Tyler Batory: Hi, thanks. Good morning. So first question, just on the Q2 outlook in terms of bumping up what you’re expecting for ADR, just talk a little bit more about that, what’s changed in terms of what you’re seeing for the second quarter?
Ryan Hymel: I think it’s anything that’s materially changed other than the fact that our baseline fundamentals of our legacy portfolio has continued to move up. And we haven’t seen any sort of signs from the consumer’s propensity to pay our rates. Our NPS scores continue to be top and best-in-class throughout their markets and brands. And so it’s just a continuation of the strategy Bruce laid in place at the beginning of the COVID. So it’s really, really nice to see.
Tyler Batory: Okay. And then, I mean, I guess the outlook for the back half of the year on the ADR side of things, I mean still up mid-single digits. I mean, anything worth calling out there? I mean, just continued strength in terms of leisure travel, etcetera?
Ryan Hymel: Yes. No, nothing to point out. Our messaging has always been we’re focused on what we can control in our portfolio. We’re acutely aware of potential macro discussions in the news and others, but not seeing anything in our numbers at this point. So we’re always discussing what could happen and what we would do, should something happen. But right now the outlook for the back half of the year, particularly for that legacy portfolio continues to be strong.
Tyler Batory: Okay. And then in terms of the margin outlook, I mean, you’ve got some moving pieces there, some positives and then some incremental negatives with the FX and whatnot. In terms of the overall portfolio, I mean, are you still expecting resort margin to be up year-over-year despite what’s going on with the Jewel properties and despite the FX issue?
Ryan Hymel: Yes, yes. On a full year basis. Just kind of giving you some of the additional building blocks even for this quarter and just kind of help you think about and frame the rest of the year, like as kind of Bruce and I mentioned, our legacy underlying EBITDA margins were up 340 basis points and that’s 160 basis points of reported, which I know you can’t see because it’s varied, but offset by another 180 basis points for FX. And as we mentioned or – and what you can see the total underlying adjusted EBITDA margins are 230 basis points in the quarter, which is the 50 basis points reported, adding back 180 basis point headwind from FX. And so kind of even with the aforementioned FX drag and the Jewels, we were able to expand on reserve margins.
And so if you look ahead to the rest of the year, based on the business on the books and our forecast, we don’t see a reason today why the legacy portfolio, excluding the Jewel, shouldn’t be able to at least maintain, if not grow resort margins.
Tyler Batory: Okay. Great. I will leave it there. And pass it on. Thank you.
Ryan Hymel: Thanks, Tyler.
Operator: The next question comes from Dany Asad with Bank of America. Please go ahead.
Ryan Hymel: Are you muted, Dany?
Dany Asad: Hi, good morning, guys. Can you hear me okay?
Ryan Hymel: Yes. Now we got you.
