Welcome to the Wyndham Hotels & Resorts second quarter 2026 earnings conference call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star two. Lastly, if you should require operator assistance, please press star zero. I would now like to turn the call over to Matt Capuzzi, Senior Vice President, Financial Planning and Analysis and Investor Relations. 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. 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 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. 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. With that, I will turn the call over to 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. 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. U.S. 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. 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. In our three largest states, Texas, California, and Florida, which account for one quarter of our U.S. 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. 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. 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 U.S. inbound travel to Mexico. Excluding Mexico, the region was flat. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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 U.S. 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. 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. 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. Looking ahead, we're encouraged by the continued recovery in both leisure travel and everyday business travel demand. As U.S. 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. With that, Amit will now walk us through our financial highlights and full year outlook. 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. 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. 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. 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. 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. 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. 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. 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 x 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. Now turning to outlook. As Geoff mentioned, second quarter U.S. RevPAR growth exceeded our expectations by a full point at +2%. As such, we've updated our outlook to include our second quarter U.S. RevPAR outperformance and our revised assumptions for U.S. 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 + 1%, an increase of 100 basis points at the low end of our range. There are no changes to our net room growth outlook of 4%- 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. 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-$1.5 billion, increasing the bottom end of the range by $10 million. Adjusted EBITDA is now expected to be $735 million-$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. 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. Adjusted net income is projected to be $355 million-$365 million, and adjusted diluted EPS is projected at $4.71-$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. In closing, our second quarter results demonstrate the continued strength of our asset-light business model, further inflection in U.S. 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. With our raised outlook reflecting stronger than expected U.S. 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. With that, Geoff and I would be happy to answer your questions. Operator? Thank you. The floor is now open for questions. At this time, if you have a question or comment, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star two. We ask that you limit yourself to one question. Thank you. Our first question today comes from David Katz with Jefferies. Your line is now open. 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 U.S. consumer health. Clearly, figuring out what the U.S. 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. 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. 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. 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 Further discretionary spending. About 10% of the $60 billion of tax refunds will be spent on travel. U.S. 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. 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. Thank you. Our next question comes from Brandt Montour with Barclays. Your line is now open. 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 U.S. RevPAR growth. Just what kind of visibility or confidence do you have that return to U.S. RevPAR growth in the back half will drive sort of accelerating growth in those other core revenue lines? 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. 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 U.S. RevPAR growth of 2%. We're also expecting international RevPAR to improve compared to the front half. 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. 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. Thank you. Our next question comes from Michael Bellisario with Baird. Your line is now open. 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. 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. 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. 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. 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. 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. 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. 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. Thank you. Our next question comes from the line of Steve Pizzella with Deutsche Bank. Your line is now open. 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? 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%-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. Again, as we get RevPAR growth, we feel very confident. The 2%-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%-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. 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. Thank you. Our next question comes from Patrick Scholes with Truist Securities. Your line is open. 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. 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. 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. 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. 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. Thank you. Our next question today comes from Dany Asad with Bank of America. Your line is now open. Good morning, Geoff and Amit. Geoff, we're glad to hear that you're getting great care, and we're all rooting for you. Thank you, Dany. 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? 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 +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. 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. Thank you. Our next question comes from Ben Chaiken with Mizuho. Your line is now open. 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. 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. 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. 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. Thank you. Our next question comes from Alex Brignall with Rothschild. Your line is now open. 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. 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. 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. 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. 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 U.S. 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. 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. 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. Thank you. Our next question comes from Dan Politzer with JP Morgan. Please go ahead. Hey, good morning, everyone. Geoff, glad to hear that you're feeling well and in good spirits. Thanks, 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. 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 U.S. RevPAR growth accelerate throughout the year, and we've seen it outpace our expectations. 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. U.S. RevPAR growth, I think, as you look at the back half, what we've forecasted at +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. 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 U.S. 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. Thank you. Our next question comes from Stephen Grambling with Morgan Stanley. Your line is open. 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. 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? 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- $110 million range. 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. 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. 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- $110 million. Thank you. Our next question comes from Ian Zaffino with Oppenheimer. Your line is now open. 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 U.S. RevPAR, whether second quarter, third quarter, what's kind of baked in and how do we think about it? Thanks. Hey, Ian. Good morning. I think the World Cup was a great success for the U.S., 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 U.S. Our overall quarter, the impact, which was again, just June in the second quarter. That's kind of similar expectations for July. 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. Thank you. Our next question comes from Meredith Jensen with HSBC. Your line is now open. 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. 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. 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. 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. 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. 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. 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. 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. 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. Thank you. Our next question comes from Trey Bowers with Wells Fargo. Your line is now open. 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? 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%-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. 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. Thank you. Our final question today comes from Lizzie Dove with Goldman Sachs. Your line is now open. 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? 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. 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. Thank you. This does conclude today's question and answer session. I'll now turn the call back to Geoff Ballotti for closing remarks. 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. 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. 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. Thanks, Angela.