Choice Hotels International Reports Second Quarter 2024 Results

NORTH BETHESDA, Md. - Choice Hotels International, Inc. (NYSE: CHH), one of the world's leading lodging franchisors, reported its second quarter 2024 results.

Highlights include:

• Total revenues reached $435.2 million for second quarter 2024, a quarterly record and a 2% increase compared to the same period of 2023.
• Net income increased 3% to $87.1 million for the second quarter of 2024, representing diluted earnings per share (EPS) of $1.80, a 9% increase compared to the same period of 2023.
• Second quarter 2024 adjusted net income, excluding certain items described in Exhibit 7, decreased 0.4% to $88.8 million compared to the same period of 2023, and adjusted diluted EPS increased 5% to a record of $1.84 compared to the same period of 2023.
• Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for second quarter 2024 grew to a quarterly record of $161.7 million, a 6% increase compared to the same period of 2023.
• Global pipeline as of June 30, 2024, increased 22% to a second quarter record of over 114,000 rooms from June 30, 2023, highlighted by a doubling of the global pipeline for conversion rooms. Domestic rooms pipeline as of June 30, 2024 increased by 11% since June 30, 2023, including a 65% increase for conversion rooms.
• Global hotel openings for second quarter 2024 increased by 20% compared to the same period of 2023.
• Domestic franchise agreements for the company's upscale, extended stay, and midscale brands executed year-to-date through June 30, 2024, increased by 8% compared to the same period of 2023.
• The international portfolio as of June 30, 2024, expanded by 1.6% in the number of rooms, highlighted by international hotel openings that doubled in the second quarter compared to the same period of 2023.
• The company repurchased 2.4 million shares of common stock for $296.2 million year-to-date through June 30, 2024, representing over 5% of the company's market capitalization at the beginning of the year.

Choice Hotels generated another quarter of record financial performance amid a normalizing domestic RevPAR environment, demonstrating the strength of our versatile business model and proven growth strategy. We increased our global pipeline to new levels propelled by robust demand for our brands, accelerated the velocity of our global hotel openings, expanded our international reach, and significantly grew the size of our rewards program. With our meaningfully enhanced hotel portfolio profile, we are confident in the company's ability to continue to deliver sustained earnings growth, invest in profitable long-term growth initiatives, and return significant capital to shareholders. Patrick Pacious, President and Chief Executive Officer

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