasa 度假租賃關聯方客房產品相關的既有客房；該公司後來被出售，而這種情況不時就可能發生。但展望未來、回到你問題的第一部分——就美國國內的淨客房成長而言——我的意思是，我們去年創下紀錄，新增開業7.2萬間客房。

We had a big piece of that being domestic. And as rooms open, they come out of the pipeline, but we also had the ability to really add to that pipeline as I was just talking about in terms of the the team that have it built by signing 8% more US contracts than they did last year for those more upscale and accretive rooms. Our economy segment, which saw stabilization last year, to a large degree. It still has room to go, but our economy rooms were up 4% on a gross additions basis.

其中很大一部分來自國內。而當客房開業時，它們會從在建管線中移出；但同時，我們也有能力大幅補充管線——正如我剛才提到的——透過團隊簽下比去年多8%的美國合約，帶來更多偏中高端、且具增益性的客房。我們的經濟型細分市場去年在很大程度上已趨於穩定。仍有進一步提升空間，但以總新增口徑計算，我們的經濟型客房增加了4%。

We're running a best-in-class economy retention rate still that's been stabilizing. And as we put more sellers on the street to sell new brands like our premium economy [indiscernible] brand that has so many competitive advantages going for it like its lowest cost, AI-enabled PMS CRS technology stack able to drive the type of incremental revenues that we're just talking about.

我們仍維持同業最佳的經濟型留存率，而且已趨於穩定。隨著我們在前線配置更多銷售人員，去銷售新品牌，例如我們的高端經濟型[聽不清]品牌；它具備許多競爭優勢，例如最低成本、AI賦能的PMS/CRS技術堆疊，能夠帶動我們剛才所談到的那種增量營收。

We're looking forward to that domestically, but we're really seeing growth is an extended stay in mid-scale and above. Our extended state pipeline is up over 4% year-over-year to a record 45,000 rooms in a segment where we know demand outstrips supply by 3x and is going to for years to come. We're seeing really strong interest in our Echo Suites extended-stay product, our Hawthorne Suites extended stay product and our upscale water walk brand that its pipeline is up 2x from last year on small numbers, but a lot of interest and a lot of demand.

我們對美國國內的這些發展感到期待，但我們真正看到的成長是在中端及以上的長住（extended stay）領域。我們的長住在建管線年增超過4%，達到創紀錄的4.5萬間客房；在這個細分市場中，我們知道需求是供給的3倍，且未來多年都將如此。我們看到市場對 Echo Suites 長住產品、Hawthorne Suites 長住產品，以及我們的高端 WaterWalk 品牌有非常強勁的興趣；WaterWalk 的管線雖然基數較小，但較去年成長2倍，顯示出高度關注與需求。

And our upper mid-scale and upscale brands are resonating in markets so often oversaturated with larger peer supply. We're seeing good increases for our Wyndham Grand brand, our Dulce. We recently opened 3. It's on the cover of our investor presentation we put out yesterday and a good double-digit growth for our registry collections domestic pipeline. So -- with 85% of our pipeline in the U.S either extended-stay, mid-scale, upper mid-scale, upper up or luxury as we continue to push our system into higher fee part segments, We're, again, feeling good.

而我們的中高端與高端品牌，在那些往往被更大型同業供給過度飽和的市場中也很有共鳴。我們看到 Wyndham Grand 品牌、以及 Dulce 都有不錯的增長。我們最近開了3家。這些也出現在我們昨天發布的投資人簡報封面上；同時，我們的 Registry Collections 在美國國內的在建管線也有良好的兩位數成長。因此——隨著我們在建管線中有85%位於美國，且屬於長住、中端、中高端、高端或奢華等類別；我們持續推動系統向更高費率的細分市場移動——我們再次感到很有信心。

Our domestic pipeline at spin was 1/3 of our total pipeline, and it's now over 43% of our pipeline and growing.

分拆（spin）時，我們的國內在建管線約占總在建管線的三分之一；現在已超過43%，且仍在成長。

We go next now to Ian Zaffino, Oppenheimer.

接下來請 Ian Zaffino，Oppenheimer。

Question, I guess, will be on the RevPAR guide, kind of a lot of puts and takes here, right? We have a few attacks refunds. We have the IIJ kind of finishing out here. But then we have the comments about your optimism. So -- how do we kind of put that all together to kind of arrive at that RevPAR growth?

我想問題會聚焦在 RevPAR 指引上，這裡面有很多相互抵消的因素，對吧？我們有一些稅款退還。我們有 IIJ 這邊也差不多要結束了。但同時又有你們談到的樂觀評論。所以——我們要如何把這些因素整合起來，進而得出那個 RevPAR 成長？

And then if I could just sneak in one more about the credit card business. How much runway do we have in that business? What's sustainability of it? And any other levers that you can pull any initiatives that you plan to roll out going forward?

另外如果我可以再插問一個關於信用卡業務的問題。這項業務還有多長的成長跑道？它的可持續性如何？以及未來還有哪些槓桿可以拉動、有哪些計畫要推出的措施？

I'll start with your RevPAR puts and takes. I think you kind of look at the Q1 outperformance relative to our expectations of down to down 3%, we're 250 basis points ahead of that. That's about 30 basis points on a full year global basis. And then Jeff kind of touched on April momentum and kind of what were continuation of the trends we're seeing. So that kind of -- we're assuming those continue into the second quarter.

我先回答你關於 RevPAR 的正反因素。我認為你可以看第一季相對於我們預期（原本預期約為下滑至下滑3%）的超預期表現，我們比那個預期高出250個基點。換算到全年全球口徑，大約是30個基點。然後 Jeff 也提到4月的動能，以及我們看到的趨勢延續。所以這部分——我們假設這些趨勢會延續到第二季。

We don't really -- and so we're assuming about another 20 basis points from that plus 1% in Q2 on our full year outlook. So that's kind of how we got to the 50 basis points shift in the low end of the high end to kind of get to flat on the midpoint. As far as like the puts and takes, look, we don't have -- you know the booking windows. They are just over 2.5 weeks, they remain short. We certainly have a lot of catalysts, FIFA and other things.

我們並不真的——因此我們假設這部分再貢獻約20個基點，加上第二季在全年展望中約+1%的影響。這就是我們如何在區間低端與高端之間做出50個基點的調整，讓中點回到持平。至於正反因素，坦白說，我們沒有——你也知道訂房窗口期。目前略高於2.5週，仍然很短。我們當然有很多催化因素，像是 FIFA 和其他活動。

But until we kind of get to odontoid the summer season, we don't want to be -- we don't want to predict what that's going to look like. So we're being measured in what that is.

但在我們真正進入夏季旺季之前，我們不想——我們不想去預測那會是什麼樣子。所以我們在這方面採取較為審慎的態度。

As far as your low end and high end, you look at. Q1 was down minus 1% and if you -- for full year to kind of be there, you just assume the rest of the year, is that minus 1. It gets to the high end of plus 1 million you basically need to make up the minus 1 you had in Q1.

至於你提到的低端與高端，你可以這樣看。第一季是下滑1%；如果全年要落在那個水準，你就假設今年剩下的時間也都是下滑1%。若要達到高端的+1%，你基本上需要把第一季的-1%補回來。

So assumed like plus 1.5% for the rest of the year to kind of get to that. And then your second question around credit card business, look, we are credit card and loyalty really tie in well together. We had a very strong order on ancillary overall, and that was largely driven by the credit card. Some of it was the lapping that I mentioned from Q1 of last year. When you look at the sustainability of the credit card and the ancillary business as a whole, we have -- this year, we're projecting low to mid-teens for that long-term outlook for ancillary growth is kind of the, call it, the high single digits.

所以就等於假設今年剩餘期間約+1.5%，才能達到那個結果。然後你第二個問題關於信用卡業務——我們的信用卡與忠誠計畫（loyalty）其實高度契合。我們的附加收入（ancillary）整體表現非常強勁，而這主要是由信用卡所帶動。其中一部分也來自我提到的、相較去年第一季的比較基期因素。談到信用卡以及整體附加業務的可持續性：今年我們預估附加收入成長為低到中十位數百分比；長期展望方面，附加收入成長大概是——可以說——高個位數。

And then there's multiple catalysts within the credit card.

而且在信用卡方面有多個催化因素。

We are -- there is markets like Canada where we have strong presence, which we -- as we previewed, we're expanding into later this year. We've also got other markets in Latin America and Asia with strong Wyndham Rewards members and hotel presence that are also opportunities for that. And then there's other -- within ancillary, there's others with some of the AI technology and other initiatives that can also kind of help fuel that growth. So credit cards.

我們——像加拿大這類市場，我們本來就有很強的據點；正如我們先前預告的，我們將在今年稍晚擴展進入。我們在拉丁美洲與亞洲也有其他市場，擁有強大的 Wyndham Rewards 會員基礎與飯店布局，這些也都是機會。此外，在附加收入領域內，還有一些 AI 技術與其他措施，也能在某種程度上推動成長。所以信用卡方面——

We think there's a long runway as well as these other things to kind of get us to a high single-digit ancillary growth going forward. And we also -- we launched the Window debit card, which is we were the first in the industry to do that. And so yes, we feel very good about the prospects for ancillary growth going forward.

我們認為這有很長的成長跑道；再加上其他這些因素，能讓我們未來的附加收入成長達到高個位數。另外，我們也——推出了 Window 簽帳金融卡（debit card），我們是業界第一家這麼做的。因此，是的，我們對未來附加收入成長的前景感到非常樂觀。

We'll go next now to Meredith Jensen, HSBC.

接下來請 Meredith Jensen，HSBC。

Yes. Quickly, I was hoping you could flip that to international and 2 quick points. You mentioned strength in Turkey, and I know that's an important business for you all, and I was hoping to see if you've seen some sort of shifting of demand that could be sort of rather than trips not taken trips taken with Wyndham elsewhere? And then secondly, if you could just speak a little bit more about the plans for the Rego properties and how you might leverage that opportunity there?

是的。我想快速把話題轉到國際市場，有兩個簡短問題。你提到土耳其的強勁表現，我知道那對你們很重要；我想了解你們是否看到某種需求轉移——也就是與其說是未成行的旅行，不如說是改成到溫德姆在其他地區的據點旅行？第二，如果可以的話，請再多談一點對 Rego 物業的規劃，以及你們打算如何運用那邊的機會？

Sure. I'll start and and Amit has been very involved and engaged on -- as it relates to Revo, and I'll ask him to talk about the work that's going on with our finance and legal teams. But yes, Turkey, we are seeing just great demand and great growth and strong occupancy and demand growth throughout the quarter, and we think throughout the year to people looking for great places to vacation. We got a lot of hotels in Turkey right now. It's growing.

當然。我先開始，Amit 一直非常投入並積極參與——就 Revo 相關事宜而言——我會請他談談我們財務與法務團隊目前正在進行的工作。不過是的，土耳其方面，我們看到非常強勁的需求與成長，本季整體入住率強勁、需求在整個季度持續成長，我們也認為全年都會如此，因為大家都在尋找很棒的度假地點。我們目前在土耳其有很多飯店。而且還在成長。

Certainly from a development standpoint, a pipeline standpoint, an opening standpoint. We've got growing royalty rates as our brand becomes more aware and it's a real bright spot for the European development team over there right now. And Amit, do you want to talk about the update?

當然，從開發角度、案源（pipeline）角度、以及開幕（opening）角度來看都是如此。隨著市場對我們品牌的認知度提升，我們的權利金費率也在上升，這對那邊的歐洲開發團隊來說目前是一個非常亮眼的亮點。Amit，你要不要談談最新進展？

Yes. And if I could just kind of close out the Middle East in Turkey. I think Meredith Middle East represents only about 1 -- we've got 50 properties there. really just 1% of our portfolio in terms of EBITDA. And Turkey has limited impact from the war that's outside of the Middle East.

好的。如果我可以順便把中東與土耳其的部分做個收尾。我認為 Meredith 的中東業務只占大約 1——我們在那裡有 50 家物業——就 EBITDA 而言，真的只占我們投資組合的 1%。而土耳其受到中東以外戰事的影響有限。

So overall, Middle East, we don't really see it having a huge impact that obviously impacts our EMEA, but on a global basis, really not much of an impact. And then turning to Rio the owned hotel set -- the 2 owned hotels in Europe that I mentioned in my prepared remarks, it was really kind of part of exercising all available remedies to recoup our investments. So we foreclosed and took ownership of 2 properties on consolidated books about $36 million of gross value, about $23 million of net asset value. these properties are expected to contribute about $10 million in revenue, which is why we revised our outlook range to account for that. Really no earnings impact there. Our plan is to stabilize and improve profitability of these 2 assets as we kind of explore strategic options for them.

因此整體而言，中東我們不認為會造成很大的影響；當然它會影響我們的 EMEA，但以全球角度來看，影響其實不大。接著談到 Rio 的自有飯店組合——也就是我在事先準備的講稿中提到的歐洲 2 家自有飯店——這其實是我們為了收回投資而行使所有可用救濟措施的一部分。因此我們進行了止贖並取得 2 項物業的所有權；在合併帳上總價值約 3,600 萬美元，淨資產價值約 2,300 萬美元。這些物業預期將貢獻約 1,000 萬美元營收，這也是我們調整展望區間以反映該因素的原因。在獲利方面基本沒有影響。我們的計畫是先讓這 2 項資產營運穩定並提升獲利能力，同時探索其策略性選項。

We'll go next now to Lizzie Dove, Goldman Sachs.

接下來請 Lizzie Dove（高盛）。

I just wanted to go back to the US rooms growth side of things. I know you kind of flagged the 3,000 rooms lost from the T&L rooms. But it looks like it was a little lower than that this quarter. I'm curious just your expectations are making that up for the rest of the year and whether the expectation is still for US rooms growth to be positive this year?

我想回到美國客房成長這一塊。我知道你們提到因 T&L 的客房而流失了 3,000 間。但看起來本季的數字比那個還要低一些。我想了解你們對於今年剩餘時間補回這部分的預期，以及你們是否仍預期今年美國客房成長會是正成長？

Yes. As you mentioned, the US and our net rooms growth this quarter, that was primarily impacted by the the affiliate rooms from T&L and Vacasa, the openings were generally in line with last year. And so it was really the -- on that side. As we look ahead, as Jeff mentioned, we feel very good about the -- our development momentum across the US portfolio. New signings are up. US pipeline is up 3%. And the other thing is that the rooms we're bringing in are at a significant fear premium to the rooms that are leaving the system in the US.

是的。如你所提到的，本季美國以及我們的淨客房成長，主要受到來自 T&L 與 Vacasa 的關聯方（affiliate）客房影響；開幕數大致與去年一致。所以主要是在那一端的影響。展望未來，如 Jeff 所說，我們對於美國投資組合的開發動能感到非常有信心。新簽約量上升。美國案源（pipeline）成長 3%。另外一點是，我們引進的客房相較於在美國體系中退出的客房，具有顯著的費率溢價。

almost a full year, that delta was over 30%. And we are seeing continued demand for our brands across really all segments. So we manage net rooms growth on a full year basis. And Q1, as we previewed with you, was expected to be this way. And we look forward to kind of our development team executing the momentum that we have going on from 2025.

幾乎以整年來看，那個差距超過 30%。而且我們看到市場對我們品牌的需求在幾乎所有區隔都持續存在。因此我們是以全年基礎來管理淨客房成長。而第一季，如同我們先前向各位預告的，原本就預期會是這樣的表現。我們也期待我們的開發團隊能把目前的動能延續並落實到 2025 年。

I'll go next to now to Trey Bowers, Wells Fargo.

接下來請 Trey Bowers（富國銀行）。

Just I guess a quick accounting question. The $114 million of reported royalty and franchise fees, do you guys mind just kind of providing a bit of a walk of without Revo and maybe kind of initial franchisees, et cetera, what that number would look like on a more normalized basis?

我想問一個簡單的會計問題。你們報告的權利金與加盟費為 1.14 億美元，你們介意提供一下拆解嗎？例如扣除 Revo，以及可能的初始加盟費等因素後，這個數字在較為常態化的基礎上大概會長什麼樣子？

Yes, the royalties and franchise fees line item that you're mentioning, it has a couple of components. I'll go through in sequence about the first 1 on the royalty side, about $3 million of that was related to the revaled deferral which we had previously communicated. And we also had a little bit of higher da amortization just year-over-year, which kind of offsets some of the RevPAR increase we saw in the first quarter.

好的，你提到的權利金與加盟費這個科目，包含幾個組成部分。我會依序說明：第一個是權利金部分，其中約 300 萬美元與我們先前已溝通過的 Revo 相關遞延（deferral）有關。另外，我們的攤銷（amortization）也較去年同期略高一些，某種程度上抵銷了我們在第一季看到的 RevPAR 上升帶來的部分效益。

The other item that's in there is franchise fees, and we've always said they're not linear compared with our drivers. So we have some outsized franchise fees in Q1 of last year that we noted at that time and really was lapping those in Q1 of this year.

另一個項目是加盟費（franchise fees），我們一直都說它與驅動因素之間並非線性關係。去年第一季我們有一些偏高的加盟費，當時也有提到；而今年第一季則是在與去年第一季的高基期相比（lapping）。

And then you -- on a full year basis, if you look at franchise fees, in particular, like the cadence last year, it was front-weighted and kind of reversed in the back half. We are kind of expecting the inverse this year franchise fee. So aggregate, we expect franchise fees to be down a few million for the full year. and Revo will have a $12 million impact on that line item on the full year as well, both of which are already factored into our full year guidance and what we had kind of guided you guys to previously.

另外，如果以全年來看加盟費，特別是看去年的節奏，它是前高後低、下半年有些反轉。而今年我們預期加盟費的走勢會相反。因此整體而言，我們預期全年加盟費將下降數百萬美元；同時 Revo 也會對該科目造成全年約 1,200 萬美元的影響。這兩項都已經納入我們的全年指引，以及我們先前對各位提供的預期之中。

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

各位先生，看起來今天上午沒有其他問題了。Ballotti 先生，我想把時間交還給您做結語。

Well, thanks, [indiscernible] as always, and thanks, everyone, for your questions and your interest in Wyndham Hotels & Resorts. Amit, Matt and I look forward to talking to and seeing many of you in the months ahead at many of the upcoming investor and industry conferences that we'll be attending like NYU's HIF on May 31. And later next month. In the meantime, have a great weekend ahead, and thanks for joining us.

好的，謝謝，[聽不清]，一如既往，也謝謝各位對溫德姆飯店及度假村（Wyndham Hotels & Resorts）的提問與關注。Amit、Matt 和我期待在接下來幾個月於多場即將參與的投資人與產業會議上與各位交流並見面，例如 5 月 31 日 NYU 的 HIF。以及下個月稍晚。在此之前，祝各位週末愉快，也謝謝各位參與。

Ladies and gentlemen, this concludes today's Wyndham Hotels & Resorts First Quarter 2026 Earnings Conference Call. Please disconnect your lines at this time, and have a wonderful day.

各位女士、先生，以上為今日溫德姆飯店及度假村 2026 年第一季財報電話會議的全部內容。請各位現在掛線，祝您有美好的一天。