Wyndham Hotels & Resorts, Inc. (WH) 2026 Q2 法說會逐字稿

Welcome to the Wyndham Hotels & Resorts second-quarter 2026 earnings conference call. (Operator Instructions)

歡迎參加溫德姆酒店及度假村（Wyndham Hotels & Resorts）2026 年第二季財報電話會議。（接線員指示）

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

現在我想把電話交給財務規劃與分析及投資人關係資深副總裁 Matt Capuzzi。

Thank you, operator. Good morning, and thank you for joining us. With me today are Geoff Ballotti, our CEO, and Amit Sripathi, our CFO.

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。

Before we get started, I want to remind you that our remarks today will contain forward-looking statements. These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied. These risk factors are discussed in detail in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission and any subsequent reports filed with the SEC.

在開始之前，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。這些風險因素已在我們最近向美國證券交易委員會（SEC）提交的 Form 10-K 年度報告以及其後向 SEC 提交的任何報告中詳加討論。

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 our investor presentation, which are available on our investor relations website at investor.wyndhamhotels.com. We are providing certain measures discussing future impact on a non-GAAP basis only because without unreasonable efforts, we are unable to provide the comparable GAAP metric.

我們也將提及若干非 GAAP 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。由於在不付出不合理努力的情況下，我們無法提供可比的 GAAP 指標，因此我們僅以非 GAAP 基礎提供某些用於討論未來影響的衡量指標。

In addition, last evening, we posted an investor presentation containing supplemental information on our investor relations website. We may continue to provide supplemental information on our website and on our social media channels in the future. Accordingly, we encourage investors to monitor our website and our social media channels in addition to our press releases, filings submitted with the SEC, and any public conference calls or webcasts.

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渠道提供補充資訊。因此，我們鼓勵投資人除關注我們的新聞稿、向 SEC 提交的申報文件，以及任何公開電話會議或網路直播外，也請持續留意我們的網站與社群媒體渠道。

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

接下來，我把電話交給 Geoff。Geoff？

Thanks, Matt. Good morning, everyone, and thanks for joining us today. I'd like to start off by thanking those of you on the call who have reached out to me to wish me well during my treatment for multiple myeloma. I'm getting great care. I'm staying busy with work, and I'm very optimistic about the treatment path ahead. I can't tell you how much your words of encouragement have meant to me, so thank you for that.

謝謝，Matt。各位早安，感謝今天加入我們。我想先感謝在電話會議上的各位，許多人在我接受多發性骨髓瘤治療期間主動聯繫並祝福我。我得到非常好的照護。我仍然忙於工作，並且對接下來的治療路徑非常樂觀。我無法充分表達各位鼓勵的話語對我有多重要，因此在此致謝。

We're very pleased to report another strong quarter, where we opened a record of nearly 18,000 rooms, 7% more rooms than we opened last year. We drove sequential net room growth both domestically and internationally. We expanded our development pipeline to a record of approximately 261,000 rooms with a FeePAR premium approximately 30% higher than our existing domestic and international systems.

我們非常高興報告又一個強勁季度：我們新開業近 18,000 間客房，創下紀錄，較去年多開業 7% 的客房數。我們在美國本土與國際市場均帶動客房淨成長的逐季提升。我們將開發儲備（development pipeline）擴大至約 261,000 間客房的歷史新高，其 FeePAR 溢價約比我們現有的國內與國際系統高出 30%。

US RevPAR grew 2%, 120 basis points ahead of our expectations. On a comparable basis, we grew adjusted EBITDA and adjusted EPS each by 3%. Year-to-date, our resilient, highly cash generative business has produced approximately $169 million of free cash flow. We've returned over $170 million to our shareholders.

美國 RevPAR 成長 2%，較我們預期高出 120 個基點。在可比基礎上，我們的調整後 EBITDA 與調整後 EPS 均成長 3%。年初至今，我們具韌性且高度創現金的業務已產生約 1.69 億美元的自由現金流。我們已向股東回饋超過 1.70 億美元。

While global RevPAR remained flat sequentially at down 1% in constant currency, domestic RevPAR improved by over 200 basis points to up 2%, ahead of our 1% growth expectation. The 1% April month-to-date RevPAR growth that we reported on our last earnings call continued to pick up throughout the remainder of April, with momentum accelerating from May into June. Domestic RevPAR saw increases in both demand, up 60 basis points, and ADR, up 160 basis points.

雖然全球 RevPAR 以固定匯率計算逐季持平、年減 1%，但國內 RevPAR 改善逾 200 個基點至成長 2%，優於我們 1% 的成長預期。我們在上次財報電話會議中提到的 4 月月初至今 RevPAR 成長 1%，在 4 月剩餘期間持續走升，並在 5 月至 6 月動能加速。國內 RevPAR 在需求（成長 60 個基點）與 ADR（成長 160 個基點）兩方面均有所提升。

In our three largest states, Texas, California, and Florida, which account for one quarter of our US room count, improved by 700 basis points sequentially from down 3% in Q1 to up 4% in Q2. Weekend RevPAR improved sequentially, supported by stronger results in drive two markets. The strength we saw in the industrial Midwest in Q1 continued into Q2, with RevPAR outperformance in states such as Illinois and Indiana, both up 10%, Iowa up 9%, Wisconsin up 7%, and Ohio up 6%. This momentum reflects the continued benefit of infrastructure related demand, which is helping boost midweek occupancy and providing a meaningful source of long-term growth for our franchisees.

在我們三個最大的州——德州、加州與佛州——合計占我們美國客房數的四分之一，表現逐季改善 700 個基點，從第一季的下滑 3% 轉為第二季成長 4%。週末 RevPAR 逐季改善，受惠於「兩小時車程」市場（drive-to markets）更強勁的表現。我們在第一季於美國工業化的中西部所見的強勢延續至第二季；例如伊利諾州與印第安納州均成長 10%，愛荷華州成長 9%，威斯康辛州成長 7%，俄亥俄州成長 6%，均呈現 RevPAR 的超預期表現。這股動能反映基礎建設相關需求持續帶來的效益，正協助提升平日入住率，並為我們的加盟業主提供具意義的長期成長來源。

Many of our hotels located in project adjacent markets are serving some of America's largest transportation, AI, data center, and industrial projects now ramping across the country. Strong leisure and everyday business travel trends continued into July. We're excluding the impacts from the World Cup and America 250. Month-to-date, RevPAR growth has been relatively consistent with June's performance.

我們許多位於專案周邊市場的飯店，正為全美各地正在加速推進的一些最大型交通運輸、AI、資料中心與工業專案提供服務。強勁的休閒與日常商務旅行趨勢延續至 7 月。我們已排除世界盃與「America 250」的影響。月初至今，RevPAR 成長與 6 月的表現大致一致。

International RevPAR declined 6% in constant currency during the second quarter. Canada increased 2%, while EMEA declined 6%, as strong growth in Turkey and India was more than offset by softness in the Middle East, where RevPAR declined from down 5% in Q1 to down 45% in Q2, and in Germany, where the Revo portfolio continued to underperform as it progressed through insolvency. Latin America RevPAR declined 7%, pressured by lower US inbound travel to Mexico. Excluding Mexico, the region was flat.

第二季國際 RevPAR 以固定匯率計算下滑 6%。加拿大成長 2%，而 EMEA 下滑 6%；土耳其與印度的強勁成長，仍被中東市場的疲弱所抵銷——中東 RevPAR 從第一季下滑 5% 擴大至第二季下滑 45%——以及德國市場的疲弱，Revo 組合在進入破產程序期間持續表現不佳。拉丁美洲 RevPAR 下滑 7%，主要受赴墨西哥的美國入境旅遊減少所拖累。若排除墨西哥，該地區表現持平。

In Southeast Asia and the Pacific Rim, RevPAR grew 5%, led by Vietnam, Thailand, and New Zealand. While industry China RevPAR experienced a 400 basis point sequential decline, our RevPAR in China remained flat sequentially, though down 5% compared to the second quarter of 2025.

在東南亞與環太平洋地區，RevPAR 成長 5%，由越南、泰國與紐西蘭領軍。儘管中國整體產業 RevPAR 逐季下滑 400 個基點，我們在中國的 RevPAR 逐季持平，但較 2025 年第二季下滑 5%。

On the development front, Wyndham's owner first value proposition continued to drive strong openings and net room growth. We opened nearly 18,000 rooms, up 7% year-over-year, a second quarter record for our company. Our development pipeline grew for the 24th consecutive quarter to a record of approximately 261,000 rooms across over 60 countries, with a FeePAR premium of approximately 30%, both domestically and internationally, reflecting our strategy of adding hotels in higher chain scales and in geographies and markets with stronger long-term economics.

在開發方面，溫德姆以業主優先（owner first）的價值主張持續帶動強勁的開業與客房淨成長。我們新開業近 18,000 間客房，年增 7%，創下公司第二季開業紀錄。我們的開發儲備連續第 24 個季度成長，達到約 261,000 間客房、遍及 60 多個國家的歷史新高；其 FeePAR 溢價約 30%，無論在國內或國際皆然，反映我們透過在更高連鎖等級（chain scales）以及具更佳長期經濟性的地理區域與市場新增飯店的策略。

In the United States, we drove sequential growth in the second quarter with strong conversion additions in higher chain scales, like the Wyndham Jacksonville Hotel and Conference Center, with its multiple restaurants, bars, and 35,000 sq ft of meeting space, along with The Winfield Lofts, a Wyndham Hotel located in Los Angeles near Dodger Stadium and the L.A. Coliseum.

在美國，我們於第二季透過更高連鎖等級的強勁轉換（conversion）新增，帶動逐季成長，例如 Wyndham Jacksonville Hotel and Conference Center，擁有多間餐廳、酒吧及 35,000 平方英尺的會議空間；以及 The Winfield Lofts，一家位於洛杉磯、靠近道奇球場與洛杉磯紀念體育場（L.A. Coliseum）的溫德姆飯店。

New construction openings this quarter domestically were also strong, with additions like the La Quinta Hawthorn Suites Mebane, North Carolina, the Hotel Troy, Trademark Collection by Wyndham, located less than three miles from our New Jersey headquarters, and The Monarch Hotel, HQ Collection on historic St. Charles Avenue in New Orleans, the latest addition to our growing Registry Collection.

本季在美國本土的新建案開業同樣強勁，新增項目包括位於北卡羅來納州 Mebane 的 La Quinta Hawthorn Suites、距離我們新澤西總部不到三英里的 Hotel Troy（Trademark Collection by Wyndham），以及位於紐奧良歷史悠久的聖查爾斯大道（St. Charles Avenue）上的 The Monarch Hotel（HQ Collection），這也是我們持續成長的 Registry Collection 的最新成員。

EMEA grew net rooms by 10%, excluding Revo, with several outstanding conversions, including the Wyndham Portocolom Resort in Mallorca, Spain, and the Wyndham Grand Carvoeiro, nestled on the cliffs overlooking Portugal's breathtaking Algarve coast, our third upper upscale addition to this important European vacation destination.

EMEA 的客房淨成長達 10%（不含 Revo），並完成多項出色的轉換案，包括西班牙馬略卡島的 Wyndham Portocolom Resort，以及坐落於懸崖之上、俯瞰葡萄牙壯麗阿爾加維（Algarve）海岸的 Wyndham Grand Carvoeiro；這是我們在這個重要歐洲度假目的地的第三家高端升級（upper upscale）新增據點。

Latin America and the Caribbean grew net rooms by 12%, with several fantastic conversions like the Wyndham Macaé on the sands of Praia da Piedade in Rio de Janeiro, and new construction openings like the Wyndham Garden Durango in Mexico. In Southeast Asia and the Pacific Rim, we grew net rooms by 10%, driven by exceptional new construction openings like the Vienna House by Wyndham Charm Long Hai in Ho Chi Minh, marking our first Vienna House hotel in Vietnam.

拉丁美洲與加勒比地區淨客房數成長12%，其中包含多項精彩的轉換案，例如位於里約熱內盧普拉亞達皮耶達德（Praia da Piedade）沙灘上的 Wyndham Macaé，以及墨西哥的全新興建開幕案，如 Wyndham Garden Durango。在東南亞與太平洋沿岸地區，我們淨客房數成長10%，主要由卓越的新建開幕案帶動，例如位於胡志明市的 Vienna House by Wyndham Charm Long Hai，這也標誌著我們在越南的第一家 Vienna House 飯店。

In China, we once again delivered double-digit net room growth for our direct franchising system and 13% net room growth across all of mainland China with a record-breaking performance for our Days Inn brand, which, after adding eight spectacular direct franchise hotels in the first quarter, opened another 19 Days Hotels in the second, including so many upscale new construction direct franchise agreements like the Days Hotel by Wyndham Bortala Jinghe, our 150th Days now open in China.

在中國，我們再次為直營特許經營體系交出雙位數的淨客房成長，並在整個中國大陸實現13%的淨客房成長；其中 Days Inn 品牌表現破紀錄——在第一季新增8家令人驚豔的直營特許飯店後，第二季又再開出19家 Days Hotels，包含多項高端新建直營特許協議，例如 Days Hotel by Wyndham Bortala Jinghe，這是我們在中國開幕的第150家 Days。

Ancillary revenues increased 4% in the quarter and 12% year-to-date, aided by our exciting new suite of Wyndham Rewards credit card products, our continued expansion of strategic partnership initiatives, and our ongoing technology innovations. Wyndham Connect, our AI-enabled guest engagement platform powered by our Wyndham trained LLM, is now being rolled out internationally with more than 5,000 hotels today installed.

本季附屬收入成長4%，年初至今成長12%，受惠於我們令人振奮的全新 Wyndham Rewards 聯名信用卡產品組合、策略夥伴合作計畫的持續擴張，以及持續的科技創新。Wyndham Connect——由我們以 Wyndham 訓練之 LLM 驅動、具備 AI 功能的住客互動平台——目前正於國際市場推廣，現已有超過5,000家飯店完成安裝。

The platform improves guest service while helping engaged franchisees generate hundreds of thousands of dollars in incremental revenue by autonomously selling services, upgrades, and amenities that guests want to take advantage of. Wyndham Connect PLUS, a premium add-on to the platform and recently renamed Wyndham AI Concierge, is also expanding now internationally, and it's driving more than 500 basis points of increased direct contribution for these hotels through agentic voice channels by managing franchisees direct to hotel voice and messaging contacts, and again, autonomously booking reservations while lowering their hotel operating costs.

該平台在提升住客服務的同時，也透過自動銷售住客想要使用的服務、升等與設施，協助積極使用的加盟業主創造數十萬美元的增量收入。Wyndham Connect PLUS（平台的高級加購方案，近期更名為 Wyndham AI Concierge）也正在國際市場擴張，並透過代理式語音通路，管理加盟業主「直撥飯店」的語音與訊息聯繫，再次以自動化方式完成訂房，同時降低飯店營運成本，為這些飯店帶來超過500個基點的直接貢獻提升。

Last month, in partnership with Barclays, we reimagined our Wyndham Rewards credit card portfolio, reshaping how members can earn, redeem, and engage with our award-winning loyalty program. This refreshed credit card lineup is creating sustained long-term ancillary fee growth and includes four distinct products, each designed to target a specific type of member and demographic.

上個月，我們與 Barclays 合作，重新構想 Wyndham Rewards 聯名信用卡產品組合，重塑會員在我們屢獲殊榮的忠誠計畫中賺取點數、兌換與互動的方式。這套更新後的信用卡陣容正帶來可持續的長期附屬費用成長，並包含四項差異化產品，各自針對特定類型的會員與族群設計。

The portfolio now spans no-fee, premium, business, and elite offerings, including our Earner Premier card, our first ultra-premium co-branded credit card. Wyndham Rewards' new Earner Premier is receiving great reviews as a powerhouse card, offering some serious benefits for members, including up to 120,000 bonus points as a welcome offer, automatic Diamond status with its complimentary suite upgrades, late checkout, an extra 20% bonus points on stays, a 25% discount on award redemptions, and no points expiration ever. Together, these enhancements made across all four of our refreshed cards expand our appeal to higher value travelers while strengthening Wyndham Rewards' differentiated value proposition through richer benefits and greater everyday value.

目前產品組合涵蓋免年費、尊榮、商務與菁英方案，其中包括我們的 Earner Premier 卡——我們第一張超高端聯名信用卡。Wyndham Rewards 全新的 Earner Premier 獲得高度好評，被視為一張「強力卡」，為會員提供多項實質權益，包括最高可達120,000點的迎新加碼點數、自動取得 Diamond 會籍（含免費套房升等）、延遲退房、住宿額外20%加碼點數、獎勵兌換25%折扣，以及點數永不過期。這些針對四張更新卡片所做的強化，提升了我們對高價值旅客的吸引力，同時透過更豐富的權益與更高的日常價值，強化 Wyndham Rewards 差異化的價值主張。

Earlier this week, we were extremely proud to be recognized for the tremendous value that we provide to our guests through Wyndham Rewards, where we once again were named the number one hotel rewards program by US News & World Report. Our Wyndham Rewards team remains focused on initiatives to drive increased loyalty and engagement, with a program now contributing more than one out of every two check-ins domestically.

本週稍早，我們非常自豪能因 Wyndham Rewards 為住客提供的卓越價值而獲得肯定；我們再次被《US News & World Report》評選為全美第一名的飯店獎勵計畫。我們的 Wyndham Rewards 團隊仍專注於推動提升忠誠度與互動的各項計畫，目前該計畫在美國國內的入住（check-in）中，貢獻已超過二分之一。

Global membership enrollments grew another 9% year-over-year to a membership base of over 126 million members. With so many new upscale, so many new luxury, and new all-inclusive aspirational hotels being added to the system, along with our desire to maintain the simple, fixed redemption structure that makes Wyndham Rewards so very unique, we're expanding the program from three to four award tiers for free night stays in September.

全球會員註冊人數年增再成長9%，會員基礎已超過1.26億人。隨著系統持續新增大量高端、奢華與全包式的理想型飯店，同時我們也希望維持 Wyndham Rewards 獨特而簡單的固定兌換架構，我們將於9月把免費住宿的獎勵等級由三層擴增至四層。

Free nights will now start as low as 5,000 points versus 7,500 points previously, while a select number of our most aspirational hotels will move from 30,000 points to a new tier of 45,000 points. Wyndham Rewards' simple fixed redemption structure with no dynamic pricing, which means no increased points requirements based on seasonality or peak periods of demand, remains unchanged, and we remain steadfast in our commitment to delivering the industry's most rewarding and the simplest loyalty program for both members and for franchisees.

免費住宿的起點將由先前的7,500點下調至最低5,000點；同時，我們部分最具「理想型」定位的飯店將由30,000點調整至新的45,000點等級。Wyndham Rewards 簡單的固定兌換架構、且不採動態定價——也就是不會因季節性或需求高峰而提高所需點數——將維持不變；我們也將堅定致力於為會員與加盟業主提供業界最具回饋、且最簡單的忠誠計畫。

Looking ahead, we're encouraged by the continued recovery in both leisure travel and everyday business travel demand. As US select service RevPAR strengthens, we are well positioned to benefit from that momentum. Most importantly, we thank our team members around the world for their commitment and their relentless focus on serving our franchisees and our guests, which remain the foundation of our success.

展望未來，我們對休閒旅遊與日常商務旅遊需求的持續復甦感到鼓舞。隨著美國精選服務（select service）RevPAR 走強，我們具備良好條件可受惠於這股動能。最重要的是，我們感謝全球團隊成員的投入，以及他們持續專注於服務加盟業主與住客——這些始終是我們成功的基石。

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, Geoff. Good morning, everyone. I'll begin my remarks today with a detailed review of our second quarter financial performance, followed by an update on our cash flows, our balance sheet, and our outlook.

謝謝你，Geoff。各位早安。我今天的發言將先從第二季財務表現的詳細回顧開始，接著更新我們的現金流、資產負債表，以及展望。

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 second quarter of this year, marketing fund revenues exceeded expenses by $14 million, in line with our expectations, while revenues exceeded expenses by $3 million in the second quarter of last year.

在開始之前，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。今年第二季，行銷基金收入較費用多出1,400萬美元，符合我們的預期；而去年第二季，收入較費用多出300萬美元。

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 second quarter, we generated $375 million of net revenues and $212 million of adjusted EBITDA.

為提升透明度並讓各位更清楚理解我們持續營運的成果，我將以可比基礎重點說明結果，也就是排除行銷基金影響。第二季，我們創造淨營收3.75億美元，以及調整後 EBITDA 2.12億美元。

Net revenues declined 6% year-over-year, primarily due to the absence of pass-through revenues from our May 2025 global franchisee conference, lower other franchise fees, and the deferral of fees from Revo. Partially offset by higher ancillary revenues, EBITDA neutral revenue from the two Revo hotels we've taken possession of and a larger global system.

淨營收年減6%，主要原因是缺少2025年5月全球加盟業主大會所帶來的轉付（pass-through）收入、其他加盟費較低，以及 Revo 費用的遞延。部分被較高的附屬收入、我們已接管的兩家 Revo 飯店所帶來的 EBITDA 中性收入，以及更大的全球系統規模所抵銷。

On a year-to-date basis, ancillary revenues grew 12%, driven by higher credit card and partnership fees. We continue to expect full-year ancillary revenue growth of low to mid-teens, which implies slightly accelerated growth in the back half of the year. Adjusted EBITDA increased 3% on a comparable basis, primarily reflecting lower G&A expenses driven largely by insurance recoveries, the timing of variable costs, and higher ancillary revenues. Partially offset by a decline in other franchise fees and the deferral of fees from Revo.

年初至今，附屬收入成長12%，主要由較高的信用卡與合作夥伴費用帶動。我們仍預期全年附屬收入將呈現低至中十位數（low to mid-teens）的成長，這意味著下半年成長將略為加速。在可比基礎下，調整後 EBITDA 成長3%，主要反映一般與行政（G&A）費用下降（多數來自保險理賠回收）、變動成本時點因素，以及較高的附屬收入。部分被其他加盟費下降與 Revo 費用遞延所抵銷。

Our full-year expectations for G&A expense remain unchanged, as the Q2 favorability will be largely reversed in the back half of the year. Adjusted diluted EPS for the quarter was $1.48, a 3% increase on a comparable basis, reflecting growth in adjusted EBITDA and the benefit of share repurchase activity, partially offset by increased interest expense. Free cash flow was $105 million in the second quarter and $169 million year-to-date.

我們對全年 G&A 費用的預期維持不變，因為第二季的有利因素將在下半年大致反轉。本季調整後稀釋每股盈餘（EPS）為1.48美元，在可比基礎下成長3%，反映調整後 EBITDA 成長與庫藏股回購帶來的效益，部分被利息費用增加所抵銷。第二季自由現金流為1.05億美元，年初至今為1.69億美元。

Development advance spend totaled $28 million in the second quarter. We continue to see strong and growing demand for our brands, with global openings and pipeline up 4% year-over-year, excluding Revo. Historically, the hotels with development advances have entered our system at a FeePAR premium of approximately 40% relative to our system average.

第二季開發預付款支出合計2,800萬美元。我們持續看到旗下品牌需求強勁且持續成長，全球新開業與在建/籌備管線（不含Revo）年增4%。歷史上，取得開發預付款的飯店納入我們系統後，其FeePAR相較於我們系統平均水準約有40%的溢價。

We returned $86 million to our shareholders in the second quarter through $54 million of share repurchases and $32 million of common stock dividends. Year-to-date, we've now repurchased 1.3 million shares of our stock for $105 million. We ended the quarter with approximately $1 billion in total liquidity, and our net leverage ratio of 3.5 times remained, as expected, at the midpoint of our target range. At this leverage ratio, our current outlook implies up to $170 million of capital available for share repurchases or M&A in the back half of this year after factoring in dividends and the remaining portion of the $110 million we've allocated for development advances.

第二季我們透過5,400萬美元的庫藏股回購與3,200萬美元的普通股股利，合計向股東返還8,600萬美元。年初至今，我們已以1.05億美元回購130萬股。季末我們的總流動性約10億美元，淨槓桿比率維持在3.5倍，如預期位於目標區間的中點。在此槓桿水準下，依我們目前展望，在扣除股利以及我們已配置用於開發預付款的1.10億美元剩餘部分後，今年下半年仍可用於股票回購或併購（M&A）的資本最高可達1.70億美元。

Now turning to outlook. As Geoff mentioned, second quarter US RevPAR growth exceeded our expectations by a full point at plus 2%. As such, we've updated our outlook to include our second quarter US. RevPAR outperformance and our revised assumptions for US RevPAR growth in the back half of the year, increasing from flat to up 2%. Our revised outlook also reflects the most recent trends in China and the Middle East, as well as Revo properties in Europe. Accordingly, we are raising our global RevPAR outlook to flat to plus 1%, an increase of 100 basis points at the low end of our range.

接著談展望。如Geoff所提，第二季美國RevPAR成長較我們預期高出整整1個百分點，達到+2%。因此，我們已更新展望，納入第二季美國RevPAR的優於預期表現，以及我們對今年下半年美國RevPAR成長的修正假設，從持平上調至成長2%。

There are no changes to our net room growth outlook of 4% to 4.5%, excluding Revo. The Revo insolvency process is nearing conclusion, and we expect to retain a subset of the Revo-related rooms. As you would expect, we have remained disciplined from a capital perspective as it relates to further investments in the Revo portfolio. As a result, the majority of the portfolio is expected to terminate during the third and fourth quarter of this year.

我們對淨客房成長4%至4.5%（不含Revo）的展望沒有變動。Revo的破產程序已接近尾聲，我們預期將保留部分與Revo相關的客房。如各位所預期，就進一步投資Revo投資組合而言，我們在資本配置上始終保持紀律。因此，該投資組合中的大多數預計將於今年第三與第四季終止。

As a reminder, our outlook excluded any financial impact from Revo as we deferred all revenues. We plan to enter into franchise agreements with the new operators for the subset of Revo rooms we expect to retain, and we will revisit the deferral of revenue for these hotels and any financial upside to our full-year results at that time. Net revenues are now expected to be $1.48 billion to $1.5 billion, increasing the bottom end of the range by $10 million.

提醒一下，我們的展望排除了Revo的任何財務影響，因為我們已遞延所有收入。對於我們預期保留的那部分Revo客房，我們計畫與新營運商簽訂特許經營協議，並將在那時重新檢視這些飯店的收入遞延，以及其對我們全年業績可能帶來的任何財務上行空間。淨營收目前預期為14.8億至15.0億美元，將區間下緣上調1,000萬美元。

Adjusted EBITDA is now expected to be $735 million to $745 million, raising the bottom end of the range by $5 million. From a cadence perspective, we expect the majority of the remaining year-over-year comparable adjusted EBITDA growth to occur during the fourth quarter, primarily due to the lapping of one-time variable cost reductions made during the third quarter of 2025.

調整後EBITDA目前預期為7.35億至7.45億美元，將區間下緣上調500萬美元。就節奏而言，我們預期今年剩餘期間的年對年可比調整後EBITDA成長多數將發生在第四季，主要因為2025年第三季一次性變動成本削減的比較基期效應消退。

Our expectation for the marketing fund to break even on a full-year basis remains unchanged. With respect to seasonality, the marketing fund underspent by $5 million in the first half of the year, and we expect the funds to overspend by approximately the same amount in the second half, with the amount roughly consistent between the third and fourth quarters.

我們對行銷基金全年損益兩平的預期維持不變。就季節性而言，行銷基金在上半年少支出500萬美元，我們預期下半年將超支約同等金額，且第三季與第四季的金額大致相當。

Adjusted net income is projected to be $355 million to $365 million, and adjusted diluted EPS is projected at $4.71 to $4.83, which is based on a diluted share count of 75.4 million shares, and as usual, does not assume future share repurchase activity or incremental interest expense from any potential new borrowings. There are no changes to our outlook for development advance spend or free cash flow conversion.

調整後淨利預估為3.55億至3.65億美元，調整後稀釋每股盈餘（EPS）預估為4.71至4.83美元，係以稀釋後股數7,540萬股為基礎；並且如往常一樣，未假設未來的股票回購活動，亦未納入任何潛在新增借款所帶來的額外利息費用。我們對開發預付款支出或自由現金流轉換率的展望沒有變動。

In closing, our second quarter results demonstrate the continued strength of our asset-light business model, further inflection in US select service RevPAR trends, and the consistency of our cash flow generation. We delivered comparable growth in adjusted EBITDA and adjusted EPS, maintained strong liquidity and disciplined leverage, and continued to return excess capital to shareholders while investing selectively in high-return development opportunities.

最後，我們第二季的結果展現了我們輕資產商業模式的持續韌性、美國精選服務（select service）RevPAR趨勢的進一步拐點，以及我們現金流創造能力的一致性。我們實現了可比的調整後EBITDA與調整後EPS成長，維持強勁流動性與有紀律的槓桿水準，並在選擇性投資高報酬開發機會的同時，持續將多餘資本回饋股東。

With our raised outlook reflecting stronger than expected US RevPAR performance and continued confidence in our long-term growth drivers, we remain well positioned to deliver solid results in the second half of this year while creating sustainable value for our shareholders.

在我們上調展望、反映美國RevPAR表現優於預期以及對長期成長動能的持續信心之下，我們仍具備良好定位，可在今年下半年交出穩健成果，同時為股東創造可持續的價值。

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

接下來，Geoff和我很樂意回答各位的問題。接線員？

(Operator Instructions) David Katz, Jefferies.

(接線員指示) David Katz，Jefferies。

Morning, everybody. Thanks for taking my question. Geoff, glad to hear all is progressing well. I wanted to just start this morning and get your perspective on US consumer health. Clearly, figuring out what the US RevPAR growth trajectory is going to look like this year, it's been surprisingly good. Help us get some insight on how sustainable that is. We'd certainly love your longer-term view to that end, too. Thanks.

各位早安。謝謝讓我提問。Geoff，很高興聽到一切進展順利。我想先從今天早上開始，請你談談你對美國消費者健康狀況的看法。顯然，要判斷今年美國RevPAR成長軌跡會是什麼樣子，結果出乎意料地不錯。請幫我們了解這樣的表現有多可持續。我們也很希望聽到你對更長期趨勢的看法。謝謝。

Well, thank you, David. We do believe it is sustainable. When we look at our middle-income consumers who, despite the affordability issues and not being happy about gas prices, they're in relatively good shape. I think we all feel good about and very optimistic about the second half and the year ahead for several reasons.

謝謝你，David。我們確實認為這是可持續的。當我們觀察中等收入消費者時，儘管面臨可負擔性問題、也對油價不滿，但他們的整體狀況相對良好。我想基於幾個原因，我們對下半年以及未來一年都感到樂觀且非常有信心。

Obviously, everyone's talking about our comps, which will continue to ease throughout the year. 2Q economy comp, of course, was down four. 3Q, just to remind everybody, was down five. 4Q in economy was down eight. All of the leading indicators that we look at domestically are strong. Our cancellation rates, they continue to improve. Our booking lead times are holding steady at about 15 days.

顯然，大家都在談我們的比較基期（comps），而這些基期在全年將持續趨於容易。第二季經濟型（economy）比較基期當然是下降4。第三季，提醒大家，是下降5。第四季經濟型是下降8。我們在國內所觀察的所有領先指標都很強勁。我們的取消率持續改善。我們的預訂提前期維持穩定，約為15天。

The average distance driven for these consumers to our resorts this summer at 360 mi was actually up 30 mi from the first quarter and consistent with last year despite the gas prices. The length of time they're spending at the hotels, the average length of stays that these families are staying to vacation this summer, and we think into the fall, is continuing to lengthen. We're also optimistic about the second half tax refunds for these consumers. We think it will unlock

今年夏天，這些消費者開車前往我們度假村的平均行駛距離為360英里，較第一季增加30英里，且儘管油價上漲，仍與去年一致。他們在飯店停留的時間，也就是這些家庭今年夏天度假的平均住宿天數，我們認為延續到秋季，仍在持續拉長。我們也對下半年這些消費者的退稅抱持樂觀。我們認為這將釋放

Further discretionary spending. About 10% of the $60 billion of tax refunds will be spent on travel. US Travel is estimating our consumers are going to be spending 70% of that, meaning an extra $4 billion that will be spent domestically this year on travel. When we look at how they're doing financially, their wage growth is robust enough certainly to support increased leisure spending, which we're seeing and the banks are seeing. Even one-third of the lower income households this week on the banks that reported we're seeing wage and deposit growth catching up to the higher income households.

更多可自由支配的支出。約600億美元退稅中的10%將用於旅遊。美國旅遊協會（US Travel）估計，我們的消費者將花掉其中的70%，也就是今年在國內旅遊上將額外支出40億美元。當我們看他們的財務狀況時，他們的薪資成長足夠強勁，確實能支撐休閒支出增加；我們看到了，銀行也看到了。甚至本週在已公布財報的銀行資料中，我們看到低收入家庭中約三分之一的薪資與存款成長正在追上高收入家庭。

On top of all of that leisure demand for the rest of the year and the infrastructure business for us continues to improve on really strong private sector growth, with that 300 basis point Q2 increase in government spending. Oil and gas markets, they outperformed by 350 basis points in market tracks for us, representing about 11% of our rooms. All of this has boosted weekday RevPAR and about 250 basis points from Q1. There's a lot out there to be confident about and our teams are feeling it.

除此之外，今年剩餘時間的休閒需求，以及我們的基礎建設業務，仍在非常強勁的民間部門成長帶動下持續改善，同時政府支出在第二季增加了300個基點。石油與天然氣市場的表現也優於預期，在我們的市場追蹤中超出350個基點，約占我們客房的11%。這些因素推升了平日RevPAR，較第一季提高約250個基點。有很多理由可以保持信心，我們的團隊也感受得到。

Brandt Montour, Barclays.

Brandt Montour，巴克萊。

Great. Thanks for the question and great to hear your voice, Geoff. Can you help us, maybe for a minute, can you help us better understand the revenue to EBITDA bridge in the second half, maybe perhaps starting with royalty and franchise fee growth? That line didn't grow in the second quarter in line with US RevPAR growth. Just what kind of visibility or confidence do you have that return to US RevPAR growth in the back half will drive sort of accelerating growth in those other core revenue lines?

很好。謝謝你的提問，也很高興聽到你的聲音，Geoff。你能否幫我們用一點時間，更好地理解下半年「營收到EBITDA」的橋接（變動拆解），也許先從權利金與特許經營費的成長談起？這一項在第二季的成長並未與美國RevPAR的成長同步。你們對於下半年美國RevPAR恢復成長，將帶動其他核心營收項目加速成長的可見度或信心有多高？

Hey, Brandt. Good morning, thanks for the question. I'll start with the math first, then go into the drivers breakdown. I think if you take our full year EBITDA at the midpoint of $740 million, you take the comparable adjusted EBITDA in the first half of $363 million. It would imply a back half EBITDA of about $377 million, or about $14 million higher than the first half. This is assuming the marketing funds break even, which is our expectation for the full year. That's just the math.

嗨，Brandt。早安，謝謝你的提問。我先從數字計算開始，再談驅動因素的拆解。我想如果你以我們全年EBITDA指引中位數7.40億美元來看，再對照上半年可比調整後EBITDA為3.63億美元。這意味著下半年EBITDA約為3.77億美元，約比上半年高出1,400萬美元。這是以行銷基金損益兩平為前提，這也是我們對全年預期。這就是數學推算。

As I noted in the prepared remarks, majority of the growth is going to be in the fourth quarter. Now if you go into the drivers, we're expecting second half US RevPAR growth of 2%. We're also expecting international RevPAR to improve compared to the front half.

如同我在事先準備的發言中提到的，多數成長將會出現在第四季。若進一步看驅動因素，我們預期下半年美國RevPAR成長2%。我們也預期國際RevPAR相較上半年會有所改善。

We also expect growth in the franchise fees in the second half, as I mentioned on last quarter's call. That and Revo were two of the big drivers for the second quarter royalty and franchise fees year-over-year variance that you had referenced. We do expect core revenue lines to grow alongside RevPAR. Ancillary, we did about 12% in the first half. Our full year expectation is low to mid-teens, which would imply an acceleration in the back half.

我們也預期下半年特許經營費會成長，正如我在上一季電話會議中提到的。這一點以及Revo，是你所提到的第二季權利金與特許經營費年增變動的兩個主要驅動因素。我們確實預期核心營收項目會隨RevPAR一同成長。附加收入方面，上半年約成長12%。我們對全年預期為低到中十位數百分比，這意味著下半年會加速。

Lastly, the G&A favorability that we saw in the second quarter is largely timing related, and we expect that to reverse in the third quarter. Those are kind of the puts and takes for the back half revenue and EBITDA growth to get to kind of the midpoint of the $740 million.

最後，第二季看到的G&A（一般及行政費用）有利差異主要是時點因素所致，我們預期第三季會反轉。以上大致就是下半年營收與EBITDA成長的增減因素，讓我們能達到7.40億美元中位數的水準。

Michael Bellisario, Baird.

Michael Bellisario，Baird。

Thanks. Good morning, everyone. Geoff, glad to hear everything is going well with your treatment, that you're staying so positive. I want to ask on unit growth. Deletions did tick up a bit in the first half of the year. That's ex-Revo, ex-TNL. Just help us understand, how much of that is you being more proactive? How much of that is competition? Just sort of looking ahead, what are you seeing? What are you hearing that gives you confidence that unit growth will accelerate in the back half? Thanks.

謝謝。各位早安。Geoff，很高興聽到你的治療一切順利，而且你一直保持非常正向。我想問一下門店（單位）成長。今年上半年刪減（deletions）確實略有上升。這是不含Revo、不含TNL。請幫我們理解一下，其中有多少是你們更主動的作為？又有多少是競爭所致？往前看，你們看到了什麼？你們聽到了什麼，讓你們有信心下半年單位成長會加速？謝謝。

Thanks, Mike. First half, we always expect to have higher deletions and lower openings, while the second half we generally experience lower deletions and higher openings. As you point out, we were certainly pressured domestically in the first quarter with the outsized loss of the legacy TNL from their resort optimization initiatives and the Vicasa rooms, a legacy Wyndham Worldwide relationship we had, which we previewed on the fourth quarter call. Absolutely pressured as well in the first half with outsized terminations from Revo. We look at retention on a rolling 12-month basis.

謝謝，Mike。上半年我們一向預期刪減較高、開業較少；而下半年通常會出現刪減較低、開業較多的情況。如你所指出，我們在第一季於美國本土確實承受壓力，主要來自TNL既有業務因其度假村最佳化計畫而出現較大幅度流失，以及Vicasa客房（我們與其之間為Wyndham Worldwide時期的既有合作關係），這點我們在第四季電話會議中已先行提示。上半年也同樣受到Revo帶來的超額終止（termination）所壓抑。我們以滾動12個月為基礎來看留存率。

We have made steady progress over the years, moving it from the 94%s to where we are at 95% globally at the end of the second quarter. Domestically, while our economy brands lead the industry from a retention standpoint, our long-term goal remains, our teams are committed to moving that retention to 96%, both domestically and internationally, which is where we are internationally running at 95.9% over the last 12 months.

多年來我們持續穩步改善，將留存率從94%多提升到第二季末全球95%的水準。在美國本土方面，雖然我們的經濟型品牌在留存表現上領先同業，但我們的長期目標仍是——團隊致力於將本土與國際的留存率提升至96%；而國際市場在過去12個月的留存率為95.9%。

To your question in terms of how we're looking at it in terms of the levers to get there, we are, to your point, very focused on replacing those lower quality, lower FeePAR rooms with higher quality and higher FeePAR rooms in accretive markets that reflect the record franchisee owner satisfaction that we're seeing, the record guest satisfaction that we're seeing.

針對你問到我們如何看待、以及達成目標的槓桿，我們確實如你所說，非常專注於以更高品質、FeePAR更高的客房，來替換那些品質較低、FeePAR較低的客房，並布局於具增益（accretive）的市場；這也反映出我們所看到的特許經營業主滿意度創新高，以及住客滿意度創新高。

We've seen our strongest year-over-year gains since going public across all of our quality and all of our guest satisfaction metrics, whether it's our Net Promoter Scores or our Overall Satisfaction Scores, they're all at record highs.

自上市以來，我們在所有品質與住客滿意度指標上都看到最強的年對年改善，不論是淨推薦值（Net Promoter Score）或整體滿意度分數（Overall Satisfaction Score），都創下新高。

Our economy brands, which we're very focused on right now, are seeing some of the highest Net Promoter Score growth that they've ever seen. Microtel, which was J.D. Power's economy winner this year, up 500 basis points. Super 8 up, Days Inn up. So Q2 OSAT with that focus of almost 500 basis points, a Net Promoter Score about the same. Our index comparing how our economy Overall Satisfaction Review Scores comp against our peers is now running over a fair share, and we'll continue to focus on that.

我們目前非常聚焦的經濟型品牌，也正看到其有史以來最高的一些淨推薦值成長。Microtel今年獲J.D. Power評為經濟型冠軍，上升500個基點。Super 8上升、Days Inn也上升。因此第二季OSAT在這樣的聚焦下提升了將近500個基點，淨推薦值也差不多。我們用來比較經濟型品牌整體滿意度評論分數相對同業的指數，目前已高於公平市占（fair share），我們會持續專注於此。

To the last part of your question in terms of what we're seeing with new select service brands. We get this question a lot. We have seen less than 1% of our system who we either termed or who left us reflagging to one of these new brands that are being introduced. They're not materially impacting our signings, or our openings, or our pipeline, or our approach on key money, which is tracking in line with the past few years on a year-to-date basis.

至於你問題最後一部分，關於我們對新推出的精選服務（select service）品牌所看到的情況。我們常被問到這個問題。在我們的系統中，被我們終止或自行離開的業主，轉旗（reflag）到這些新導入品牌的比例不到1%。它們並未對我們的簽約量、開業量、開發儲備（pipeline），或我們在關鍵資金（key money）上的策略造成實質影響；而key money今年迄今的走勢也與過去幾年一致。

We had a record year domestically of openings last year. Q1 was a record of domestic openings, Q2 is another, and we've opened 8% more rooms domestically year-to-date. We're not seeing that as a threat or an issue. Again, the reflagging of less than 1% of our former hotels of ours to new brand competitors, we don't view as material to our development growth moving forward.

我們去年在美國本土的開業量創下紀錄。第一季是本土開業的紀錄，第二季又再創一個，而今年迄今我們在本土開出的客房數也多了8%。我們不認為這是一個威脅或問題。再次強調，過去屬於我們的飯店中，轉旗到新品牌競爭對手的比例不到1%，我們不認為這會對未來的開發成長造成重大影響。

Steve Pizzella, Deutsche Bank.

Steve Pizzella，德意志銀行。

Hey, good morning, everyone, and thank you for the question. Geoff, glad to hear everything is progressing well. Just wanted to ask on how we should think about the longer term EBITDA algorithm here, given some of the one-time items this year. Can you help us think about the pieces to get back to the mid to high single-digit EBITDA growth moving forward?

嗨，各位早安，謝謝讓我提問。Geoff，很高興聽到一切進展順利。我想問的是，考量今年有一些一次性項目，我們應該如何看待這裡較長期的EBITDA演算法（成長框架）？你能否幫我們拆解一下，未來要如何回到中到高個位數的EBITDA成長？

Hey, good morning, Steve. Thanks for the question. Our long-term algo remains consistent with what we've communicated previously. High single digits EBITDA growth, predicated upon 2% to 3% RevPAR growth. As you noted, we kind of had some one-time items with Revo and variable comp this year that obviously, when you adjust for that, we're kind of trending towards that.

嗨，早安，Steve。謝謝你的提問。我們的長期演算法（algo）仍與先前對外溝通的一致。EBITDA 高個位數成長，前提是 RevPAR 成長 2% 到 3%。如你所提到的，今年我們在 Revo 和變動薪酬上有一些一次性項目；顯然，當你把這些因素調整回來後，我們的走勢大致就朝向那個水準。

Again, as we get RevPAR growth, we feel very confident. The 2% to 3% that we're seeing in our algo, you're kind of seeing that in the back half of the year. We saw that in Q2. Feel confident going into as that RevPAR will catch up. Net rooms growth, 4% to 5% is our long-term algo, and we've been delivering at the 4%. To get to the 5%, some of that is retention related, as Geoff said, as we continue to deliver record openings.

再說一次，隨著 RevPAR 成長，我們非常有信心。我們在演算法中看到的 2% 到 3%，你在今年下半年其實已經開始看到。我們在第二季也看到了。我們對接下來很有信心，因為 RevPAR 會逐步追上來。淨客房數成長方面，4% 到 5% 是我們的長期演算法，而我們一直交出約 4% 的表現。要達到 5%，其中一部分與留存（retention）有關，正如 Geoff 所說，因為我們持續創下開業數的紀錄。

On the other items that we do control, ancillary revenues, we have low- to mid-teens for this year. Long-term, that's high single digits. Royalty rate of five basis points domestically and internationally. We continue to do that. You look at the last two years, we're actually pacing ahead of that. We continue to deliver on everything that's within our control, and RevPAR is obviously progressing well. I think we're on track for our long-term EBITDA algorithm.

至於其他我們可控的項目，附加收入（ancillary revenues）今年我們預期為低到中十位數成長。長期來看，則是高個位數。權利金率（royalty rate）方面，國內與國際皆為 5 個基點。我們持續維持這個水準。你看過去兩年，我們實際上是跑在這個目標之前。我們持續在所有可控事項上交出成果，而 RevPAR 顯然也在良好推進。我認為我們正朝向長期 EBITDA 演算法的軌道前進。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

Great. Good morning. Geoff, very encouraging to hear you're getting great care, and certainly like to hear your optimism here. Let's talk just quickly about what's happening with you folks in Europe. Specifically, how did Europe perform for you along the impact of Revo, and what are your expectations for at least the upcoming and following quarter, specifically under Revo? Thank you.

很好。早安。Geoff，很令人振奮聽到你得到很好的照護，也很高興聽到你在這裡的樂觀態度。我們快速談一下你們在歐洲的情況。具體來說，歐洲在 Revo 影響下對你們的表現如何？以及至少在接下來與再下一季，特別是在 Revo 之下，你們的預期是什麼？謝謝。

Sure. I'll start, and then Amit could jump in. As we talked about, Patrick, international RevPAR was weighed down by Europe and by Latin America and the Caribbean. I'll start with Europe. Our EMEA RevPAR, which declined 6%, was certainly affected by a 45% drop in the Middle East.

當然。我先說，之後 Amit 可以補充。如我們所談到的，Patrick，國際 RevPAR 受到歐洲以及拉丁美洲與加勒比海地區的拖累。我先從歐洲說起。我們的 EMEA RevPAR 下滑 6%，其中確實受到中東下滑 45% 的影響。

As we, I think, pointed out in our script, a soft Revo performance throughout its insolvency. Which again, Revo, we backed out of all of our revenues. Excluding the Middle East and Revo, our performance in EMEA was up 5%. We saw strength this summer and continue to see it in Spain, which was up in a quarter 26%. It's been a really strong market for us. Turkey was up 16%, India was up 11%, and Africa was up 11% as well.

正如我想我們在講稿中指出的，Revo 在其破產（insolvency）期間的表現疲弱。再說一次，Revo 我們已從所有收入中剔除。若排除中東與 Revo，我們在 EMEA 的表現成長 5%。我們看到今年夏天西班牙表現強勁，且目前仍持續強勁；該市場在本季成長 26%。對我們而言這一直是非常強的市場。土耳其成長 16%，印度成長 11%，非洲也成長 11%。

Then when we look at Latin America, something else that obviously weighed on our international RevPAR driver, it slowed from down four in Q1 to down seven, and that was driven by continued softness in Mexico. Excluding Mexico, Latin America was flat.

接著看拉丁美洲，這也是顯然拖累我們國際 RevPAR 的另一個因素；其降幅從第一季的下滑 4% 放大到下滑 7%，主要是因為墨西哥持續疲弱所致。若排除墨西哥，拉丁美洲則持平。

The good news and the optimism for us looking forward, we're seeing Mexico pick up. July is now running at plus five month to date, driven largely by rate, which is great and positive for franchisees and for our margins. Moving forward, I think we're obviously cautious. It's a fluid situation in the Middle East, but again, the Middle East is less than 1% of our system.

對我們而言，展望未來的好消息與樂觀點是，我們看到墨西哥正在回升。7 月截至目前月內表現已達到成長 5%，主要由房價（rate）帶動，這對加盟業主以及我們的利潤率都是很好的正面訊號。往前看，我認為我們顯然會保持審慎。中東局勢仍在變動中，但再說一次，中東在我們整體系統中占比不到 1%。

Dany Asad, Bank of America.

Dany Asad，美國銀行（Bank of America）。

Good morning, Geoff and Amit. Geoff, we're glad to hear that you're getting great care, and we're all rooting for you.

早安，Geoff 與 Amit。Geoff，很高興聽到你得到很好的照護，我們都在為你加油。

Thank you, Danny.

謝謝你，Danny。

If I could just ask a little bit on your outlook. If we're taking domestic RevPAR from flat to up 2%, how does that 200 basis point raise split between rate and occupancy? If that makes any difference from what we've seen so far, can you just help frame that for us in terms of how much more occupancy is there to grow from here on out?

如果我可以就你們的展望再問一點。如果我們把國內 RevPAR 從持平上調到成長 2%，這 200 個基點的上調在房價（rate）與入住率（occupancy）之間各占多少？如果這與我們目前看到的情況有任何不同，你能否幫我們框架一下：從現在到之後，入住率還有多少成長空間？

Hey. Good morning, Dany. Thanks for the question. I'll start with your first part, which is domestic RevPAR. We're obviously pleased to see Q2 coming in 120 basis points ahead of expectation, and we're really kind of expecting that to carry into the back half of the year, taking our outlook from flat to plus 2%.

嗨。早安，Dany。謝謝你的提問。我先回答第一部分，也就是國內 RevPAR。我們顯然很高興看到第二季比預期高出 120 個基點，而我們也預期這個動能會延續到下半年，將我們的展望從持平上調到成長 2%。

As far as the breakdown between OCC and ADR, we are assuming about two-thirds rate driven and about a third OCC, and that's really consistent with what we saw in the second quarter. Rate was about 160 basis points. OCC was about 60 basis points. As we look ahead in terms of your question as to OCC and how much room there is, OCC's been about 90% of 2019 levels.

至於入住率（OCC）與平均每日房價（ADR）的拆分，我們假設約三分之二由房價帶動、約三分之一由入住率帶動，這與我們在第二季看到的情況非常一致。房價約貢獻 160 個基點。入住率約貢獻 60 個基點。往前看，針對你問到入住率還有多少空間，入住率目前大約是 2019 年水準的 90%。

Most of the RevPAR growth has been driven by ADR, as you know, and that's consistent with the industry and consistent within the segment. There's probably about 10% more tailwind that remains on OCC. We were encouraged to see both OCC and ADR increase in the second quarter, and we're expecting that to continue into the third and fourth quarter.

如你所知，RevPAR 的大部分成長一直由 ADR 帶動，這與產業一致，也與該細分市場一致。入住率大概還有約 10% 的順風空間。我們很受鼓舞地看到第二季入住率與 ADR 都上升，而我們預期第三季與第四季會持續如此。

Ben Chaiken, Mizuho.

Ben Chaiken，瑞穗（Mizuho）。

Hey, Geoff. Thinking about you and wishing you strength. I want to double-click on the NUG topic again. You opened up roughly 7,000 net rooms in 1H and you'd opened roughly 30,000 net rooms in 2H. I know you talked about the idea that you've always expected to have kind of higher deletions in 1H and lower deletions in 2H, and openings kind of the opposite of that.

嗨，Geoff。一直惦記著你，祝你堅強。我想再深入追問一次 NUG 這個主題。你們在上半年大約新增了 7,000 間淨客房，而你們在下半年大約新增了 30,000 間淨客房。我知道你提到過，你們一直預期上半年會有較高的刪減（deletions）、下半年較低，而開業（openings）則大致相反。

Just to double-click here, is the idea that you've been actively pruning hotels and this activity will slow as it's under your control, and that's kind of been the entire plan for the whole year? Thanks.

我再追問一下：是否可以理解為你們一直在主動修剪（pruning）飯店，而這項活動會因為在你們可控範圍內而放緩，且這其實就是你們全年計畫的一部分？謝謝。

Yeah. In terms of the levers that we talked about, absolutely. Again, we're really focused on replacing those lower quality, lower FeePAR rooms with those higher quality, higher FeePAR rooms, which we're seeing in accretive markets. Again, certainly reflected and continues to be with our OSAT and our NPS in our economy brands. We're feeling, Ben, really good about our domestic trajectory.

是的。就我們談到的那些槓桿而言，完全正確。再說一次，我們非常專注於用較高品質、較高 FeePAR 的客房，去替換那些較低品質、較低 FeePAR 的客房；我們在具增益（accretive）的市場中正看到這樣的成果。同樣地，這也清楚反映在我們經濟型品牌的 OSAT 與 NPS 上，並且持續如此。Ben，我們對國內的發展軌跡感覺非常好。

Again, our record year of domestic openings last year, Q1, a record Q2. We've opened and we continue to open and continue to grow that domestic pipeline of more upscale and more accretive rooms at that much higher FeePAR, along with a pipeline, which is domestically at an all-time high of 110,000 rooms. Again, feeling good about the second half.

再次強調，去年我們創下國內開業的紀錄年，第一季創紀錄，第二季也創紀錄。我們已經開業，並且持續開業、持續成長國內的開發管線，聚焦於更高端、對獲利更具增益的客房，帶來更高的 FeePAR；同時，國內管線也達到歷史新高的 11 萬間客房。再次說明，我們對下半年感覺良好。

Alex Brignall, Rothschild.

Alex Brignall，Rothschild。

Thank you very much for taking the question. Geoff, as with everyone, wishing you the best. On the loyalty program, again, clearly you have a spectacularly popular program with both owners and guests. Some news from one of your peers during the quarter suggested that in terms of the balance of economics between franchise owners and property owners had maybe gone a little too far.

非常感謝讓我提問。Geoff，和大家一樣，祝你一切順利。關於忠誠度計畫，很明顯你們的計畫在業主與住客之間都非常受歡迎。本季你們某位同業的一則消息指出，就特許經營業主與物業業主之間的經濟利益平衡而言，可能已經有點偏得太多了。

Could you just talk a little bit about the economics of your program and how you are balancing some of the benefits that you're providing with some of the AI programs you're doing, increased direct distribution, with where that ends up in terms of economics flowing through to you, the franchisor, and to the franchisees? Thank you so much.

你能否談談你們計畫的經濟性，以及你們如何在提供一些好處（例如你們正在做的一些 AI 計畫、提升直連分銷）與最終在經濟利益分配上（流向你們作為特許授權方，以及流向加盟商）之間取得平衡？非常感謝。

Sure. Thanks. Our owners, when it comes to the Wyndham Rewards program, are very engaged and have never been more so. We run our loyalty program from an economic standpoint on a break-even basis through our marketing funds, which our franchisees, our owners, and our franchise advisory committees understand.

當然。謝謝。就 Wyndham Rewards 計畫而言，我們的業主參與度非常高，而且從未像現在這麼投入。從經濟角度來看，我們透過行銷基金以損益兩平的方式運作忠誠度計畫；我們的加盟商、業主以及加盟商諮詢委員會都理解這一點。

It's something when we meet with our FACs, and been meeting with them this month on Zoom, they understand that, and they're very engaged with both Wyndham Rewards and with the credit card program that's helping drive more direct business to their hotels. Our program from an ownership standpoint and economic standpoint is not only viewed by them as the simplest and the most rewarding for members and guests, which we could not be more pleased.

這也是我們與 FAC（加盟商諮詢委員會）會面時會討論的內容；本月我們一直透過 Zoom 與他們開會，他們理解這點，並且對 Wyndham Rewards 以及信用卡計畫都非常投入，因為這些計畫有助於為他們的飯店帶來更多直訂業務。從業主與經濟性的角度來看，他們不僅認為我們的計畫對會員與住客而言最簡單、回饋也最豐厚；我們對此感到非常欣慰。

A shout-out to our Wyndham Rewards team for yesterday's Today Show big reveal that Wyndham Rewards took the number one spot again on US News & World Report as the best hotel rewards program based on really six criteria that we think really makes our program stand out as the most rewarding and the simplest. Back to the owners. It's viewed as the most equitable program in the industry.

也要特別感謝我們的 Wyndham Rewards 團隊：昨天在《Today Show》的重大揭曉中，Wyndham Rewards 再次在《US News & World Report》評選中拿下第一名，被評為最佳飯店獎勵計畫；該評比基於六項我們認為能讓計畫脫穎而出的標準，使其成為回饋最豐厚且最簡單的計畫。回到業主的部分。他們認為這是業界最公平的計畫。

When it comes to redemption rates, and that's what owners are focused on, Wyndham Rewards pays back to our owners for free night stays on an occupancy basis redemption versus a fixed dollar amount. They'll take that inbound. During high demand periods, our franchisees are very happy to take a free night stay direct booking as they're not having to absorb any program cost given the high demand and occupancy, and they're getting their full average daily rate.

談到兌換率（這也是業主最關注的），Wyndham Rewards 對業主就免費住宿的補償，是以入住率為基礎的兌換方式，而不是固定金額。他們會接受這樣的客源導入。在需求旺季，我們的加盟商非常樂於接受免費住宿的直訂，因為在高需求與高入住率下，他們不需要吸收任何計畫成本，且仍可取得完整的平均每日房價（ADR）。

We're very engaged with our owners on the program, and obviously, members are more engaged, and our owners understand today, as it continues to grow, and we grew it, as we said in our script, by another 2.5 million members in the second quarter. It's domestically providing in the economy space, which has been, I think, until our program unheard of, one out of every two check-ins domestically, and it's a really powerful tool for them that they're very engaged on.

我們與業主在此計畫上互動非常密切；顯然會員也更投入。業主也理解，隨著計畫持續成長——正如我們在講稿中提到的，第二季會員數又增加了 250 萬——在國內的經濟型市場中，這帶來了我認為在我們的計畫出現之前前所未見的成果：國內每兩次入住登記就有一次來自該計畫；這對他們而言是非常強大的工具，他們也非常投入。

Dan Politzer, JPMorgan.

Dan Politzer，JPMorgan。

Hey, good morning, everyone. Geoff, glad to hear that you're feeling well and in good spirits.

嗨，大家早安。Geoff，很高興聽到你感覺不錯、精神也很好。

Thanks, Dan.

謝謝，Dan。

I wanted to talk about the outlook a little bit. You raised the RevPAR, I think, 50 basis points at the midpoint. You raised EBITDA a few million. As you sit here today and think about your net rooms growth outlook and RevPAR across both domestic and international segments, it's where do you feel the greatest confidence in underwriting to get to that high end of the range? Yeah, that's it. Thanks.

我想稍微談談展望。你把 RevPAR 的中位數上調了，我想是 50 個基點。你也把 EBITDA 上調了幾百萬。以你現在的角度來看，思考你們的淨客房成長展望，以及國內與國際兩個區塊的 RevPAR，你對哪些項目最有信心，能夠支撐你們達到區間上緣？就這些。謝謝。

Hey, Dan. Good morning. Look, our guidance is a range, so obviously it incorporates a lot of possibilities, and we have multiple combinations of driver growth to hit our outlook range. Specifically, to your question about where do we feel the greatest confidence, we obviously saw US RevPAR growth accelerate throughout the year, and we've seen it outpace our expectations.

嗨，Dan。早安。我們的指引是一個區間，因此顯然涵蓋了許多可能性；我們也有多種成長驅動因素的組合，可以達成我們的展望區間。具體回到你問的「哪裡最有信心」，我們顯然看到美國 RevPAR 成長在今年逐步加速，而且表現超出我們的預期。

International came in a little bit weaker in the second quarter, which we do expect to recover in the back half of the year. You will see some better performance on a relative basis. US RevPAR growth, I think, as you look at the back half, what we've forecasted at plus 2%, obviously, that's kind of what we're seeing based on, as Geoff alluded to at the beginning, based on what we're seeing in a normalized basis in July as well as June.

國際市場在第二季稍微偏弱，但我們預期下半年會復甦。你會看到相對而言更好的表現。至於美國 RevPAR 成長，回頭看下半年，我們預測為 +2%；顯然，這也符合我們目前看到的情況——如 Geoff 在一開始提到的，基於我們在 7 月以及 6 月看到的常態化表現。

Is there potential for acceleration? We're all optimistic that remains to be the case. You can see if that happens, obviously, the high end will really go through US RevPAR, but also we do need some recovery in the international, as I mentioned, and that's really kind of flows into our EBITDA drivers. We took the point and a half of RevPAR growth we saw in the low end into our EBITDA and raised it by $5 million. The high end, as I said, kind of remains unchanged. The midpoint movement is really just math.

是否有加速的可能？我們都樂觀希望仍會如此。如果真的發生，區間上緣顯然主要會由美國 RevPAR 推動；但同時，如我所提，我們也需要國際市場有一些復甦，這也會反映在我們的 EBITDA 驅動因素上。我們把在區間下緣看到的 1.5 個百分點 RevPAR 成長納入 EBITDA，並將其上調 500 萬美元。至於區間上緣，如我所說，基本維持不變。中位數的變動主要只是數學計算的結果。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，Morgan Stanley。

Hey, thanks. Geoff, great to hear your voice. I'll echo my well wishes and hope you're back on the VersaClimber soon, if not already. Your slide deck notes key money is only three out of every 10 deals. I think you used to say that Michele had an eye dropper.

嗨，謝謝。Geoff，很高興聽到你的聲音。我也同樣祝福你，並希望你很快就能回到 VersaClimber 上，如果不是已經回去了的話。你們的簡報提到，key money 只占每 10 筆交易中的 3 筆。我記得你以前說 Michele 用的是滴管。

Amit is in the seat and had a development lens, I think we've talked about this previously, but can you remind us of the guardrails you think about in terms of deploying key money, and are you seeing any change in the opportunity set or even the return potential from key money related deals?

Amit 坐上這個位置後，我想他有開發的視角；我們之前也談過，但你能否提醒我們，在投放 key money 時你們考量的護欄（原則）是什麼？另外，你是否看到 key money 相關交易的機會集合或甚至報酬潛力有任何變化？

Hey, Stephen. Good morning. In terms of whether it's Michele or me, one thing that hasn't changed is we are both extremely disciplined when it comes to our shareholders' capital, and we'll continue to do so. You look at 2024, 2025, and our outlook for 2026, we've really been in the $100 million to $110 million range.

嗨，Stephen。早安。不論是 Michele 或我，有一點沒有改變：在股東資本的運用上，我們都極度自律，而且會持續如此。你看 2024、2025，以及我們對 2026 的展望，我們基本都落在 1 億到 1.1 億美元的區間。

It hasn't really changed, and as we kind of talked about in the prepared remarks, when we do give development advances, they come in at a significant three-part premium over the existing system, roughly 40%. When we use it's really we're targeting assets and markets, attractive markets where we want to increase our presence, higher RevPAR assets to kind of bolster overall FeePAR.

這其實沒有太大改變；而且如我們在事先準備的發言中提到，當我們提供開發預付款（development advances）時，通常會相較於既有系統帶來顯著的三重溢價，約 40%。我們使用這些資金時，主要鎖定我們希望提升市占的資產與市場、具吸引力的市場，以及較高 RevPAR 的資產，以強化整體 FeePAR。

In terms of our underwriting and how we are, we obviously go without saying we're disciplined, and the discipline really comes in the form of making sure that the expected returns are well above our cost of capital.

就我們的承保以及我們的做法而言，毋庸置疑我們一向嚴謹，而這份嚴謹主要體現在確保預期報酬明顯高於我們的資本成本。

We also factor in regional differences to make sure that we are getting the appropriate risk-adjusted return. The opportunity set. Listen, I think we have seen as the earlier question about competition. We've certainly seen more competition over the last three years, but I think it's a testament to the strength of our brands and our value proposition that our key money has remained in that same range of $100 million to $110 million.

我們也會納入區域差異的考量，以確保取得適當的風險調整後報酬。機會集合。聽著，我想我們也看到了先前那個關於競爭的問題。過去三年我們確實看到更多競爭，但我認為這也證明了我們品牌與價值主張的強勁，因為我們的 key money 仍維持在同樣的 1 億至 1.1 億美元區間。

Ian Zaffino, Oppenheimer.

Ian Zaffino，Oppenheimer。

Hi, great. Thank you very much. Geoff, glad we're getting some good news here. Keep it up. As far as the World Cup, would you be able to maybe quantify the impact there maybe on US RevPAR, whether second quarter, third quarter, what's kind of baked in and how do we think about it? Thanks.

嗨，很好。非常感謝。Geoff，很高興我們這裡聽到一些好消息。請繼續保持。關於世界盃，你是否能夠量化一下對美國 RevPAR 的影響，可能是第二季、第三季，哪些已經反映在預期中，以及我們該如何看待？謝謝。

Hey, Ian. Good morning. I think the World Cup was a great success for the US, we were pleased, as our president said, hopefully it returns very soon. As far as the impact is, we had about 25 basis points for the quarter in the US. Our overall quarter, the impact, which was again, just June in the second quarter. That's kind of similar expectations for July.

嗨，Ian。早安。我認為世界盃對美國而言非常成功，我們也很高興，正如我們總裁所說，希望它能很快再回來。就影響而言，在美國本季大約貢獻了 25 個基點。我們整體季度的影響其實也就是第二季的 6 月。對 7 月的預期也大致相近。

The other thing I think I want to make sure is we capture is America 250, which we had definitely helped in both June as well as July. Those two had roughly, you kind of adjust for those two, and you look at what June and July RevPAR are. Those are kind of consistent with the 2% that we're guiding for the back half of the year, really just shows the underlying strength of the leisure demand and the weekday, everyday business demand above and beyond the one-time items that we saw in June and July related to World Cup and America 250.

另外我想確保我們也把 America 250 納入考量，這項活動在 6 月與 7 月都確實帶來幫助。這兩項因素大致如此；如果你把這兩項調整掉，再看 6 月與 7 月的 RevPAR，其實就與我們對下半年指引的 2% 相當一致，這也真正顯示出休閒需求以及平日、日常商務需求的基本面強勁，超越了我們在 6 月與 7 月因世界盃與 America 250 這些一次性因素所看到的影響。

Meredith Jensen, HSBC.

Meredith Jensen，HSBC。

Thanks. Good morning. I was hoping you could speak a little bit more, given how Wyndham is continuing to be a real leader in driving technology and AI initiatives, clearly showing an ability to move pilot to scale really quickly. You might talk about which areas you're seeing bigger opportunities than you might have spoken about previously, maybe on the other side, which parts of the initiatives you might need to reset, sort of evaluating the TAM on some of those. Thank you.

謝謝。早安。我希望你能再多談一些：鑑於 Wyndham 持續在推動科技與 AI 計畫方面扮演真正的領導者角色，也清楚展現出能夠很快把試點擴大到規模化落地的能力。你或許可以談談哪些領域你們看到的機會比先前提到的更大；另一方面，哪些計畫的部分可能需要重新校準，例如在評估其中一些的 TAM（可服務市場總量）時。謝謝。

Sure. Thanks, Meredith. I'll point to three. While I don't think they need a reset, the first are certainly our ongoing work with our LLM relationships, which is so benefiting our guest search, continues to evolve. It changes frequently. We all know that roughly 60% of travel searches by our guests are occurring within an LLM, for whether it's inspiration or research or itinerary building.

當然。謝謝你，Meredith。我會指出三點。雖然我不認為需要重新校準，第一點當然是我們與 LLM 合作關係的持續工作，這對我們的住客搜尋非常有幫助，且仍在持續演進。它變化很快。我們都知道，大約 60% 的旅遊搜尋是由住客在 LLM 內完成的，不論是尋找靈感、做研究或建立行程。

Our focus remains to serve those guests end to end for the best booking experience and drive increased direct bookings. Our use of an AI powered on property LLM, along with Wyndham agents in each of those LLMs, we're really excited about how we're providing real-time rates and inventory and guaranteed room types and things that a cached or a scraped third party just simply can't. We're driving increased visibility for our hotels in those listed results.

我們的重點仍是端到端地服務這些住客，提供最佳的訂房體驗並帶動更多直接訂房。我們使用由 AI 驅動、在飯店端運行的 LLM，再加上在各個 LLM 中的 Wyndham 代理，我們對於能提供即時房價與庫存、保證房型等能力感到非常興奮，而這些是快取或爬取的第三方根本做不到的。我們也在提升旗下飯店在那些列示結果中的能見度。

What we're seeing and what we want to continue to see is a higher conversion. We're seeing a 20% higher conversion on our brand.com sites when the guest connects to us from an LLM. It's something that we're continually working on. I wouldn't say reset, but we'll continue to evolve.

我們看到、也希望持續看到的是更高的轉換率。當住客從 LLM 連到我們時，我們在 brand.com 網站上的轉換率提高了 20%。這是我們持續在努力的方向。我不會說要重置，但我們會持續演進。

What we're most excited about and what we've moved, to your point, from pilots to really meaningful benefit for our franchisees are the products that our franchisees are embracing right now. Our Wyndham Connect, it's allowing, as we said in the script now, 5,000 of our hotels to directly talk to all of our guests via AI, just taking labor intensive tasks away from those franchisees, allowing them to make extra money. It's something we talk to them about every day.

我們最興奮、也如你所說已從試點走向真正為加盟商帶來顯著效益的，是加盟商目前正在採用的產品。我們的 Wyndham Connect，如同我們在講稿中提到的，已讓 5,000 家飯店能透過 AI 直接與所有住客對話，把原本勞力密集的工作從加盟商手上移開，讓他們能多賺錢。這是我們每天都在和他們溝通的事情。

There'll be a note this Thursday, today, going out this afternoon to all of our franchisees, once again, extolling and promoting the benefits of selling early check-ins and late check-outs and upgrades all autonomously. Again, we've talked about this publicly. It's driving upwards for engaged franchisees, $100,000 or more in increased revenues. That's a big deal right now. We have exceeded 40 million guest messages today. We're averaging about 260,000 guest interactions via this AI tool per day. Again, our franchisees, our FACs, have been part of the process from the get-go and are increasingly engaged with it.

本週四，也就是今天，今天下午會再發一則通知給所有加盟商，再次讚揚並推廣自動化銷售提早入住、延後退房與升等的好處。我們也曾公開談過這點。對於積極採用的加盟商而言，這可帶來高達 10 萬美元或以上的增量營收。這在當下非常重要。截至今天，我們已超過 4,000 萬則住客訊息。我們平均每天透過這個 AI 工具產生約 26 萬次住客互動。同樣地，我們的加盟商、我們的 FAC 從一開始就參與其中，且參與度持續提高。

We also talked briefly about our new Wyndham AI Concierge product, which is a premium add-on, unlocking all the AI voice capabilities, handling everything that's direct to the hotels over voice, whether it's coming in, if you're calling our hotel, messaging our hotel, or SMSing our hotel, we are booking those reservations for our hotels completely autonomously, leveraging Salesforce and Data 360.

我們也簡要提到我們新的 Wyndham AI Concierge 產品，這是一項高階加值服務，可解鎖所有 AI 語音能力，透過語音處理所有直接到飯店的需求；不論是打電話到飯店、傳訊息到飯店，或用 SMS 發送到飯店，我們都能完全自動化地為飯店完成訂房，並運用 Salesforce 與 Data 360。

It's live now in 1,500 hotels using those AI agents who have just an encyclopedic knowledge and understanding of what Meredith has booked with us before, her loyalty status, and the ability to answer any question imaginable. For franchisees, again, it's saving them labor, and that's why they're engaged, by not needing as much staffing in their front office.

目前已在 1,500 家飯店上線，使用那些 AI 代理；它們對 Meredith 先前在我們這裡的訂單、她的會員忠誠等級等資訊有如百科全書般的掌握與理解，並能回答任何可想像的問題。對加盟商而言，同樣是節省人力，這也是他們投入的原因，因為前台不需要配置那麼多員工。

It's driving up to, and we've talked about this publicly, an increase of 500 basis points of direct contribution by handling all of the franchisees on property voice, yielding zero dropped calls and increasing that booking conversion. We're able to drive a 15% increase in ADR, if you're booking it autonomously versus on the phone. That's a big deal for franchisees. We're super excited, and we'll continue to push on that.

它可帶動最高（我們也曾公開談過）直接貢獻提升 500 個基點，因為它處理了加盟商在飯店端所有語音來電，達到零漏接並提高訂房轉換率。若以自動化方式完成訂房，相較於電話訂房，我們能帶動 ADR 提升 15%。這對加盟商而言非常重要。我們非常興奮，並會持續推進。

Thank you. Our next question comes from Trey Bowers with Wells Fargo. Your line is now open.

謝謝。下一個問題來自 Wells Fargo 的 Trey Bowers。您的線路已開通。

Hi, this is [Nick Weikel] on for Trey. We're glad to hear you're doing well, Geoff. Just wanted to dig in a bit more on units growth and the pruning of the portfolio with the lower FeePAR to bring in more higher FeePAR. Are there any specific brands and regions where you're seeing the most, like where you're doing the most pruning and I guess vice versa, are there any brands and regions where you want to potentially add more rooms to?

嗨，我是 [Nick Weikel]，代 Trey 提問。很高興聽到你表現不錯，Geoff。我想再深入問一下客房單位成長，以及透過修剪 FeePAR 較低的組合、引入 FeePAR 較高的組合來優化投資組合。是否有特定品牌與區域是你們修剪最多的？反過來說，是否有任何品牌與區域你們可能想增加更多客房？

Thank you. Well, yeah. The international opportunity that we have to continue to add brands is massive. We continue to add new brands, and we've done that over 175 times since spin across 100 new countries. The opportunity for our direct franchise sales teams internationally is just enormous. We'll continue to do that. There's no brands in specific that are right now in tough shape from a pruning standpoint. We're just very focused on our conversion room openings. Again, looking at bringing in higher FeePAR deals and higher quality deals. We're seeing great success. We continue to gain meaningful share domestically in the upper midscale conversion market domestically. We've doubled it from where we were pre-spin to about 25% today, and we've done that in our upscale. We continue to add upscale brands to our domestic portfolio, and we've taken that share from 4% to 8%.

謝謝。嗯，是的。我們在國際市場持續新增品牌的機會非常龐大。我們持續新增新品牌，自分拆以來，我們已經新增超過175次，涵蓋100多個新國家。我們的國際直營加盟銷售團隊所面臨的機會確實非常巨大。我們會持續推進。就修剪（精簡）角度而言，目前沒有任何特定品牌處於艱難狀態。我們只是非常專注於我們的轉換型客房開業。再次強調，我們著眼於引進更高FeePAR的交易以及更高品質的交易。我們看到很大的成功。我們在國內的中高端（upper midscale）轉換市場持續取得顯著的市占提升。我們已從分拆前的水準翻倍，提升到目前約25%，而且我們在高端（upscale）也做到了。我們持續將高端品牌納入我們的國內組合，並將該市占從4%提升到8%。

The brands that are doing very well from a conversion standpoint are brands like AmericInn, like Baymont, like Hawthorn Suites. Their quality scores are all improving. They all saw double-digit growth in domestic openings. La Quinta. La Quinta conversions in Q2 tripled domestically. We've opened a dozen La Quintas year-to-date, and we're really proud of that. From where we have lost rooms and have been focused on quality, we're also gaining more than our fair share of economy conversions. Back in 2019, our conversion share was about 44%. It's 63% today. We like that business. Over 90% of all of our conversion executions in the economy space that open are opening less than a year from signing.

從轉換角度表現非常好的品牌包括AmericInn、Baymont、Hawthorn Suites等。它們的品質評分都在改善。它們在國內開業數都實現了兩位數成長。La Quinta也是如此。第二季La Quinta在國內的轉換數量成長到三倍。今年迄今我們已開業十多家La Quinta，我們對此非常自豪。在我們曾經流失客房並專注於品質的領域，我們也正在取得超過我們應得份額的經濟型（economy）轉換。回到2019年，我們的轉換市占約為44%。如今是63%。我們喜歡這門生意。在經濟型領域，我們所有已開業的轉換案中，超過90%都是在簽約後不到一年就開業。

Our franchise sales teams are increasingly engaged with the brands that we have in terms of how their quality scores are improving and the new brands like Dazzler Select, which we haven't talked about publicly, that is doing very well for us.

我們的加盟銷售團隊與我們旗下品牌的互動愈來愈深入，特別是在品質評分如何改善方面；另外還有像Dazzler Select這樣的新品牌，我們尚未對外公開談過，但它對我們而言表現非常好。

Thank you. Our final question today comes from Lizzie Dove with Goldman Sachs. Your line is now open.

謝謝。我們今天最後一個問題來自高盛（Goldman Sachs）的Lizzie Dove。您的線路已開通。

Hey, good morning. Thanks for taking the question. Geoff, really wishing you the best and glad that you're doing well. I think most of my questions have been asked, so just a clarification from me on the modeling side of things. I think you said the majority of EBITDA growth would be in Q4. I know there's been a lot of marketing fund variability. I think it was an $18 million underspend last year in Q3, so about $20 million or so variability in Q3 based on what you've guided in the second half. Just curious on that majority of EBITDA growth in Q4, is that on an underlying basis, kind of ex the marketing fund variability or on a reported basis?

嗨，早安。謝謝讓我提問。Geoff，真心祝你一切順利，也很高興你狀況良好。我想我大部分的問題都已經有人問過了，所以我這邊只是就模型（預估）方面做個釐清。我記得你說EBITDA成長的大部分會在第四季。我知道行銷基金（marketing fund）一直有不少波動。我記得去年第三季有1,800萬美元的未支出，所以依你對下半年給的指引，第三季大概會有約2,000萬美元左右的波動。我想確認一下：你說EBITDA成長大部分在第四季，這是以基礎面（underlying basis）來看、也就是排除行銷基金波動（ex the marketing fund variability），還是以報表口徑（reported basis）來看？

Yeah. Hey, Lizzie. Thanks for the question. It's ex the fund. Earlier in the questions, I had someone ask about kind of the bridge for the second half. The numbers I was giving, which is the back half, is going to be about $14 million higher than the first half. That's on a comparable basis, which assumes that the marketing fund is neutral on a full year basis. I kind of went through the puts and takes. The fund delta is largely going to be the $5 million that we're carrying over. I think we said in our prepared remarks, it's going to be overcome roughly the same between Q3 and Q4.

是的。嗨，Lizzie。謝謝你的問題。是排除基金（ex the fund）。在前面的提問中，有人問到下半年的銜接（bridge）大概怎麼看。我當時給的數字是，下半年將比上半年高約1,400萬美元。那是以可比口徑（comparable basis）計算，假設行銷基金在全年口徑下是中性的。我也大致說明了各項增減因素。基金的差額主要會是我們結轉的500萬美元。我想我們在事先準備的講稿中也提到，這部分大致會在第三季與第四季以差不多的幅度消化掉。

You also have a little bit of the variable cost reductions from Q3 of last year that we're going to be lapping, which is why the growth you're going to see on a comparable basis is going to be primarily in the fourth quarter.

另外，你還會看到一點：我們將與去年第三季的變動成本削減形成對比（lapped），這也是為什麼以可比口徑來看，你將看到的成長主要會集中在第四季。

Thank you. This does conclude today's question and answer session. I'll now turn the call back to Geoff Ballotti for closing remarks.

謝謝。今天的問答環節到此結束。我現在把電話交回給Geoff Ballotti作結語。

Well, thanks, Angela, and great job. Thanks everyone for your questions and your interest in Wyndham Hotels & Resorts and for your well wishes. I'll say this, I've never had a greater sense of gratitude each morning when I wake up and start my day. I am surrounded by an amazing group of leaders and team members who have all delivered another great quarter and set us up for just a great year ahead. Amit and Matt and I, we look forward to talking to many of you today and in the weeks and months ahead.

好的，謝謝你，Angela，你做得很棒。也謝謝各位的提問、對Wyndham Hotels & Resorts的關注，以及對我的祝福。我想說的是，我從未像現在這樣，每天早上醒來開始一天時都充滿更深的感恩。我身邊有一群非常出色的領導者與團隊成員，他們再次交出一個很棒的季度表現，也讓我們為接下來的一整年奠定非常好的基礎。Amit、Matt和我，期待今天以及未來幾週、幾個月與各位中的許多人交流。

In the meantime, we'd like to remind all of you golf fans that we're less than two weeks away from the 20th Wyndham Championship, the final tournament, the very final tournament of the PGA Tour's regular season before the FedEx Cup playoffs begin. Coverage begins on August 5th on the Golf Channel and then continues over the weekend with Jim Nantz and the CBS crew. They do a great job. Have a great rest of your summer, everyone, and thanks again for joining us today.

同時，我們也想提醒所有高爾夫球迷，距離第20屆Wyndham Championship已不到兩週；這是PGA巡迴賽例行賽季在FedEx Cup季後賽開始前的最後一場、真正的最後一場賽事。轉播將於8月5日在Golf Channel開始，接著週末由Jim Nantz與CBS團隊接續轉播。他們做得非常棒。祝各位夏天剩下的時光愉快，也再次感謝今天加入我們。

Thank you. This does conclude today's Wyndham Hotels & Resorts second quarter 2026 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。今天的Wyndham Hotels & Resorts 2026年第二季財報電話會議到此結束。請各位現在掛斷電話，祝您有美好的一天。

Thanks, Angela.

謝謝你，Angela。