<p>Choice Hotels International（(CHH)）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Choice Hotels International 最新的财报电话会议将短期失望与稳步改善的长期故事结合在一起。管理层面临投资者对调整后 EBITDA 和每股收益的反对，以及由于去年飓风驱动的需求而造成的头条 RevPAR 压力。然而，他们强调加速的转型增长、更丰富的管道和更强的忠诚度经济学是盈利质量和现金生成应改善的原因。</p>
<h2>房间增长达到拐点</h2>
<p>全球房间同比增长 1.7%，凸显出单位扩张的明显拐点。在美国，毛开业数量激增 32%，近 6,000 个毛房间上线，转型房间开业增长约 59%，转型特许经营协议增长 63%，预计约 60% 的新交易将在一年内开业。</p>
<h2>开发者需求和管道质量增强</h2>
<p>特许经营兴趣急剧上升，全球特许经营协议同比增长 72%，美国协议增长 65%。管理层强调，全球管道中 97% 的房间位于预计收益能力约为现有投资组合 1.7 倍的高收入品牌中，指向结构性更高的盈利能力。</p>
<h2>延长住宿和中档市场引领增长</h2>
<p>Choice 的延长住宿投资组合实现了连续第 11 个季度的双位数房间增长，现在占美国管道的 40% 以上。中档和经济型交易流也有所改善，这些细分市场的特许经营协议增长 38%，像 Country Inn &amp; Suites 这样的品牌签署协议增长 50%。</p>
<h2>单位经济学和忠诚度飞轮改善</h2>
<p>公司继续提升单位层面的盈利能力，美国的平均特许经营费率在本季度扩大了 11 个基点。其 Choice Privileges 忠诚度计划的会员人数超过 7500 万，同比增长 7%，忠诚度贡献在 3 月份上升了 300 个基点以上，新会员群体每位顾客的收入更高。</p>
<h2>RevPAR 和入住率在飓风噪音下更健康</h2>
<p>头条 RevPAR 趋势受到去年飓风驱动需求的严峻比较影响，但基本指标看起来更健康。在 46 个未受影响的州，RevPAR 同比增长 1.8%，得益于入住率的提升，在 2 月和 3 月转为正增长，而国际 RevPAR 在货币中性基础上增长 2.6%。</p>
<h2>人工智能和云技术提升运营表现</h2>
<p>Choice 已将其技术堆栈标准化为基于云的人工智能平台，以 AWS 为基础，推动酒店和企业平台的效率。公司的人工智能驱动的 EasyBid 工具将团体 RFP 响应时间提高了约 30%，并将转化率提升了约 250 个基点，为特许经营者带来了增量团体业务。</p>
<h2>资本强度下降，现金回报上升</h2>
<p>本季度开发支出同比减少 51%，而公司产生了约 2500 万美元的收益，表明资产负债表承诺结构性减轻。展望未来，预计 2026 年的净资本支出将降至 2000 万至 4500 万美元，约比 2025 年中点低 70%，支持更强劲的股票回购计划。</p>
<h2>国际扩张通过加拿大的优异表现得以展示</h2>
<p>国际净房间同比增长 13%，加拿大被突出为公司全球战略的主要证明点。在那里转向直接特许经营模式后，加拿大的净房间增长超过 30%，管道增长 55%，RevPAR 增长约 5%，房间增长约 3.5%，凸显出高利润的国际潜力。</p>
<h2>盈利能力和每股收益面临短期下降</h2>
<p>季度盈利能力出现回落，调整后 EBITDA 从 1.3 亿美元降至 1.26 亿美元，调整后每股收益从 1.34 美元降至 1.07 美元。管理层将 EBITDA 的压力与某些 SG&amp;A 费用的时机联系在一起，并指出每股收益的拖累也受到临时税率变化的影响，而不是核心运营的恶化。</p>
<h2>全球 RevPAR 收缩和飓风重叠拖累</h2>
<p>全球 RevPAR 在货币中性基础上同比下降 80 个基点，受到去年飓风流离失所需求的影响，造成了异常高的比较。管理层估计美国的飓风影响约为 410 个基点，因此尽管美国的非飓风 RevPAR 增长了 1.8%，但较软的报告 RevPAR 数字对市场感知产生了负面影响。</p>
<h2>运营现金流受工作资本时机影响</h2>
<p>本季度运营现金使用总计约 2320 万美元，主要受工作资本时机和与全球房间开业增长 37% 相关的特许经营协议获取成本上升的驱动。高管们将此视为与强劲开发活动相关的时机问题，承认短期波动，但强调对未来费用流的好处。</p>
<h2>合作伙伴收入时机增加了变动性</h2>
<p>合作伙伴收入为 2470 万美元，而去年为 2540 万美元，反映了某些交易的特殊时机，尽管基本面仍在增长。面向特许经营者的服务产品，这些产品为这些高利润收入流提供支持，仍然实现了超过 10% 的同比增长，但管理层警告季度变动性将持续。</p>
<h2>股票波动跟随头条失误</h2>
<p>尽管管理层强调了基本面的强劲和指导方针未变，但市场反应却十分严厉，发布后及问答环节中股价下跌约 14%。投资者似乎关注于每股收益（EPS）和息税折旧摊销前利润（EBITDA）的明显下降，以及飓风影响带来的意外冲击，突显出市场对短期表现的敏感性超过了多年的趋势。</p>
<h2>股权投资在品牌早期发展阶段承压</h2>
<p>由于新品牌如 Everhome 和某些 Cambria 开发项目处于早期发展阶段，吸收了前期投资，来自股权关联公司的损失扩大。管理层预计，随着酒店的成熟以及品牌孵化支出的高峰期减退，这些贡献将会改善，从而将当前的拖累转变为未来的增量收益来源。</p>
<h2>指导方针强化了积极的多年度展望</h2>
<p>Choice 重申了其 2026 年的展望，目标调整后的 EBITDA 为 6.32 亿至 6.47 亿美元，调整后的每股收益为 6.92 至 7.14 美元，支持的资本支出较轻，为 2000 万至 4500 万美元，并计划回购股票 1.75 亿至 2.25 亿美元。管理层认为，目标自由现金流转化率为 60% 至 65%，SG&amp;A 和合作收入的中个位数增长预期，以及杠杆率在 3.2 倍，处于其 3.0 至 4.0 倍的目标范围内，当前的发展和每间可用房收入（RevPAR）趋势甚至可以支持接近范围高端的结果，前提是宏观环境配合。</p>
<p>此次电话会议描绘了一幅公司在吸收短期收益和现金流波动的同时，为更高质量的增长和更可预测的现金生成奠定基础的图景。尽管投资者对利润下降和飓风驱动的 RevPAR 表现反应强烈，但 Choice 加速的转化管道、延长住宿的领导地位以及显著降低的资本强度表明，长期故事可能与初始的股价反应有所不同。</p>

精品国际饭店公司

<p>Choice Hotels International 举行了第一季度财报电话会议，公布了混合的业绩结果。尽管调整后的 EBITDA 和每股收益有所下降，但管理层强调了全球客房和特许经营协议的增长，特别是在延长住宿和中档市场领域。公司报告全球客房同比增长 1.7%，特许经营协议增长 72%。尽管短期内面临盈利压力，但会员忠诚度计划的改善和通过人工智能技术提升运营效率的情况得到了关注。预计未来的资本支出将显著减少，以支持强劲的股票回购计划。总体而言，尽管面临当前挑战，长期前景依然积极</p>

<p>Choice Hotels International ((CHH)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Choice Hotels International（(CHH)）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Choice Hotels International’s latest earnings call mixed short-term disappointment with a steadily improving long-term story. Management faced investor pushback on lower adjusted EBITDA and EPS, as well as headline RevPAR pressure from lapping last year’s hurricane-driven demand. Yet they stressed accelerating conversion-led growth, richer pipelines, and stronger loyalty economics as reasons earnings quality and cash generation should improve.</p>
<div class="lb-trans"><p>Choice Hotels International 最新的财报电话会议将短期失望与稳步改善的长期故事结合在一起。管理层面临投资者对调整后 EBITDA 和每股收益的反对，以及由于去年飓风驱动的需求而造成的头条 RevPAR 压力。然而，他们强调加速的转型增长、更丰富的管道和更强的忠诚度经济学是盈利质量和现金生成应改善的原因。</p>
</div><h2>Rooms Growth Reaches an Inflection Point</h2>
<div class="lb-trans"><h2>房间增长达到拐点</h2>
</div><p>Global rooms grew 1.7% year over year, underscoring a visible inflection in unit expansion. In the U.S., gross openings jumped 32% and nearly 6,000 gross rooms came online, with conversion room openings up about 59% and conversion franchise agreements up 63%, and roughly 60% of new deals expected to open within the year.</p>
<div class="lb-trans"><p>全球房间同比增长 1.7%，凸显出单位扩张的明显拐点。在美国，毛开业数量激增 32%，近 6,000 个毛房间上线，转型房间开业增长约 59%，转型特许经营协议增长 63%，预计约 60% 的新交易将在一年内开业。</p>
</div><h2>Developer Demand and Pipeline Quality Strengthen</h2>
<div class="lb-trans"><h2>开发者需求和管道质量增强</h2>
</div><p>Franchise interest accelerated sharply, with global franchise agreements awarded up 72% and U.S. agreements up 65% year over year. Management highlighted that 97% of rooms in the global pipeline sit in higher-revenue brands that are projected to be about 1.7 times more accretive than the existing portfolio, pointing to structurally higher earnings power.</p>
<div class="lb-trans"><p>特许经营兴趣急剧上升，全球特许经营协议同比增长 72%，美国协议增长 65%。管理层强调，全球管道中 97% 的房间位于预计收益能力约为现有投资组合 1.7 倍的高收入品牌中，指向结构性更高的盈利能力。</p>
</div><h2>Extended Stay and Midscale Segments Lead Growth</h2>
<div class="lb-trans"><h2>延长住宿和中档市场引领增长</h2>
</div><p>Choice’s extended stay portfolio delivered its 11th straight quarter of double-digit rooms growth and now accounts for more than 40% of the U.S. pipeline. Midscale and economy deal flow also improved, with franchise agreements in those segments up 38% and brands like Country Inn &amp; Suites posting a 50% rise in signed agreements.</p>
<div class="lb-trans"><p>Choice 的延长住宿投资组合实现了连续第 11 个季度的双位数房间增长，现在占美国管道的 40% 以上。中档和经济型交易流也有所改善，这些细分市场的特许经营协议增长 38%，像 Country Inn &amp; Suites 这样的品牌签署协议增长 50%。</p>
</div><h2>Unit Economics and Loyalty Flywheel Improve</h2>
<div class="lb-trans"><h2>单位经济学和忠诚度飞轮改善</h2>
</div><p>The company continued to enhance unit-level profitability as the average U.S. royalty rate widened by 11 basis points in the quarter. Its Choice Privileges loyalty program surpassed 75 million members, up 7% year over year, and loyalty contribution climbed more than 300 basis points in March, with newer member cohorts delivering higher revenue per guest.</p>
<div class="lb-trans"><p>公司继续提升单位层面的盈利能力，美国的平均特许经营费率在本季度扩大了 11 个基点。其 Choice Privileges 忠诚度计划的会员人数超过 7500 万，同比增长 7%，忠诚度贡献在 3 月份上升了 300 个基点以上，新会员群体每位顾客的收入更高。</p>
</div><h2>RevPAR and Occupancy Healthier Beneath Hurricane Noise</h2>
<div class="lb-trans"><h2>RevPAR 和入住率在飓风噪音下更健康</h2>
</div><p>Headline RevPAR trends were clouded by tough comparisons to last year’s hurricane-driven demand, but underlying metrics looked healthier. In 46 unaffected states, RevPAR rose 1.8% year over year on occupancy gains, turning positive in February and March, while international RevPAR increased 2.6% on a currency-neutral basis.</p>
<div class="lb-trans"><p>头条 RevPAR 趋势受到去年飓风驱动需求的严峻比较影响，但基本指标看起来更健康。在 46 个未受影响的州，RevPAR 同比增长 1.8%，得益于入住率的提升，在 2 月和 3 月转为正增长，而国际 RevPAR 在货币中性基础上增长 2.6%。</p>
</div><h2>AI and Cloud Technology Boost Operational Performance</h2>
<div class="lb-trans"><h2>人工智能和云技术提升运营表现</h2>
</div><p>Choice has standardized its technology stack on a cloud-based AI platform, anchored by AWS, to drive efficiency for hotels and the corporate platform. The company’s AI-powered EasyBid tool improved group RFP response times by about 30% and lifted conversion rates by roughly 250 basis points, delivering incremental group business for franchisees.</p>
<div class="lb-trans"><p>Choice 已将其技术堆栈标准化为基于云的人工智能平台，以 AWS 为基础，推动酒店和企业平台的效率。公司的人工智能驱动的 EasyBid 工具将团体 RFP 响应时间提高了约 30%，并将转化率提升了约 250 个基点，为特许经营者带来了增量团体业务。</p>
</div><h2>Capital Intensity Falls as Cash Returns Rise</h2>
<div class="lb-trans"><h2>资本强度下降，现金回报上升</h2>
</div><p>Development outlays were cut by 51% year over year in the quarter, while the company generated about $25 million of proceeds, signaling a structurally lighter balance sheet commitment. Looking ahead, net capital outlays in 2026 are expected to fall to $20–$45 million, roughly 70% lower at the midpoint versus 2025, supporting a more robust share repurchase program.</p>
<div class="lb-trans"><p>本季度开发支出同比减少 51%，而公司产生了约 2500 万美元的收益，表明资产负债表承诺结构性减轻。展望未来，预计 2026 年的净资本支出将降至 2000 万至 4500 万美元，约比 2025 年中点低 70%，支持更强劲的股票回购计划。</p>
</div><h2>International Scaling Showcased by Canadian Outperformance</h2>
<div class="lb-trans"><h2>国际扩张通过加拿大的优异表现得以展示</h2>
</div><p>International net rooms were up 13% year over year, with Canada highlighted as the leading proof point for the company’s global strategy. After shifting to a direct franchise model there, net rooms in Canada climbed more than 30%, the pipeline grew 55%, RevPAR advanced about 5%, and rooms growth was around 3.5%, underscoring high-margin international potential.</p>
<div class="lb-trans"><p>国际净房间同比增长 13%，加拿大被突出为公司全球战略的主要证明点。在那里转向直接特许经营模式后，加拿大的净房间增长超过 30%，管道增长 55%，RevPAR 增长约 5%，房间增长约 3.5%，凸显出高利润的国际潜力。</p>
</div><h2>Profitability and EPS Face Short-Term Declines</h2>
<div class="lb-trans"><h2>盈利能力和每股收益面临短期下降</h2>
</div><p>Quarterly profitability moved backward, with adjusted EBITDA slipping to $126 million from $130 million and adjusted EPS dropping to $1.07 from $1.34 a year earlier. Management tied the EBITDA pressure to the timing of certain SG&amp;A expenses and noted that the EPS drag was also affected by a temporary tax-rate shift rather than a deterioration in core operations.</p>
<div class="lb-trans"><p>季度盈利能力出现回落，调整后 EBITDA 从 1.3 亿美元降至 1.26 亿美元，调整后每股收益从 1.34 美元降至 1.07 美元。管理层将 EBITDA 的压力与某些 SG&amp;A 费用的时机联系在一起，并指出每股收益的拖累也受到临时税率变化的影响，而不是核心运营的恶化。</p>
</div><h2>Global RevPAR Contraction and Hurricane Lapping Drag</h2>
<div class="lb-trans"><h2>全球 RevPAR 收缩和飓风重叠拖累</h2>
</div><p>Global RevPAR declined 80 basis points year over year on a currency-neutral basis, weighed down by the prior year’s hurricane displacement demand that created an unusually high comparison. Management estimated the U.S. hurricane effect at roughly 410 basis points, so while ex-hurricane U.S. RevPAR rose 1.8%, the softer reported RevPAR figure negatively colored market perception.</p>
<div class="lb-trans"><p>全球 RevPAR 在货币中性基础上同比下降 80 个基点，受到去年飓风流离失所需求的影响，造成了异常高的比较。管理层估计美国的飓风影响约为 410 个基点，因此尽管美国的非飓风 RevPAR 增长了 1.8%，但较软的报告 RevPAR 数字对市场感知产生了负面影响。</p>
</div><h2>Operating Cash Flow Hit by Working Capital Timing</h2>
<div class="lb-trans"><h2>运营现金流受工作资本时机影响</h2>
</div><p>Operating cash use totaled about $23.2 million in the quarter, driven largely by working capital timing and higher franchise agreement acquisition costs linked to a 37% increase in global room openings. Executives characterized this as a timing issue tied to strong development activity, acknowledging short-term volatility but emphasizing benefits to future fee streams.</p>
<div class="lb-trans"><p>本季度运营现金使用总计约 2320 万美元，主要受工作资本时机和与全球房间开业增长 37% 相关的特许经营协议获取成本上升的驱动。高管们将此视为与强劲开发活动相关的时机问题，承认短期波动，但强调对未来费用流的好处。</p>
</div><h2>Partnership Revenue Timing Adds to Variability</h2>
<div class="lb-trans"><h2>合作伙伴收入时机增加了变动性</h2>
</div><p>Partnership revenues came in at $24.7 million versus $25.4 million a year ago, reflecting the idiosyncratic timing of certain transactions despite underlying growth. Franchisee-facing service offerings, which feed these higher-margin revenue streams, still posted more than 10% year-over-year growth, but management cautioned that quarterly variability will remain.</p>
<div class="lb-trans"><p>合作伙伴收入为 2470 万美元，而去年为 2540 万美元，反映了某些交易的特殊时机，尽管基本面仍在增长。面向特许经营者的服务产品，这些产品为这些高利润收入流提供支持，仍然实现了超过 10% 的同比增长，但管理层警告季度变动性将持续。</p>
</div><h2>Stock Volatility Follows Headline Misses</h2>
<div class="lb-trans"><h2>股票波动跟随头条失误</h2>
</div><p>Despite management’s emphasis on underlying strength and unchanged guidance, the market reaction was harsh, with the stock trading down around 14% after the release and Q&amp;A. Investors appeared focused on the visible declines in EPS and EBITDA and the surprise impact from hurricane lapping, underscoring sensitivity to near-term optics over multi-year trends.</p>
<div class="lb-trans"><p>尽管管理层强调了基本面的强劲和指导方针未变，但市场反应却十分严厉，发布后及问答环节中股价下跌约 14%。投资者似乎关注于每股收益（EPS）和息税折旧摊销前利润（EBITDA）的明显下降，以及飓风影响带来的意外冲击，突显出市场对短期表现的敏感性超过了多年的趋势。</p>
</div><h2>Equity Investments Weigh During Early Brand Ramp</h2>
<div class="lb-trans"><h2>股权投资在品牌早期发展阶段承压</h2>
</div><p>Losses from equity affiliates widened as newer brands like Everhome and certain Cambria developments moved through early ramp phases, absorbing upfront investment. Management expects these contributions to improve as hotels mature and as peak brand incubation spending fades, turning current drag into an incremental earnings source over time.</p>
<div class="lb-trans"><p>由于新品牌如 Everhome 和某些 Cambria 开发项目处于早期发展阶段，吸收了前期投资，来自股权关联公司的损失扩大。管理层预计，随着酒店的成熟以及品牌孵化支出的高峰期减退，这些贡献将会改善，从而将当前的拖累转变为未来的增量收益来源。</p>
</div><h2>Guidance Reinforces a Constructive Multi-Year Outlook</h2>
<div class="lb-trans"><h2>指导方针强化了积极的多年度展望</h2>
</div><p>Choice reaffirmed its 2026 outlook, targeting adjusted EBITDA of $632–$647 million and adjusted EPS of $6.92–$7.14, supported by lighter capital outlays of $20–$45 million and planned share repurchases of $175–$225 million. With free cash flow conversion of 60–65% as a target, mid-single-digit growth expectations for SG&amp;A and partnership revenues, and leverage sitting at 3.2 times within its 3.0–4.0 times goal, management argued that current development and RevPAR trends could even support results near the high end of the range if the macro backdrop cooperates.</p>
<div class="lb-trans"><p>Choice 重申了其 2026 年的展望，目标调整后的 EBITDA 为 6.32 亿至 6.47 亿美元，调整后的每股收益为 6.92 至 7.14 美元，支持的资本支出较轻，为 2000 万至 4500 万美元，并计划回购股票 1.75 亿至 2.25 亿美元。管理层认为，目标自由现金流转化率为 60% 至 65%，SG&amp;A 和合作收入的中个位数增长预期，以及杠杆率在 3.2 倍，处于其 3.0 至 4.0 倍的目标范围内，当前的发展和每间可用房收入（RevPAR）趋势甚至可以支持接近范围高端的结果，前提是宏观环境配合。</p>
</div><p>The call painted a picture of a company absorbing short-term earnings and cash-flow noise while laying groundwork for higher-quality growth and more predictable cash generation. Although investors reacted sharply to the headline profit declines and hurricane-driven RevPAR optics, Choice’s accelerating conversion pipeline, extended stay leadership, and sharply lower capital intensity suggest the longer-term story may differ from the initial stock response.</p>
<div class="lb-trans"><p>此次电话会议描绘了一幅公司在吸收短期收益和现金流波动的同时，为更高质量的增长和更可预测的现金生成奠定基础的图景。尽管投资者对利润下降和飓风驱动的 RevPAR 表现反应强烈，但 Choice 加速的转化管道、延长住宿的领导地位以及显著降低的资本强度表明，长期故事可能与初始的股价反应有所不同。</p>
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精品国际饭店公司的财报电话会议在压力与前景之间取得了平衡