嘉年華遊輪 (CCL) 2024 Q2 法說會逐字稿

Greetings and welcome to the Carnival Corporation & plc's conference call.

您好，歡迎參加嘉年華公司的電話會議。

(Operator Instructions) As reminder, this conference is being recorded.

（操作員說明） 請注意，本次會議正在錄製中。

It is now my pleasure to introduce your host, Beth Roberts, Senior Vice President, Investor Relations.

現在我很高興向您介紹主持人，投資者關係高級副總裁貝絲·羅伯茨(Beth Roberts)。

Thank you, Beth, you may begin.

謝謝你，貝絲，你可以開始了。

Thank you.

謝謝。

Good morning and welcome to our second quarter 2024 earnings conference call.

早安，歡迎參加我們的 2024 年第二季財報電話會議。

I'm joined today by our CEO, Josh Weinstein; our chief Financial Officer, David Bernstein; and our Chair, Micky Arison.

今天我們的執行長喬許·韋恩斯坦 (Josh Weinstein) 也加入了我的行列。我們的財務長大衛·伯恩斯坦；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.

在我們開始之前，請注意，我們在這次電話會議上的一些評論將是前瞻性的，因此我將向您推薦今天新聞稿中的前瞻性聲明。

All references to ticket prices, net per diems, net yields, and adjusted cruise costs without fuel will be in constant currency, unless otherwise stated.

除非另有說明，所有提及的票價、淨每日津貼、淨收益和調整後不含燃料的遊輪成本均採用固定匯率。

References to per diems and yields will be on a net basis.

每日津貼和收益率的參考將基於淨值。

Our comments may also reference cruise costs without fuel, EBITDA, net income, earnings per share, free cash flow, and ROIC, all of which will be on an adjusted basis unless otherwise stated.

我們的評論也可能參考不含燃料的遊輪成本、EBITDA、淨利潤、每股收益、自由現金流量和ROIC，除非另有說明，所有這些都將在調整後的基礎上進行。

All these references are non-GAAP financial measures defined in our earnings press release, a reconciliation to the most directly comparable US GAAP financial measures and other associated disclosures are also contained in our earnings press release and in our investor presentation.

所有這些參考資料都是我們的收益新聞稿中定義的非公認會計原則財務指標，與最直接可比較的美國公認會計原則財務指標的調節以及其他相關披露也包含在我們的收益新聞稿和投資者介紹中。

Please visit our corporate website where our earnings press release and investor presentation can be found.

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。

Thanks, Beth.

謝謝，貝絲。

Inside of two years, we've made incredible strides in improving our commercial operations, strategically reallocating our portfolio composition, formulating growth plans, and strengthening even further our global team, [ship ensure], the best in the business.

兩年內，我們在改善商業營運、策略性地重新分配我們的投資組合、制定成長計劃以及進一步加強我們的全球團隊（船舶確保）方面取得了令人難以置信的進步，這是業內最好的團隊。

Off the back of these efforts, we've closed yet another quarter, delivering records.

在這些努力的支持下，我們又完成了一個季度的業績記錄。

This time across revenues, operating income, customer deposits, and booking levels, exceeding our guidance on every measure.

這次，在收入、營業收入、客戶押金和預訂水準方面，每項指標都超出了我們的指導。

Yields increased over 12% in Q2 over 1.5 points more than March guidance.

第二季殖利率成長超過 12%，比 3 月指引高出 1.5 個百分點。

As we continue to drive strong per diem growth, up over 6%, and this is on over 10% more passenger cruise days, which is a combination of capacity growth and sailing at historical occupancy levels.

隨著我們繼續推動每日津貼的強勁增長，增幅超過 6%，這是由於客運郵輪日數增加了 10% 以上，這是運力增長和歷史入住率水平的結合的結果。

Our European brands experienced extraordinary yield improvement again this quarter, up over 20%.

我們的歐洲品牌本季產量再次大幅提升，增幅超過 20%。

While North America continued to improve on last year's highs, up a healthy 7%.

而北美地區則在去年的高點基礎上持續改善，健康成長了 7%。

We hit record second quarter adjusted EBITDA, roughly $150 million more than guidance.

第二季調整後 EBITDA 創歷史新高，比指導值高出約 1.5 億美元。

Encouragingly, on a per ALBD basis to highlight operational improvements and even with significantly higher fuel prices, adjusted EBITDA not only surpassed the second quarter of 2019, it was also our highest second quarter mark in over 15 years.

令人鼓舞的是，在每個 ALBD 的基礎上，突出營運改進，即使燃油價格大幅上漲，調整後的 EBITDA 不僅超過了 2019 年第二季度，而且也是我們 15 年來第二季度的最高水平。

Coupled with flat cruise costs excluding fuel on a unit basis, which David will elaborate on, we delivered $500 million more to the bottom line year over year and outperformed our earnings guidance by $170 million.

再加上單位巡航成本（不包括燃油）持平（大衛將對此進行詳細說明），我們的淨利潤同比增加了 5 億美元，超出了我們的盈利指導 1.7 億美元。

Based on continued strong demand trends, we are also taking up our expectations for the full year by $275 million, driven by double digit yield growth.

基於持續強勁的需求趨勢，在兩位數殖利率成長的推動下，我們也將全年預期提高了 2.75 億美元。

Now this would get us to double digit ROIC this year.

現在，這將使我們今年的投資報酬率達到兩位數。

And while that will be a strong outcome for 2024, it is nowhere near what our business is capable of delivering.

雖然這將是 2024 年的強勁成果，但與我們的業務能力相比還相去甚遠。

Our current booking trends are a testament to that.

我們目前的預訂趨勢證明了這一點。

We are hitting records on top of previous record, which clearly tells us the strength in demand we have been building is continuing into next year and beyond.

我們正在打破先前的記錄，這清楚地告訴我們，我們一直在建立的需求力量將持續到明年及以後。

In the near term, pricing on bookings taken in the second quarter has continued to run considerably higher for each of the third and fourth quarters.

短期內，第二季的預訂價格在第三季和第四季持續大幅上漲。

And again, that's on top of record per diems last year.

這再次創下了去年每日津貼的最高紀錄。

This strength has enabled us to take up your guidance for the year by another 75 basis points.

這項優勢使我們能夠將您今年的指導意見再提高 75 個基點。

We expect to deliver consistent mid-single digit per diem growth through the balance of the year, which would mark eight consecutive quarters that we are achieving mid-single digit or higher per diem improvements.

我們預計在今年餘下的時間裡，每日每日津貼將持續實現中個位數成長，這將標誌著我們連續八個季度實現每日每日津貼中個位數或更高的改善。

Our continued focus on optimizing our yield curve is not just a near term benefit.

我們持續關注優化殖利率曲線不僅僅是短期利益。

We entered the second quarter with much less 2024 inventory to sell and have been able to lean even more into future periods.

進入第二季度，我們的 2024 年待售庫存大幅減少，並且能夠更多地關注未來時期。

Accordingly, in the last three, not only did we take more bookings for post 2024 sailings than we did for in-year sales, we set yet another record for the most future bookings ever taken during the second quarter.

因此，在過去三年中，我們不僅 2024 年後航行的預訂量比年內銷售量還要多，而且我們在第二季度創下了未來預訂量最多的紀錄。

The unprecedented level of demand for 2025 sailings coupled with flat capacity growth next year, translates into meaningful pricing power.

2025 年航班的空前需求水準加上明年運力成長持平，轉化為有意義的定價能力。

And while it is still early for 2025, both price and occupancy are already ahead of where we were last year, leaving us in a position of strength with less inventory remaining for 2025.

雖然 2025 年還為時過早，但價格和入住率都已經領先去年的水平，這使我們處於有利地位，2025 年剩餘庫存較少。

It also shows in our more than $8 billion of customer deposits, which shattered last year's record by $1.1 billion.

我們超過 80 億美元的客戶存款也反映了這一點，比去年的記錄增加了 11 億美元。

You have heard me say this before, this is not pent-up demand.

你以前聽我說過這句話，這不是被壓抑的需求。

It is the compounding effect of building increased consideration in our cruise brands over time and improvement in our yield management techniques to translate that demand into higher ticket prices and it is further evidence of the strength of our consumer.

隨著時間的推移，我們的郵輪品牌的關注度不斷提高，收益管理技術不斷改進，從而將這種需求轉化為更高的票價，這產生了複合效應，這進一步證明了我們消費者的實力。

Encouragingly, we're enjoying consistent growth in both repeat guests and new guests with each segment up 10% this quarter over last year.

令人鼓舞的是，我們的回頭客和新客人都在持續成長，本季每個細分市場都比去年成長了 10%。

We also continue to actively manage our portfolio to further accelerate our underlying execution improvements.

我們也繼續積極管理我們的投資組合，以進一步加速我們的基礎執行改進。

As previously announced, early next year we will sunset the P&O Cruises, Australia brand, selling the 28 year old Pacific Explorer and transferring P&O Australia's two remaining vessels to Carnival Cruise Line.

正如先前宣布的，我們將在明年初註銷澳洲 P&O Cruises 品牌，出售已有 28 年船齡的 Pacific Explorer 號，並將 P&O Australia 剩餘的兩艘船轉讓給嘉年華遊輪公司 (Carnival Cruise Line)。

Of course, we will still retain our leading presence in the Australian market, carrying over 60% of all Aussie cruises.

當然，我們仍將保持在澳洲市場的領先地位，承運澳洲所有郵輪的 60% 以上。

It is a great market for us, especially since the Australian summer coincides with a northern hemisphere winter, enabling our seasonal ships to capitalize on two summer periods.

這對我們來說是一個巨大的市場，特別是因為澳洲的夏季恰逢北半球的冬季，使我們的季節性船舶能夠利用兩個夏季。

And now we get to optimize our presence in this market by consolidating into Carnival Cruise Line not only will we gain operational, administrative, and back-office scale, we will ultimately have greater deployment flexibility compared to a dedicated Australian brand.

現在，我們透過整合到嘉年華郵輪公司來優化我們在這個市場的存在，我們不僅將獲得營運、管理和後台規模，而且與專門的澳洲品牌相比，我們最終將擁有更大的部署靈活性。

At the same time, this move will further boost capacity for our highest returning brand, bringing the total to nine new ships joining Carnival Cruise Lines fleet since 2019, including the successful ship of three vessels from Costa Cruises.

同時，此舉將進一步提高我們回報率最高的品牌的運力，使自2019 年以來加入嘉年華郵輪船隊的新船總數達到9 艘，其中包括歌詩達郵輪(Costa Cruises) 成功的三艘船。

These actions combined with the two Excel flagships scheduled for delivery in 2027 and 2028 will grow Carnival Cruise Line capacity by about 50% over 2019.

這些行動加上計劃於 2027 年和 2028 年交付的兩艘 Excel 旗艦船，將使嘉年華遊輪公司的運力比 2019 年增加約 50%。

By 2028, the Carnival brand will represent 37% of our portfolio, up from 29% as we continue to reshape our portfolio to maximize ROIC.

到 2028 年，隨著我們繼續重塑我們的產品組合以最大化投資回報率，嘉年華品牌將占我們產品組合的 37%，高於 29%。

Of course, our amazing destination experience, celebration key, purpose-built for Carnival Cruise Lines will soon support that growth and bolster returns through incremental revenue uplift coupled with improved fuel efficiency given its strategic location.

當然，我們專為嘉年華遊輪公司打造的令人驚嘆的目的地體驗、慶祝活動的關鍵將很快通過增加收入以及提高其戰略位置的燃油效率來支持這一增長並增強回報。

We're introducing voyages at Celebration Key beginning in the second half of 2025, and ramp up to 18 ships calling Celebration Key in 2026.

我們將從 2025 年下半年開始在 Celebration Key 推出航線，並在 2026 年將停靠 Celebration Key 的船隻數量增加到 18 艘。

This quarter, we also deliver Queen Anne, Cunard's fourth Queen with an amazing naming celebration in Liverpool, England, Cunard's birthplace.

本季度，我們還在冠達航空的出生地英國利物浦舉辦了一場精彩的命名慶典，為冠達航空的第四位女王安妮女王舉行了命名慶典。

The streets of Liverpool were walled with tens of thousands of people joining the festivities as the city of Liverpool became the ships of special godparent.

利物浦的街道被圍牆圍起來，成千上萬的人參加了慶祝活動，利物浦市成為了特殊教母的船隻。

It was a historic moment and the first time an entire city ever christened a ship.

這是一個歷史性的時刻，也是第一次整個城市為一艘船命名。

The events generated overwhelming coverage and as intended broke booking records on the back of it.

這些活動引起了鋪天蓋地的報道，並打破了背後的預訂記錄。

The new Queen is a step forward in every way for Cunard, whilst still retaining the DNA of British elegance and refinery that the brand is known for.

新女王在各方面都為冠達航空向前邁出了一步，同時仍然保留了該品牌聞名的英國優雅和精緻的 DNA。

We enjoyed another high-profile naming event for Sun Princess in Barcelona with godmother Hannah Waddingham of Ted Lasso fame.

我們與特德·拉索 (Ted Lasso) 的教母漢娜·沃丁厄姆 (Hannah Waddingham) 在巴塞隆納共同參加了另一場備受矚目的太陽公主命名活動。

Sun Princess has had great media coverage leading up to and following the naming ceremony, with particular focus on its expansive specialty dining and beverage offering, and one-of-a-kind Magic Castle experience.

太陽公主號在命名儀式之前和之後得到了廣泛的媒體報道，特別關注其豐富的特色餐飲和飲料以及獨特的魔法城堡體驗。

Sun Princess, the first of its class has also been a big hit with guests as evidenced by outsized yields and high guest satisfaction scores.

同類首艘太陽公主號也受到了客人的熱烈歡迎，其巨大的產量和高客人滿意度就證明了這一點。

Last but not least, we held a naming event for Carnival Firenze in Long Beach, California, home for Carnival second ship featuring Fun Italian Style with godfather Jonathan Bennett, fresh off his Broadway and starring in Spamalot.

最後但並非最不重要的一點是，我們在加州長灘舉辦了嘉年華佛羅倫薩號的命名活動，嘉年華第二艘船的所在地，以有趣的意大利風格為主題，與剛剛離開百老匯並主演《斯帕馬洛特》的教父喬納森·貝內特(Jonathan Bennett) 一起舉辦。

Welcoming Fun Italian Style to the West Coast generated nearly [2.5 billion] media impressions to date and of course, trigger to step-up in bookings.

迄今為止，有趣的意大利風格來到西海岸已經產生了近 [25 億] 的媒體印象，當然也引發了預訂量的增加。

While these amazing new ships all contributed to the strong yield improvement we generated in the second quarter, even excluding yields on our existing fleet were up double digits, demonstrating fundamental strength on the same ship base.

雖然這些令人驚嘆的新船都為我們第二季度產量的強勁增長做出了貢獻，但即使不包括我們現有船隊的產量也實現了兩位數的增長，證明了同一船舶基地的基本實力。

In addition, we completed the rollout of Starlink this quarter, another revenue uplift opportunity and a real game changer for our onboard connectivity experience, enabling us to deliver the same high speed WiFi service available on land throughout our fleet.

此外，我們在本季度完成了 Starlink 的推出，這是另一個收入成長機會，也是我們機上連接體驗的真正遊戲規則改變者，使我們能夠在整個機隊中提供與陸地上相同的高速 WiFi 服務。

Not only does this technology provide our guests with more flexibility to stay connected, it enables our crew to stay in touch with friends and loved ones, and it enhances our onboard operational systems, a win-win-win.

這項技術不僅為我們的客人提供了更大的靈活性來保持聯繫，還使我們的船員能夠與朋友和親人保持聯繫，並增強了我們的船上操作系統，實現了三贏。

Also, our consistent track record, our book position, our focus on commercial activity improvement, our portfolio management, and the yet-to-be realized future benefits will receive from our Celebration Key destination developments, build increased confidence in achieving the low to mid-single digit yield growth set out in our long-term targets.

此外，我們一貫的業績記錄、我們的帳面狀況、我們對商業活動改善的關注、我們的投資組合管理，以及我們的慶祝重點目的地開發將帶來的尚未實現的未來效益，增強了我們實現中低端目標的信心。

In fact, based on our upwardly revised guidance, we will be on average two-thirds of the way to achieving our three 2026 SEA Change targets, EBITDA per ALBD of $69, 12% ROIC, and a 20% reduction in carbon intensity after just one year.

事實上，根據我們向上修訂的指引，我們將平均完成三分之二的 2026 年 SEA 變革目標，即每 ALBD 的 EBITDA 為 69 美元，ROIC 為 12%，碳強度降低 20%。

With two years remaining, it gives us even greater confidence in achieving our targets.

還剩下兩年，這讓我們更有信心實現我們的目標。

At the same time, we continue to aggressively manage down debt and interest expense while reducing the complexity of our capital structure, which David will elaborate on.

同時，我們繼續積極管理降低債務和利息支出，同時降低資本結構的複雜性，大衛將對此進行詳細闡述。

The number of actions we've taken to improve our balance sheet this quarter puts us further down the path on our return to investment grade credit ratings over time.

本季我們為改善資產負債表所採取的行動數量，使我們在逐步恢復投資等級信用評等的道路上走得更遠。

It's hard to believe in just over a month it will have been two years since I had the privilege of stepping into the role of CEO.

很難相信僅僅一個多月的時間，我就有幸擔任執行長一職已經兩年了。

I am very proud of all we've accomplished in such a short time.

我對我們在如此短的時間內所取得的成就感到非常自豪。

Credit for our achievements go to our global team, 160,000 strong.

我們的成就歸功於我們 160,000 名強大的全球團隊。

Everyone has worked very hard to deliver yet another strong quarter, solidifying an amazing 2024 and setting us up well to top it in 2025.

每個人都付出了巨大的努力，以實現又一個強勁的季度業績，鞏固了令人驚嘆的 2024 年業績，並為我們在 2025 年登上頂峰做好了充分準備。

Equally important, they've all had a hand in delivering amazing vacation experiences and unforgettable happiness to 3 million guests yet again this quarter.

同樣重要的是，他們本季再次為 300 萬客人提供令人驚嘆的度假體驗和難忘的幸福。

So, to our amazing team, thank you.

所以，感謝我們優秀的團隊。

And of course, we couldn't do it without the support from our amazing travel agent partners and so many other stakeholders.

當然，如果沒有我們出色的旅行社合作夥伴和許多其他利益相關者的支持，我們就不可能做到這一點。

Thanks to all of you.

感謝大家。

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

這樣，我就把電話轉給大衛。

Thank you, Josh.

謝謝你，喬許。

I'll start today with a summary of our 2024 second quarter results.

今天我將先總結 2024 年第二季的業績。

Next, I'll provide a highlight of our third quarter June guidance and some color on our improved full year guidance.

接下來，我將重點介紹我們第三季的 6 月指導，並對我們改進的全年指導進行一些說明。

Then I'll finish up with an update on our refinancing and deleveraging efforts.

最後，我將介紹我們的再融資和去槓桿化工作的最新情況。

Let's turn to the summary of our second quarter results.

讓我們來總結一下第二季的業績。

Our bottom line exceeded March guidance by nearly $170 million as we outperformed once again.

我們的利潤比 3 月的指引高出近 1.7 億美元，因為我們的表現再次優於大盤。

The outperformance was essentially driven by three things.

表現出色主要是由三件事驅動的。

First, favorability in revenue worth almost $65 million as yields came in up over 12% compared to the prior year.

首先，由於收益率比上一年增長了 12% 以上，因此收益近 6,500 萬美元。

This was more than [1.5 point] better then March guidance driven by close-in strength in ticket prices as well as onboard spending.

由於機票價格和機上支出的接近走強，這比 3 月的指導要好 [1.5 個百分點]。

Second, cruise costs without fuel per available lower berth-day or ALPD came in flat compared to the prior year, and were 3 points better than March guidance, which was worth over $85 million.

其次，每個可用下舖日或 ALPD 的不含燃油的郵輪成本與上一年持平，並且比 3 月份的指導值高出 3 個百分點，該指導值價值超過 8500 萬美元。

Some cost savings were identified during the quarter, which flowed through as improvements through our full year June guidance.

本季度發現了一些成本節省，這在我們 6 月的全年指導中體現為改進。

However, most of the favorability in cruise costs for the second quarter was due to the timing of expenses between the quarters.

然而，第二季郵輪成本的有利因素主要是由於各季度之間的支出時間安排。

And third, other operational improvements, slightly offset by higher fuel price and currency were worth $20 million.

第三，其他營運改善（被燃油價格和貨幣上漲略微抵消）價值 2,000 萬美元。

Per diems for the second quarter improved 6% versus the prior year, driven on both sides of the Atlantic by considerably higher ticket prices and improved onboard spending.

在大西洋兩岸機票價格大幅上漲和船上支出增加的推動下，第二季的每日津貼比去年同期提高了 6%。

At the same time, our European brands on their path back to historical occupancy saw outsized growth in their occupancy of over 10 percentage points as compared to the second quarter of 2023.

同時，我們的歐洲品牌在回歸歷史入住率的道路上，其入住率與 2023 年第二季相比大幅成長了 10 個百分點以上。

Our second quarter was fantastic across the board with strong demand delivering record revenues, record yields, record per diems, and record operating income.

我們的第二季整體表現出色，強勁的需求帶來了創紀錄的收入、創紀錄的收益率、創紀錄的每日津貼和創紀錄的營業收入。

Now one thing to highlight about our third quarter June guidance, the positive trends we saw in the second quarter are expected to continue in the third.

現在，關於我們第三季 6 月指導，需要強調的一件事是，我們在第二季看到的正面趨勢預計將在第三季繼續下去。

Yield guidance for the third quarter is set at a strong 8%.

第三季的收益率指引設定為 8%。

The difference between the yield guidance for the third quarter and the second quarter yield improvement of over 12% is simply the result of the greater occupancy opportunity we had in the second quarter 2024 as we began sailing within our historical occupancy rates in the second half of 2023.

第三季的收益率指引與第二季的收益率提高超過12% 之間的差異僅僅是因為我們在2024 年第二季獲得了更大的入住機會，因為我們從2020 年下半年開始在歷史入住率範圍內航行。

It is great to see that we anticipate continued strong per diem growth in the third quarter, which we are forecasting will drive the majority of the 8% yield improvement

很高興看到第三季每日每日津貼持續強勁成長，我們預測這將推動 8% 的收益率提高

.

。

Turning to our improved full year June guidance.

轉向我們改進後的全年六月指導。

June guidance for net income is $1.55 billion, an improvement over our March guidance of approximately $275 million.

6 月淨利指引為 15.5 億美元，比 3 月指引的約 2.75 億美元有所改善。

This improvement was driven by three things: first, three quarters of 1 point increase in yields to approximately 10.25% based on the considerably higher prices we have been seeing in booking trends so far this year and the continued strength in demand we anticipate going forward.

這項改善是由三件事推動的：首先，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以及我們預計未來需求的持續強勁，收益率在三個季度增加了1 個百分點，達到約10.25%。

All of this is expected to drive an increase in net revenue of about $190 million.

所有這些預計將推動淨收入增加約 1.9 億美元。

Second, as I previously mentioned, we identified cost savings that we flowed through to our full year June guidance.

其次，正如我之前提到的，我們確定了成本節約，並將其納入我們的全年 6 月指導中。

However, they will be partially offset by higher variable compensation driven by our forecast for improved operating.

然而，它們將被我們對營運改善的預測所驅動的更高的可變薪酬所部分抵消。

Net, we are flowing through $25 million of cost savings for the full year.

淨而言，我們全年節省了 2500 萬美元的成本。

And third, an improvement in net interest expense of nearly $60 million, driven by our second quarter refinancing, repricing, and debt prepayment activities.

第三，在第二季再融資、重新定價和債務預付活動的推動下，淨利息支出減少了近 6,000 萬美元。

The strong 10.25% improvement in 2024 yield is a result of the increase in all the component parts, higher ticket prices, higher onboard spending, and higher occupancy at historical levels with all three components improving on both sides of the Atlantic.

2024 年收益率強勁增長 10.25%，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，大西洋兩岸的所有三個組成部分均有所改善。

We recognize that even within our industry-leading cost structure, there will always be cost opportunities which we can focus on in harvest over time.

我們認識到，即使在我們行業領先的成本結構內，隨著時間的推移，我們仍然可以專注於收穫的成本機會。

While we identify cost-saving opportunities during the second quarter, we will not stop there.

雖然我們在第二季度發現了節省成本的機會，但我們不會就此止步。

We will continue our endless quest for greater efficiency in our cost structure.

我們將繼續不斷追求更高的成本結構效率。

I will finish up with a summary of our refinancing and deleveraging efforts.

最後我將總結我們的再融資和去槓桿化努力。

During the second quarter, we generated cash from operations of $2 billion and free cash flow of $1.3 billion.

第二季度，我們的營運現金為 20 億美元，自由現金流為 13 億美元。

We took delivery of one spectacular new ship Queen Anne and drew on her associated export credit facility, continuing our strategy to finance our newbuild program at preferential interest rates.

我們接收了一艘壯觀的新船安妮女王號，並利用其相關的出口信貸額度，繼續我們的策略，以優惠利率為我們的新建項目提供資金。

Our efforts to proactively manage our debt profile continued throughout the quarter.

我們在整個季度繼續努力主動管理我們的債務狀況。

We prepaid $1.6 billion of secured term loan facilities.

我們預付了 16 億美元的擔保定期貸款融資。

We also repriced approximately $2.75 billion of the same secured term loan facility, and we issued $535 million have unsecured notes due 2030 refinancing our unsecured notes due 2026, extending those maturities and reducing interest expense.

我們還對約27.5 億美元的同一擔保定期貸款融資進行了重新定價，並發行了5.35 億美元的2030 年到期的無擔保票據，為2026 年到期的無擔保票據進行再融資，從而延長了期限並減少了利息支出。

These transactions simplified our capital structure, reduced net interest expense in the second quarter by $10 million, will reduce net interest expense for 2024 by $55 million, and $85 million on an annualized basis.

這些交易簡化了我們的資本結構，第二季的淨利息支出減少了 1,000 萬美元，2024 年的淨利息支出將減少 5,500 萬美元，按年化計算減少 8,500 萬美元。

Our decision to prepay $1.6 billion of debt during the second quarter was based on our strong liquidity, our improved financial performance, and our optimism about the future.

我們決定在第二季提前償還 16 億美元的債務是基於我們強大的流動性、改善的財務表現以及我們對未來的樂觀態度。

We will continue to look for more opportunistic refinancings over time.

隨著時間的推移，我們將繼續尋找更多機會主義的再融資。

Our leverage metrics will continue to improve throughout 2024 as our EBITDA continues to grow and our debt levels improved.

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。

Using our June guidance EBITDA of $5.83 billion, we expect it [two-turn] improvement in net debt to EBITDA leverage compared to end 2023 approaching 4.5 times and positioning two-thirds of the way down the path to investment grade metrics.

根據我們 6 月 58.3 億美元的 EBITDA 指引，我們預計與 2023 年底相比，淨債務與 EBITDA 槓桿率將改善[兩轉]，接近 4.5 倍，並處於投資級指標道路上的三分之二。

Looking forward, we expect substantial free cash flow driven by our ongoing operational execution and the lowest newbuild order book in decades to deliver continued improvements in our leverage metrics and balance sheet, 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，我們預計，在我們持續的營運執行和數十年來最低的新訂單簿的推動下，我們將獲得大量自由現金流，從而持續改善我們的槓桿指標和資產負債表，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 question.

現在，接線員，讓我們開始提問。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）Matthew Boss，摩根大通。

Great.

偉大的。

Thanks and congrats on a really nice quarter.

感謝並祝賀這個季度非常美好。

Thanks very much, Matt.

非常感謝，馬特。

So Josh, maybe could you elaborate on the global momentum that you're seeing notably any call-outs in Europe?

喬希，也許您能詳細說明一下您在歐洲看到的全球勢頭嗎？

And then just given the booked position for 2025, which you cited is higher than '24 a year ago, how does that translate to the forward progression of pricing power and just the promotional backdrop maybe versus historical periods in your view?

然後，考慮到 2025 年的預訂位置（您提到的位置高於一年前的 24 年），在您看來，這如何轉化為定價能力的進步以及促銷背景可能與歷史時期相比？

Sure.

當然。

So our global momentum, I think that's probably the key term, it is global momentum.

所以我們的全球動力，我認為這可能是關鍵術語，它是全球動力。

And so we're seeing strength from our North American brands, from our European brands.

因此，我們看到了北美品牌和歐洲品牌的實力。

You started hearing me say, probably about six quarters ago, diversity sometimes, it helps.

大概是在六個季度前，你開始聽到我說，多元化有時會有所幫助。

And sometimes you got to wait a little bit because different places come out of different situations and different times.

有時你必須稍等一下，因為不同的地方、不同的情況、不同的時間。

And this is the strength that we're seeing right now in this portfolio, and we're really hitting it on all cylinders, which is really gratifying.

這就是我們現在在這個產品組合中看到的優勢，我們真的在全力以赴，這確實令人欣慰。

In North America, the booking curve is higher than it's ever been.

在北美，預訂曲線比以往任何時候都高。

In Europe, it's highest in the last 15 years.

在歐洲，這一數字是過去 15 年來的最高水準。

So the teams are doing a really good job of speaking to the consumer, pricing things right, and getting people on our ships and happy.

因此，團隊在與消費者溝通、正確定價以及讓人們在我們的船上感到高興方面做得非常好。

As far as 2025 goes, this is the first year that -- where we currently are where we've been able to stop firefighting in the short term, while figuring out how to also extend the booking curve and trying to do both of those things at once, which is not an easy balance for revenue managers to have to do and the brands to do.

就 2025 年而言，這是我們目前能夠在短期內停止消防的第一年，同時找出如何延長預訂曲線並嘗試同時完成這兩件事對於收入經理和品牌來說，這並不是一個容易的平衡。

So, I do feel like we are we are firmly positioned.

所以，我確實覺得我們的定位很牢固。

And although it is early days, as you heard us say on the call, being ahead in bookings and ahead in pricing, it's a good place to be and our team can really focus on optimizing that longer term period, which is exactly what they're doing.

儘管現在還處於早期階段，正如您在電話中聽到我們所說的那樣，在預訂方面處於領先地位，在定價方面處於領先地位，但這是一個很好的地方，我們的團隊可以真正專注於優化長期期限，這正是他們的目的。

It's great color.

顏色很棒。

Best of luck.

祝你好運。

Thank you.

謝謝。

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

Hey, guys.

大家好。

Good morning.

早安.

So Josh, look I know it's still early on, but your commentary around 2025 bookings is really encouraging at this point.

喬希，我知道現在還為時過早，但您對 2025 年預訂情況的評論目前確實令人鼓舞。

To add onto the last question there, I mean, could you elaborate a little bit more about where you're seeing that strength in 2025?

為了補充最後一個問題，我的意思是，您能否詳細說明一下 2025 年您在哪些方面看到了這種優勢？

Is the strong demand pretty much across the board?

需求是否全面強勁？

Or are there certain brands or itineraries that are showing more strength versus others?

或者是否有某些品牌或行程比其他品牌或行程表現出更強的實力？

Yeah, at this point, I'll just tell you, it's global.

是的，在這一點上，我只想告訴你，這是全球性的。

It's the brands and the deployments.

這是品牌和部署。

So the brands are doing an extraordinarily good job of getting the messages out and getting people interested.

因此，這些品牌在傳達訊息並引起人們興趣方面做得非常好。

And there's a hard -- a lot of hard work behind that across the commercial space.

在整個商業領域，這背後有大量艱苦的工作。

So I wouldn't give any shout out one way or another because we're seeing it so broadly.

所以我不會以這種或那種方式大聲疾呼，因為我們看到的範圍如此廣泛。

And then

進而

--.

--.

Sorry, David.

對不起，大衛。

Go ahead.

前進。

Yes.

是的。

So Josh also talked about the portfolio modifications we made, which should help in 2025 as well as Celebration Keys.

因此，喬希也談到了我們所做的投資組合修改，這應該對 2025 年以及慶祝密鑰有所幫助。

And keep in mind on top of that, we also don't have capacity increase next year.

最重要的是請記住，我們明年也不會增加產能。

It's relatively flat.

是比較平坦的。

So I hope that should provide us with some pricing power in 2025 as we move through the booking cycle.

因此，我希望這能為我們在 2025 年進入預訂週期時提供一些定價能力。

Okay.

好的。

Thank for that David.

謝謝大衛。

And second question, a bigger picture question around capital allocation.

第二個問題是關於資本配置的更大問題。

So based on how strong early demand is for next year bookings, it just doesn't seem like there's any slowdown at this point taking place.

因此，根據明年預訂的早期需求有多強勁，目前看來並沒有出現任何放緩的情況。

So I guess the question is, if we look out a year from now and bookings continue to look solid, your SEA Change targets are essentially in sight and you're even closer to an investment grade rating, I mean, is it fair to think that you guys could be in a position to bring the dividend back to this story?

所以我想問題是，如果我們展望一年後，預訂量繼續保持穩定，那麼您的 SEA 變化目標基本上就在眼前，您甚至更接近投資級評級，我的意思是，這樣想是否公平你們能把紅利帶回這個故事嗎？

I mean, just think it's another important milestone and something that investors are becoming more focused on?

我的意思是，你認為這是另一個重要的里程碑，也是投資人越來越重視的事情嗎？

Thanks.

謝謝。

I'll probably sound like a broken record here too.

我在這裡聽起來可能也像一張破唱片。

Right now, our priority is generate all that free cash flow, pay down debt, and really strengthen the balance sheet.

目前，我們的首要任務是產生所有自由現金流、償還債務並真正加強資產負債表。

And in that process returning value from the debt side to the equity holders.

在此過程中，將價值從債務方返還給股東。

I can't wait to have those conversations but I'd say that's premature.

我迫不及待地想進行這些對話，但我想說這還為時過早。

We got a lot of work to do.

我們還有很多工作要做。

And when we get there, you'll be the first to know, Steve.

當我們到達那裡時，你將是第一個知道的，史蒂夫。

Okay.

好的。

Thanks, guys.

多謝你們。

Appreciate it.

欣賞它。

All right.

好的。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯 (Patrick Scholes)，Truist 證券公司。

Hi.

你好。

Good morning.

早安.

I have some questions on return on invested capital.

我對投資資本報酬率有一些疑問。

First one, and then I'll have a follow up question.

第一個，然後我會提出一個後續問題。

What kind of ballpark return on invested capital do you target for Celebration Key?

您對 Celebration Key 的投資資本報酬率目標為何？

I wonder if you could give us some color on that.

我想知道你能否給我們一些關於這一點的資訊。

Thank you.

謝謝。

Yeah.

是的。

What we've talked about is you could almost look at this like a newbuild investment.

我們所討論的是，您幾乎可以將其視為新建投資。

And so from a newbuild perspective, we're looking for at least mid to high-teens, and we'd expect no less from our land-based investments as well.

因此，從新建的角度來看，我們正在尋找至少中高青少年，並且我們對陸地投資的期望不會降低。

And obviously, the beauty of Celebration Key is it will benefit across dozens of ships over time, not one newbuild.

顯然，慶典鑰匙的美妙之處在於，隨著時間的推移，它將使數十艘船受益，而不是一艘新船。

Okay.

好的。

Follow-up question, certainly with a new public, new -- existing company going public in the luxury river space.

後續問題，當然是一家新的上市公司，新的現有公司在豪華河流領域上市。

They're doing 30% ROIC.

他們的投資報酬率為 30%。

Now granted it's bit of a niche, would you ever rule out your folks getting in that line of business?

現在，既然它有點小眾，你會排除你的員工進入這個行業嗎？

I certainly could envision seaborne river cruises being quite popular and a good crossover for your existing customers.

我當然可以預見海上內河遊輪會非常受歡迎，並且對於您現有的客戶來說是一個很好的交叉。

Just some thoughts around that.

只是對此的一些想法。

Thank you.

謝謝。

We've looked at river cruising in the past and I wouldn't say we'll never look at it again.

我們過去研究過河流巡遊，但我不會說我們永遠不會再研究它。

It's just -- it's a niche and it's rather small.

只是——它是一個利基市場，而且相當小。

And for something like us to move the needle, it have to be pretty grand.

對於像我們這樣的公司來說，要想取得進展，就必須非常宏偉。

And as you've heard me say before, Patrick, I think if we focus on our brands and we focus on doing all the things that we do in the normal course better, we'll make much more of an impact on this business.

正如你之前聽我說過的，帕特里克，我認為如果我們專注於我們的品牌，並且專注於更好地做好我們在正常過程中所做的所有事情，我們將對這項業務產生更大的影響。

Okay, Josh, I appreciate it.

好的，喬什，我很感激。

Thank you.

謝謝。

Thanks, Patrick.

謝謝，派崔克。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey.

嘿。

Good morning.

早安.

You're two-thirds of the way to your 2026 targets with two years remaining.

距離 2026 年目標完成三分之二，還有兩年時間。

As you think about the remaining bridge to your targets and the toggle between costs and yields.

當您考慮通往目標的剩餘橋樑以及成本和收益之間的切換時。

Do you feel tied to a specific yield requirement or threshold or is there enough opportunity in the cost side to generate the operating leverage necessary to reach your goals?

您是否覺得與特定的收益率要求或門檻相關，或者成本方面是否有足夠的機會來產生實現目標所需的營運槓桿？

And then related, costs were better in the quarter, can you maybe provide a little more greater specifics around what you're seeing or where you're getting more operating leverage than expected?

與此相關的是，本季的成本有所改善，您能否提供更多關於您所看到的情況或您在哪些方面獲得比預期更多的營運槓桿的具體資訊？

And then I have one quick follow-up.

然後我會進行快速跟進。

Thanks.

謝謝。

So on the first question, we're going to move forward as a company trying to focus on both certainly generating outsized revenue versus our historical norms and maintaining our cost leadership position.

因此，關於第一個問題，作為一家公司，我們將繼續前進，努力專注於創造相對於我們的歷史標準而言巨大的收入，並保持我們的成本領先地位。

We set out when we set out SEA Change, a basic math that would tell you from a pricing perspective, after we get the occupancy back, we're looking at low to mid-single digit price increases on the revenue side, and that's certainly what I expect.

我們在製定SEA Change 時就提出了這一點，這是一種基本數學，可以從定價角度告訴您，在我們恢復入住率後，我們正在考慮收入方面的低至中個位數價格上漲，這當然是我所期望的。

And I expect that to continue well beyond SEA Change.

我預計這種情況將在 SEA 變革之後繼續下去。

We also need to do a good job of managing the costs.

我們還需要做好成本管理工作。

So I don't think we have to tether SEA Change to any one particular thing.

因此，我認為我們不必將 SEA 變革與任何特定的事情聯繫起來。

It's just doing our jobs well across the board.

它只是全面出色地完成我們的工作。

As far as

據，直到...為止

--.

--.

Yeah, Dave, do you want to go ahead?

是的，戴夫，你想繼續嗎？

Yeah.

是的。

As far as cost is concerned, in the second quarter, remember, we did identify cost savings, but the majority of the favorability was timing between the quarters.

就成本而言，請記住，在第二季度，我們確實發現了成本節約，但大部分有利因素是季度之間的時間表。

But if you look broadly at the year, we are seeing a number of opportunities in the sourcing area, other efficiencies as well.

但如果你放眼一年，我們會在採購領域看到許多機會，以及其他效率的機會。

So it is broad-based.

所以它的基礎廣泛。

There isn't any one particular item.

沒有任何一件特定的物品。

Our teams are working hard all across the board and there are hundreds of cost savings items that flowed into that full year savings.

我們的團隊正在全面努力工作，有數百項成本節省項目流入了全年​​節省的資金中。

Got it.

知道了。

And then, Josh, in the quarter you announced that P&O Australia will sunset into Carnival.

然後，喬什，在那個季度，您宣布 P&O 澳洲公司將落入嘉年華。

You still have a number of brands across geographies and customer preferences.

您仍然擁有多個跨地域和客戶偏好的品牌。

Do you feel there are other areas of the portfolio you can streamline and realign?

您認為投資組合中還有其他領域可以簡化和重新調整嗎？

Thanks.

謝謝。

Yeah, the P&O cruises in Australia is a bit unique.

是的，澳洲的 P&O 遊輪有點獨特。

It's a dedicated brand to a tremendous market, but it's a small market.

這是一個專注於龐大市場的品牌，但市場很小。

And so the ability to really grow a single source market brand of that size is not very feasible.

因此，真正發展這種規模的單一來源市場品牌的能力不太可行。

And so we're going to get a lot of operational synergy out of the moves that we made with P&O Australia.

因此，我們將從與 P&O Australia 採取的舉措中獲得大量營運協同效應。

We've been we've been looking at our portfolio management for the last couple of years.

過去幾年我們一直在研究我們的投資組合管理。

As you know, moving ships from one brand to another, retiring ships, formulating our growth plans.

如您所知，將船舶從一個品牌轉移到另一個品牌、退役船舶、制定我們的成長計劃。

We'll continue to do that.

我們將繼續這樣做。

There's nothing on the horizon, but it's something we do on a very frequent basis to trying to figure out how to optimize over time.

目前還沒有任何進展，但這是我們經常做的事情，試圖弄清楚如何隨著時間的推移進行最佳化。

Got it.

知道了。

Thank you.

謝謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great.

偉大的。

Thanks.

謝謝。

The commentary has been very helpful.

評論非常有幫助。

Thanks in addressing a lot of the concerns out there, especially I think showing -- that slide, you have showing the momentum in Q4 pricing in particular.

感謝您解決了很多問題，特別是我認為在這張幻燈片中，您特別展示了第四季度定價的勢頭。

So thanks for giving that additional clarity.

感謝您提供額外的清晰度。

Just one question.

只有一個問題。

There have been some headlines out there about some of the Greek Islands limiting the number of ships that might call next year.

有一些頭條新聞稱希臘一些島嶼限制明年可能停靠的船隻數量。

It's not even clear whether that's official or just something that is being considered.

甚至不清楚這是官方的還是只是正在考慮的事情。

Can you just put some context around that?

您能提供一些背景資訊嗎？

Whether that would just be changing a itinerary to go somewhere on a Tuesday rather than a Wednesday, right, as opposed to not being able to go there at all?

這是否只是改變行程，在星期二而不是星期三去某個地方，對吧，而不是根本不能去那裡？

In other words, is there anything we think about that's been different itinerary changes in the last year or so that so looking ahead to next year, is that anything that we should be thinking about?

換句話說，我們是否認為去年左右的行程發生了不同的變化，因此展望明年，這是我們應該考慮的嗎？

Thanks.

謝謝。

Sure.

當然。

So obviously, we have a great relationship with Greece and its local communities.

顯然，我們與希臘及其當地社區有著良好的關係。

And it's our job to make sure we're doing things sustainably.

我們的工作就是確保我們以可持續的方式做事。

In fact, a lot of the news that's come up lately, these islands have had caps in place for many years, and we work with them and we have working with them, and we'll continue to work with them as we can really figure out how to coincide with their needs as well.

事實上，最近出現的許多消息都表明，這些島嶼多年來一直實行上限，我們與他們合作，我們已經與他們合作，我們將繼續與他們合作，因為我們可以真正了解以及如何滿足他們的需求。

I mean, that's our job.

我的意思是，那是我們的工作。

So I don't expect anything incredibly disruptive.

所以我預計不會發生任何令人難以置信的破壞性事情。

We -- unfortunately, for us, this is just par for the course.

不幸的是，對我們來說，這只是正常情況。

We do this all the time in lots of places, and you've seen it work successfully in places like Dubrovnik, and we'll continue to partner with local communities who want our economic benefit and move on.

我們一直在很多地方這樣做，你已經看到它在像杜布羅夫尼克這樣的地方取得了成功，我們將繼續與希望我們獲得經濟利益的當地社區合作並繼續前進。

I mean, if you want context, just so you know, it's a relatively small part of our overall mix.

我的意思是，如果你想要了解背景，那麼你知道，它只是我們整體組合中相對較小的一部分。

You're talking low single digit percentages, but it's important to us and we want to show up and we want to show up well.

你說的是較低的個位數百分比，但這對我們很重要，我們希望表現出色，而且希望表現出色。

Okay, great.

好的，太好了。

Thanks.

謝謝。

And just one follow-up.

只有一個後續行動。

I think, last week you might have given the different percentage growth for new-to-brand versus new-to-cruise overall.

我認為，上週您可能給出了新品牌與新郵輪整體不同的成長百分比。

Is that something you can give a little bit more some color on this quarter as well?

您是否也可以在本季為此增添一些色彩？

Thanks.

謝謝。

Sure.

當然。

New-to-cruise was up 10%.

新郵輪人數增加了 10%。

New to brand was up a little bit less about 6%.

新品牌的漲幅略低於 6%。

So we're pretty much moving forward with all components.

所以我們幾乎正在推進所有組件。

And as you know, brand repeaters is also up 10%.

如您所知，品牌回頭客也成長了 10%。

Great.

偉大的。

Thank you.

謝謝。

No problem.

沒問題。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning.

嗨，早安。

Thanks for taking my question.

感謝您提出我的問題。

So just point of clarification, you talked about the same ship yields being up double digits.

因此，請澄清一點，您談到同一艘船的產量上升了兩位數。

Can you help us with how much of that is pricing?

您能幫我們了解一下其中的定價嗎？

Obviously you're getting some occupancy benefit there?

顯然你在那裡獲得了一些入住福利？

And then sort Of I guess a bigger picture question there is you've had mid-single digit per diem growth for eight quarters. you don't think it's pent-up demand, it sounds like you made that point a couple of times, Josh.

然後，我想一個更大的問題是，你的每日津貼增長已經連續八個季度達到中個位數。你不認為這是被壓抑的需求，聽起來你已經多次提到這一點，喬許。

When and why do you think that ultimately decelerates?

您認為何時以及為何最終會減速？

Thanks.

謝謝。

Sure.

當然。

So on the same fleet, it's almost 50-50 between price and occupancy.

因此，在同一機隊中，價格和入住率之間幾乎是 50-50。

It's a little bit more occupancy than price, but the per diem are there as well, which is really gratifying to see.

入住率比價格高一點，但每日津貼也在那裡，真的很令人欣慰。

As far as when our growth has to end, I wouldn't give you a timeline for that.

至於我們的成長何時結束，我不會給你一個時間表。

I think all of the things that we've been talking about for the last two years are still in process and we still have a lot of room to grow and making sure we're doing the right things as far as our creative marketing to reach the right people, the performance marketing, and making sure we're getting in front of the right people in the right ways, getting them to click through and book with us, book with our trade partners.

我認為過去兩年我們一直在討論的所有事情仍在進行中，我們仍然有很大的成長空間，並確保我們正在做正確的事情，以達到我們的創意營銷目標合適的人，績效營銷，並確保我們以正確的方式出現在合適的人面前，讓他們點擊並與我們預訂，與我們的貿易夥伴預訂。

The one great thing I'd say is whether it's a 25 year old ship with 2,000 guests or it's one of our newest with 5,500 guests, people love what we actually do.

我要說的一件偉大的事情是，無論它是一艘擁有25 年曆史、可容納2,000 名客人的遊輪，還是我們最新的一艘可容納5,500 名客人的遊輪，人們都喜歡我們實際所做的事情。

And we actually deliver onboard and that should get some coming back.

我們實際上在船上送貨，這應該會得到一些回報。

So I don't see a natural ending point as long as we're focused on those things.

因此，只要我們專注於這些事情，我就看不到自然的終點。

Yeah.

是的。

And let me add to that because we are still in tremendous value compared to land-based alternatives.

讓我補充一點，因為與陸基替代品相比，我們仍然具有巨大的價值。

And so as we continue to close that value gap and raise the price, we should be able to continue that progression over time.

因此，當我們繼續縮小價值差距並提高價格時，我們應該能夠隨著時間的推移繼續這種進步。

And on top of that keep in mind that as Josh I think mentioned on his last call, the service levels on land-based resorts have deteriorated.

最重要的是，請記住，正如喬希在上次電話中提到的那樣，陸地度假村的服務水平已經惡化。

And on our ships, we're doing a great job keeping our guest satisfaction levels up.

在我們的船上，我們在保持客人滿意度方面做得很好。

And people, if it's a hassle-free vacation and people love to cruise.

而人們，如果這是一個無憂無慮的假期並且人們喜歡乘船遊覽。

And so we are expect to keep demand generations efforts high and hopefully, we can continue to see price improvements.

因此，我們預計將繼續保持高需求世代的努力，並希望我們能夠繼續看到價格的改善。

And as Josh said, prices are up in 2025, in our book position we expect to see that continue.

正如 Josh 所說，價格將在 2025 年上漲，在我們的帳面頭寸中，我們預計這種情況會持續下去。

Got it.

知道了。

And then sort of as a follow-up of all along the same lines, right, as we think about Europe, versus NAA per diems.

然後有點像所有沿著相同路線的後續行動，對吧，正如我們對歐洲的看法，與 NAA 的每日津貼相比。

Obviously, Europe had a big occupancy tailwind in the last couple of quarters, and it seems like that is now dissipating.

顯然，歐洲在過去幾季的入住率成長勢頭強勁，但現在似乎正在消散。

You've guided per diems to be up, I think about mid-single digit range -- for each of the next few quarters.

你已經指導每日津貼上升，我認為在接下來的幾個季度中，每個季度的每日津貼都會上升到個位數的範圍內。

Any way we could sort of slice the Europe versus North America as we think about per diem?

當我們考慮每日津貼時，有什麼辦法可以將歐洲與北美區分開來嗎？

Are they pretty similar as we move forward?

當我們繼續前進時，它們非常相似嗎？

Or is one stronger than the other?

還是一個比另一個強？

Thanks.

謝謝。

Sure.

當然。

I wouldn't peg it in any one particular quarter.

我不會將其固定在任何一個特定的季度。

Given that there's always noise in the things that you're comparing, but I'd say that we expect both North America and EU to show up on pricing over overtime in the normal course.

鑑於您所比較的事物總是存在噪音，但我想說，我們預計北美和歐盟都會在正常情況下在加班時出現在定價上。

I think it's particularly gratifying, frankly, that the EU brands not only were able to actually catch up on the occupancy, but to do so at significantly higher per diems means it's working.

坦白說，我認為特別令人高興的是，歐盟品牌不僅能夠真正趕上入住率，而且以顯著更高的每日津貼做到這一點意味著它正在發揮作用。

And so -- and I'd say the same thing with North America, I mean, yes, their per diems are a little bit lower, but at the end of the day, they've recovered quicker and they're still maintaining mid-single digit pricing.

所以 - 我想說北美也是同樣的事情，我的意思是，是的，他們的每日津貼有點低，但最終，他們恢復得更快，並且仍然保持在中等水平-個位數定價。

So I think that bodes very well for the future.

所以我認為這對未來來說是個好兆頭。

Got it.

知道了。

Much appreciated.

非常感激。

Thanks, James.

謝謝，詹姆斯。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Hey.

嘿。

Good morning, everybody.

大家早安。

Thanks for taking my question and congratulations on the quarter.

感謝您提出我的問題並祝賀本季。

Josh, I was hoping maybe you could elaborate a little bit on the revenue management strategy for '25.

喬希，我希望你能詳細說明一下 25 年的收入管理策略。

I know you have already.

我知道你已經這麼做了。

My question is more on the booking curve length, the optimal booking curve length.

我的問題更多是關於預訂曲線長度，最佳預訂曲線長度。

Your head again on next year's booking curve.

您再次關註明年的預訂曲線。

But is there a certain point where you feel like you don't want to go any further than that and it's not necessarily optimal.

但是否有某個點讓你覺得你不想再進一步了，而且這不一定是最佳的。

How do you think about that?

您對此有何看法？

Yeah.

是的。

So thank you, Brent, for the congratulations.

謝謝布倫特的祝賀。

The -- 100%, I do feel that way.

- 100%，我確實有這樣的感覺。

But also keep in mind we give you up a very rolled-up number when we say, our occupancy is X and our booking curve is the farthest out in history.

但也要記住，當我們說我們的入住率是 X 並且我們的預訂曲線是歷史上最遠的時候，我們會給您一個非常匯總的數字。

When we go through this with our teams and what they do on a daily basis, it is a ship by ship, sailing by sailing, brand-by-brand to figure out what that optimal point is.

當我們與我們的團隊一起研究這個問題以及他們每天所做的事情時，我們需要一艘接一艘、一艘接一艘地航行、逐個品牌地找出最佳點是什麼。

And it could very well be that over time for lots of reasons, you're not going to hear me say overall that we are increasing the booking curve.

隨著時間的推移，由於多種原因，您很可能不會聽到我總體說我們正在增加預訂曲線。

And that's okay.

沒關係。

Our goal is not to get it as long as possible, it's to generate as much revenue as humanly possible by the time the ship leaves for sailing.

我們的目標不是讓它盡可能長，而是在船啟航時產生盡可能多的收入。

And so there's a lot that goes into that mix.

因此，這種組合涉及很多內容。

It's not just base loading, but what price you base loading it at?

這不僅僅是基本裝載，而是你的基本裝載價格是多少？

How are you managing your metas against each other, the balconies versus the insides?

你如何管理你的元組之間的對抗，陽台與內部的對抗？

I mean, so many variables go into it on a detailed basis.

我的意思是，詳細的基礎上有很多變數。

And the output is what we talk about on this call.

輸出就是我們在這次電話會議中討論的內容。

So the teams are very much aligned.

所以團隊非常一致。

Optimization does not mean elongation.

優化並不意味著延伸。

It means optimization.

這意味著優化。

That's super helpful.

這非常有幫助。

My follow-up is on three brands, Costa, Princess, and Holland America.

我的後續關注是三個品牌：Costa、Princess 和 Holland America。

Those are three that we've been watching you guys talk about in your sort of improvement improving ROIC across those three brands.

我們一直在關注你們在改善這三個品牌的投資報酬率方面所談論的三個問題。

I know that you've been focused on them.

我知道你一直在關注他們。

How would you describe this success or -- versus your own benchmarks on those three brands improvement.

您如何描述這一成功，或與您自己對這三個品牌改進的基準進行比較。

And are any three of them outperforming the others at this point along those guidelines?

目前，在這些指導方針上，他們中的任何三個人的表現是否優於其他人？

Sure.

當然。

Well, I'll start with the fact that every single one of them is showing significant improvement year over year in ROIC, which I'd expect.

好吧，我首先要說的是，他們中的每一個都在投資回報率方面逐年顯著提高，這是我所期望的。

They were all coming from a different starting point back in the pre pause world.

他們都來自暫停前世界的不同起點。

So one of them is actually above where they were, one of them is at where they were, and one of them is below where they were.

因此，其中之一實際上高於原來的位置，其中之一位於原來的位置，而其中之一則低於原來的位置。

But I'd say it's a little bit irrelevant because of the brand, it's actually higher, I expect it to be even higher because 2019 wasn't very good for them.

但我想說，由於品牌的原因，這有點無關緊要，它實際上更高，我預計它會更高，因為 2019 年對他們來說並不是很好。

So from my perspective, the good news in this is none of them yet are at 12% ROIC.

因此，從我的角度來看，好消息是它們的投資報酬率都還沒有達到 12%。

All of them have the potential to do that.

他們所有人都有潛力做到這一點。

And we've got plans in place for them to do that over time.

我們已經制定了計劃，讓他們隨著時間的推移做到這一點。

So progress across the board.

所以全面進步。

Excellent.

出色的。

Thanks so much.

非常感謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi everyone.

大家好。

Thank you.

謝謝。

Just on, I think you said 10% new-to-cruise.

剛才，我想你說的是 10% 的新遊輪。

I was curious if you could talk a little bit about just the changing demographics of your customers in general.

我很好奇您是否可以談談您的客戶總體人口統計的變化。

How much is the younger demographic engaging with the product, our product?

年輕人對我們的產品的參與程度如何？

Is there anything that they're doing different than prior generations?

他們所做的事情與前幾代人有什麼不同嗎？

Thank you.

謝謝。

Sure.

當然。

Well, that's a deep question, right.

嗯，這是一個很深奧的問題，對吧。

So everybody is engaging differently than they did 5 and 10 years ago because everybody is getting more comfortable with everything digital and everything online.

因此，每個人的參與方式都與 5 年前和 10 年前不同，因為每個人都對數位化和線上化的一切感到更加適應。

So that's a shift.

所以這是一個轉變。

It's not just about millennials, it's about society.

這不僅關乎千禧世代，也關乎社會。

And when it comes to our mix, we've got brands that might be one or two years younger at average age than they were before the pandemic.

就我們的組合而言，我們的品牌平均年齡可能比大流行之前年輕一兩歲。

We've got some that might be a year older.

我們有一些可能已經老了一歲的。

In the grand scheme of things, it's not a huge swing.

從整體來看，這並不是一個巨大的轉變。

And you also got to remember with us, we've got brands that really do cater to a younger generation like a Carnival like a AIDA, and they're going to be outsized in our portfolio mix when it comes to attracting millennial.

你還必須記住，我們有真正迎合年輕一代的品牌，例如像 AIDA 這樣的嘉年華，而且在吸引千禧世代方面，它們將在我們的產品組合中佔據很大的份額。

We don't just want millennials though.

但我們不僅僅想要千禧世代。

I can't say it strongly enough a brand like Holland America, a brand like Cunard, it is playing in a place where they need and want people that has time and money, which generally leads to an older crowd, a crowd that has time on their hands because maybe they're not working anymore.

我不能說足夠強烈，像荷蘭美國這樣的品牌，像丘納德這樣的品牌，它在一個他們需要並且想要有時間和金錢的人的地方發揮作用，這通常會導致年齡較大的人群，一群有時間的人群在他們手上，因為也許他們不再工作了。

And so I'm very happy that we're getting a broad church because we are across the board.

所以我很高興我們得到了一個廣泛的教會，因為我們是全面的。

But make no mistake, we're happy with our mix and we're happy to take many folks in the Boomer generation and Gen X, Gen Y, Gen Z, you name it.

但請不要誤會，我們對我們的組合很滿意，我們很高興能接納嬰兒潮世代、X 世代、Y 世代、Z 世代等眾多人群。

So we want to all.

所以我們想要全部。

Okay.

好的。

Appreciate it.

欣賞它。

On the P&O Australia brand being sunsetting, just as you consolidate that into Carnival, is there any impact on the [P&O] or any investment needed -- like during that transition time.

P&O 澳洲品牌即將衰落，就像您將其整合到嘉年華一樣，這對 [P&O] 或所需的任何投資是否有任何影響——例如在過渡時期。

Just curious like as it goes away, is there potentially cost headwind associated with that?

只是好奇，當它消失時，是否存在與之相關的潛在成本阻力？

Thank you.

謝謝。

Sure.

當然。

For us, we're going to do some minimal CapEx investment, primarily on the ships to get the IP stacks aligned to Carnival Cruise Line.

對我們來說，我們將進行一些最小的資本支出投資，主要是在船舶上，以使 IP 堆疊與嘉年華遊輪公司保持一致。

But from a guest experience standpoint, we don't have to do much with those ships and they're great for that market.

但從賓客體驗的角度來看，我們不需要對這些船隻做太多事情，它們非常適合這個市場。

We obviously have, in this particular instance, because we are effectively sunsetting our brand.

在這個特殊情況下，我們顯然已經這麼做了，因為我們實際上正在放棄我們的品牌。

There are some one-time costs that we're absorbing, but it's really quite small.

我們正在吸收一些一次性成本，但它確實很小。

So nothing really significant to speak of.

所以沒有什麼真正重要的可以說的。

And on the flip side, there will be some operational efficiencies, which will also save costs from the [P&O] as well.

另一方面，營運效率將會提高，這也將節省 [P&O] 的成本。

Thank you.

謝謝。

Assia Georgieva, Infinity Research.

阿西亞·格奧爾基耶娃，無限研究。

Good morning, guys.

早上好傢伙。

Excellent quarter.

優秀的季度。

Really happy for what you have accomplished.

為你所取得的成就感到非常高興。

I had two quick questions.

我有兩個簡單的問題。

The first one is more on the external or competitive environment.

第一個更多的是外部或競爭環境。

David and Beth, as you guys know, we do this really extensive pricing surveys which are quantitative, and we follow about 95% of the private and public company.

David 和 Beth，正如你們所知，我們進行了非常廣泛的定量定價調查，我們追蹤了約 95% 的私人和上市公司。

So we are seeing some discounting out of one of your competitors into Q4 and possibly into Q1 2025?

因此，我們看到您的競爭對手在 2025 年第四季甚至可能是第一季推出了一些折扣？

And also seeing sort of encroaching on your territory by another brand that may be a private one.

並且還看到另一個可能是私人品牌的品牌侵犯了您的領地。

Would you, Josh, David, Beth be willing to comment as to how these external pressures may carry a potential risk towards the winter season?

喬許、大衛、貝絲，您願意評論這些外部壓力如何為冬季帶來潛在風險嗎？

I mean,

我是說，

--.

--.

So thanks for the kind words for us.

感謝您對我們的客氣話。

As you heard, we gave you our forecast effectively for each of the quarters by giving you the third quarter and the full year.

正如您所聽到的，我們透過提供第三季和全年的數據，有效地為您提供了每個季度的預測。

So you can see we're expecting continued progress, continued mid-single digit type of price improvements over time.

因此，您可以看到，我們預計隨著時間的推移，價格會持續取得進展，持續出現中個位數的價格改善。

With respect to any one competitor in the cruise space -- because you've got to remember we're not just competing with cruise companies; we're competing with vacation companies to get the traveler thinking about taking their vacation with us.

對於遊輪領域的任何一個競爭對手來說，因為你必須記住，我們不僅僅是與遊輪公司競爭；我們還與遊輪公司競爭。我們正在與度假公司競爭，讓旅行者考慮和我們一起度假。

None of it should be disruptive to us in the grand scheme of things.

從宏偉的計劃來看，這一切都不應該對我們造成乾擾。

Given our size and scope, given the strength of our brands, given the continued focus that our brands have in differentiating themselves even further and providing amazing experiences, it's really our job to perform no matter what.

考慮到我們的規模和範圍，考慮到我們品牌的實力，考慮到我們的品牌持續關注進一步差異化並提供令人驚嘆的體驗，無論如何，這確實是我們的工作。

Some nameless brand, which I have a feeling I know which one you're talking about, how you described it.

一些無名品牌，我有一種感覺，我知道你在談論哪個品牌，以及你如何描述它。

No. [How] they may choose to operate.

不。

And if we've seen this in markets all over the world.

如果我們在世界各地的市場上都看到了這一點。

And yet here, we are with record revenues, record per diems, and really great momentum.

然而在這裡，我們的收入、每日津貼都創歷史新高，而且勢頭非常強勁。

Thank you, Josh.

謝謝你，喬許。

And a quick follow-up question.

還有一個快速跟進問題。

You described both ticket price and occupancy being tailwinds in Q2.

您描述了第二季的票價和入住率都是有利的。

And I think again, with Europe being somewhat slower on the uptake in 2023, should we expect a continued benefit from higher occupancies and especially out of the European source passenger in Q3 or do we believe that going into Q4, Q1, and possibly next year, that benefit will start to subside a little bit just because of the catch-up that's been going.

我再次認為，由於歐洲在2023 年的成長速度有所放緩，我們是否應該期望從更高的入住率中持續受益，尤其是第三季度的歐洲客源，或者我們是否相信進入第四季度、第一季度，甚至可能是明年，由於一直在追趕，這種好處將開始稍微減弱。

Yeah, if you recall last year -- actually you heard David earlier on the call, we basically got back to historical occupancy levels in the second half of last year.

是的，如果你還記得去年——實際上你在早些時候的電話會議上聽到了大衛的聲音，我們基本上在去年下半年回到了歷史入住率水平。

So there's a little bit more opportunity on the occupancy side certainly in Q3 where we were a little farther behind in that range than we were about time we got to Q4.

因此，在第三季度，入住率方面肯定有更多的機會，我們在這個範圍內比進入第四季度時落後了一些。

But really as we move forward into 2025 and beyond, we got to get the demand to keep that momentum up on the mid-single digit type of price increases that we want to push for.

但實際上，隨著我們進入 2025 年及以後，我們必須滿足需求，以保持我們想要推動的中個位數價格上漲的勢頭。

There will always be opportunity to fringes.

總是會有邊緣的機會。

But as you've heard me say before, the reason why we're not giving you guidance on occupancy with specificity is we want to make sure that our brands are doing the right thing in managing the revenue and managing the curve and not simply trying to make an occupancy target to the point or decimal point at the expense of doing something they shouldn't be doing with the pricing.

但正如您之前聽我說過的，我們之所以沒有為您提供具體的入住率指導，是因為我們希望確保我們的品牌在管理收入和管理曲線方面做得正確，而不是簡單地嘗試將入住率目標精確到一點或小數點，但代價是做了一些他們不應該在定價上做的事情。

So our goal is very much, how do we generate the most yield overtime, which is a combination of the price and occupancy and making sure we kind of nail the dismount there.

所以我們的目標是，如何在加班時產生最大的收益，這是價格和入住率的結合，並確保我們能夠在那裡下馬。

And Josh, that makes total sense, especially on the occupancy guidance.

喬希，這完全有道理，尤其是在入住率指導方面。

I understand and appreciate it.

我理解並欣賞這一點。

So good luck.

祝你好運。

We're expecting great things in September.

我們期待九月發生偉大的事情。

Thanks very much.

非常感謝。

Jamie Katz, Morningstar.

傑米·卡茨，晨星。

Hi guys.

嗨，大家好。

Good morning.

早安.

I have a quick question.

我有一個快速的問題。

Given that the environment has been so strong for you guys, what keeps you up at night?

鑑於你們的環境如此惡劣，是什麼讓你們徹夜難眠？

Is it regulatory risk?

是監理風險嗎？

Is there some ESG risk?

是否存在一些 ESG 風險？

Is it nothing right now.

現在還沒什麼事嗎。

Just curious to hear sort of the other side of the track.

只是好奇想聽聽賽道另一邊的聲音。

Thanks.

謝謝。

Listen, we got through 2020 and I've got three kids.

聽著，我們已經度過了 2020 年，我已經有三個孩子了。

So not much keeps me up at night when it comes to this.

所以當談到這個時，沒有什麼讓我徹夜難眠。

I mean anything within our control, I feel very comfortable that the team, we can manage it all frankly.

我的意思是任何在我們控制範圍內的事情，我對團隊、我們可以坦率地管理這一切感到非常放心。

And so I don't worry much about Black Swan because you really can't spend your life worried about Black Swan or you'll have a miserable life.

所以我不太擔心黑天鵝，因為你真的不能一輩子都擔心黑天鵝，否則你會過得很悲慘。

So, our attitude is, we got to keep performing, we'll take what people throw at us, and the world throws at us, and we'll adapt and modify what we need to do as needed and move on.

所以，我們的態度是，我們必須繼續表現，我們會接受人們扔給我們的東西，世界扔給我們的東西，我們將根據需要調整和修改我們需要做的事情並繼續前進。

And the greatest part about this business from that perspective is we're mobile.

從這個角度來看，這項業務最重要的部分是我們是移動的。

And when you have that mobility, it gives you a lot of flexibility to figure things out.

當你擁有這種機動性時，你就可以靈活地解決問題。

That's all I got.

這就是我得到的。

Thanks.

謝謝。

Thank you.

謝謝。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good morning, everyone.

嘿，大家早安。

Thanks for taking my question.

感謝您提出我的問題。

First one on Celebration Key.

慶祝鑰匙上的第一個。

Josh, you mentioned you're ramping up their 18 ships calling on port there in 2026.

喬希，您提到您將增加 2026 年停靠那裡港口的 18 艘船。

Can you maybe talk about the uplift that you're expecting, whether it's in the form of ticket prices, on-board spend, I know you mentioned fuel.

您能否談談您期望的提升，無論是機票價格還是機上支出，我知道您提到了燃料。

And then to what extent is this built into those SEA Change targets which you're already tracking well ahead of at this point?

那麼，這在多大程度上融入了您目前已經提前追蹤的 SEA 變革目標？

Thanks.

謝謝。

Sure.

當然。

Yes.

是的。

Thanks, Dan.

謝謝，丹。

So you nailed the three components that are going to really be the things that drive the returns on Celebration Key.

因此，您確定了三個組件，這些組件將真正成為推動 Celebration Key 回報的因素。

It's going to be incremental price because of the demand, it's going to be incremental spending on the island, which we call onboard, spending in this circumstance, and fuel savings because of its location.

由於需求，這將是增量價格，這將是島上的增量支出，我們稱之為船上，在這種情況下的支出，以及由於其位置而節省的燃料。

We're not breaking those out for people.

我們不會為人們打破這些。

But yes, to answer your question, that did factor into really 2026 benefit for us as we're thinking through that three-year plan.

但是，是的，回答你的問題，在我們考慮三年計劃時，這確實對我們 2026 年的利益產生了影響。

It's fairly minimal for next year when it comes to the uplift because it's a fairly insignificant amount of our overall capacity that's hitting it as we ramp in starting in the second half of next year. but those were the three components, yeah.

就明年而言，增幅相當小，因為從明年下半年開始，我們的整體產能中所達到的增幅相當小。但這些就是三個組成部分，是的。

Got it.

知道了。

And then just for my follow-up, in terms of costs for next year, I know acknowledging it's still very early, but as you think about that marketing and advertising component, on the one hand, you don't have a ton of capacity growth.

然後，就我的後續行動而言，就明年的成本而言，我知道現在還為時過早，但當您考慮行銷和廣告部分時，一方面，您沒有大量的能力生長。

But with Celebration Key starting to the opening in the back end of the year, how should we kind of think about that line item relative to 2024?

但隨著 Celebration Key 將於今年年底開業，我們該如何考慮相對於 2024 年的該訂單項目？

So it clearly is from a cost perspective, Celebration Key will add costs, but hopefully and we do anticipate that it will be a great return and the benefits on the revenue and the onboard spend side and the fuel savings side.

因此，從成本角度來看，慶祝鑰匙顯然會增加成本，但希望並且我們確實預計這將是一個巨大的回報以及對收入、船上支出和燃油節省方面的好處。

So it is -- we're not managing to any particular line item.

事實就是這樣——我們沒有管理任何特定的訂單項目。

We're managing to our operating income and our bottom line, and we're not afraid to invest in Celebration Key to make it a great success.

我們正在努力控制我們的營業收入和利潤，我們也不害怕投資 Celebration Key 以使其取得巨大成功。

While we're on that cost for 2025, I guess the only other thing I'd add on that front is we do also -- we announced the AIDA evolution program and those ships will be going into drydock.

雖然我們的成本是 2025 年的，但我想我在這方面唯一要補充的另一件事是我們還宣布了 AIDA 發展計劃，這些船將進入乾船塢。

So you'll also see an increase in drydock days in 2025 versus '24, which will also have a corresponding impact on cost.

因此，您還會看到 2025 年的乾船塢天數比 24 年有所增加，這也會對成本產生相應的影響。

And ultimately though we're doing that for the right reasons.

最終，我們這樣做是出於正確的原因。

As we -- I think I can't remember if we talked about this on the last call or not, I think we did.

我想我不記得我們在上次通話中是否討論過這個問題，但我想我們確實討論過。

AIDA is one of our highest returning brands and we've gushed about them for a long time.

AIDA 是我們回報率最高的品牌之一，我們長期以來一直在談論它們。

And this is going to make significant enhancements to their existing fleet, which is a great investment for us because it can get outsized returns on those investments.

這將顯著增強他們現有的機隊，這對我們來說是一項巨大的投資，因為它可以從這些投資中獲得巨額回報。

And then to your -- I think you're asking a question about advertising specifically as well.

然後是你的——我認為你也特別問了一個關於廣告的問題。

You're right, we might have flat capacity growth.

你是對的，我們的產能成長可能持平。

But remember, we're selling cruises that go beyond the current year.

但請記住，我們正在銷售超出當年的遊輪。

We're thinking well into the future as our brands do to optimize whatever that booking curve is for that particular brand.

我們正在對未來進行深入思考，因為我們的品牌正在優化該特定品牌的預訂曲線。

I do not have a mandate or a cap or a floor on our spending for advertising.

我對我們的廣告支出沒有任何授權、上限或下限。

The key is what are we spending it on?

關鍵是我們花在什麼地方？

How is it going to be effective?

怎樣才能有效呢？

Is it going to generate incremental and outsized revenue for whatever that initiative might be in the marketing space?

無論行銷領域的舉措是什麼，它是否都會產生增量和巨額收入？

And we go through those plans with our brands not only every year as part of the planning process, but throughout the year, I'm talking to my President to make sure we're being thoughtful.

我們不僅每年都會與我們的品牌一起制定這些計劃，作為規劃過程的一部分，而且在這一整年中，我都會與我的總裁交談，以確保我們考慮周到。

And so there truly is no predetermined outcome.

所以確實沒有預定的結果。

I think you've as you've seen, we have significantly stepped up where we were before the pandemic to where we are now.

我認為正如您所看到的，我們已經從大流行之前的水平顯著提高到了現在的水平。

It's been working.

它一直在發揮作用。

It's been helping to support the results that we've talked about today and the momentum that we've got.

它一直在幫助支持我們今天討論的結果和我們所擁有的勢頭。

And we'll continue to look at it critically.

我們將繼續批判性地看待它。

Got it.

知道了。

And then just very one last very quick clarification.

然後是最後一次非常快速的澄清。

David, I know you mentioned returning to IG metrics.

David，我知道你提到過回歸 IG 指標。

I just want to make sure that there's no change in your goal of getting back to IG, an investment-grade credit rating?

我只是想確定一下，您重返 IG（投資等級信用評級）的目標沒有改變嗎？

No changes.

沒有變化。

We can control the metrics.

我們可以控制指標。

We can't control the decisions of the rating agencies.

我們無法控制評級機構的決定。

Got it.

知道了。

Thanks so much.

非常感謝。

Thank you.

謝謝。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Morning, everyone.

大家早安。

Thanks for taking my question.

感謝您提出我的問題。

I wanted to follow on to that.

我想繼續下去。

Well, number one, congrats on the quarter.

好吧，第一，恭喜本季。

I wanted to just follow on the last question with respect to the balance sheet.

我想繼續討論有關資產負債表的最後一個問題。

And look, I think we probably all progress through a period we're expecting maybe rate cut.

看，我認為我們可能都在一段時間內取得進展，我們預計可能會降息。

Nonetheless, you're making some very good progress with respect to that balance sheet.

儘管如此，您在資產負債表方面取得了一些非常好的進展。

Can you help us maybe shed a little light beyond just the obvious easy math around what a rate cut could or would do for you in progressing that balance sheet?

除了簡單的數學計算之外，您能否幫助我們了解降息可能或會對您改善資產負債表帶來什麼影響？

Well, to start with, if you look at our whole portfolio, about 15% of our debt profile is variable rate debt.

好吧，首先，如果你看看我們的整個投資組合，我們的債務結構中大約 15% 是可變利率債務。

So as you saw in the earnings release, I think it's at 100 basis point reduction in interest rates.

正如您在財報中看到的那樣，我認為利率降低了 100 個基點。

Would benefit the back half of the year, I think it was $23 million or for the full year, it's double that.

下半年將會受益，我認為是 2300 萬美元，或者全年來說，是這個數字的兩倍。

But really from a rate cut perspective, we're in an environment where for us we're an improving credit.

但實際上從降息的角度來看，我們所處的環境對我們來說信用正在改善。

And hopefully as the our interest rate - our future interest rates will come down, not just because of rate cuts, but because of the improving credit and the lower credit spreads.

希望隨著我們的利率 - 我們未來的利率將會下降，不僅是因為降息，而是因為信貸的改善和信貸利差的降低。

And on top of that, we would expect to do some refinancing.

最重要的是，我們預計會進行一些再融資。

And those refinancing should drive our interest expense down.

這些再融資應該會降低我們的利息支出。

So we do have some very good opportunities that we're looking at in the future, which should be net present value positive.

因此，我們未來確實有一些非常好的機會，這些機會的淨現值應該是正值。

And then we'll keep evaluating that and you'll hear more about refinancing over time.

然後我們將繼續評估這一點，隨著時間的推移，您會聽到更多有關再融資的資訊。

Appreciate that.

感謝。

And if I may follow up quickly, just going back, Josh, to one of the things you talked about.

如果我可以快速跟進，喬什，回到你談到的一件事。

It's a bit more specific.

這是更具體一點的。

Performance marketing, which was, I believe, a relatively new initiative.

我認為績效行銷是一項相對較新的舉措。

Could you give us an update on where that is, how it's done?

您能否向我們介紹一下具體情況以及如何完成的最新情況？

What's next, et cetera, please?

接下來是什麼，等等？

Sure.

當然。

So just to clarify, it wasn't a new initiative.

需要澄清的是，這並不是一項新舉措。

It was just more focus and ensuring we had the right resources, the right capabilities, and the right approaches.

只是更專注並確保我們擁有正確的資源、正確的能力和正確的方法。

So that's I'd be shocked if it we're ever at a point in time, we were not talking about performance marketing and how do we keep progressing.

因此，如果我們在某個時間點沒有談論效果行銷以及我們如何不斷進步，我會感到震驚。

I mean, the world changes around us, which is going to dictate.

我的意思是，我們周圍的世界正在發生變化，這是決定性的。

We've got to always be nimble and thinking about how do we adapt to that and to the consumer and how that consumer is going to see things and digest things and making sure we're actually being as forward-thinking as we can to stay ahead of that curve.

我們必須始終保持敏捷，思考如何適應這種情況和消費者，以及消費者將如何看待事物和消化事物，並確保我們實際上盡可能保持前瞻性思維領先於該曲線。

So as far as how it happens, it certainly does not happen from me.

所以就它是如何發生而言，它肯定不是我發生的。

It doesn't happen from a centralized corporate group in Miami because different brands are sourcing from different source markets, different segments, et cetera.

這種情況不會發生在邁阿密的集中企業集團身上，因為不同的品牌從不同的來源市場、不同的細分市場等進行採購。

So our six operating units really have teams that are focused on that for their brands to make sure we're doing it as optimally as we can.

因此，我們的六個營運部門確實擁有專注於其品牌的團隊，以確保我們盡可能做到最佳。

Okay.

好的。

Thank you.

謝謝。

Thanks.

謝謝。

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

我想我們還有時間再請一位接線生。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi, good morning.

早安.

I'm convinced you go in alphabetical order on these calls.

我確信您會按照字母順序進行這些通話。

I guess I wanted to ask about kind of the tension between garnering or harvesting cost savings versus reinvesting in demand creation and how you think about that?

我想我想問一下獲得或收穫成本節約與再投資於需求創造之間的緊張關係，您對此有何看法？

I mean, Josh you touched on different elements of demand creation, but I mean, historically kind of been known as kind of the cost leader, is there an opportunity as you harvest these cost savings to kind of zap more of that gap in the marketing spend per berth that Carnival does relative to the competition?

我的意思是，喬什，你談到了需求創造的不同要素，但我的意思是，歷史上被稱為成本領先者，當你收穫這些成本節省時，是否有機會彌補行銷中的更多差距嘉年華相對於競爭對手的每個泊位花費如何？

And how far are you willing to go there?

你願意去那裡多遠？

Yes, sure.

是的，當然。

So as you've heard, so we want to continue to be the cost leader.

正如您所聽到的，我們希望繼續成為成本領先者。

I think, they're not -- they don't have to be mutually exclusive though.

我認為，它們不是——但它們不必是相互排斥的。

And so we have been bringing more cost into reinvesting in the business and it's not just our marketing.

因此，我們一直在對業務進行再投資，這不僅僅是我們的行銷成本。

It has been our marketing, I think it what 18% per ALBD, Beth, versus pre -- 17% to 18% per ALBD since before the pandemic.

這是我們的行銷方式，我認為每 ALBD 的比例為 18%，貝絲，而自大流行之前以來，每 ALBD 的比例為 17% 至 18%。

So certainly, we see the value of that.

當然，我們看到了它的價值。

But if you think about our onboard experience and making sure we're providing amazing food alternatives and services, we're reinvesting in bandwidth.

但如果您考慮我們的船上體驗並確保我們提供令人驚嘆的食物替代品和服務，我們正在重新投資頻寬。

We're spending more on bandwidth than we ever have.

我們在頻寬上的支出比以往任何時候都多。

And it's generating outsized returns because people love the service.

由於人們喜歡這項服務，它產生了巨大的回報。

It's land like.

就跟陸地一樣。

And it's something people are willing to pay for.

這是人們願意付出代價的。

So there's examples up and down the [P&O] where we're very happy to reinvest to drive the right behaviors to get the revenue that we're looking for.

因此，[P&O] 上下都有這樣的例子，我們非常樂意進行再投資，以推動正確的行為，從而獲得我們想要的收入。

I don't have the metrics.

我沒有指標。

I don't have a metric that says this is how much we're going to do in any particular quarter or any particular year.

我沒有一個指標來表明我們在任何特定季度或任何特定年份要做的事情。

I mean, clearly our operating margin -- we still got work to do.

我的意思是，顯然我們的營業利潤率——我們還有工作要做。

Our EBITDA margins, if we get to June guidance, it'll be about a 5 point bump from last year, and it leaves us a few points short of where we were in '19.

如果我們達到 6 月的指引，我們的 EBITDA 利潤率將比去年增加約 5 個百分點，這使得我們比 19 年的水平還差幾個百分點。

So we got more work to do.

所以我們還有更多工作要做。

So the team is very focused on it.

所以團隊非常專注。

And that will come from both sides to your point, it won't just be cutting costs.

這將來自雙方的觀點，這不僅僅是削減成本。

We've got to make sure we're doing the right things to drive that revenue.

我們必須確保我們正在做正確的事情來增加收入。

Okay.

好的。

Thank you.

謝謝。

Okay.

好的。

Well, thanks, everybody for joining the call today and look forward to talking to you again in September.

好的，謝謝大家今天加入電話會議，並期待在 9 月再次與大家交談。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。