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  "presentationDate": "2023-08-01 00:00:00",
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      "text": "Profit and Earnings\n- 58.8% fee margin¹, +3.3%pts\n- $479m EBIT2, +27%\n- $996m EBITDA1,2 (LTM), +23%\n- 182.7¢ Adjusted EPS1, +50%",
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      "text": "RevPAR\n- H1 global RevPAR +24% YOY; +8.7% vs '19\n- Q2 global RevPAR +17% YOY; +9.9% vs '19\n- H1 global ADR +7% YOY; +11% vs '19\n- H1 occupancy +9%pts YOY; (1.3)%pts vs '19",
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      "text": "System Size\n- System 925k rooms (6,227 hotels)\n- +6.3% gross system growth YOY; +4.8% net system growth YOY\n- Opened 21.0k rooms (108 hotels) +40% vs H1 '22\n- Signed 34.2k rooms (239 hotels) +11% vs H1 '22",
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      "text": "Capital Returns\n- $277m FCF1,2 ($142m in H1 '22)\n- Leverage ratio of 2.3x\n- Current $750m share buyback programme 47% complete\n- 48.3¢ interim DPS, +10%\n- $1bn of capital to be returned in 2023; >8% of current market cap",
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      "text": "Driving future system growth\n- Pipeline 286k rooms, +3% YOY, and represents >30% of current system size\n- Continued growth of Luxury & Lifestyle portfolio; now 13% of our estate and 21% of pipeline, approaching twice the size of five years earlier\n- Conversions 36% of signings and 42% of openings in H1 2023\n- New midscale conversion brand launching, with strong interest from owners already expressed",
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      "text": "1. Definitions for non-GAAP measures can be found in the 'Use of key performance measures and non-GAAP measures' section of the results announcement, along with reconciliations of these measures to the most directly comparable line items within the Financial Statements\n2. EBIT refers to operating profit from reportable segments; EBITDA LTM refers to trailing last twelve months, as calculated for the Group's banking covenants; FCF refers to free cash flow",
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      "text": "A strong first half across financial results, openings and signings; demonstrates the enduring strength and attractions of our business model",
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