today then XXXX followed our flows quarter I'll remarks good my sheet. morning, outlook. our year I'll of balance fourth by everyone. an on and detailed and full our Geof, with results, Thanks, update begin review a and cash cover
to marketing fourth we quarter briefly fourth started, the of by the spend. by timing of remind year, me by exceeded exceeding of of impacted revenues In everyone results let comparability $X revenues this million fund year. in million compared get quarter Before our $X expenses expected the the our as expenses is fund financial last that marketing
impact. full by ongoing of XXXX, provide our by I revenues basis, fund neutralizes During the while year of transparency million. our fund in highlighting $X and results expenses the million, To better comparable XXXX, marketing enhance understanding marketing which revenues a exceeded will operations, a exceeded $X results be on expenses marketing fund
key up $XXX broad-based In increased rates the all fourth quarter, we of of and generated and and fee-related fees and and other across RevPAR million million adjusted points globally. X.X%, XX effects growth X% system revenues reflecting $XXX higher EBITDA. royalty drivers with Fee-related basis including momentum year-over-year, franchise improving revenues other currency
basis, comparable revenues repurchase adjusted on $X.XX grew EBITDA basis share XX% margin comparable our increased Adjusted on from expansion reflecting XX% and driven improvements. to ongoing by growth higher Adjusted offset EPS operational our fee-related a diluted activity, expense. by higher partially our and EBITDA interest a
program other growth royalty also revenues. year grow rate partnership driven approximately we both card from and in $XX For the generated revenues compared from this $X.XX other revenues fees, and year, revenue ancillary conducted with royalties fee-related and XXXX. year, which franchise strong by our Absent $X.X billion the including billion fee-related franchisee conference full impact, to on last pass-through million saw contributions of higher range and was we expansion our global included our and increase X% of credit in revenues approximately and net co-branded this
basis a adjusted well Full as million, expansion. as year on margin increased our $XXX fee-related EBITDA comparable revenues driven to by X% higher
adjusted representing of with operational carry expected benefits margin XXX and EBITDA into roughly improvement, XXXX to efficiencies this Our points, basis improved XXXX. scale X/X
the Adjusted was by interest adjusted higher on diluted with EPS $XXX flow the from in expense. quarter cash XX%. million increased Adjusted and million year $XXX comparable conversion reflecting a of in our growth EBITDA fourth to partially share $X.XX, a activity, repurchase EBITDA and basis offset rate free XX% full
free adjusted within continues yield X% be Our the lodging flow of nearly best to class in cash sector.
properties. high strategy allocation organic prioritizing PAR acquisitions, accretive to investments grow targeting We're we're remains system, or capital our whether fee through unchanged. and Our expansion strategic
the drive Our improve and to goal program to compounds EBITDA, multiplier that over strong effect sustainable contribution creating growth. time a is
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we markets, Miami, Frankfurt. of and XXXX, Over flagship Paulo, added Seattle, major hotels in the Paris course Sao such as
we of At the our to $XXX capital million million generate underwrite returns consistently same deployment, cap $XXX in of XXXX, XX% dividends share in time, shareholders for approach Friday. we We shareholders. deals million last at of market than X% the our in disciplined as an representing returned maintained repurchases to stock a meet rates levels our through price and ensuring strong hurdle $XX.XX, $XXX about common average lower and trading
Over market and cap we returns. have our shareholders leading X lodging our of the returned years, past all to XX% capital C-Corps
in our Earlier this $X.XX raising month, of to increase an the to as strength cash cash part in ongoing XXXX business consistently strong expected of to dividend quarterly our of share Board's declared our model continued generate the with reflecting and first and commitment Directors be to it ability flows. our dividend confidence the the quarter the beginning shareholder Board return, X% to authorized of per
midpoint million $XXX year near our remains the ended our X.Xx of of and of approximately expected, total ratio as with range. leverage net the We liquidity, target
to outlook. turning Now
range global X.X% in We XXXX. accelerate X.X% growth to a to our net to of room expect
growth We of a are constant basis. on to RevPAR projecting X% X% global currency
and need to points. modeling basis effects, about out those For currency adjust you'll XXX
reflect that several are worth expectations dynamics detailing. Our key
while growth of build. First, about hurricane was are the in which points U.S. adjusting X% fourth we that of XXXX X.X out driven exceeded RevPAR by quarter, our impact, growth
demand pricing infrastructure-related outperform which we and boost. in to a collar blue weekends, weekdays by continue Second, expect should driven will also provide modest U.S., the
season. we of will Third, shifted we some In year. expect leisure return National anticipate and vacation we demand to this U.S. from XXXX, destinations to the upcoming drive-to that leisure U.S. part demand away improve in like the Park, saw demand
basis these our We've with leisure trend during includes from XXX continued of demand. basis points, another in basis quarter U.S. basis leisure seen that basis points hurricane XXX with from this to quarter up the then lift excluding account, demand growth Taking growth points XX XXX infrastructure, of and the into the fourth January. along and into meaningful factors stronger and above slightly impacts, seen all improvement a already XXX XX points outlook point fourth ADR
overall, components expected strong growth the is On likely while after anticipate to financials, our line the RevPAR some in include Pacific rate the continue. the international shift. benefits EMEA XXXX, XXXX a will co-branded Finally, projected in from agreement remain deceleration with as China's renewed to accelerate growth so to is recovery Barclays. which We card Asia credit expected with
revenues is loyalty be EBITDA is to marketing of May $XX.X $X.XX, on million This year-over-year reflecting our X% and neutral of our of other $XXX reservation share potential associated to million, be to of growth which between diluted are as million, net an $XXX activity. adjusted approximately XX% income franchisee assumes expected to and activity will or to projected held which, Fee-related EPS global increase revenue year. to million, expected million EBITDA billion be to $X.XX to $XX million projected interest with and billion. in funds associated any Adjusted this of based in X%. $XXX $X.XX is incremental conference, expense share no $X.XX and at Adjusted be repurchase borrowing diluted usual, with $XXX X% includes a count
XX%. advances between Free range expected conversion development before cash is XX% flow and to
million from or operations, invest will our of in In At a growth addition adjusted in strong when the the shareholders. available capital EBITDA to benefit to return cash midpoint, to balance we we from sheet. also provide to the business XXXX generate another levered either $XXX
consistent will as with approximately spend this expect We development XXXX. deployed capital be $XXX million advance of
few notes on seasonality. A quick
full on to basis, results. our we continue differences quarterly our expect marketing we While in will funds even break see year timing to a
second million impact $X on We the the the in unfavorably and funds to comparability in $X the expect to of half comparability both by year. EBITDA have favorable and back first then million the quarters adjusted reverse impact
annual XX% our EBITDA the anticipate timing will in of these first quarter. roughly effects, Including occur adjusted we
to pleased results, Finally, to a for our close, highlight even amid meaningful growth continue to of much very the business from XXXX of we drive X.X%. X-year environment a expect with our CAGR EBITDA RevPAR which strength adjusted To XXXX XXXX and year. we're soft ability our model approximately the of
This performance success. has the that been plan our underscores and critical disciplined the effectiveness of strategic our to execution
we in future. with marking XXXX set We laying plan and results the targets a for step achieving late confident strong this the foundation solid a are in towards realizing that year's
to would are accelerate your value that, and As we move take be to happy stakeholders. into I create questions. lasting Operator? positioned Geof XXXX, and well growth for With we our
