Exchange Inns Global Studies Q3 2024 Results

NORTH BETHESDA, Maryland—Exchange Inns Global, Inc. reported its third quarter 2024 outcomes. Highlights encompass:

• Total revenues reached $428.0 million for third quarter 2024, a quarterly file and a 1 p.c magnify when put next to the identical interval of 2023.
• Rating earnings elevated 15 p.c to $105.7 million for third quarter 2024, representing diluted earnings per share (EPS) of $2.22, a quarterly file and a 23 p.c magnify when put next to the identical interval of 2023.
• Third quarter 2024 adjusted fetch earnings, rather then obvious devices described in Indicate 7, elevated 15 p.c to $106.2 million when put next to the identical interval of 2023, and adjusted diluted EPS elevated 23 p.c to a file of $2.23 when put next to the identical interval of 2023.
• Adjusted earnings sooner than curiosity, taxes, depreciation, and amortization (EBITDA) for third quarter 2024 grew to a quarterly file of $177.6 million, a 14 p.c magnify when put next to the identical interval of 2023.
• Global pipeline as of September 30, 2024, elevated 11 p.c to a third-quarter file of over 110,000 rooms from September 30, 2023, highlighted by a 54 p.c magnify for conversion rooms. Home rooms pipeline as of September 30, 2024, elevated by 10 p.c since September 30, 2023, including a 68 p.c magnify for conversion rooms.
• Global lodge openings for third quarter 2024 elevated by 75 p.c when put next to the identical interval of 2023.
• The firm’s unit and room boost as of September 30, 2024, accelerated throughout its home and worldwide portfolio from June 30, 2024. The firm’s upscale, prolonged kill, and midscale rooms portfolio, as of September 30, 2024, elevated by 1.8 p.c globally since September 30, 2023.
• The worldwide portfolio as of September 30, 2024, expanded by 3.8 p.c in the preference of rooms, highlighted by worldwide lodge openings that tripled in third quarter 2024 when put next to the identical interval of 2023.
• The firm repurchased 2.9 million shares of frequent stock for $352.9 million year-to-date by technique of September 30, 2024, representing over 6 p.c of the firm’s market capitalization at the beginning of the year.
• The firm is increasing midpoint of its steering for fetch earnings, adjusted EBITDA, diluted EPS, and adjusted diluted EPS for the plump-year 2024.

“Exchange Inns generated one other quarter of file financial efficiency, demonstrating the a hit execution of our boost approach and giving us the boldness to broaden our plump-year steering,” acknowledged Patrick Pacious, president and CEO. “We accelerated our unit boost, elevated our worldwide pipeline to recent ranges, expanded our worldwide reach, and vastly grew the size of our rewards program. The actual momentum now we occupy created and the strength of our versatile alternate model bolsters our capacity to continue to carry sustained prime-line and earnings boost whereas returning significant capital to shareholders.”

Monetary Performance

• Total revenues rather then reimbursable income from franchised and managed properties, calculated as total revenues fetch of reimbursable income of $171.8 million, elevated 17 p.c to $256.1 million for the third quarter 2024 when put next to the identical interval in 2023.
• Platform and procurement services and products costs elevated 4 p.c to $16.2 million for third quarter 2024 when put next to the identical interval in 2023.
• Third quarter 2024 home effective royalty price elevated 6 basis facets to 5.05 p.c when put next to the identical interval in 2023.
• Home income per accessible room (RevPAR) lowered 250 basis facets for the three-month interval ended September 30, 2024, when put next to the identical interval in 2023. Home occupancy ranges for the three months ended September 30, 2024, improved by 80 basis facets from the three months ended June 30, 2024.

Pattern

• The firm’s total home gadget size elevated to almost 6,300 accommodations representing over 495,000 rooms as of September 30, 2024. The firm’s home upscale, prolonged kill, and midscale portfolio elevated 1.3 p.c for accommodations and elevated 1.1 p.c for rooms since September 30, 2023. The home prolonged kill accommodations portfolio grew by 11.2 p.c since September 30, 2023, driven by increases in every of the firm’s producers.
• The firm’s worldwide rooms pipeline as of September 30, 2024 elevated by 21 p.c when put next to the identical interval of 2023.
• The firm opened 190 home lodge openings year-to-date by technique of September 30, 2024, a 19 p.c magnify when put next to the identical interval of 2023. Of the home franchise agreements accomplished for conversion accommodations over the trailing twelve months ending September 30, 2024, 141 opened in the identical year, a 17 p.c magnify over the related interval of the prior year.

Steadiness Sheet and Liquidity

As of September 30, 2024, the firm had a total accessible liquidity of $675.6 million, including accessible borrowing ability and cash and equivalents. For the length of the three and 9 months ended September 30, 2024, the firm generated cash flows from working activities of $122.9 million and $236.5 million, respectively.

Shareholder Returns

For the length of the 9 months ended September 30, 2024, the firm paid cash dividends totaling $42.5 million.

For the length of the 9 months ended September 30, 2024, the firm repurchased 2.9 million shares of frequent stock for $352.9 million below its stock repurchase program and by technique of repurchases from workers in connection with tax withholding and likelihood exercises referring to to awards below the firm’s equity incentive plans.

As of September 30, 2024, the firm had 4.0 million shares of frequent stock closing below the recent share repurchase authorization.