嘉年華遊輪 (CCL) 2024 Q1 法說會逐字稿

Good morning. This is Beth Roberts, SVP Investor Relations, Carnival Corporation plc. Welcome to our first quarter 2024 earnings conference call. I'm joined today by our CEO, Josh Weinstein, our Chief Financial Officer, David Bernstein; and our Chair, Micky Arison.

早安.我是嘉年華公司投資人關係資深副總裁 Beth Roberts。歡迎參加我們的 2024 年第一季財報電話會議。今天我們的執行長喬許‧韋恩斯坦 (Josh Weinstein)、財務長大衛‧伯恩斯坦 (David Bernstein) 也加入了我的行列。還有我們的主席米基·阿里森。

Before we begin, please note that some of our remarks on this call will be forward-looking. Therefore, I will refer you to the forward-looking statement in today's press release. All references to ticket prices net for diems, net yields and adjusted cruise costs without fuel will be in constant currency unless otherwise stated. References to per diems and yields will be on a net basis. Our comments may also reference cruise costs without fuel, EBITDA, net income, net loss, earnings per share, free cash flow and ROIC, all of which will be on an adjusted basis unless otherwise stated. All these references are non-GAAP financial measures found in our earnings press release. A reconciliation to the most directly comparable U.S. GAAP financial measures and other associated disclosures are also contained in our earnings press release and on our investor presentation. Please visit our corporate website where our earnings press release and investor presentation can be found.

在我們開始之前，請注意，我們在本次電話會議上的一些評論將具有前瞻性。因此，我將向您推薦今天新聞稿中的前瞻性聲明。除非另有說明，所有提及的票價淨值（含津貼）、淨收益和調整後不含燃料的遊輪成本均採用固定匯率。每日津貼和收益率的參考將基於淨值。我們的評論也可能參考不含燃料的遊輪成本、EBITDA、淨收入、淨虧損、每股收益、自由現金流和ROIC，除非另有說明，所有這些都將在調整後的基礎上進行。所有這些參考資料都是我們收益新聞稿中的非公認會計原則財務指標。我們的收益新聞稿和投資者介紹中還包含與最直接可比較的美國公認會計準則財務指標和其他相關揭露的調節。請造訪我們的公司網站，在那裡可以找到我們的收益新聞稿和投資者介紹。

With that, I'd like to turn the call over to Josh.

有了這個，我想把電話轉給喬希。

Thank you, Beth. Before we begin, I would like to express my support and heartfelt sympathy for all those impacted by yesterday's event at the Francis Scott Key Bridge in Baltimore and extend our appreciation to the Coast Guard and all first responders. The City and the Port of Baltimore have been our longtime partners and a home to many loyal guests, as well as business and community colleagues. We proudly sail year-round out of Baltimore through one of our Carnival Cruise Line ships which was scheduled to return this weekend. Fortunately, our team has quickly secured a temporary home port in Norfolk, for as long as it's needed, which should help to minimize operational changes. So we look forward to getting back to our home in Baltimore as soon as possible.

謝謝你，貝絲。在我們開始之前，我謹向所有受昨天巴爾的摩弗朗西斯·斯科特基大橋事件影響的人們表示支持和衷心同情，並向海岸警衛隊和所有急救人員表示感謝。巴爾的摩市和港口一直是我們的長期合作夥伴，也是許多忠實客人以及企業和社區同事的家。我們很自豪地全年通過我們的嘉年華遊輪公司的一艘遊輪從巴爾的摩出發，該遊輪計劃於本週末返回。幸運的是，我們的團隊很快就在諾福克建立了一個臨時母港，只要需要，這將有助於最大限度地減少營運變化。因此，我們期待盡快回到巴爾的摩的家。

Now given that this happened just yesterday and the situation is fluid, we did not build this into our earnings materials or full year guidance. However, we do did provide a current perspective that we expect the situation to have less than a $10 million impact on a full year basis. With that, I'll turn to our prepared remarks, which address the accomplishments included in our strong results and outlook.

鑑於這件事剛剛發生在昨天，而且情況不穩定，我們沒有將其納入我們的盈利材料或全年指導中。然而，我們確實提供了當前的觀點，即我們預計這種情況對全年的影響不會超過 1000 萬美元。接下來，我將談談我們準備好的發言，其中涉及我們強勁的業績和前景中所取得的成就。

The first quarter has been fantastic across the board and yet another set of records. We delivered record revenues, record bookings and record customer deposits again this quarter, a great start to the year. I want to acknowledge our global team right off the bat. Everyone has worked very hard to deliver another strong quarter and a very strong win. In fact, we outperformed our first quarter guidance on every measure, yields, cruise cost ex-fuel and EBITDA, enabling us to take our expectations up for the full year.

第一季度的表現非常出色，並創造了另一組記錄。本季我們再次創下了創紀錄的收入、創紀錄的預訂量和創紀錄的客戶存款，為今年開了個好頭。我想立即感謝我們的全球團隊。每個人都非常努力地工作，以實現另一個強勁的季度和非常強勁的勝利。事實上，我們在每項指標、收益率、不含燃料的郵輪成本和 EBITDA 方面都超出了第一季的指導，這使我們能夠提高全年的預期。

Yields increased over 17% year-over-year, another win and more than doubled the increase in unit costs. This was driven not only by closing the occupancy gap but also through solid mid-single-digit price increases. Customer deposits beat last year's record by another $1.3 billion, contributing to our strong cash flow and enabling us to prepay another [$1.8 billion] of debt already this year which is on top of the $4 billion prepaid last year. This is meaningful progress on our return to investment-grade credit.

產量年增超過 17%，這是另一場勝利，單位成本增加了一倍以上。這不僅是由於縮小了入住率差距，也是由於穩定的中個位數價格上漲所致。客戶存款比去年的記錄又多了 13 億美元，為我們強勁的現金流做出了貢獻，並使我們能夠在去年預付 40 億美元的基礎上，今年再預付 [18 億美元] 的債務。這是我們回歸投資級信貸的有意義的進展。

Most important, we achieved all-time high booking volumes at considerably higher prices. In fact, our North American and European brands, both set booking records in the first quarter with pricing strong across all core deployments and across all quarters.

最重要的是，我們以相當高的價格實現了歷史最高的預訂量。事實上，我們的北美和歐洲品牌都在第一季創下了預訂記錄，所有核心部署和所有季度的定價都強勁。

Prices ran up double digits on limited inventory left for Q2. They ran considerably higher for our peak summer period in Q3 and they were also considerably higher for Q4, while still building on our occupancy advantage. Our record book position and activity did not just happen and it is not the result of pent-up demand for repeat guests built up during the pause, which is now years in the rearview mirror. It is because we have recreated (inaudible) consideration and broad-based demand for cruise travel in all of our source markets across our well-balanced portfolio. And as a result, we are capturing more new guests than ever before, which coupled with our growing base of repeat guests, delivers greater overall demand. Our brands are delivering sustainable revenue growth that hit the bottom line.

由於第二季庫存有限，價格上漲了兩位數。在第三季的夏季高峰期，它們的運行速度相當高，第四季的運行速度也相當高，同時仍然建立了我們的入住率優勢。我們創下紀錄的位置和活動並不是憑空發生的，也不是在暫停期間積累的對回頭客的壓抑需求的結果，而現在這種情況已經在後視鏡中多年了。這是因為我們在我們均衡的投資組合中的所有客源市場中重新創造了（聽不清楚）對郵輪旅行的考慮和廣泛的需求。因此，我們吸引了比以往更多的新客人，再加上我們不斷增長的回頭客基礎，帶來了更大的整體需求。我們的品牌正在實現可持續的收入成長，達到獲利水準。

At the same time, our brands are continuing to pull the booking curve forward in line with our yield management strategy to base load bookings and ultimately support higher overall pricing over the course of the booking curve. As you know, before even entering the year, we already have the best book position on record with less 2024 inventories remaining for sale after absorbing double-digit guest growth, half of which was from closing the occupancy gap and half from higher shipping capacity. Those efforts have enabled us to maintain price integrity on the remaining '24 inventory and sets us up nicely to deliver a nearly double-digit improvement in yields this year.

同時，我們的品牌將根據我們的基本負載預訂殖利率管理策略，繼續拉動預訂曲線，並最終在預訂曲線過程中支援更高的整體定價。如您所知，在進入今年之前，我們已經擁有了有史以來最好的預訂狀況，在吸收了兩位數的客人增長後，2024 年剩餘待售庫存減少，其中一半來自縮小入住率差距，一半來自更高的運力。這些努力使我們能夠保持 24 年剩餘庫存的價格完整性，並為我們今年的產量實現近兩位數的提高做好了準備。

This also allowed us to focus more of our efforts through Wave, on further out bookings, helping to lay the foundation for an early build in 2025. It is remarkable that we are even better positioned now for 2025 than we were last year at this time, heading into what is shaping up to be a phenomenal 2024.

這也讓我們能夠透過 Wave 將更多精力集中在更遠的預訂上，為 2025 年的早期建設奠定基礎。值得注意的是，我們現在為 2025 年做好了比去年更好的準備，即將邁入非凡的2024 年。

To aid in that effort, we have been rolling out enhancements to YODA, our yield management tool designed to facilitate an even more optimal booking curve and which will continue to pay dividends well into the future. Of course, we have more in the pipeline to sustain our momentum and capitalize on this untapped revenue opportunity.

為了幫助實現這一目標，我們一直在推出 YODA 的增強功能，YODA 是我們的收益管理工具，旨在促進更優化的預訂曲線，並將在未來繼續帶來紅利。當然，我們還有更多的計劃來維持我們的勢頭並利用這一尚未開發的收入機會。

First, we have 3 fantastic new ships driving increased consideration and demand to their respective brands. Carnival Jubilee, Carnival Cruise Line's third Excel class ship was recently christened by Gwen Stefani at (inaudible) home port in Galveston, Texas. Sun Princess was recently delivered, the first of its class and a real game changer for Princess and soon to be delivered is Queen Anne, a new flagship for Cunard and its first new ship in 14 years. Of course, as you heard me say before, we do not need new ships to increase yield, as we continue to position our brands to drive demand in excess of supply and address the unreasonable value gap to land-based alternatives.

首先，我們擁有 3 艘出色的新船，推動了人們對各自品牌的關注和需求的增加。嘉年華郵輪公司的第三艘 Excel 級遊輪嘉年華 Jubilee 最近在德克薩斯州加爾維斯頓的（聽不清楚）母港由 Gwen Stefani 命名。太陽公主號(Sun Princess) 最近交付，這是該級別的第一艘船，也是公主號真正的遊戲規則改變者，即將交付的安妮女王號(Queen Anne) 是冠達(Cunard) 的新旗艦，也是14 年來的第一艘新船。當然，正如您之前聽我說過的那樣，我們不需要新船來提高產量，因為我們將繼續定位我們的品牌，以推動需求超過供應，並解決與陸上替代方案不合理的價值差距。

We are also continuing to invest in the existing fleet with AIDA Evolution, the largest modernization program in that brand's history. The planned enhancements to the guest experience are designed to deliver a meaningful revenue uplift across the brand, while further reducing its environmental footprint and bolster the performance of one of our highest returning brands. And speaking of brands that truly outperform, we are also continuing to strategically invest in growth of the Carnival Cruise Line. Celebration Key, our exclusive destination, purpose-built for that brand's target guests is really starting to capture the imagination as they launched a new marketing campaign right in the heart of Wave season. Although early days, Celebration Key is already delivering an initial halo for bookings in the second half of 2025 across 18 Carnival Cruise Line ships departing from 10 home ports.

我們也繼續透過 AIDA Evolution 對現有機隊進行投資，這是該品牌歷史上最大的現代化計劃。計畫中的賓客體驗增強旨在顯著提升整個品牌的收入，同時進一步減少其環境足跡並提升我們回報率最高的品牌之一的業績。說到真正表現出色的品牌，我們也將繼續對嘉年華郵輪公司的成長進行策略性投資。 Celebration Key 是我們專為品牌的目標客人打造的專屬目的地，在 Wave 季節的中心推出了一項新的行銷活動，它真正開始激發人們的想像。雖然還處於早期階段，但 Celebration Key 已經為 2025 年下半年從 10 個母港出發的 18 艘嘉年華遊輪提供了初步預訂。

We also announced the second phase of development for Celebration Key, for the pier extension that can berth 2 additional ships in future years, further leveraging what will be a best-in-class asset for us. We expect ticket revenue uplift from this incredible destination as the guest experience delivers unmatched fun, as well as incremental in port spending. And this will be coupled with cost benefits driven by considerable fuel savings as it will be the closest destination of our 7 owned and operated ports in the Caribbean. This destination is designed to support the continued growth plan for Carnival Cruise Line including the 2 recently announced additions to its highly successful Excel class, for delivery in 2027 and 2028.

我們也宣布了 Celebration Key 的第二階段開發，擴建碼頭，在未來幾年可以停泊另外 2 艘船舶，進一步利用我們的一流資產。我們預計，隨著遊客體驗帶來無與倫比的樂趣以及港口支出的增加，這個令人難以置信的目的地的門票收入將會增加。這也將帶來由大量燃油節省帶來的成本效益，因為它將成為我們在加勒比地區擁有和經營的 7 個港口中最近的目的地。該目的地旨在支持嘉年華遊輪公司的持續成長計劃，包括最近宣佈為其非常成功的 Excel 級新增 2 艘郵輪，將於 2027 年和 2028 年交付。

All these investments demonstrate our disciplined capital allocation strategy. We continue to prioritize our investments towards our highest returning brands and biggest opportunities. This includes investments to reduce our carbon footprint which will not only have a measurable impact on the environment but also improve our bottom line. Our strategic investment in advertising is also paying dividends, driving demand across our portfolio with several new campaigns launched during Wave. In fact, our web business are up over a very strong 2023, with increases in both natural search and paid search. We increased our advertising efforts around our strategic foothold in Alaska. Alaska has long been the lifeblood for both Princess and Holland America and they have launched new campaigns to build even greater awareness for our unmatched land, sea experiences.

所有這些投資都體現了我們嚴格的資本配置策略。我們繼續優先投資回報最高的品牌和最大的機會。這包括減少碳足跡的投資，這不僅會對環境產生可衡量的影響，而且還能提高我們的利潤。我們在廣告方面的策略性投資也帶來了紅利，在 Wave 期間推出了幾項新活動，推動了我們產品組合的需求。事實上，我們的網路業務在 2023 年表現強勁，自然搜尋和付費搜尋都有所成長。我們圍繞著阿拉斯加的戰略立足點加大了廣告力度。長期以來，阿拉斯加一直是公主郵輪和荷美郵輪的命脈，他們發起了新的活動，以提高人們對我們無與倫比的陸地和海上體驗的認識。

This initiative isn't just U.S.-based. We have stepped up our marketing efforts across Europe with new campaigns for all our major European brands, i.e., this new campaign experience yourself differently, launched in Germany to rave reviews. P&O Cruises' new campaign, Holiday Like Never Before, really hit home with its British guest base and Costa's newly released campaign, focusing on moments where guests are left speechless, has been met with much success in its core markets of Italy, France and Spain. These campaigns have contributed to the continued strength of our European brands, which has been a meaningful driver of our improved outlook.

這項倡議不僅僅是美國的。我們加大了在歐洲的行銷力度，為所有歐洲主要品牌推出了新的行銷活動，即這項新行銷活動在德國推出後廣受好評，為您帶來不同的體驗。 P&O Cruises 的新行銷活動「前所未有的假期」真正打動了其英國客人群，而Costa 新推出的營銷活動則重點關注讓客人無言以對的時刻，在意大利、法國和西班牙等核心市場取得了巨大成功。這些活動為我們歐洲品牌的持續實力做出了貢獻，這也是我們改善前景的重要推手。

It is particularly rewarding to see our European brands flexing their muscles across their core European deployments. It is a real testament to the strength of our portfolio. The outperformance we've experienced this quarter has been a continuation of the strong demand we been experiencing from all our boarding points, the Caribbean, Alaska and Europe have all helped deliver over 1 point of incremental yield improvement. This more than offset the impact of the Red Sea rerouting, as well as changes in the price of fuel and currency exchange rates since our last update.

看到我們的歐洲品牌在其歐洲核心部署中展現實力，尤其令人欣慰。這是對我們產品組合實力的真正證明。本季我們所經歷的優異表現是我們所有登機點強勁需求的延續，加勒比地區、阿拉斯加和歐洲都幫助實現了超過 1 個百分點的增量收益改善。這足以抵消紅海航線改道以及自上次更新以來燃料價格和貨幣匯率變化的影響。

It has also enabled us to raise our full year guidance for EBITDA and net income. Our improving operational performance, coupled with excess liquidity and the lowest order book in decades leaves us well positioned to continue to opportunistically manage down debt and interest expense while reducing the complexity of our capital structure. This is very much aligned with our return to investment-grade credit over time. And our treasury team has been quick to capitalize on this trajectory with an ongoing stream of well-executed transactions to strengthen our balance sheet.

它還使我們能夠提高 EBITDA 和淨利潤的全年指導。我們不斷改善的營運績效，加上過剩的流動性和數十年來最低的訂單量，使我們能夠繼續機會主義地管理債務和利息支出，同時降低資本結構的複雜性。這與我們隨著時間的推移恢復投資級信貸非常一致。我們的財務團隊迅速利用這一軌跡，持續進行一系列執行良好的交易，以加強我們的資產負債表。

With the vast majority of this year's business outlook, we have even more conviction in delivering record revenues and EBITDA along with a step change improvement in operating performance lasting well beyond 2024. While we continue to optimize yield on the limited inventory we have remaining, we have still managed our costs, we have been turning more of our attention to delivering an even stronger 2025. We're gaining traction on improvement across the commercial space along our path of continued margin enhancements and increased returns.

考慮到今年的大部分業務前景，我們更有信心實現創紀錄的收入和 EBITDA，並在 2024 年之後實現經營業績的逐步改善。在我們繼續優化剩餘有限庫存的收益的同時，我們儘管我們仍在管理成本，但我們已將更多注意力轉向實現更強勁的2025 年。沿著持續提高利潤率和增加回報的道路，我們在整個商業領域的改進方面獲得了動力。

Again, I would like to thank our team members, ship and shore, the best in all the travel and leisure, for delivering unforgettable happiness to another 3 million guests this past quarter by providing them with extraordinary cruise vacations. Of course, we couldn't do it without the support from our travel agent partners and so many other stakeholders.

我要再次感謝我們的船上和岸上團隊成員，他們是所有旅行和休閒領域中最出色的團隊成員，他們在上個季度為另外300 萬客人提供了非凡的郵輪假期，為他們帶來了難忘的幸福。當然，如果沒有我們的旅行社合作夥伴和許多其他利害關係人的支持，我們就不可能做到這一點。

With that, I'll turn the call over to Dave.

這樣，我會將電話轉給戴夫。

Thank you, Josh. I'll start today with a summary of our 2024 first quarter results. Next, I will provide a couple of highlights about our second quarter and some color on our improved full year March guidance. Then I'll finish up with an update on our refinancing and deleveraging efforts. Let's turn to the summary of our first quarter results.

謝謝你，喬許。今天我將先總結 2024 年第一季的業績。接下來，我將提供有關第二季度的一些亮點以及我們改進的全年 3 月指導的一些資訊。最後，我將介紹我們的再融資和去槓桿化工作的最新情況。讓我們來總結一下第一季的業績。

Our bottom line exceeded December guidance by $100 million as we outperformed once again. The improvement was essentially driven by 2 things: (inaudible) in revenue from higher ticket prices as yields were up over 17%, nearly 0.75 point better than December guidance worth almost $30 million while cruise costs without fuel per available lower berth day or ALBD, came in over 2 points better than December guidance due to the timing of expenses between the quarters which was worth over $50 million.

我們的利潤比 12 月的指導值高出 1 億美元，因為我們的表現再次優於大盤。這項改善主要是由兩件事推動的：（聽不清楚）票價上漲帶來的收入，收益率上漲了17% 以上，比12 月指導值高出近0.75 個百分點，價值近3,000 萬美元，而遊輪成本不含每個可用下舖日或ALBD 的燃油，由於各季度之間費用超過 5000 萬美元，該季度的業績比 12 月份的指導值高出 2 個百分點。

Per diems improved 5% with improvements on both sides of the Atlantic, driven by considerably higher ticket prices. At the same time, we saw outsized growth in occupancy of nearly 20 percentage points at our European brands on their path back to historical occupancy. Our North American brands occupancy increased strong mid-single digits. The difference in occupancy growth on the 2 sides of the Atlantic resulted in a sizable mix impact on our consolidated onboard revenue per diems, since as we have discussed in the past, our North American brand customers naturally spend more on board than their European counterparts.

由於機票價格大幅上漲，大西洋兩岸的每日津貼提高了 5%。同時，我們的歐洲品牌的入住率大幅增加了近 20 個百分點，正在回歸歷史入住率。我們的北美品牌佔有率出現強勁的中個位數成長。大西洋兩岸的入住率成長差異對我們的每日綜合船上收入產生了相當大的綜合影響，因為正如我們過去所討論的，我們的北美品牌客戶自然比歐洲同行在船上花費更多。

However, the underlying fact is that we saw an increase in onboard revenue per diems on both sides of the Atlantic, driven in part by the acceleration strong pre-cruise sales growth. In fact, we saw a continuation of strong consumer behavior by guests', onboarders' trips, much like our booking trends this past quarter.

然而，根本的事實是，我們看到大西洋兩岸的每日船上收入增加，部分原因是郵輪前銷售加速強勁成長。事實上，我們看到客人和船上乘客的旅行持續強勁的消費行為，就像我們上個季度的預訂趨勢一樣。

As Josh indicated, first quarter was fantastic across the board with strong demand for our brands delivering record revenues, record yields and record per diems. Before I discuss our second quarter and full year guidance, I would like to add that given the timing of yesterday's events in Baltimore that Josh mentioned, our guidance does not include the current estimated impact of up to $10 million for the full year 2024 from the temporary change in home port.

正如喬許所指出的那樣，第一季整體表現出色，對我們品牌的強勁需求帶來了創紀錄的收入、創紀錄的收益率和創紀錄的每日津貼。在討論我們的第二季度和全年指導之前，我想補充一點，鑑於Josh 提到的昨天在巴爾的摩舉行的活動的時間安排，我們的指導不包括當前估計的2024 年全年高達1000 萬美元的影響。母港臨時變更。

Now a couple of things to highlight about our second quarter March guidance. The positive trends we saw in the first quarter are expected to continue in the second. Yield guidance for the second quarter as I said, is a strong 10.5%. The difference between the yield guidance for the second quarter and the first quarter yield improvement of over 17% is simply the result of the greater opportunity we had in occupancy in the first quarter 2024. With the improving trends we experienced during the first half of last year, 2023 second quarter occupancy was already 7 percentage points higher than the first quarter. In addition, I did want to point out that nearly 3/4 of the full year impact from the Red Sea rerouting is expected to occur in the second quarter with the remainder expected in the fourth quarter.

現在，關於我們第二季 3 月的指導，有幾點需要強調。我們在第一季看到的積極趨勢預計將在第二季度繼續下去。正如我所說，第二季的收益率指引為 10.5%。第二季的收益率指引與第一季收益率提高超過 17% 的差異僅僅是因為我們在 2024 年第一季的入住機會更大。隨著我們在去年上半年經歷的改善趨勢2023年第二季度入住率已較第一季高出7個百分點。此外，我確實想指出，紅海航線改道對全年影響的近3/4預計將發生在第二季度，其餘部分預計將在第四季度發生。

Turning to our improved full year March guidance. We are now forecasting a capacity increase of 4.5% compared to 2023. March guidance for net income of $1.28 billion is an $80 million improvement over our December guidance. The improvement was driven by 2 things: more than 1 point increase in yields to approximately 9.5% based on the considerably higher prices we have seen in booking trends so far this year; and the continued strength in demand we anticipate going forward worth about $200 million.

轉向我們改進的全年三月份指導。我們目前預測產能將比 2023 年增加 4.5%。3 月淨利指引為 12.8 億美元，比 12 月指引提高 8,000 萬美元。這項改善是由兩件事推動的：基於今年迄今為止我們在預訂趨勢中看到的價格大幅上漲，收益率提高了 1 個百分點以上，達到約 9.5%；以及需求的持續強勁，我們預計未來價值約為 2 億美元。

In addition, we are forecasting a collective improvement in all our cost lines, excluding fuel of over $50 million, including an improvement in cruise costs without fuel. This improvement of over $250 million is partially offset by the Red Sea rerouting impact of $130 million and the net impact from higher fuel price and currency of almost $45 million. The strong 9.5% improvement in 2024 yields is a result of an increase in all the component parts, higher ticket prices, higher onboard spending and higher occupancy at historical levels with all component parts improving on both sides of the Atlantic.

此外，我們預計所有成本項目（不包括超過 5,000 萬美元的燃油）將出現集體改善，其中包括不含燃油的遊輪成本的改善。這一超過 2.5 億美元的改善部分被紅海改道影響 1.3 億美元以及燃油價格和貨幣上漲帶來的近 4,500 萬美元的淨影響所部分抵消。 2024 年收益率將強勁增長 9.5%，這是由於所有組成部分的增長、票價上漲、船上支出增加以及歷史水平的入住率提高，大西洋兩岸所有組成部分均有所改善。

I did want to point out that cruise costs, excluding fuel, is expected to be better than December guidance due in part to cost savings related to Red Sea rerouting as certain ships repositioned without guests, as well as other efficiencies we identified that are included in our March guidance. While absolute costs are lower, the change in cruise costs without fuel per available lower berth day of 0.5 point from December to March guidance is simply the math of spreading all costs over the lower ALBDs resulting from the Red Sea rerouting as certain ships reposition without guests.

我確實想指出，郵輪成本（不包括燃油）預計將好於12 月份的指導，部分原因是由於某些船舶在沒有客人的情況下重新定位而節省了與紅海重新航線相關的成本，以及我們確定的其他效率，這些效率包括在我們的三月指導。雖然絕對成本較低，但從12 月到3 月指導，每個可用下泊位日不含燃油的遊輪成本變化為0.5 個點，這只是將所有成本分攤到紅海航線改道造成的較低ALBD 上的數學計算，因為某些船舶在沒有乘客的情況下重新定位。

We recognize that even within our industry-leading cost structure there are opportunities which we can focus on and harvest over time. A great example is our Maritime Asset Strategy Transformation system or what we refer to internally as MAST. As previously mentioned, MAST is a centralized system developed to optimize the management of equipment and machinery across all brands and all our ships. As we continue to roll out MAST, it will allow us to leverage spare parts more effectively across the entire fleet and optimize our maintenance schedules and practices, all of which will strengthen our efficiency and reduce costs from unplanned maintenance over time.

我們認識到，即使在我們行業領先的成本結構中，也有我們可以關注並隨著時間的推移收穫的機會。一個很好的例子是我們的海事資產策略轉型系統或我們內部稱為 MAST 的系統。如前所述，MAST 是一個集中式系統，旨在優化所有品牌和所有船舶的設備和機械管理。隨著我們繼續推出MAST，它將使我們能夠在整個機隊中更有效地利用備件，並優化我們的維護計劃和實踐，所有這些都將提高我們的效率，並隨著時間的推移降低計劃外維護的成本。

I will finish up with a summary of our refinancing and deleveraging efforts. During the first quarter, we generated cash from operations of $1.8 billion and free cash flow of $1.4 billion. We took delivery of 2 spectacular new ships and utilized 2 export credit facilities, continuing our strategy to finance our new build program at preferential interest rates. Also during the quarter, we successfully extended the maturity of our forward starting revolving credit facility by 2 years to August 2027 and upsized the borrowing capacity by $400 million, bringing the total commitment to $2.5 billion.

最後我將總結我們的再融資和去槓桿化努力。第一季度，我們的營運現金為 18 億美元，自由現金流為 14 億美元。我們接收了 2 艘壯觀的新船，並利用了 2 項出口信貸額度，繼續我們的策略，以優惠利率為我們的新建項目提供融資。同樣在本季度，我們成功地將遠期啟動循環信貸安排的期限延長了 2 年至 2027 年 8 月，並將借款能力增加了 4 億美元，使承諾總額達到 25 億美元。

We will continue to look for opportunities to upsize the facility through its accordion feature that allows us to add new banks and grow the commitment. Our efforts to proactively manage our debt profile continue throughout the quarter between open market repurchases early in the quarter and then our call of the remaining 9.9% second priority secured notes, we redeemed over $600 million of debt, removing the secured second lien layer from our capital structure.

我們將繼續尋找機會透過其手風琴功能擴大該設施的規模，使我們能夠增加新的銀行並擴大承諾。我們在整個季度繼續努力主動管理我們的債務狀況，從本季度初的公開市場回購開始，然後我們呼籲剩餘的9.9% 第二優先擔保票據，我們贖回了超過6 億美元的債務，從我們的債務中刪除了擔保第二留置權層。資本結構。

In addition to our second lien notes, we were able to repurchase almost $400 million of debt at a discount adding power to our deleveraging efforts. We expect to continue our open market repurchase program on an opportunistic basis. We will continue to call some of our existing debt. In fact, yesterday, we prepaid our EUR 837 million term loan due in 2025, removing higher-than-average interest rate debt and another secured instrument from our capital structure. This further demonstrates our commitment to an investment-grade balance sheet.

除了我們的第二留置權票據之外，我們還能夠以折扣價回購近 4 億美元的債務，為我們的去槓桿化努力增添了動力。我們預計將在機會主義的基礎上繼續我們的公開市場回購計劃。我們將繼續償還部分現有債務。事實上，昨天我們預付了 2025 年到期的 8.37 億歐元定期貸款，從我們的資本結構中消除了高於平均利率的債務和另一種擔保工具。這進一步顯示了我們對投資等級資產負債表的承諾。

Our leverage metrics will continue to improve throughout 2024 as our EBITDA continues to grow and our debt levels improve. Using our March guidance EBITDA of $5.63 billion, we expect a 2 turn improvement in net debt-to-EBITDA leverage positioning us more than halfway down the path to investment-grade metrics.

隨著我們的 EBITDA 持續成長和債務水準改善，我們的槓桿指標將在 2024 年繼續改善。根據我們 3 月份 56.3 億美元的 EBITDA 指引，我們預計淨債務與 EBITDA 槓桿率將實現 2 倍的改善，使我們在投資級指標的道路上前進了一半以上。

In summary, continued execution coupled with strengthening demand for our brands is driving increased confidence in our ongoing performance. We are pleased this has been recognized by S&P and Moody's with their recent upgrades as well as by our banking partners with their recent upsizing and 2-year extension of our revolving credit facility.

總之，持續的執行力加上對我們品牌需求的增強，正在增強人們對我們持續績效的信心。我們很高興標普和穆迪最近升級了這一點，我們的銀行合作夥伴最近擴大了我們的循環信貸額度並延長了兩年，對此我們感到很高興。

Looking forward over the next several years, substantial free cash flow will significantly reduce our leverage, moving us further down the road to rebuilding our financial fortress while continuing the process of transferring value from debt holders back to shareholders.

展望未來幾年，大量的自由現金流將顯著降低我們的槓桿率，推動我們在重建金融堡壘的道路上進一步前進，同時繼續將價值從債務持有人轉移回股東的過程。

Now operator, let's open the call for questions.

現在接線員，讓我們開始提問。

(Operator Instructions) Our first question comes from Robin Farley with UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Robin Farley。

Great. I wanted to ask about your commentary about considerably higher for the remainder of the year. Just looking at the math of that, is it fair to say that it looks like your per diem growth in the rest of the year is accelerating to maybe 6% or higher compared to the 5% in Q1? I just wanted to get a -- does that sounds right in terms of what you think considerably may mean. And then just if I could ask as a follow-up, in terms of ship orders, obviously, we saw your second ship order yesterday since the pandemic. There was a line in it that said you continue to review fleet plans. There was some wording that I thought maybe suggested you might have another ship order later this year for 2028, which would be completely in line with what you said long term but is that -- is that kind of what the language is suggesting?

偉大的。我想問一下您對今年剩餘時間大幅上漲的評論。僅看一下數學，可以公平地說，與第一季的 5% 相比，今年剩餘時間您的每日津貼增長可能會加速至 6% 或更高嗎？我只是想知道——就你認為相當大的含義而言，這聽起來是否正確。然後，如果我可以問一下後續問題，就船舶訂單而言，顯然，我們昨天看到了自大流行以來你們的第二艘船舶訂單。裡面有一句話說你要繼續審查機隊計畫。我認為有一些措辭可能表明您可能會在今年稍後再訂購 2028 年的船舶訂單，這將完全符合您所說的長期目標，但這就是語言所暗示的嗎？

Robin, this is Josh. So yes, I mean, the good news is, we just experienced a first quarter booking activity that really knocked the cover off the ball, which is really gratifying to see. The volumes are going to naturally taper down as we talked about but the good thing is, people are paying for what we have left to offer. And so when we came up with our guidance for yields overall, it was not just based on occupancy. It was based on occupancy plus per diem growth in pricing and that is playing out. So I won't give you a specific number for rest of the year or fourth quarter. But we know the comps get harder but that's not an excuse. We just need to make sure we're doing what we need to do on the demand and get the per diems up year-over-year every quarter, which is what our expectation is. So that trend has continued well and the great thing is that hasn't stopped. If you look at the first month of our next quarter of March, that trend has continued. So we're in good stead there and that's spilling into 2025 as well, where, as you heard me say and David say, we're off to another unprecedented start, which is great to see.

羅賓，這是喬許。所以，是的，我的意思是，好消息是，我們剛剛經歷了第一季的預訂活動，這確實讓我們大吃一驚，這真是令人高興。正如我們所說，銷量會自然減少，但好處是，人們正在為我們剩下的產品付費。因此，當我們提出整體收益率指導時，它不僅僅基於入住率。它是基於入住率加上定價中的每日成長，而這一點正在發揮作用。所以我不會給你今年剩餘時間或第四季的具體數字。但我們知道比賽會變得更加困難，但這不是藉口。我們只需要確保我們按照需求做我們需要做的事情，並讓每季的每日津貼逐年增加，這就是我們的期望。因此，這種趨勢一直持續良好，而且最棒的是這種趨勢並沒有停止。如果你看看我們下個季度的第一個月，你會發現這種趨勢仍在繼續。因此，我們在這方面處於有利地位，而且這種情況也將延續到2025 年，正如你們聽到我和大衛所說的那樣，我們將迎來另一個前所未有的開始，這是很高興看到的。

As far as the new build, yes, we're incredibly excited that we've restarted our new build order again. But as you've mentioned, in line with what I've been saying for almost 2 years now, which is when we restart, which is what we've done. We're talking about 1 to 2 ships a year starting in 2027. There won't be another one in 2027. That will be what we've got. As far as 2028 goes, could there be another one? It's not closed but I wouldn't necessarily bank on it either. We are working on more things that are going to be geared towards our highest returning brands as we've been talking about and when there's something to talk about, we'll certainly share.

就新構建而言，是的，我們非常興奮我們再次重新啟動了新的構建訂單。但正如你所提到的，與我近兩年來所說的一致，也就是我們重新啟動的時候，這就是我們所做的。我們正在談論從 2027 年開始每年 1 到 2 艘船。2027 年不會再有一艘。這就是我們所擁有的。就2028年而言，還會有另一個嗎？它還沒有關閉，但我也不一定指望它。我們正在做更多的事情，這些事情將針對我們回報率最高的品牌，正如我們一直在談論的那樣，當有什麼要談論的時候，我們當然會分享。

Our next question comes from David Katz with Jefferies.

我們的下一個問題來自傑弗里斯的大衛·卡茨。

David, I appreciate all the insights so far with respect to the guidance, et cetera. But with the ship orders and just taking a much longer-term view, presuming and I'm just looking for confirmation that, that doesn't change or alter the path to investment grade by sort of adding some more CapEx to the system longer term?

大衛，我很欣賞迄今為止有關指導等方面的所有見解。但是，有了船舶訂單，並且只是採取更長遠的觀點，假設並且我只是在尋找確認，這不會透過向系統中長期添加更多資本支出來改變或改變投資等級的路徑？

No, not at all. We are working down our road to investment grade. We are prioritizing the repayment of debt and the repurchase of debt and we look -- as we did in the first quarter, as Josh indicated and I gave the details, we prepaid $1.8 billion of debt so far this year. And with improved EBITDA, we expect to get to investment-grade metrics in 2026. And remember, Josh, we're only talking 1 to 2 ships a year. And with the cash generation, we expect to continue to see improved net debt-to-EBITDA in 2027 and '28 as well even with the new orders on our path to investment grade.

一點都不。我們正在努力爭取投資等級。我們正在優先考慮償還債務和回購債務，正如我們在第一季度所做的那樣，正如喬希所指出的，我也提供了詳細信息，今年到目前為止，我們已經預付了18 億美元的債務。隨著 EBITDA 的提高，我們預計將在 2026 年達到投資等級指標。請記住，喬什，我們每年只談論 1 到 2 艘船。隨著現金的產生，我們預計 2027 年和 28 年淨債務與 EBITDA 比率將繼續改善，即使新訂單正在達到投資等級。

Yes. When we came up with our road map, sorry, this is Josh, we did factor in the assumption that there would be future new builds with stage payments in advance. So that was already factored into how we were thinking about the world and still being able to pay down the debt and get to those investment grade metrics.

是的。當我們提出路線圖時，抱歉，這是喬什，我們確實考慮了這樣的假設：未來會有預先付款的新建築。因此，這已經考慮到我們如何看待世界，並且仍然能夠償還債務並達到這些投資等級指標。

Understood, josh. And if I can just follow up quickly and I know I ask this repeatedly, I'd love to just get your sense for sort of what's at or near the top of the list in terms of just the business in general and other change in execution or how things are done or other improvements that you're working on?

明白了，喬希。如果我能快速跟進，並且我知道我會反复問這個問題，我很樂意讓您了解在總體業務和執行中的其他變化方面處於或接近列表頂部的內容或者事情是如何完成的或者您正在努力進行其他改進？

Sure. I'm going to sound like a broken record. When it comes to the commercial side of the operations, I think everybody has room to improve across all areas and that's never going to stop being a focus. And we're seeing a good amount of progress and that's across the advertising, across revenue management, across onboard execution, certainly, deployment planning. I mean you name it, we just expect to continually understand our business, understand our guests, brand by brand and have them execute at the highest level possible.

當然。我聽起來就像一張破唱片。當談到營運的商業方面時，我認為每個人在所有領域都有改進的空間，這永遠不會停止成為焦點。我們看到了巨大的進步，這涉及廣告、收入管理、船上執行，當然還有部署規劃。我的意思是，你能想到的，我們只是希望不斷了解我們的業務，了解我們的客人，逐個品牌，並讓他們以盡可能最高的水平執行。

So we've talked about some game changers for us around Celebration Key, which will be coming in 2025, a new pier at Half Moon Key (sic) [Half Moon Cay], which will open up that destination, which is a true jewel to even more guest flow. So there's certainly some very specific strategic assets that we've got moving in place, which are going to be a great tailwind for us. But I think the bigger tailwind is really having our brands perform across their core markets, to their core guests, to the best of their abilities.

因此，我們已經討論了圍繞慶祝島(Celebration Key) 的一些遊戲規則改變因素，該島將於2025 年建成，位於半月島(Half Moon Key)（原文如此）[半月島] (Half Moon Cay) 的一個新碼頭，這將打開這個目的地，這是一顆真正的寶石以獲得更多的客流。因此，我們肯定已經部署了一些非常具體的策略資產，這對我們來說將是一個巨大的推動力。但我認為更大的推動力實際上是讓我們的品牌在他們的核心市場、他們的核心客人中發揮最大的能力。

Our next question comes from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

Josh, when we look at your per diem growth for '24 guidance and we think about what went into that and we rewind the clock 6, 9, 12 months, we remember that you guys were -- what we call -- what you call base building for '24 throughout last year and it was a pricing environment that arguably isn't as good as it is now. And so I guess the question is, when you think about where you were last year and where you think where you are this year, is the strategy going to -- do you feel better? And is the strategy any different when you're thinking about base loading in '25 and where we could be in 12 months from now, thinking about pricing growth?

喬希，當我們查看你24 年指導的每日津貼增長情況時，我們會思考其中的內容，然後將時鐘倒回6、9、12 個月，我們記得你們就是——我們所說的——你們所說的去年我們為「24」進行了基礎建設，而當時的定價環境可能不如現在。所以我想問題是，當你思考去年的情況和今年的情況時，該策略是否會 - 你感覺更好嗎？當您考慮 25 年的基本負載以及 12 個月後的價格增長時，該策略有什麼不同嗎？

Yes. Yes. I mean, I do feel better. I feel better because we have another year under our belt of our brands really focused on optimizing their booking curves. We're doing it in an environment which we get the benefit of, let's call it, a full year of somewhat normal, whereas last year, depending on the brand, it was a struggle of trying to fill short-term and think long term. This year, we -- because of what we've been able to build going into the year, we -- I mean it's historical, we have the ability to really lean in even more into optimizing from a strategic perspective as opposed to plugging holes along the way, which we were focused on as well last year. So I think the future is quite bright.

是的。是的。我的意思是，我確實感覺好多了。我感覺好多了，因為我們的品牌又過了一年，真正專注於優化他們的預訂曲線。我們是在一個我們受益的環境中做這件事的，我們可以稱之為，一整年都比較正常，而去年，根據品牌的不同，我們在努力滿足短期目標和長遠考慮方面遇到了困難。今年，我們——因為我們在這一年中所取得的成就，我們——我的意思是，這是歷史性的，我們有能力真正從戰略角度更加傾向於優化，而不是堵塞漏洞一路走來，我們去年也重點關注這一點。所以我認為未來是相當光明的。

Okay. That's helpful. And then you guys did touch on the EA brands and the European brands and how they're doing. I was wondering if we could just sort of double click on that and talk about -- and maybe you could tell us those brands recovery versus '19 and how they're tracking versus your North American brands and just sort of split it out between occupancy, ticket and onboard and sort of what inning those brands are in across those 3 metrics? That would be helpful.

好的。這很有幫助。然後你們確實談到了 EA 品牌和歐洲品牌以及他們的表現。我想知道我們是否可以雙擊它並討論一下 - 也許您可以告訴我們這些品牌與 19 年相比的復甦情況，以及它們與北美品牌相比的跟踪情況，然後將其分為入住率、機票和機上，以及這些品牌在這3 個指標中處於什麼階段？那會有幫助的。

So let me give you -- I'll give you overall and David, if you want to add some color, certainly feel free.

所以讓我給你——我會給你總體的信息，大衛，如果你想添加一些顏色，當然隨意。

I think the biggest difference between the brands by segment when you think about this year is the huge occupancy jump that the European brands are making year-over-year and it's an occupancy jump that was really focused primarily on the first half of the year. And then it all started to normalize a good amount more as we got to the second half of last year. From a pricing perspective, from an onboard spending perspective and as we make our way through this year from an occupancy perspective, everybody is moving on both sides of the Atlantic in a positive way. So this -- as expected, we knew that the European brands would be an outsized driver of yield improvement for us simply because of the occupancy. But I can tell you this, they're not doing it at the expense of price. Our European brands are getting price and occupancy.

我認為，當你考慮今年時，各細分市場品牌之間的最大區別是歐洲品牌的入住率同比大幅增長，而這種入住率增長主要集中在今年上半年。然後到去年下半年，一切都開始正常化。從定價的角度來看，從機上消費的角度來看，以及從入住率的角度來看，今年我們在大西洋兩岸的每個人都在以積極的方式前進。因此，正如預期的那樣，我們知道，僅僅因為入住率，歐洲品牌將成為我們產量提高的巨大推動力。但我可以告訴你，他們不會以犧牲價格為代價。我們的歐洲品牌正在提高價格和入住率。

David gave me a thumbs up. So I hope that answers your question.

大衛向我豎起了大拇指。所以我希望這能回答你的問題。

Our next question comes from James Hardiman with Citi.

我們的下一個問題來自花旗銀行的詹姆斯哈迪曼。

So maybe just to belabor that last point about occupancy. It seems like at least part of the first quarter success was -- occupancy was better than you thought. I'm assuming we're at a place now where it's not just about filling rooms, it's about filling rooms with more people to get to higher occupancy. So what drove that outperformance? And is there a way to think about the full year and/or the second quarter occupancy number? Obviously, there is a wide range to what could be considered historical. But I don't know, versus 2019, how should we think about occupancy this year?

所以也許只是想詳細說明一下關於入住率的最後一點。看起來第一季的成功至少有一部分是——入住率比你想像的還要好。我假設我們現在所處的位置不僅僅是填滿房間，而是讓更多的人填滿房間以獲得更高的入住率。那麼是什麼推動瞭如此出色的表現呢？有沒有辦法考慮全年和/或第二季的入住率？顯然，可以被視為歷史的範圍很廣。但我不知道，相對於2019年，我們該如何看待今年的入住率？

James, so as I think David talked about last quarter, the historical range, we're talking [104 to 107] and 2019 was the peak at [107]. That may or may not be the right ending point for us and I'm not trying to be vague because we want to give our brands the flexibility to not optimize for occupancy or price but it's about yield. It's about the combination of both. So I feel quite good about where we are. We did beat a little bit in occupancy and we also beat a little bit in price in the first quarter, which was good to see. And from my perspective, I'd like us to outperform on both every single quarter. So yes, there's no games here. I expect us to be well in the historical range and we'll take it and our brands will take it as far as they think it should be in order to get the price combination along with the occupancy.

詹姆斯，我認為大衛談到了上個季度的歷史範圍，我們正在談論 [104 到 107]，而 2019 年是 [107] 的峰值。這對我們來說可能是正確的終點，也可能不是正確的終點，我並不是想含糊其辭，因為我們希望為我們的品牌提供靈活性，不針對入住率或價格進行優化，但這與產量有關。這是兩者的結合。所以我對我們現在的處境感覺很好。第一季度，我們的入住率和價格確實有所提高，這是很高興看到的。從我的角度來看，我希望我們每季都能表現出色。所以是的，這裡沒有遊戲。我希望我們能夠很好地保持在歷史範圍內，我們將採取這一點，我們的品牌將採取他們認為應該達到的水平，以便獲得價格組合和入住率。

And then -- yes, go ahead, David.

然後——是的，繼續吧，大衛。

Yes. The only thing I'll add is, keep in mind is that we essentially got back to historical occupancy in the back half of 2023. So the occupancy opportunity in 2024 is much more heavily weighted to the first half, which I described in my prepared remarks, where we were able to increase occupancy considerably by 11% in the first quarter and we do expect occupancy to go up in the second quarter as well.

是的。我唯一要補充的是，請記住，我們基本上在2023 年下半年恢復了歷史入住率。因此，2024 年的入住機會對上半年的權重要大得多，我在準備的報告中對此在進行了描述性評論中，我們在第一季將入住率大幅提高了 11%，並且我們預計第二季的入住率也會上升。

And our brands, I don't want to take this the wrong way, our brands are being quite thoughtful about opportunities to introduce more families than they maybe had in the past, looking at their cabin configuration. So there's always opportunities and we encourage our brands to certainly lean into that.

我不想以錯誤的方式對待我們的品牌，我們的品牌正在考慮引入比過去更多的家庭的機會，並考慮他們的客艙配置。因此，機會總是存在的，我們鼓勵我們的品牌充分利用這個機會。

That's helpful. And then, Josh, you seem to make a point of noting that you don't think the current demand strength is really pent-up demand at this point, which seems to suggest that maybe we graduated from the post-pandemic phase to the post-post-pandemic phase. And maybe speak us -- speak to the secular story that seems to be building here, whether it be from an industry perspective or a company-specific perspective, I think a lot of people are just trying to figure out the sustainability of the demand growth that we're seeing. Obviously, per diems are ahead of sort of that long-term algo, right? How long can that ultimately last and what are going to be the drivers there?

這很有幫助。然後，喬什，您似乎特意指出，您認為目前的需求強度並不是真正被壓抑的需求，這似乎表明，也許我們已經從大流行後階段畢業到後階段。- 大流行後階段。也許談談我們——談談這裡似乎正在建立的世俗故事，無論是從行業角度還是從公司特定角度來看，我認為很多人只是想弄清楚需求增長的可持續性我們所看到的。顯然，每日津貼領先長期演算法，對吧？這種情況最終能持續多久？驅動因素是什麼？

Sure. So I'll -- I think I'll speak for the industry. Jason, Harry, I hope you don't mind. But I would say that there is more and more of a realization of the value and experience gap that cruising has to other alternatives. And since the pandemic, both of those things have effectively gapped out because it's a greater value because of the price jacking that the land-based operations have been able to do and they've done it without providing comparable guest experience. And when you compare that to us, even with our outsized per diems growth, it's still a value gap.

當然。所以我想我會代表這個行業發言。傑森，哈利，我希望你們不要介意。但我想說的是，人們越來越意識到巡航與其他選擇的價值和經驗差距。自大流行以來，這兩件事實際上都出現了缺口，因為由於地面業務能夠進行價格上漲，而且他們在沒有提供可比的客戶體驗的情況下做到了這一點，所以它具有更大的價值。當你將其與我們進行比較時，即使我們的每日津貼增長巨大，它仍然是一個價值差距。

People are not stupid. Consumers are not stupid. They are looking for value and they're looking for experiences that are worth paying for. And when you line that up, it is boding very well for the cruise industry. We now speak on behalf of the corporation, we are also leaning more into advertising, getting our messaging out, doing it more effectively, which is additional tailwinds. Now we -- our new to cruise is up over 30% versus last year first quarter. It's not pent-up demand. It is truly casting the wide net, having a great experience and delivering and so I do not see an ending point. We have room to close the gap to land when it comes to the value and still be able to champion the value while leaning into the experience. So I think that backdrop is incredibly encouraging for the industry.

人們並不愚蠢。消費者並不傻。他們正在尋找價值，他們正在尋找值得付費的體驗。當你把它排列起來時，這對郵輪業來說是個好兆頭。我們現在代表公司發言，我們也更傾向於廣告，傳達我們的訊息，更有效地做到這一點，這是額外的順風車。現在，我們的新郵輪數量比去年第一季增加了 30% 以上。這不是被壓抑的需求。它確實是廣撒網，擁有豐富的經驗和交付，所以我看不到終點。在價值方面，我們有縮小差距的空間，並且仍然能夠在註重體驗的同時捍衛價值。所以我認為這種背景對這個行業來說是非常鼓舞人心的。

Our next question comes from Steve Wieczynski with Stifel.

我們的下一個問題來自 Stifel 的 Steve Wieczynski。

So Josh or David, if we go back to the yield guidance for the year or the revised yield guidance, I should say, moving it up 100 basis points, I mean I think that makes total sense given you have a lot more visibility in the way the year is going to look and you're probably in an extremely, extremely well-booked position. I guess my question is going to be more on the onboard side. And as you kind of think about the rest of the year, I would assume you guys are probably taking somewhat of a conservative view around the onboard metrics. And I guess saying that even differently is, if onboard kind of stays where it is today, I would assume there's probably then upside to the -- to your guidance. Is that -- can I ask that, that way, hopefully?

因此，喬什或大衛，如果我們回到今年的收益率指導或修訂後的收益率指導，我應該說，將其上調100 個基點，我的意思是，我認為這完全有意義，因為您今年的情況將會如何，你可能處於一個非常非常好的位置。我想我的問題更多是在船上。當你們思考今年剩下的時間時，我認為你們可能對船上指標持保守的看法。我想，甚至不同的是，如果船上的情況保持在今天的水平，我認為您的指導可能會有好處。我可以這樣問嗎？

Steve, I think one of the things -- remember, onboard, as I mentioned in my prepared remarks, we are seeing increases on both sides of the Atlantic. It's just that there's a mix impact. And you're going to see somewhat of a mix impact in the second quarter as well, although not nearly as big for the first -- as the first quarter because of the occupancy growth will not be as great. Or I should say the opportunity will not be as great in the European brands in the second quarter. But on both sides of the Atlantic, it's gets going up and we feel very good. We're -- as I said, we're seeing continued strength in onboard on the guests. We are accelerating the pre-cruise sales. We saw a double-digit increase in terms of the percent of pre-cruise sales of onboard revenue in the first quarter. So a lot of positive things are happening and all of that was built into our guidance.

史蒂夫，我認為其中一件事 - 請記住，在船上，正如我在準備好的發言中提到的那樣，我們看到大西洋兩岸的增長。只是存在混合影響。第二季你也會看到一些混合影響，儘管影響沒有第一季那麼大——因為入住率成長不會那麼大。或者我應該說第二季度歐洲品牌的機會不會那麼大。但在大西洋兩岸，氣溫都在上升，我們感覺非常好。正如我所說，我們看到船上的客人數量持續增加。我們正在加快郵輪前的銷售。我們看到第一季郵輪前銷售佔船上收入的百分比出現了兩位數的成長。因此，許多積極的事情正在發生，所有這些都已納入我們的指導中。

Yes. I'd say, Steve, as always, we try to give our best understanding of how the world looks today while continuing to push and press internally with our brands to optimize and maximize both on the ticket and on the onboard spending, which is more important as we move forward to look at on a combined basis, given bundling and how we package things for our guests. And it just hasn't slowed down, which is really the message that people should take. And I know there was some commentary that came out that caused some noise about are there -- is there anything that we need to be worried about for Q4 or slowing down? And for us, at least, it's the opposite. The acceleration has included Q4 both on the volume and the price. So long may it last.

是的。我想說，史蒂夫，一如既往，我們努力最好地了解當今世界的面貌，同時繼續向我們的品牌內部推動和施壓，以優化和最大化機票和機上支出，這更重要考慮到捆綁以及我們如何為客人包裝物品，我們將在綜合的基礎上考慮，這一點很重要。而且它並沒有放緩，這確實是人們應該接受的訊息。我知道有一些評論引起了一些噪音——我們是否需要為第四季度擔心什麼或放慢速度？至少對我們來說，情況恰恰相反。第四季的銷售和價格都出現了加速成長。願它持續多久。

Okay. And then second question, I'm going to ask about 2025 and look, I'm sure you're obviously very limited in what you can say around bookings, given it's still so far out. And -- but if you look at bookings for next year, I guess what I'm trying to get a sense is, are you seeing a change in who's booking today? And what I mean by that is, normally, you'd be booking your longer, more exotic itineraries right now. But are you starting to see more what we would call the normal itineraries being booked this far out? And are you continuing to see that new-to-cruise category for next year still be pretty strong? Or is it just still too early?

好的。然後是第二個問題，我要問一下 2025 年的情況，我相信你在預訂方面能說的顯然非常有限，因為它還很遙遠。而且 - 但如果你看看明年的預訂情況，我想我想了解的是，你是否發現今天的預訂情況發生了變化？我的意思是，通常情況下，您現在會預訂更長、更異國情調的行程。但是您是否開始看到更多我們所說的正常行程被預訂到這麼遠的時間？您是否仍然認為明年的新遊輪類別仍然相當強勁？還是現在還太早？

So as for the first part, the good news is, it really is across the board. It's not just more people on world cruises, which we are seeing. So not to discount that. But what we are seeing is an improvement in the revenue management and booking curve across the board. So I think that, that bodes well for 2025. I think it's probably too early to talk about composition of guests, other than to say, our profile as we have been going quarter-by-quarter has been improving that casting of the net to go beyond brand repeaters and going into new to cruise, which I think is probably the greatest litmus test that things are working, that the message is getting through.

對於第一部分，好消息是，它確實是全面的。我們看到的不僅是世界郵輪上的人數增多。所以不要低估這一點。但我們看到的是收入管理和預訂曲線的全面改善。所以我認為，這對 2025 年來說是個好兆頭。我認為現在談論嘉賓的組成可能還為時過早，除了說我們每個季度的情況都在改善網絡的撒播之外，超越品牌回頭客，進入郵輪新領域，我認為這可能是檢驗事情是否有效、訊息是否傳達的最大試金石。

Now we also have -- we also do have Celebration Key, which as we get closer and closer to 2025 and closer and closer to its opening, which isn't until the second half of '25, I think we'll be able to see and talk more and more about the halo impact of that in our arsenal.

現在我們也有了——我們也確實有了慶祝鑰匙，隨著我們越來越接近 2025 年，越來越接近它的開放，直到 25 年下半年，我認為我們將能夠在我們的武器庫中越來越多看到並談論它的光環影響。

Our next question comes from Jaime Katz with Morningstar.

我們的下一個問題來自晨星公司的 Jaime Katz。

I want to piggyback on to that value proposition question we had earlier from James. And I guess, can you talk a little bit about what is motivating consumers to actually convert the booking? Is it bundling? Is it traditional marketing like advertising? Is there something else? Or has there been sort of any change in the pattern to what is motivating people to make that decision?

我想藉用詹姆斯之前提出的價值主張問題。我想，您能談談是什麼促使消費者真正轉換預訂嗎？是捆綁嗎？是像廣告一樣的傳統行銷嗎？還有別的事嗎？或者，促使人們做出決定的模式是否發生了某種變化？

Sure. I don't think there's necessarily a change other than we are doing things better than we used to. We are doing a better job, I believe, investing more in advertising and doing a better job of getting the word out. Like I said, the revenue management, right, pricing it right at the right point of the curve to get people to commit is quite important. But the other -- sorry, I just lost my train of thought. So I'll just leave it at that. I don't see anything that's inherently different other than being able to go deeper into what we are doing and doing it well and the results that we see, not only from the bookings but from the search activity, from the website visits, from the conversion, it's all moving in the right direction, as such all of those commercial activities are supporting our ability to get that message out.

當然。我認為除了我們做得比以前更好之外，不一定會改變。我相信，我們做得更好，在廣告上投入更多，並在宣傳方面做得更好。就像我說的，收入管理，正確的，在正確的曲線點定價以讓人們做出承諾是非常重要的。但另一個——抱歉，我剛剛失去了思路。所以我就這樣吧。除了能夠更深入地了解我們正在做的事情並做得很好以及我們看到的結果之外，我沒有看到任何本質上的不同，不僅來自預訂，還來自搜索活動、網站訪問、轉換，一切都在朝著正確的方向發展，因此所有這些商業活動都在支持我們傳達這一訊息的能力。

And the other thing -- I know what I was going to say. The other thing I'd say and this is not a thing about pre-pause versus post pause. This is -- you also got to remember that -- if you think about the 4-year period that we have just gone through, where we had no sailings and then slowly ramping up, this is the first year that we've really got full capacity, all guests onboard our ships that then get off of our ships. And when they get off of our ships, they go tell their friends and their family, how amazing it is and help us convince newcomers to come aboard. And so we really are finally back at this point where we have all of those channels and all of those avenues at our back to support the future.

另一件事——我知道我要說什麼。我要說的另一件事是，這不是暫停前與暫停後的問題。這是——你還必須記住——如果你想想我們剛剛經歷的四年時期，我們沒有航行，然後慢慢增加，這是我們真正擁有的第一年滿員，我們船上的所有客人然後下船。當他們從我們的船上下來時，他們會告訴他們的朋友和家人，這有多神奇，並幫助我們說服新移民上船。因此，我們終於回到了現在，我們擁有所有這些管道和所有這些途徑來支持未來。

Okay. That's helpful. And then I think there was a comment that there was some benefit to a timing of expenses in the first quarter. Is there any shift in the timing of expenses over the back 3 quarters that would be helpful to be aware about?

好的。這很有幫助。然後我認為有人評論第一季的支出時間表有一些好處。過去 3 個季度的支出時間是否有任何需要了解的變化？

We gave guidance for the second quarter. The third and fourth quarter, probably the third quarter might be a little bit lower than the fourth overall but nothing that we're -- no shifts that we're seeing at the moment.

我們給了第二季的指引。第三和第四季度，可能第三季度可能會比第四季整體略低一些，但我們沒有看到任何變化——目前我們沒有看到任何變化。

Our next question comes from Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的馬修·博斯。

Congrats on another nice quarter. So Josh -- so near term and maybe relative to the phenomenal Wave season and the strength that you cited across brands, I was hoping maybe could you elaborate on trends that you're seeing today at the Carnival and AIDA brands maybe relative to the direction of improvement that you're seeing across your other 7 brands, as we think about maybe just the remaining opportunity across the portfolio in 2025 and beyond?

恭喜又一個美好的季度。所以喬許——這麼近的時間，也許相對於現象級的浪潮季節和你引用的跨品牌的力量，我希望你能詳細說明一下你今天在嘉年華和AIDA 品牌上看到的趨勢，也許與方向有關您在其他 7 個品牌中看到了哪些改進，我們認為也許只是 2025 年及以後整個產品組合中剩餘的機會？

I think that's a good question. Let me think about how I want to answer that. I would say that both of those brands have actually fully recovered at this point to pre pause. The ROIC is already back to where it was and in fact, exceeding. When we talk about the spectrum and where all of our brands have been and where they currently are on the commercial space, right, when it comes to revenue management, when it comes to the deployment planning, when it comes to the performance marketing, brand marketing, I would say those 2 brands, not surprisingly, are our leaders in those categories.

我認為這是一個好問題。讓我想想我要如何回答這個問題。我想說，這兩個品牌實際上已經完全恢復到暫停前的狀態。投入資本回報率 (ROIC) 已經回到原來的水平，事實上，已經超越了。當我們談論頻譜以及我們所有品牌在商業領域的地位和目前的地位時，對吧，當談到收入管理、當談到部署規劃、當談到績效行銷時，品牌行銷方面，我想說這兩個品牌毫無疑問是我們在這些類別中的領導者。

And so it does give us the road map for the other brands to follow suit, right? And that is what we're doing. I mean I don't want anyone on the call to misunderstand what I'm saying. All of our brands are improving. Not surprisingly, the ones that performed at the top before are back at the top again. And we are making sure that the learnings and the practices are being shared and disseminated and utilized across the board, which is why we are getting back our ROIC piece by piece and we've -- on this guidance, we'll be back to above 9% at the end of this year. We've got 3 more points after that to meet our targets for 2026 as I'm confident in and then to go further and we're going to do that by continuing that progress on the commercial space.

所以它確實為我們提供了其他品牌效仿的路線圖，對吧？這就是我們正在做的事情。我的意思是，我不希望通話中的任何人誤解我所說的話。我們所有的品牌都在進步。毫不奇怪，那些之前表現出色的人再次回到了巔峰。我們正在確保所學到的知識和實踐得到全面共享、傳播和利用，這就是為什麼我們要逐步恢復我們的投入資本回報率，並且我們——在這個指導方針上，我們將回到今年年底已超過9%。之後我們還有 3 分來實現 2026 年的目標，我對此充滿信心，然後我們將透過繼續在商業領域取得進展來實現這一目標。

And then maybe just a follow-up. So if we think about the booking curve at record levels and obviously providing some increased forward visibility, when we think about pricing power in '25 or multiyear and I'm just thinking back to the baseline of low to mid-single digits historically, the incremental seems like the experiences and the investments that you've made as we think about opening of Celebration Key in the second half of '25. So just thinking about pricing power moving forward maybe relative to the historical baseline, what the opportunities may be?

然後也許只是後續行動。因此，如果我們考慮創紀錄水平的預訂曲線，並且顯然會提供一些增加的前瞻性可見性，那麼當我們考慮25 年或多年的定價能力時，我只是回想歷史上低至中個位數的基線，當我們考慮在 25 年下半年開設 Celebration Key 時，增量似乎是您所做的經驗和投資。因此，只要考慮一下相對於歷史基線的定價能力的發展，機會可能是什麼？

Although I'd love to say that's what we're banking on and it's that easy. It's not. I mean it is, Celebration Key is going to be fantastic and we're already seeing the start of that impact. But I cannot -- I can't emphasize enough when we are doing a good job on revenue management and pulling that booking curve forward and managing the pricing through the curve as opposed to tanking pricing at the end, you don't need -- it's -- it's math, right, and it works. And it means that we can maintain that price consistency and pricing is going to go up as we go year-over-year.

儘管我很想說這就是我們所指望的，而且就是這麼簡單。它不是。我的意思是，Celebration Key 將會非常棒，我們已經看到了這種影響的開始。但我不能——當我們在收入管理方面做得很好、拉動預訂曲線並通過曲線管理定價而不是最後降低定價時，我怎麼強調都不為過，你不需要——這是——這是數學，對吧，而且它有效。這意味著我們可以保持價格的一致性，價格將逐年上漲。

And to the point you're asking about our other brands, some of our brands have been doing that well for years, some of them have not. But the ones that have not are leaning into it now and we're starting to see that improvement. And the great thing is there, is a long runway for that to continue.

就您詢問我們的其他品牌而言，我們的一些品牌多年來一直做得很好，而另一些則不然。但那些還沒有這樣做的人現在傾向於它，我們開始看到這種改進。最棒的是，還有很長的路要走。

Our next question comes from Patrick Scholes with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Patrick Scholes。

Josh, certainly, you've talked sort of high level on positives around Celebration Key. I'm wondering what sort of daily cruise pricing premium you're seeing or maybe expecting for itineraries that do stop at Celebration Key?

喬什，當然，您已經高水準地談論了有關慶祝活動的積極因素。我想知道您所看到或期望的在 Celebration Key 停靠的行程的每日遊輪定價是多少？

Patrick, so we're not giving guidance for '25 yet. And since we're not sailing there until '25, I'm going to be careful about how I answer this. I would say -- first of all, we're expecting -- we are, as I said in my notes, we're expecting an uplift both on the ticket side and the import spending, which effectively will come across as onboard revenue. It's too early to give you specifics. When we did our investment for Celebration Key and then we effectively just doubled down to get a pier for 2 more berths, we did that with a very healthy ROIC.

Patrick，所以我們還沒有提供 25 年的指導。由於我們要到 25 年才會航行到那裡，所以我會謹慎回答這個問題。我想說——首先，我們預計——正如我在筆記中所說，我們預計機票方面和進口支出都會增加，這實際上將表現為船上收入。現在向您提供具體資訊還為時過早。當我們對 Celebration Key 進行投資，然後我們實際上加倍努力以獲得一個可容納 2 個泊位的碼頭時，我們以非常健康的投資資本回報率做到了這一點。

And that ROIC is coming from 3 main components: one, is the incremental ticket; two, is incremental import spending; and three, is the benefit we get from creating something so close to so many home ports in the United States that it cuts our fuel consumption considerably. So those 3 components are what's driving that decision making and it's going to be a great guest experience and be an incredible asset for us.

而ROIC來自3個主要組成：一是增量票證；二是增量票證。二是增量進口支出；第三，我們透過在美國許多母港附近建造這樣的設施而獲得的好處，可以大大減少我們的燃料消耗。因此，這三個因素是推動決策的因素，這將是一次很棒的賓客體驗，對我們來說也是一筆不可思議的資產。

Okay. And then just a follow-up on that. What -- from a high level, what are some of those opportunities for upsell once you are on the island of Celebration Key? Obviously, I'm familiar with competitors, what items they charge, what they don't. Maybe a bit of a softball question but what do you think that people will be paying -- will be really willing to pay up for to have an extra, extra special time on your island?

好的。然後是後續行動。從較高的層面來看，一旦您到達了慶祝島，追加銷售的機會有哪些？顯然，我熟悉競爭對手，了解他們收取哪些費用，不收取哪些費用。也許有點壘球問題，但你認為人們會付出什麼代價——真的願意付出什麼代價，才能在你的島上度過一段額外、額外的特殊時光？

Sure. So it will be a combination of things. We have a private beach club as part of the bigger development of Celebration Key, which isn't an island. It is part of Grand Bahama, which is a phenomenal home for us. We're going to also have a huge capacity of cabanas, overwater cabanas, different size cabanas that people would be able to rent for the day, which you'd be surprised at how much people are willing to pay to rent cabanas for the day. There's going to be F&B opportunities. There are retail opportunities. And that's just the start of Phase 1 because we have only built on or we will have built on about 1/4 of the property that we've got our -- that we own. And so Phase 1 is that and Phase 2 will be incremental guest experiences and spaces and revenue opportunities.

當然。所以這將是多種因素的結合。我們擁有一個私人海灘俱樂部，作為慶典島 (Celebration Key) 更大開發項目的一部分，該島並不是一個島嶼。它是大巴哈馬島的一部分，對我們來說是一個非凡的家。我們還將擁有大量的小屋、水上小屋、不同尺寸的小屋供人們租用一天，您會驚訝地發現有多少人願意支付當天租用小屋的費用。將會有餐飲機會。有零售機會。這只是第一階段的開始，因為我們僅在或將在我們擁有的財產的約 1/4 上進行建造。因此，第一階段是，第二階段將是漸進的賓客體驗、空間和收入機會。

Our next question comes from Ben (inaudible) with Mizuho.

我們的下一個問題來自本（聽不清楚）和瑞穗。

Just to dig in on the cost cadence a little bit more, 1Q better than guide. It sounds like some timing, I guess, to clarify, does that mean it slipped into 2Q a little bit and then 2Q also includes 1.3 points from Red Sea. I guess with that in mind, the full year cost guide is 5% constant currency, which I think suggests something around mid-single digit in the back half, in the context of the year-over-year occupancy is getting easier relative to the one half. I guess, one, do I have those moving parts correct? And then two, could you help us better understand the variables that you're considering in the second half?

只是為了進一步了解成本節奏，1Q 比指南更好。我想，這聽起來像是一些時機，需要澄清一下，這是否意味著它稍微滑入了 2Q，然後 2Q 還包括來自紅海的 1.3 分。我想考慮到這一點，全年成本指南是按固定匯率計算的5%，我認為這表明後半段的成本約為個位數左右，因為相對於去年同期入住率來說，入住率變得越來越容易。一半。我想，第一，我的那些活動部件正確嗎？第二，你能幫助我們更理解你在下半年考慮的變數嗎？

Sure. The moving fronts are correct. You're -- the average for the first half of the year, the 7.7% in the first quarter and 3% in the second is about 5%. And the back half is also about 5%. Some of the difference is driven by dry dock days well because we had a different timing between the quarters. I think in December, I had indicated the amount of dry dock that increased in the first quarter. There's also differences in advertising and a number of other things between the quarters.

當然。移動前沿是正確的。上半年的平均水平，第一季為 7.7%，第二季為 3%，約為 5%。而後半部也是5%左右。部分差異是由乾船塢日造成的，因為我們在兩個季度之間的時間安排不同。我想在12月，我已經指出了第一季增加的乾船塢數量。各季度之間的廣告和其他一些事情也存在差異。

I always talk to people about measuring us on our full year cost guidance because the timing of expenses between the quarters sometimes is a choice of things that we want to spend either on pier maintenance or other things. So look at it from a full year perspective and that's the best way to judge us.

我總是和人們談論如何衡量我們的全年成本指導，因為季度之間的支出時間有時是我們想要花在碼頭維護或其他事情上的事情的選擇。因此，從全年的角度來看，這是評價我們的最佳方式。

That makes sense. Just maybe a little bit more detail on the dry dock. Could you maybe clarify the quarter because I believe originally, it was 1Q and 4Q were the heavy dry dock orders. Is that still the right way to think about it? Or how would you...

這就說得通了。也許只是關於乾船塢的更多細節。您能否澄清一下這個季度，因為我相信最初是第一季和第四季度是大量乾船塢訂單。這仍然是正確的思考方式嗎？或者你會怎樣...

Yes, that is. And the 1Q was considerably higher than the second or the fourth quarter.

對，是。第一季明顯高於第二季或第四季。

So operator, I think we've got time for one more question.

接線員，我想我們還有時間再問一個問題。

We have a question from Lizzie Dove with Goldman Sachs.

我們有高盛 (Goldman Sachs) 的莉齊·多夫 (Lizzie Dove) 提出的問題。

I think your ticket price per passenger is very strong this quarter. It sounds like a pretty decent outlook for this year and '25. I'm curious how much of that is kind of benefit from some of the new hardware, the Firenze joining the fleet from the other brand, Carnival Jubilee, Sun Princess. How much do these new ships impact pricing, kind of premium are you getting? And how does it change how you manage the pricing for the rest of the fleet?

我認為本季你們的每位乘客票價非常強勁。聽起來今年和 25 年的前景相當不錯。我很好奇其中有多少是從一些新硬體中受益的，Firenze 加入了另一個品牌 Carnival Jubilee、Sun Princess 的艦隊。這些新船對定價有多大影響，你能得到多少溢價？它如何改變您管理其餘機隊定價的方式？

Yes. Lizzie, welcome to the first -- I think your first call -- first call since you've been covering us. So the new ships get a premium. There is no doubt that the new ships get a premium. The way we manage brand by brand, how much of that premium to get, it also depends on where we're putting that ship because we're not going to necessarily want to put the best ship on the best itinerary because that's not the good thing for the overall brand. So there is obviously a bunch of different components to get into. What I will tell you, though, I mean, just to take a step back because remember, we've got 9 brands, most of which have not had a new build and will not have a new build for some time. And the pricing improvements that we're getting are not focused solely on the brands that get the new ships. Brands that have not gotten new ships are seeing nice improvements as well in pricing and so while I do love them, it's 3 this year out of 95 ships. And so the 92 ships, having them deliver outsized demand and pricing is going to move us more so than a premium on 1 or 2 of the ships.

是的。 Lizzie，歡迎接到第一個——我想是你的第一通電話——自從你報道我們以來的第一通電話。因此新船可以獲得溢價。毫無疑問，新船會獲得溢價。我們逐個品牌管理品牌的方式，獲得多少溢價，還取決於我們把船放在哪裡，因為我們不一定想把最好的船放在最好的行程上，因為那不是好的。整體品牌的事情。所以顯然有很多不同的組件需要研究。不過，我要告訴你的是，只是退後一步，因為請記住，我們有 9 個品牌，其中大多數還沒有新產品，並且在一段時間內不會有新產品。我們所獲得的定價改進不僅僅集中於獲得新船的品牌。尚未獲得新船的品牌在定價方面也看到了不錯的改進，因此雖然我確實喜歡它們，但今年在 95 艘船中只有 3 艘。因此，讓 92 艘船滿足龐大的需求和定價，比購買其中 1 或 2 艘船的溢價更能讓我們感動。

So I'm not disagreeing with the question but I think to put it into perspective, it's much more important for us to get the per diems up on the rest of the fleet, which is what we've been very, very focused on.

所以我並不反對這個問題，但我認為從長遠來看，對我們來說，提高機隊其他成員的每日津貼更為重要，這也是我們一直非常非常關注的。

Got it. That's helpful. And then just one follow-up. I thought James' question about the secular growth outlook was interesting. You guys tend to index higher on new to cruise than some of your peers. I think you said you captured 3.5 million of new-to-cruise guests last year. How many of those do you see then convert into second time, third-time cruises. And so how can you -- what's the outlook for like real category expansion here?

知道了。這很有幫助。然後只有一個後續行動。我認為詹姆斯關於長期成長前景的問題很有趣。你們對郵輪新手的評價往往比一些同齡人更高。我想你說過去年你吸引了 350 萬新遊輪客人。您看到了其中的多少，然後將其轉換為第二次、第三次巡遊。那麼，真正的品類擴張前景如何呢？

Yes. Well, our brand repeaters were up 9% year-over-year. So it is -- it does translate into incremental overall demand for the long term. The cruisers don't generally go every year. We're looking for every 3 to 4 years would be ideal for those of them that have decided they like what we do and want to come back. So that is a -- that's part of the growth plan. It's casting our net wide and getting a good portion of them to sail with us again in the next 3 to 4 years.

是的。嗯，我們的品牌回頭客年增了 9%。事實確實如此——它確實轉化為長期整體需求的增量。巡洋艦一般不會每年都去。我們正在尋找每 3 到 4 年一次的機會，對於那些決定喜歡我們所做的事情並想回來的人來說是理想的選擇。所以這是成長計劃的一部分。它正在廣泛地撒網，讓他們中的很大一部分在未來 3 到 4 年內再次與我們一起航行。

Okay. Well, thank you, everybody. I appreciate the questions and look forward to seeing you all soon.

好的。嗯，謝謝大家。我感謝大家提出的問題，並期待很快見到大家。

That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day, everyone.

今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝大家有個美好的一天。