嘉年華遊輪 (CCL) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Carnival Corporation and plc Q3 2025 earnings results conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加嘉年華集團和股份有限公司 2025 年第三季收益結果電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Beth Roberts. Please go ahead, Beth.

現在我很高興將電話轉給貝絲·羅伯茨。請繼續，貝絲。

Thank you. Good morning, and welcome to our third-quarter 2025 earnings conference call. I'm joined today by our CEO, Josh Weinstein; our CFO, David Bernstein; and our Chair, Micky Arison.

謝謝。早上好，歡迎參加我們的 2025 年第三季財報電話會議。今天與我一起出席的還有我們的執行長喬希溫斯坦 (Josh Weinstein)、我們的財務長 David Bernstein 和我們的董事長米奇阿里森 (Micky Arison)。

Before we begin, please note that some of our remarks on this call will be forward looking, therefore, I will refer you to today's press release and our filings with the SEC for additional information on factors and risks that could cause actual results to differ from our expectations. We will be referencing certain non-GAAP financial measures, including yields, cruise costs without fuel, EBITDA, net income, ROIC, and related statistics for all, which are on a net basis or adjusted as defined, unless otherwise stated.

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是前瞻性的，因此，我將請您參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，以獲取有關可能導致實際結果與我們的預期不同的因素和風險的更多信息。我們將參考某些非 GAAP 財務指標，包括收益率、不含燃料的郵輪成本、EBITDA、淨收入、ROIC 以及所有相關統計數據，除非另有說明，否則這些指標均以淨額為基礎或按定義進行調整。

A reconciliation to US GAAP is included in our earnings press release and our investor presentation which are available on our corporate website. References to ticket prices, yields, and cruise costs without fuel are in constant currency unless we note otherwise. Please visit our corporate website where our earnings press release and investor presentation can be found.

我們的收益新聞稿和投資者介紹中包含了與美國公認會計準則的對賬，可在我們的公司網站上查閱。除非另有說明，票價、收益和不含燃油的巡航成本均以固定貨幣表示。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.

說完這些，我想把電話轉給喬希。

Thanks, Beth. This was a truly outstanding quarter, with our business continuing to fire on all cylinders, outperforming and taking us to new heights. Once again, we delivered record revenues, yields, operating income, EBITDA, and customer deposits.

謝謝，貝絲。這是一個真正出色的季度，我們的業務繼續全速發展，表現出色，並將我們推向新的高度。我們再次實現了創紀錄的收入、收益、營業收入、EBITDA 和客戶存款。

This quarter, we also achieved all-time high net income of $2 billion, surpassing our pre-pause benchmark by nearly 10%. This is a significant milestone, with strong operational execution more than compensating for a nearly 600% increase in net interest expense compared to 2019.

本季度，我們的淨收入也創下了 20 億美元的歷史新高，比暫停前的基準高出近 10%。這是一個重要的里程碑，強勁的營運執行力足以彌補與 2019 年相比淨利息支出成長近 600% 的損失。

On a unit basis, both operating income and EBITDA reached the highest levels in the better part of 20 years. These record results were delivered on 2.5% lower capacity as compared to the third quarter last year, yet another proof point on our successful delivery of same-ship yield improvement and its marked impact on the bottom line.

以單位計算，營業收入和 EBITDA 均達到了近 20 年來的最高水準。與去年第三季相比，這些創紀錄的業績是在運力下降 2.5% 的情況下實現的，這再次證明了我們成功實現了同船收益的提高及其對利潤的顯著影響。

In fact, yields increased 4.6%, all of which was achieved on a same-ship basis. Yields were also over 1 point better than guidance, again, due to the strength in both close in demand and onboard spending. Unit costs beat guidance by 1.5 points on continued cost discipline.

事實上，收益率增加了 4.6%，而且全部都是在同一艘船上實現的。收益率也比預期高出 1 個百分點以上，這同樣是由於近距離需求和船上支出的強勁增長。由於持續控製成本，單位成本比預期高出 1.5 個百分點。

The outperformance on revenue and costs, alongside our refinancing efforts, enabled us to take up our full-year guidance for the third time this year. These fantastic results and our team's consistently strong execution delivered ROIC of 13% for the trailing 12 months. This is the first time since 2007, nearly 20 years ago, that returns have reached the teens, another clear testament to the fundamental improvements in our operational performance.

收入和成本的優異表現，加上我們的再融資努力，使我們今年第三次實現了全年預期。這些出色的成果以及我們團隊一貫強勁的執行力使得過去 12 個月的 ROIC 達到了 13%。這是自2007年以來，即近20年來，回報率首次達到十幾個百分點，這再次清楚地證明了我們的營運表現得到了根本性的改善。

Our leverage is now down another notch to 3.6 times net debt to EBITDA, closing in on investment-grade leverage metrics. This positions us even closer to using our strong and growing free cash flow to not only continue to responsibly delever but also to return capital to shareholders. In fact, just today, we called the remaining converts using $500 million of cash that David will touch upon. To fuel this over the longer term, we believe we have much more opportunity to increase same-ship yields and further close the unbelievable value gap to land-based alternatives, pushing margins and returns even higher over time.

我們的槓桿率現在又下降了一級，為淨債務與 EBITDA 比率的 3.6 倍，接近投資級槓桿指標。這使我們更接近利用強勁且不斷增長的自由現金流，不僅繼續負責任地去槓桿，而且還向股東返還資本。事實上，就在今天，我們用 5 億美元現金呼籲剩下的皈依者，大衛將會談到這一點。為了長期推動這一目標，我們相信我們有更多的機會提高同船收益率，並進一步縮小與陸基替代品之間令人難以置信的價值差距，從而隨著時間的推移進一步提高利潤率和回報率。

In fact, booking trends have continued to improve since our last update, nicely outpacing capacity growth at higher prices and setting a record for bookings made on sailings two years out. And with nearly half of 2026 already on the books at higher prices, we feel pretty good about next year.

事實上，自從我們上次更新以來，預訂趨勢持續改善，在價格上漲的情況下，其增長速度明顯超過了運力增長，並創下了兩年前航行預訂量的紀錄。由於 2026 年近一半的時間價格已經上漲，我們對明年充滿信心。

We just welcomed Star Princess into the fleet, sister to the highly successful Sun Princess, previously awarded Condé Nast's 2024 Mega Ship of the Year. This new ship class will now represent over 15% of the Princess fleet, a nice tailwind for the brand next year.

我們剛剛迎來了星際公主號加入我們的船隊，它是大獲成功的太陽公主號的姊妹船，太陽公主號曾榮獲康泰納仕 2024 年度巨型郵輪稱號。這一新級別郵輪目前將佔公主郵輪船隊的 15% 以上，這對該品牌明年來說是一個良好的順風。

Of course, we also have the full benefit of Celebration Key and the continued rollout of our destination development strategy as we progress through next year. Celebration Key is as phenomenal as we expected and open to rave reviews. I could not be prouder of both the Carnival Cruise Line and our destination development teams for not only getting this fantastic development done on time and on budget, but also delivering an amazing guest experience right from the start.

當然，隨著明年的進展，我們也會充分受益於慶典鑰匙計畫以及我們目的地發展策略的持續推行。Celebration Key 正如我們預期的那樣出色，並獲得了熱烈的評價。我為嘉年華郵輪公司和我們的目的地開發團隊感到無比自豪，他們不僅按時、按預算完成了這一出色的開發項目，而且從一開始就為遊客提供了令人驚嘆的體驗。

Since our late July opening, nearly 0.5 million Carnival Cruise Line guests have already passed through the sun-shaped arch in Paradise Plaza, soaking in the largest freshwater lagoon in the Caribbean, heading up to the top of the world's largest sandcastle, zipping down our racing water slides, or enjoying a cool cocktail at the world's largest swim-up bar. While early guest feedback from Celebration Key has been fantastic, we are paying close attention to our guests' suggestions and will continue to fine-tune operations and strive for continuous improvement to make the experience for our guests even better.

自七月底開業以來，已有近五十萬嘉年華郵輪公司的客人穿過天堂廣場的太陽形拱門，在加勒比地區最大的淡水潟湖中暢遊，登上世界上最大的沙堡頂部，從我們的競速水滑梯上滑下，或在世界上最大的泳池酒吧享用一杯清涼的雞尾酒。雖然 Celebration Key 早期的客人回饋非常好，但我們正在密切關注客人的建議，並將繼續微調運營，努力持續改進，為客人提供更好的體驗。

As you may have seen, the media coverage for our new destination has been overwhelmingly positive. Even before opening, we were amongst the most searched cruise destinations and we have clearly built on that success. Our marketing teams have been working around the clock to make Celebration Key a household name. The grand opening alone generated almost 1.5 billion media impressions, and we've been activating a ton of live footage from the destination on social media and the like ever since.

正如您可能已經看到的，媒體對我們新目的地的報導非常積極。甚至在開業之前，我們就已經是搜尋次數最多的郵輪目的地之一，而且我們顯然已經鞏固了這一成功。我們的行銷團隊日以繼夜地工作，以使 Celebration Key 成為家喻戶曉的品牌。光是盛大開幕式就產生了近 15 億次媒體曝光，從那時起，我們就一直在社群媒體等平台上發布大量來自該目的地的現場鏡頭。

Celebration Key is sure to increase consideration amongst new to cruise, while at the same time giving our repeat guests yet another reason to come back soon. In fact, we expect word-of-mouth will continue to build with 2.8 million guests visiting Celebration Key next year on 20 Carnival ships leaving from 12 different home ports. This adds up to high utilization rates with a ship in port virtually every day of the year and at least two ships 85% of the time.

Celebration Key 必將增加新郵輪乘客的關注度，同時也為回頭客提供再次光臨的另一個理由。事實上，我們預計明年將有 280 萬名遊客乘坐從 12 個不同母港出發的 20 艘嘉年華郵輪遊覽慶典島，屆時遊客的口碑將不斷提升。這意味著利用率很高，一年中幾乎每天都有一艘船停泊在港口，85% 的時間至少有兩艘船停泊在港口。

To that end, our pier extension is in progress and by next fall, will accommodate up to four ships at a time, allowing us to maximize the utilization of our existing land capacity. And because I know I will get asked, right off the bat, I'll just say in the early innings, the returns of our Celebration Key investment are indeed meeting expectations, all of which were built into our forecast and which we have exceeded.

為此，我們的碼頭擴建工程正在進行中，到明年秋天，將可以同時容納四艘船，使我們能夠最大限度地利用現有的土地容量。因為我知道我會被問到，所以我只想說，在早期階段，我們對 Celebration Key 的投資回報確實符合預期，所有這些都已納入我們的預測中，而且我們已經超出了預期。

Switching gears to another of our Caribbean gems, mid next year, we will also open the pier expansion at RelaxAway, Half Moon Cay, our pristine Caribbean oasis. This spectacular tropical paradise, already ranked amongst the best private islands in the Caribbean, invites our guests to relax and enjoy our white sand, crescent beach, and crystal-clear turquoise waters.

我們將把目光轉向我們另一個加勒比海瑰寶，明年年中，我們還將在 RelaxAway、半月礁（我們原始的加勒比海綠洲）開設碼頭擴建項目。這個壯觀的熱帶天堂已被列為加勒比地區最好的私人島嶼之一，邀請我們的客人放鬆並享受我們的白色沙灘、新月形海灘和清澈碧綠的海水。

Once both piers are operating, one out of every five Carnival Cruise Line Caribbean itineraries will go to these perfectly paired destinations, providing guests with both the ultimate and the idyllic beach days, all in one vacation. And overall, the vast majority of our Caribbean guests will enjoy one of our seven purpose-built Caribbean gems, with half of those guests visiting more than one.

一旦兩個碼頭投入運營，嘉年華郵輪加勒比航線上每五條航線中就有一條將前往這兩個完美配對的目的地，讓客人在一次假期中享受極致而又田園詩般的海灘時光。總體而言，絕大多數加勒比海地區的客人都會喜歡我們專門建造的七顆加勒比海瑰寶中的一顆，其中一半的客人將參觀不止一顆。

As beaches are the number one destination for vacationing Americans, our miles upon miles of some of the most beautiful beaches in the world are the perfect fix. By making targeted incremental investments and stepping up our marketing efforts to support this broad destination portfolio, we believe we have further opportunity to monetize these strategic assets by using them to drive consumer consideration and conversion, taking share from land-based alternatives.

由於海灘是美國人度假的首選目的地，我們綿延數英里的世界上最美麗的海灘是完美的選擇。透過有針對性的增量投資和加強行銷力度來支持這個廣泛的目的地組合，我們相信我們有進一步的機會將這些策略資產貨幣化，利用它們來推動消費者的考慮和轉化，從陸基替代品中奪取份額。

Altogether, our exclusive Caribbean destinations will capture over 8 million guest visits next year, almost equal to the rest of the cruise industry combined. And let's not forget, our strategic portfolio of brands and assets stretch far beyond the Caribbean. We have by far the most assets in and capacity dedicated to Alaska, which has been incredibly strong this year, as well as the biggest reach into Europe, which has likewise been performing incredibly well for us.

總而言之，我們獨有的加勒比海目的地明年將吸引超過 800 萬遊客，幾乎相當於其他郵輪行業遊客的總和。請不要忘記，我們的品牌和資產策略組合遠遠超出了加勒比地區。到目前為止，我們在阿拉斯加擁有最多的資產和專用產能，今年阿拉斯加的表現非常強勁，同時我們在歐洲的業務範圍也最為廣泛，歐洲的表現同樣非常出色。

Our portfolio of brands and land-based assets are clearly the largest and most diverse in the industry, and getting even better every day. While getting to 13% ROIC so quickly is a significant achievement, it's certainly not a ceiling. We have been disciplined in deploying capital towards our highest returning brands, with seven ships on order for Carnival and AIDA combined.

我們的品牌和陸基資產組合顯然是業內規模最大、最多樣化的，而且每天都在不斷改進。雖然如此迅速地達到 13% 的 ROIC 是一項重大成就，但這肯定不是上限。我們嚴格地將資金投入到我們回報率最高的品牌，嘉年華和 AIDA 共訂購了七艘郵輪。

But keep in mind, we have many other brands that are quickly progressing up the internal leaderboard. This year, the overwhelming majority of capacity will be at brands delivering double-digit returns. Yes, this is already well above our cost of capital, but our brands have much more room to significantly improve. In fact, several of our brands are not yet back to either 2019 levels or the record highs they've reached in the past two decades, so we know the latent potential they have.

但請記住，我們還有許多其他品牌正在內部排行榜上迅速晉升。今年，絕大多數產能將集中在實現兩位數回報的品牌上。是的，這已經遠高於我們的資本成本，但我們的品牌還有很大的提升空間。事實上，我們的幾個品牌還沒有恢復到 2019 年的水平或過去二十年創下的歷史最高水平，所以我們知道它們的潛在潛力。

And even the two stars currently atop that internal leaderboard, AIDA and Carnival Cruise Line, have roadmaps to progress. AIDA will continue to benefit from its hugely successful Evolutions program, which, coupled with new ship orders, will modernize its current fleet.

甚至目前位居內部排行榜榜首的兩顆明星——AIDA 和嘉年華郵輪公司，也都有進步的路線圖。AIDA 將繼續受益於其極為成功的 Evolutions 計劃，該計劃加上新船訂單將使其現有船隊現代化。

Next month, AIDA Luna will enter drydock, the second of seven ships to receive this proven upgrade. Carnival will also be launching a fantastic new marketing campaign just ahead of wave season, an enhanced loyalty program mid-next year, and of course, stands to disproportionately benefit from the step-up we're making in our Caribbean destinations, given their large year-round Caribbean presence.

下個月，「AIDA Luna」號將進入乾船塢，這是七艘接受此項成熟升級的船舶中的第二艘。嘉年華也將在旺季來臨之前推出一項精彩的新行銷活動，並在明年年中推出一項增強的忠誠度計劃，當然，鑑於其全年在加勒比地區的業務量很大，我們將從我們在加勒比海目的地的升級中獲得不成比例的利益。

So while it is incredibly rewarding to see the great progress our teams have made in such a short amount of time, I am equally excited about the opportunities ahead as we create shareholder value through continued progress on profitability and returns. At the same time, further balance sheet improvement should continue the transfer of enterprise value from bondholders back to shareholders.

因此，雖然看到我們的團隊在如此短的時間內取得如此大的進步令人欣慰，但我同樣對未來的機會感到興奮，因為我們將透過獲利能力和回報的持續進步來創造股東價值。同時，進一步改善資產負債表應該能夠繼續將企業價值從債券持有人轉移回股東。

I would like to again thank our team members, ship and shore, for the dedication and execution which enabled us to deliver happiness to nearly four million guests this past quarter by providing them with extraordinary cruise vacations while honoring the integrity of every ocean we sail, place we visit, and life we touch. And special thanks to our travel agent partners, destination partners, investors, and of course, our loyal guests for their continuing support.

我想再次感謝我們的團隊成員、船上和岸上的工作人員，感謝他們的奉獻和執行，這使我們能夠在過去的一個季度為近四百萬遊客帶來快樂，為他們提供非凡的郵輪假期，同時尊重我們航行的每一片海洋、我們訪問的每一處地方和我們接觸的每一種生命的完整性。特別感謝我們的旅行社合作夥伴、目的地合作夥伴、投資者，當然還有我們忠實的客人的持續支持。

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

說完這些，我會把電話轉給大衛。

Thank you, Josh. I'll start today with a summary of our 2025 third-quarter results. Next, I will provide some color on our improved full-year September guidance, as well as some key insights on our fourth quarter. Then I'll provide you with a few things to consider for 2026 and finish up with an update on our efforts to rebuild our financial fortress through refinancing and deleveraging.

謝謝你，喬希。今天我將先總結我們 2025 年第三季的業績。接下來，我將介紹我們改進後的 9 月全年指引，以及對我們第四季的一些重要見解。然後，我將為您提供一些 2026 年需要考慮的事情，最後介紹我們透過再融資和去槓桿重建金融堡壘的努力的最新情況。

Turning to the summary of our third-quarter results, net income exceeded June guidance by $182 million or $0.13 per share as we outperformed once again and achieved our highest-ever net income for the quarter. The outperformance was mainly driven by three things. First, favorability and revenue were $0.04 per share as yields came in at 4.6% compared to the prior year, and that was on top of last year's robust increase of nearly 9%. This was 1.1 points better than June guidance driven by continued strong close-in demand resulting in higher ticket prices and a continuation of strong onboard spending. The increase in yields was driven by improvements on both sides of the Atlantic.

回顧我們第三季的業績總結，淨收入超出 6 月份的預期 1.82 億美元，即每股 0.13 美元，我們再次表現出色，實現了本季度有史以來最高的淨收入。優異的表現主要由三件事推動。首先，好感度和營收為每股 0.04 美元，收益率與前一年相比達到 4.6%，而去年的收益率則強勁增長了近 9%。這比 6 月的預期高出 1.1 個百分點，原因是持續強勁的近距離需求導致機票價格上漲以及機上消費持續強勁。產量的增加是由大西洋兩岸的改善所推動的。

Second, cruise costs without fuel per available lower berth day, or ALBD, were up 5.5% compared to the prior year. This was 1.5 points better than June guidance and was worth $0.03 per share. The favorability was driven by cost-saving initiatives which we firmed up during the quarter. These will flow through to our full-year September guidance. And third, favorability and fuel consumption and fuel mix was worth $0.02 per share as our efforts and investments to continuously improve our energy efficiency of our operations, leveraging technology, and best practices paid off once again.

其次，不含燃油的每可用下舖天數遊輪成本（ALBD）比前一年上漲了 5.5%。這比 6 月的預期高出 1.5 個百分點，每股價值 0.03 美元。這種有利因素是由我們在本季鞏固的成本節約措施所推動的。這些將貫穿到我們九月的全年指導中。第三，燃料消耗和燃料組合的有利因素價值每股 0.02 美元，因為我們不斷提高營運能源效率、利用技術和最佳實踐的努力和投資再次獲得了回報。

The balance of the favorability, $0.04 per share, was a combination of improved depreciation expense and better fuel prices, as well as favorable interest income and expense. Customer deposits at the end of the quarter were at a record for the third quarter at $7.1 billion, up over $300 million versus the prior year, driven by higher ticket pricing and increased sales of pre-cruise onboard revenue items.

每股 0.04 美元的獲利平衡是折舊費用改善、燃料價格上漲以及利息收入和支出有利的綜合結果。受票價上漲和遊輪前船上收入項目銷售額增加的推動，本季末的客戶存款達到第三季的最高紀錄 71 億美元，比上年增加 3 億多美元。

Next, I will provide some color on our improved full-year September guidance. Our net income guidance of approximately $2.9 billion, or $2.14 per share, is a $235 million, or $0.17 per share, improvement over our June guidance.

接下來，我將對我們改進後的九月全年業績指引提供一些說明。我們的淨收入預期約為 29 億美元，即每股 2.14 美元，比 6 月的預期高出 2.35 億美元，即每股 0.17 美元。

The full-year improvement of $0.17 per share was driven by three things: first, flowing the $0.13 per share third quarter favorability through to the full year; second, an additional $0.03 per share of fourth quarter interest expense favorability as the actions that impacted third-quarter interest expense are also creating favorability in the fourth quarter; and third, $0.01 per share from improved fourth-quarter fuel prices.

全年每股收益 0.17 美元的改善是由三件事推動的：首先，將第三季度每股收益 0.13 美元的有利因素延續到全年；其次，第四季度每股收益 0.03 美元的額外利息支出有利因素，因為影響第三季度利息支出的措施也在第四季度創造了有利因素；第三，第四季度燃油價格上漲導致每股收益 0.01 美元。

Yield guidance for the fourth quarter remained the same as the prior guidance. Cruise costs without fuel for the fourth quarter are flat with June guidance. However, our cruise costs for the fourth quarter did benefit from some of the cost savings we solidified during the third quarter, but were offset by higher variable compensation driven by improved operating results. All of this results in over $7 billion of EBITDA, a 15% improvement over 2024, virtually all of which is being driven by same-ship yield improvement as our capacity is only up approximately 1% year over year.

第四季的收益率指引與先前的指引保持不變。第四季不含燃料的郵輪成本與六月的預期持平。然而，我們第四季的郵輪成本確實受益於我們在第三季鞏固的部分成本節約，但被經營業績改善帶來的更高的浮動薪酬所抵消。所有這些將帶來超過 70 億美元的 EBITDA，比 2024 年增長 15%，這幾乎全部是由同船收益率的提高所推動的，因為我們的運力同比僅增長了約 1%。

Now a few things for you to consider for 2026. We are forecasting a capacity increase of just 0.8% compared to 2025. As Josh indicated, booking trends have continued to improve since our last update, and we now have nearly half of 2026 on the books at higher prices.

現在您需要考慮 2026 年的一些事情。我們預測，與 2025 年相比，產能僅增加 0.8%。正如 Josh 所指出的，自我們上次更新以來，預訂趨勢持續改善，目前 2026 年近一半的預訂價格都上漲了。

As we highlighted on our last call, Carnival Cruise Lines' new loyalty program, Carnival Rewards, will start in June 2026, impacting results for the second half of the year. As a reminder, while the program will be cash flow positive from day one, it does impact our yields in 2026. The year-over-year impact is expected to be about 0.5 point. It should also be noted that we do not anticipate any meaningful impact on costs from the new loyalty program when compared to the current program.

正如我們在上次電話會議上所強調的那樣，嘉年華郵輪公司的新忠誠度計畫「嘉年華獎勵」將於 2026 年 6 月啟動，這將對下半年的業績產生影響。提醒一下，雖然該計劃從第一天起就會產生正現金流，但它確實會影響我們 2026 年的收益。預計年比影響約為0.5個百分點。還應該注意的是，與現有計劃相比，我們預計新的忠誠度計劃不會對成本產生任何重大影響。

Our game-changing destination, Celebration Key, which opened in July 2025, has been delivering an amazing guest experience. With a full year of operation in 2026, along with the mid-2026 opening of our new pier at RelaxAway, Half Moon Cay, we expect that the operating expenses for these destinations in 2026 will impact our overall year-over-year cost comparison by about 0.5 point.

我們的變革性目的地 Celebration Key 於 2025 年 7 月開業，一直為遊客帶來令人驚嘆的體驗。由於 2026 年將投入全年運營，並且將於 2026 年中期在半月礁 RelaxAway 開設新碼頭，我們預計 2026 年這些目的地的運營費用將對我們整體同比成本的影響約為 0.5 個百分點。

While it is still early in our planning process, we are expecting to do more work during our 2026 drydocks. The additional expenses will impact our overall year-over-year assumptions by up to 1 percentage point.

雖然我們的規劃過程還處於早期階段，但我們預計在 2026 年幹船塢期間將完成更多工作。額外支出將對我們的整體年比假設產生高達 1 個百分點的影響。

Now I'll finish up with an update of our refinancing and deleveraging efforts. During the quarter, we continued our refinancing strategy to reduce interest expense and manage our maturity towers, while also reducing secured debt by nearly $2.5 billion, leaving just $3.1 billion remaining. We issued two senior unsecured notes and completed one bank loan. The combined proceeds of $4.6 billion from these financings, together with cash on hand, were used to repay over $5 billion of debt, continuing our deleveraging efforts.

現在我將介紹我們的再融資和去槓桿工作的最新進展。在本季度，我們繼續實施再融資策略，以降低利息支出並管理到期債務，同時也將擔保債務減少了近 25 億美元，僅剩 31 億美元。我們發行了兩筆無擔保優先票據並完成了一筆銀行貸款。這些融資所得的 46 億美元加上庫存現金用於償還超過 50 億美元的債務，繼續我們的去槓桿努力。

We have been working aggressively all year long to delever, as well as to simplify and strengthen our capital structure, rebuilding our investment-grade balance sheet. Since January, we refinanced over $11 billion of debt at favorable rates and prepaid another $1 billion, accelerating our path to investment-grade credit metrics. We are pleased that our efforts have been recognized with the recent Moody's credit rating upgrade and the maintenance of their positive outlook.

我們全年都在積極努力去槓桿，簡化和加強我們的資本結構，重建我們的投資等級資產負債表。自一月以來，我們以優惠利率對超過 110 億美元的債務進行了再融資，並預付了另外 10 億美元，加快了我們達到投資等級信用指標的步伐。我們很高興我們的努力得到了認可，穆迪最近提高了信用評級並維持了其樂觀的前景。

Based on our September guidance, we are expecting to end the year with a marked improvement in our net debt to EBITDA ratio, going from 4.3 times at the end of 2024 to 3.6 times at the end of 2025. Looking forward, we are targeting a net debt to EBITDA ratio of under 3 times.

根據我們 9 月的指引，我們預計今年年底我們的淨負債與 EBITDA 比率將顯著改善，從 2024 年底的 4.3 倍增至 2025 年底的 3.6 倍。展望未來，我們的目標是將淨債務與 EBITDA 比率控制在 3 倍以下。

Given the progress we have made, and while still a top priority, it is great to be able to say that debt reduction no longer has to be priority one, two, and three. We can soon pivot to diverting some of that effort to returning capital to shareholders as well. In fact, just today, we provided our redemption notice for all of our outstanding convertible notes, which, if converted, will be settled using a combination of $500 million of cash and equity as we continue to rebuild our financial fortress.

鑑於我們已經取得的進展，儘管減債仍然是首要任務，但我們很高興地說，減債不再是第一、第二和第三優先事項。我們很快就能將部分精力轉向向股東返還資本。事實上，就在今天，我們發出了所有未償還可轉換票據的贖回通知，這些票據如果轉換，將以 5 億美元現金和股權的組合進行結算，我們將繼續重建我們的財務堡壘。

The convert redemption will be settled on December 5, just five days after year-end, and will result in a $600 million improvement in net debt. Pro forma for the convert redemption, our net debt to EBITDA ratio is forecasted to be 3.5 times very early in our fiscal year 2026. This transaction will also result in a lower share count used in the calculation of a fully diluted EPS for 2026 by approximately 13 million shares at a $30 share price.

轉換贖回將於 12 月 5 日（即年底後五天）完成，並將導致淨債務改善 6 億美元。根據轉換贖回的預測，我們的淨負債與 EBITDA 比率預計在 2026 財年初達到 3.5 倍。這筆交易還將導致用於計算 2026 年完全稀釋每股收益的股票數量減少約 1,300 萬股，每股價格為 30 美元。

As we near completion of our current refinancing strategy, and with no ship delivery scheduled during 2026, and just one delivery per year for several years thereafter, looking forward, we expect our leverage metrics to continue to improve as our EBITDA continues to grow and our debt levels continue to shrink. With strong investment-grade metrics in our future, an upgrade to investment grade should not be far behind, which will result in security release on our remaining secure debt. All of this continues to move us further down the road, rebuilding our financial fortress while continuing the process of transferring value from debt holders back to shareholders.

隨著我們目前的再融資策略接近完成，並且 2026 年沒有安排船舶交付，並且此後幾年每年只交付一艘船，展望未來，我們預計隨著 EBITDA 的持續增長和債務水平的持續縮小，我們的槓桿指標將繼續改善。由於我們未來擁有強勁的投資等級指標，升級到投資等級應該不會太遠，這將導致我們剩餘的擔保債務的擔保釋放。所有這些都將推動我們繼續前進，重建我們的財務堡壘，同時繼續將價值從債權人轉移回股東。

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

接線員，現在讓我們開始提問。

(Operator Instructions) Robin Farley, UBS.

（操作員指示）羅賓法利，瑞銀。

Great. Thank you very much. I wanted to clarify -- obviously, very positive forward booking commentary. When we talk about historic price levels, does that mean sort of in line with or is that actually suggesting prices above? And I also thought it was interesting -- the comment in the release that something like now both Europe and North American sourcing brands are at that historic price. Is the implication there that maybe a quarter ago that North American price on the books wasn't at that record level, like on a combined basis it was, but now North America better? So just wanted to get that clarification. Thanks.

偉大的。非常感謝。我想澄清一下——顯然，預訂前的評論非常積極。當我們談論歷史價格水平時，這是否意味著與歷史價格水平相符，或者實際上暗示價格高於歷史價格水平？我也覺得很有趣——新聞稿裡說現在歐洲和北美的採購品牌都達到了歷史最高價。這是否意味著，一個季度前，北美的帳面價格還沒有達到創紀錄的水平，例如綜合來看，但現在北美的價格有所改善？所以只是想得到澄清。謝謝。

Good morning, Robin. So what we intended to convey is that both North America and Europe are at historical record-high levels in pricing, which is great to see. As far as looking back a quarter ago, nothing dramatic happened along the way. So it might be that we just wanted to give more information rather than less. So things are looking great on both sides of the Atlantic across the brands.

早安，羅賓。因此，我們想要傳達的是，北美和歐洲的定價都處於歷史最高水平，這是令人高興的。回顧一個季度前的情況，並沒有發生什麼重大事件。因此，我們可能只是想提供更多信息，而不是更少的信息。因此，大西洋兩岸各品牌的合作前景都十分良好。

Thank you. And then just as a sort of follow-up, anything you can quantify with Celebration Key when you look at the impact on forward bookings where you could sort of say it's causing an X percent premium in ticket price for ships that are calling on that island versus other ships that aren't calling on it? Or any way to just sort of help us think about how that's driving your yields? Thank you.

謝謝。然後作為一種後續行動，當您查看對預訂的影響時，您可以使用 Celebration Key 量化什麼，您可以說它導致停靠在該島的船隻的票價比不停靠該島的其他船隻的票價高出 X% 嗎？或者有什麼方法可以幫助我們思考這對您的收益有何影響？謝謝。

Yeah. We're ecstatic with Celebration Key and the impact it's already starting to have on the business. It's kind of hard because it's such a massive set of businesses that's actually just shifted and is now inclusive of Celebration Key. But it's certainly getting the returns as anticipated when we came up with it a long time ago and as we've been getting closer to fruition. And a nice chunk of that is obviously the premium we're getting on the ticket side for any itinerary that's going to Celebration Key.

是的。我們對 Celebration Key 以及它對業務的影響感到非常高興。這有點困難，因為這是一個如此龐大的業務集合，實際上剛剛發生轉變，現在包括了 Celebration Key。但它肯定會獲得我們很久以前提出它時所預期的回報，而且我們已經越來越接近實現它了。其中很大一部分顯然是我們在前往慶典礁島的行程中所獲得的門票溢價。

So it's still six weeks -- actually, I guess it's two months into operations, which is we hit the ground running and early days on the future potential that it's got, but it's tracking exactly as we anticipated. As I said in my prepared notes, I knew we'd get this question, and the best I'm going to tell you right now is it's certainly meeting expectations and we couldn't be happier.

所以它仍然需要六週——實際上，我想它已經投入運營兩個月了，這是我們開始著手進行並對其未來潛力進行早期探索的階段，但它的進展正如我們預期的那樣。正如我在準備好的筆記中所說的那樣，我知道我們會收到這個問題，現在我要告訴你的最好的是它肯定符合預期，我們非常高興。

Great. Thanks very much.

偉大的。非常感謝。

Thank you.

謝謝。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Great. Thanks for taking my question. So I wanted to ask about the consumer -- your consumer, Josh. We see lower-end consumers sort of fatigued and hurting in several other travel verticals. It doesn't seem like you're seeing it. Maybe that's why you're not seeing it because of the value proposition like you talked about. But are you seeing any sort of behavioral shifts within your loyalty set or people maybe trading down between shore excursions or sort of any type of behavioral changes from your core consumer here?

偉大的。感謝您回答我的問題。所以我想問一下消費者——你的消費者，喬希。我們發現，在其他幾個旅遊垂直領域，低端消費者也感到疲憊和痛苦。看起來你好像沒看到它。也許這就是為什麼您沒有看到它，因為正如您所說，它具有價值主張。但是，您是否看到您的忠誠度群體中出現了任何行為轉變，或者人們在岸上遊覽之間可能進行了消費，或者您的核心消費者出現了任何類型的行為變化？

Continue to say the same thing quarter after quarter, which is we've got an amazing business with amazing brands that are doing a phenomenal job of improving on a daily basis, so I'm real proud of all of them, regardless of whether that's contemporary, premium, luxury. I'd say if you look back, we said in the third quarter, we had a pretty great booking 13-week period. We booked more year over year than we had in the third quarter of 2024. And in fact, Carnival, for example, it booked 8% more in the third quarter of '25 than it did in the third quarter of '24.

每個季度我都在說同樣的話，那就是我們擁有令人驚嘆的業務，擁有令人驚嘆的品牌，它們每天都在以驚人的速度進步，所以我對它們都感到自豪，無論是當代的、高端的還是奢華的。我想說，如果你回顧一下，我們說過在第三季度，我們的 13 週預訂期表現相當不錯。我們的預訂量較去年同期成長，超過了 2024 年第三季的預訂量。事實上，以嘉年華為例，其 2025 年第三季的預訂量比 2024 年第三季增加了 8%。

So we feel like we are -- we feel like we're pushing ahead very well. And as you know, and most others know, we don't really have capacity growth. So when you think about 2026 with no new ships, and then one thereafter for the next couple of years, that's all going to increase demand on a very restrained supply side for our capacity. So it's setting us up very well.

所以我們感覺到我們——我們感覺我們正在順利前進。正如您和大多數人所知，我們的產能實際上並沒有成長。因此，當您想到 2026 年沒有新船，然後在接下來的幾年裡只有一艘新船時，這一切都將增加對我們運力供應非常有限的需求。所以這對我們來說非常有利。

Okay, great. That's helpful. And then just to follow up on the bookings commentary, you're half booked for '26. Sounds like from your tone that that's the place where you want to be. But just thinking about the ebbs and flows of that booking strategy over the last few months, bookings were choppy back in April and March and you kind of came back to that.

好的，太好了。這很有幫助。然後，再跟進一下預訂評論，26 年的預訂已經完成了一半。從你的語氣來看，那就是你想去的地方。但只要想想過去幾個月預訂策略的起伏，就會發現 4 月和 3 月的預訂情況很不穩定，現在又回到了那種狀態。

When you look forward and think about how your strategy might change into '26, do you feel like you want to go in kind of similar to where you were last year? Or was there learning from last year where that might not be perfectly optimal?

當您展望未來並思考您的策略在 26 年將如何變化時，您是否感覺自己想要採取與去年類似的策略？或者是否從去年的經驗中得知這可能不是最理想的？

Yeah, that's a great question. I mean, to some extent, we need a little bit of a crystal ball and hindsight is great. But knowing where we were positioned last year as we got towards the end of the year, and then what we absorbed and still came out in a pretty great way as we've been talking about over the last few quarters, it is giving us some thought about how we need to make sure we're optimizing in light of the volatility that we had last year. It's a question mark, right? There's always something, but it's not an election cycle year, which was the case last year at this time.

是的，這是一個很好的問題。我的意思是，在某種程度上，我們需要一點水晶球，事後諸葛亮是很好的。但是，了解我們在去年年底時的處境，以及我們吸收了哪些東西並且仍然以相當好的方式表現出來，正如我們在過去幾個季度中一直在談論的那樣，這讓我們思考如何確保我們根據去年的波動進行優化。這是一個問號，對嗎？總是有一些事情會發生，但今年不是選舉週期年，去年此時就是這種情況。

Knock on wood, I think the volatility has certainly been reduced pretty dramatically. Now we -- I'm knocking on -- everybody around this table is knocking on wood right now. But knowing that that happened last year, and it shouldn't be recreated any similar way, it does give us some confidence in how we're approaching this and what we were able to do despite the volatility this past year.

敲敲木頭，我認為波動性確實已經大幅降低了。現在我們——我正在敲——桌子周圍的每個人都在敲木頭。但知道去年發生過這樣的事情，並且不應該以任何類似的方式重演，這確實讓我們對如何處理這個問題以及儘管過去一年動盪不安，我們仍然能夠做些什麼充滿信心。

Excellent. Thanks, everyone.

出色的。謝謝大家。

Thank you.

謝謝。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維茲辛斯基。

Hey, guys. Good morning. Congrats on the strong third quarter and outlook. So Josh, I want to ask a little bit more about how you're thinking about 2026 versus maybe three months ago. And fully understand you guys aren't in a position to provide guidance yet for next year. But based on your qualitative commentary, it seems like booking trends have actually accelerated, I would say, versus the fear that might be out there in the marketplace that demand is decelerating.

嘿，大家好。早安.恭喜第三季業績強勁且前景光明。所以喬希，我想多問一下你對 2026 年的看法與三個月前相比有何不同。我完全理解你們還無法為明年提供指導。但根據您的定性評論，我認為預訂趨勢實際上已經加速，而市場上可能存在的擔憂是需求正在減速。

So just wondering from a bigger picture perspective, maybe how you're feeling about next year versus back in June. And then also in your slide deck, you mentioned that 2027 bookings are off to, in your words, unprecedented start. And maybe if you could help us think a little more maybe what that wording means there. Thanks.

所以只是從更大的角度來看，也許您對明年的感覺與今年 6 月相比如何。然後，您在幻燈片中也提到，2027 年的預訂量將迎來前所未有的開端。也許您可以幫助我們再思考這句話的意思。謝謝。

Yeah, sure. Just because I have a bad memory, let me start with that one. So 2027, what I meant is literally we've never had more bookings in a 13-week window over the third quarter. So this is a record for us for 2027. And so it was exactly as it was intended to be, unprecedented.

是的，當然。因為我的記憶力不好，所以我就從這個開始吧。所以 2027 年，我的意思是，我們在第三季的 13 週內從未有過如此多的預訂量。所以這是我們 2027 年的一個紀錄。事實確實如此，前所未有。

With respect to 2026, yeah, we feel good about 2026. We obviously are -- I have a feeling I'm going to do this a lot on this call. We're not giving guidance yet. We're not really talking about 2026. We're just trying to give a little bit of an understanding about where we're sitting. But I think all the things that we've talked about for quarter over quarter over quarter around our brands really trying to just own their space in the vacation market and doing their commercial execution on an improved basis is paying off.

關於 2026 年，是的，我們對 2026 年充滿信心。我們顯然是——我感覺我會在這次通話中多次這樣做。我們尚未給出指導。我們其實並不是在談論 2026 年。我們只是想讓大家稍微了解一下我們的處境。但我認為，我們每個季度都在談論的所有事情，我們的品牌都試圖在度假市場中佔據一席之地，並在改進的基礎上進行商業執行，這些都得到了回報。

Okay, got you. Thanks for that. And then, Josh, here's another 2026 question. So David mentioned --

好的，明白了。謝謝。然後，喬希，這是另一個關於 2026 年的問題。所以大衛提到--

Thank you for warning me in advance.

謝謝你提前警告我。

Exactly. David did mention there are headwinds out there as you start next year. I mean, 50-basis-point impact on yields for the reward program, 100 basis points for the drydocks, and 50 basis points, I think he said, for the buildout of the rest of the island. So basically, you guys have a 200-basis-point headwind as we start 2026. But I guess the question, Josh, is there anything you didn't mention that maybe kind of behind the scenes that you guys are working on to help kind of mitigate some of those headwinds?

確切地。大衛確實提到過，明年開始時會遇到一些阻力。我的意思是，獎勵計劃對收益率的影響為 50 個基點，乾船塢對收益率的影響為 100 個基點，而我認為他說的是，對島嶼其餘部分的建設的影響為 50 個基點。因此，基本上，當我們進入 2026 年時，你們將面臨 200 個基點的逆風。但我想問題是，喬希，還有什麼你沒有提到的，也許你們正在幕後努力幫助減輕一些不利因素？

Yeah, absolutely. I mean, look, let me give you some pros about 2026. As you said, we're about 50% booked. That's the longest booking curve we've got on record. We just had a better two, three booking period than we did last year. As I said, there was no election cycle. We get the full-year benefit of Celebration Key, half a year of RelaxAway. OBR strength has continued and we expect that to continue as we look forward.

是的，絕對是如此。我的意思是，讓我來跟你談談 2026 年的一些優點。正如您所說，我們的預訂率約為 50%。這是我們記錄到的最長的預訂曲線。與去年相比，我們的兩三個預訂期表現較好。正如我所說，沒有選舉週期。我們獲得了Celebration Key的全年福利和RelaxAway的半年福利。OBR 實力持續增強，我們預計這種勢頭將持續下去。

We have no capacity growth, very, very little, I should say, which bodes very well. The strength of our diversified portfolio, I think it's really been playing out over the last couple of years and couldn't be more complimentary of the work that is happening all over our eight brands to really drive the business forward. And we get a benefit on the loyalty side with cash flow, as you know.

我們的產能沒有成長，應該說成長非常非常少，這是一個好兆頭。我認為，我們多元化投資組合的優勢在過去幾年中得到了充分體現，並且與我們八個品牌為真正推動業務發展所做的工作相得益彰。如您所知，我們在現金流方面獲得了忠誠度方面的好處。

So putting that aside, we're always trying to figure out how do we become more efficient in what we do and how we do it. And as a matter of fact, David and I are going -- starting next week, we're going to be meeting with each of our brands to go through the 2026 operating plan and really understand how we can up our game to mitigate cost headwinds that happen every year. And we'll try to mitigate as best as we can.

所以撇開這一點不談，我們一直在努力弄清楚如何讓我們的工作和做事方式變得更有效率。事實上，從下週開始，大衛和我將與各個品牌會面，討論 2026 年的營運計劃，並真正了解如何提高我們的水平，以減輕每年都會出現的成本阻力。我們將盡力減輕影響。

Okay, great color. Thanks, Josh. Appreciate it.

好的，顏色很棒。謝謝，喬希。非常感謝。

Thanks, Steve.

謝謝，史蒂夫。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey. Good morning. Thanks for taking my call. So maybe sort of a nitpick question, maybe it's a dumb question. But as I think about your forward booking commentary, I think coming out of Q2, you were saying you were in line with respect to load factors. But then I think in the press release, you spoke to sort of an acceleration in bookings year over year since May, which I would think would mean that you're now ahead on bookings, but I think you're still in line. So maybe it's just too close to call out in terms of the overall numbers but just wanted to clarify on that point.

嘿。早安.謝謝您接聽我的電話。所以這可能是吹毛求疵的問題，也許是個愚蠢的問題。但是，當我想到您對預訂的評論時，我認為從第二季開始，您就表示您的載客率是一致的。但我認為，在新聞稿中，您談到了自 5 月以來預訂量同比加速增長的情況，我認為這意味著您現在在預訂量方面處於領先地位，但我認為您仍然處於領先地位。因此，從總體數字來看，可能結果太接近，無法確定，但我只是想澄清這一點。

Yeah. James, I think you might -- I'm trying to recall back from the second quarter, I think the second quarter, we were talking about 2025 in the remainder of the year. And this time, the commentary was on 2026. Maybe you can double-check the comments.

是的。詹姆斯，我想你可能會——我試著回憶一下第二季度的情況，我認為在第二季度，我們談論的是 2025 年剩餘的時間。而這次的評論是關於2026年的。也許你可以再檢查一下這些評論。

Okay. I'll definitely do that. And then as I think about the quarter, and really the last couple of quarters, the organic growth has been pretty stunning here, right? Particularly, you don't have any new ships coming online, and I think you've had the best yields in the industry, at least the ocean side of the industry.

好的。我一定會這麼做的。然後，當我回顧本季以及過去幾個季度時，我發現這裡的有機成長相當驚人，對吧？特別是，你們沒有任何新船投入運營，但我認為你們的收益是業內最好的，至少是整個遠洋航運業中最好的。

So maybe connect the dots between some of the programs that you've been talking about, Josh, right, i.e., the AIDA Evolutions program, and some of the things going on with Carnival, new marketing, the step-up in Caribbean destinations. Maybe connect those dots with how that's translating into pricing. And then as we think about moving forward, other low-hanging fruit, and how we should think about pricing moving forward in the context of sort of the brand-level initiatives that are underway. Thanks.

所以，喬希，也許你可以把你剛才提到的一些項目，比如AIDA Evolutions項目，和嘉年華正在進行的一些事情、新的營銷策略以及加勒比海地區目的地的擴張聯繫起來。或許可以把這些點與如何轉化為定價連結起來。然後，當我們考慮前進時，我們會考慮其他容易實現的目標，以及我們應該如何在正在進行的品牌級舉措的背景下考慮未來的定價。謝謝。

Yeah, look. Where to start? I mean, when you think about something like the AIDA Evolution program, that's one 2000 berth ship that's had four or five months of operations coming out of it, which is going great. And it is not going to cover up the ball and Felix Eichhorn should take a bow for everything that he's done with AIDA.

是的，看。從哪裡開始？我的意思是，當你想到像 AIDA Evolution 計畫這樣的計畫時，那是一艘擁有 2000 個泊位的船，已經運作了四、五個月，進展非常順利。而且它不會掩蓋球，菲利克斯·艾希霍恩應該為他在 AIDA 所做的一切鞠躬致敬。

But in the grand scheme of things, that alone is fairly, fairly small. It will get better and better as we get more and more ships through that program over the next several years. And I expect actually some of our other brands to be embarking on similar exercises and initiatives to really up the game of their ships that might be 15 years old or so, but they're going to be with us for well over 15 years, as far as I'm concerned more. And so there's a lot of opportunity for that to run.

但從整體來看，這一點本身就相當小。隨著未來幾年我們透過該計劃獲得越來越多的船隻，情況將會變得越來越好。我實際上希望我們的其他一些品牌也能開展類似的活動和舉措，以真正提高他們的船隻的性能，這些船隻可能有 15 年左右的歷史了，但就我而言，它們將與我們合作超過 15 年。因此，有很多機會可以實現這一點。

Celebration Key, we talked about, I think, quite a lot. Couldn't be more proud of the team there for delivering an excellent experience and just giving us tremendous wind at our backs as we look forward into 2026 and beyond. But really, this is fairly broad-based. I mean, most of our brands have not had growth for a long time. And they are improving their yields year over year, not insignificantly. And it is because they can actually execute at a higher level, which is what they've been doing, and that will continue.

關於慶典之鑰，我想我們談了很多。我為那裡的團隊感到無比自豪，他們為我們提供了出色的體驗，並在我們展望 2026 年及以後時給予我們巨大的支持。但實際上，這是相當廣泛的。我的意思是，我們的大多數品牌很長時間都沒有成長了。而且他們的收益逐年在提高，而且幅度不小。這是因為他們實際上可以在更高的水平上執行，這就是他們一直在做的事情，並且將繼續下去。

We've made investment on the advertising side. We've made investments into our revenue management systems. We've made investments into our people to make sure we've got the right capabilities and the right leaders doing the right things. And I think we've been saying this for a for a long time. I mean, when we came out with SEA Change, we talked about what we need to do, and that was back in June of 2023. And really, the reality is it's just exceeded my expectations on the pace of that execution improvement. But the good news is there's a lot more in store.

我們在廣告方面進行了投資。我們對收入管理系統進行了投資。我們對員工進行了投資，以確保我們擁有合適的能力和合適的領導者做正確的事情。我想我們已經說了很久了。我的意思是，當我們提出「SEA Change」的時候，我們就討論過我們需要做什麼，那是在2023年6月。事實上，執行改進的速度已經超出了我的預期。但好消息是，未來還有更多事情要做。

Got it. That's really helpful. Thanks, Josh.

知道了。這真的很有幫助。謝謝，喬希。

Thanks.

謝謝。

Ben Chaiken, Mizuho Securities.

瑞穗證券的 Ben Chaiken。

Hey. Good morning. I guess first on capital return, I guess, how are you thinking about timing leverage bogeys? And then is there any preference between dividends and/or buybacks? And then kind of like separately, longer term, how do you think about capital return as a percentage of your free cash flow, if that's the way you kind of bucket it? Thanks, then one follow-up.

嘿。早安.我想先關於資本回報，我想，您如何考慮時機槓桿？那麼股利和/或回購之間是否存在任何偏好？然後，從長期來看，如果您是這樣劃分的話，您如何看待資本回報佔自由現金流的百分比？謝謝，接下來還有後續問題。

Yeah. Hey, Ben. Well, you hear what David said in his prepared remarks. I mean, like I was just saying, the acceleration is across the board. And that's certainly inclusive then in our ability to start returning cash to shareholders. As we get to that 3.5 times leverage metric, we'll be awful close to that at the end of our fiscal year. And as David noted, with what we're doing on the convert side should pretty much position us very well in early 2026 to get there.

是的。嘿，本。好吧，你聽到了大衛在準備好的演講中說了什麼。我的意思是，就像我剛才說的，加速度是全面的。這當然包括我們開始向股東返還現金的能力。當我們達到 3.5 倍槓桿指標時，我們在本財政年度結束時就會非常接近這個目標。正如大衛所指出的，我們在轉換方面所做的努力應該會讓我們在 2026 年初很好地實現這一目標。

I am fairly, I think, clear when I have conversations with anybody who asked about this that, number one, I want to be clear, it's a Board conversation and decision, which has not happened yet. Two, dividends are very important to us. We see the benefit of establishing -- re-establishing our dividend program. So I would expect outside of what we're doing on the converts, which is a little bit of a juice buyback because of what we're doing with our cash, it's really going to be reinstating the dividend, but it doesn't mean that it's to the exclusion of buybacks over time.

我認為，當我與任何詢問此事的人交談時，我都相當清楚，首先，我想明確一點，這是董事會的對話和決定，但目前尚未發生。二、股息對我們非常重要。我們看到了建立——重新建立股息計劃的好處。因此，我預計，除了我們在轉換方面所採取的措施（由於我們用現金進行的回購），我們實際上將恢復股息，但這並不意味著我們會排除隨著時間的推移而進行的回購。

We have done both before very effectively, and we can do that again in the future. But it is a little premature for us to kind of try to telegraph what, when, and exactly how we're going to do that and any type of metrics that we're going to be using to moderate the amount of cash that's going out the door. What I can say in the good news side of the ledger is, again, we got no capacity growth next year. We don't have any new ships coming and we have one a year thereafter for the next several years, which should allow us to take a lot of free cash flow and return it to shareholders in the form of dividends and buybacks over time.

我們之前已經非常有效地做到了這兩件事，而且我們將來也可以再次做到。但是，現在就試圖明確說明我們將在何時、以何種方式開展這項工作，以及我們將使用何種指標來控制現金支出，還為時過早。我可以說的好消息是，明年我們的產能不會再成長。我們沒有任何新船即將到來，但在接下來的幾年裡，我們每年都會有一艘新船，這應該使我們能夠獲得大量的自由現金流，並隨著時間的推移以股息和回購的形式將其返還給股東。

And so I -- once we've kind of fully turned that corner and can start talking about it, we'll try to give people more of a roadmap about how we're thinking about it. I'd say it's close. It is close. And I look forward to be able to talk about it having happened.

因此，一旦我們完全解決了這個問題並開始討論這個問題，我們就會嘗試為人們提供更多關於我們如何思考這個問題的路線圖。我想說已經很接近了。很接近了。我期待著能夠談論這件事的發生。

Understood. And then near term, I think previously, there was a pretty healthy acceleration kind of implied between 3Q and 4Q yields. Obviously, 3Q came in better. Maybe talk about what you're seeing with close-in demand and how you're thinking about the remainder of the year. Thanks.

明白了。然後從短期來看，我認為之前，第三季和第四季殖利率之間隱含著相當健康的加速成長。顯然，3Q表現得更好。也許可以談談您對近距離需求的看法以及您對今年剩餘時間的看法。謝謝。

Yeah. Look, Q3 ended on a strong note, and that was -- as David said in his notes, it was a combination of close-in demand being stronger than we had forecast and continued strength and onboard spending. For Q4, where you saw we've been fairly consistent since the beginning of the year, actually, about how we were looking at the second half of the year, and given the volatility impact that we had in the spring, it did limit our upside, as I've said before, and we managed to get some out of our third quarter.

是的。你看，第三季以強勁的勢頭結束，正如大衛在他的筆記中所說，這是近距離需求強於我們預測以及持續強勁和船上支出的綜合作用。對於第四季度，您會看到，自今年年初以來，我們對下半年的展望一直相當一致，考慮到春季的波動影響，它確實限制了我們的上行空間，正如我之前所說的那樣，我們設法在第三季度取得了一些成果。

And as always, we're going to work as hard as we can to outperform every quarter, and that includes the fourth. But I think I said it last time, whereas we were outperforming in the first half of the year by 250 basis points on the yield side, that was going to be hard in the second half of the year. And you saw what we were able to do on the third quarter.

像往常一樣，我們將盡最大努力，在每個季度都取得優異的業績，包括第四季度。但我想我上次說過，雖然我們上半年的殖利率表現優於預期 250 個基點，但下半年將會很困難。你們也看到了我們在第三季所取得的成績。

Ben, you still there?

本，你還在嗎？

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Thanks, and congrats on another nice quarter. So Josh, could you elaborate on the ample opportunity remaining with net yields, margins, and returns that you cited in the release? I don't know, maybe there's a way to think about what inning you see the overall story in today, or just how would you rank the continued areas for ample improvement that you noted?

謝謝，恭喜你又一個季度取得好成績。那麼喬希，您能否詳細說明您在新聞稿中提到的淨收益、利潤率和回報方面剩餘的充足機會？我不知道，也許有一種方法可以讓你思考今天你看到的整體故事處於什麼階段，或者你如何對你注意到的需要繼續充分改進的領域進行排名？

Having just got to 13% on the return side, I don't see why that cannot make significant improvement on a longer-term basis. From there, I never looked at 13% as an ending point. Never looked at 12% as an ending point, which was our SEA Change targets, and now we're at 13%.

回報率剛剛達到 13%，我不明白為什麼從長遠來看它不能有顯著的進步。從那時起，我再也沒有將 13% 視為終點。從來沒有把 12% 視為終點，這​​是我們的 SEA Change 目標，現在我們已經達到 13%了。

We are planning in our fiscal second quarter, hopefully early on in that second quarter, to be able to give longer-term targets, which will probably help give you some clarity around how we're thinking about things. But from a margin perspective, from an improvement in yield perspective, I think you should expect us to have a continued track record of improvement over time. That's what we've shown, and we expect that to continue.

我們計劃在第二個財季，希望是在第二季度初，制定長期目標，這可能有助於讓您更清楚地了解我們的想法。但從利潤率的角度來看，從收益率提高的角度來看，我認為你應該期待我們隨著時間的推移持續改善。這就是我們所展示的，並且我們期望這種情況能夠繼續下去。

And David, helpful color on costs for next year. Are there any constraints as we think about delivering on your algorithm for costs to grow below yields as we think about puts and takes for '26 and also as we think multiyear?

大衛，對明年的成本有幫助。當我們考慮實現您的演算法以使成本成長低於收益率時，當我們考慮 26 年的看跌期權和看漲期權以及我們考慮多年的看跌期權時，是否存在任何限制？

Yeah. So as Josh indicated, we're going to be looking at targets early next year, and we do expect to see improving returns and improving margins, so which would mean that in the long term, yields would grow faster than costs over time. And any one given year, obviously, that's a difficult metric. But there are things that we can do in difficult circumstances, and we will work hard.

是的。正如喬希所指出的，我們將在明年年初研究目標，我們確實希望看到回報和利潤率的提高，這意味著從長遠來看，收益率的成長速度將快於成本的成長速度。顯然，任何一年，這都是一個難以衡量的指標。但在困難的情況下，我們還是可以做些什麼的，我們會努力的。

We have lots of savings opportunities to leverage our scale. As we talked about, we saw things in the third quarter, hundreds of items leveraging our scale across various operating areas, and we expect to see that continue into 2026. Some of that is, what Josh was talking about before, offsets to the cost increases that I mentioned in my prepared remarks.

我們有很多節省成本的機會來利用我們的規模。正如我們所討論的，我們在第三季度看到了一些情況，數百個項目利用了我們在各個營運領域的規模，我們預計這種情況將持續到 2026 年。其中一部分是喬希之前談到的，抵消了我在準備好的發言中提到的成本增加。

That's great color. Best of luck.

顏色真棒。祝你好運。

Yeah. I'd just add for everybody, the lack of capacity, I think, is part of our strategy. It also basically means for every dollar that we spend, that's a dollar increase on a unit basis. And I'm not shying away from that. That is what it is, and we're going to work hard to reduce our costs wherever we see efficiency and we can leverage our scale more.

是的。我只是想向大家補充一點，我認為缺乏能力是我們策略的一部分。這也意味著我們每花費一美元，單位價值就會增加一美元。我並不迴避這一點。事實就是如此，只要我們發現效率高，我們就會努力降低成本，並充分利用我們的規模。

But it's a very different environment on the cost side than when you're living with a 6%, 7%, 8% year-over-year capacity increase, which covers up quite a lot of cost spending underneath the surface. So that's on us. We're going to try to perform as well as we can in all circumstances. That's just a reality of a very low-capacity environment.

但成本方面的環境與產能年增 6%、7%、8% 的情況截然不同，掩蓋了相當多的成本支出。所以這是我們的責任。在任何情況下，我們都會盡力表現得最好。這只是低容量環境的現實。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi, everyone. Thank you. In the prepared remarks, you talked a little bit about the laggard brands moving up the ranks. I'm just hoping you could maybe drill down on that a little bit and talk about what's actually improving there. And then, I mean, in the past, you've just talked about rationalizing brands and whatnot. So I would imagine that there's some sort of investment needed to kind of get those brands back to the 2019 and beyond level. So if you could just talk a little about the laggards, that would be helpful. Thank you.

大家好。謝謝。在準備好的發言中，您稍微談到了落後品牌的晉升。我只是希望您能深入探討這個問題，並談談那裡實際上取得了哪些進展。然後，我的意思是，在過去，您只是談論過合理化品牌等等。因此我認為需要某種投資才能讓這些品牌恢復到 2019 年及以後的水平。因此，如果您能稍微談談落後者，那將會很有幫助。謝謝。

Yeah. It is interesting, and we don't really -- and I'm not going to open the kimono and just tell you everything that you probably want to know. But I would say that, for example, some of the brands that are lagging 2019, well, they were super high up the leaderboard in 2019 and they're already at double digit. They're just not to where they were in 2019 because they were really clicking on all cylinders. And they've already got -- they're showing improvement, good improvement, but I know that there's a way to go.

是的。這很有趣，我們真的不——而且我不會打開和服並告訴你所有你可能想知道的事情。但我想說的是，例如，一些在 2019 年落後的品牌，他們在 2019 年的排行榜上名列前茅，而且已經達到了兩位數。他們只是沒有達到 2019 年的水平，因為他們真的全力以赴。他們已經取得了進步，很好的進步，但我知道還有很長的路要走。

Likewise, there's a couple of brands that have already improved versus 2019, but the 2019 starting point wasn't anything to be raving about. So I know that they've gone to even higher heights in the past 20 years, and we see a path to be able to help them get there.

同樣，有幾個品牌與 2019 年相比已經有所進步，但 2019 年的起點並沒有什麼值得稱讚的。所以我知道，在過去的 20 年裡，他們已經達到了更高的高度，我們也看到了一條能夠幫助他們達到這一高度的道路。

So it is a bit of a mix underneath. When we talk about significant investment, though, in order to be able to help brands really get up to the top of that leaderboard, I don't think there's actually anything in particular that is a glaring hole for any of these brands that we've got to fill. We have rationalized.

因此，它下面有點混合。然而，當我們談論大量投資時，為了能夠幫助品牌真正登上排行榜的榜首，我認為實際上並沒有什麼特別明顯的漏洞需要我們去填補。我們已經合理化了。

We have right-sized many of our brands that needed right-sizing, and the progress is good and we'll continue to support the brands that need a little bit more help than others to keep pushing up the ranks. I'm ecstatic that, as amazingly as Carnival and AIDA have been doing over the last couple of years, they've got to look over their shoulder because there's some that are coming on fast.

我們已經對許多需要調整規模的品牌進行了調整，進展良好，我們將繼續支持那些比其他品牌需要更多幫助的品牌，以繼續提升排名。我很高興，儘管嘉年華和 AIDA 在過去幾年中表現令人驚嘆，但他們必須保持警惕，因為有些公司發展很快。

Okay, that's helpful. And then I know that you got asked about '26, so maybe I can ask about '27. So on the drydock commentary, it seems like there's been a couple issues with that. I mean, you've had a headwind for several years now, right? And then '27, I would think that we'd actually start to tick down again.

好的，這很有幫助。然後我知道你被問到關於 '26 的問題，所以也許我可以問一下 '27 的問題。因此，關於乾船塢的評論，似乎存在一些問題。我的意思是，你已經逆風好幾年了，對吧？然後到了 27 年，我認為我們實際上會再次開始走下坡路。

What holds that back? Is your fleet back to -- if you could just talk about the drydock opportunity come '27, does it actually start to bend down again? That would be helpful. Thank you.

是什麼阻礙了這一點？您的船隊是否恢復了——如果您能談談 27 年乾船塢機會，它是否真的開始再次彎曲？那將會很有幫助。謝謝。

Yeah. So 2027, I mean, at the moment, these things move around constantly as we plan things. But at the moment, the plan is for less drydock days in 2027 than in 2026. But I caution you that things can change as they do all the time. So there may be some opportunity there on the flip side, but it's very premature.

是的。所以 2027 年，我的意思是，目前，這些事情隨著我們的計畫而不斷改變。但目前的計畫是，2027 年的乾船塢天數將比 2026 年減少。但我提醒你，事情隨時都在改變。因此，另一方面可能存在一些機會，但現在還為時過早。

Yeah. Okay. Thank you.

是的。好的。謝謝。

Lizzie Dove, Goldman Sachs Asset Management.

高盛資產管理公司 Lizzie Dove。

Hi there. Thanks for taking the question. So congrats on another great quarter, obviously really strong same-ship yields. I'm curious as you go forward, it feels like you're having really strong returns from things like the AIDA Evolution program. How do you evaluate, when you're thinking about building new ships versus maybe expanding that type of retrofitting type program to the other brands and the relative returns there?

你好呀。感謝您回答這個問題。恭喜您又度過了一個出色的季度，同船收益率顯然非常強勁。我很好奇，隨著您的前進，感覺您從 AIDA Evolution 計劃等中獲得了非常豐厚的回報。當您考慮建造新船，或將這種改裝計劃擴展到其他品牌時，您如何評估相對回報？

Yeah. So actually, I'm not going to tell you which one, but I sat through a session last week with another one of our brands to be doing something similar vein to how AIDA is thinking about their midlife ship refurbishment program. So we are actively in the middle of that.

是的。所以實際上，我不會告訴你是哪一個，但上週我與我們的另一個品牌一起參加了一次會議，做了一些類似於 AIDA 如何考慮他們的中期船舶翻新計劃的事情。因此，我們正積極地參與其中。

Most of our brands have no new builds on order. And so making sure that we're maximizing the assets that we've got and investing in them when the returns make sense is part of how we're thinking about the world going forward. It's one of the reasons why our drydock costs are higher than they have been in the past, but they're giving us the return.

我們的大多數品牌都沒有新訂單。因此，確保我們最大限度地利用現有的資產，並在回報合理時對其進行投資，這是我們思考未來世界的方式之一。這是我們的乾船塢成本比過去更高的原因之一，但它們為我們帶來了回報。

So we do look at it. I would look at it very, very similar to a new build, what's the incremental amount that they want to spend, incremental to what would be normal just to run the ships in the normal course, and what are we going to get for it. And AIDA's shown us a template for getting significantly outsized returns on that type of investment.

所以我們確實會看它。我會把它看作與新建非常相似的東西，他們想要花費的增量金額是多少，增量是多少，只是為了在正常航線上運行船舶，我們將從中獲得什麼。AIDA 向我們展示了從此類投資中獲得巨額回報的範本。

So I would say stay tuned. There'll be more to come in this space.

所以我想說請繼續關注。這個領域還會有更多內容。

Got it. That's helpful. And then shifting gears, in Galveston, I think you're still the leading cruise line there in terms of volumes, number of ships there, et cetera. But you do have one of your peers mainly, I suppose, like trying to get more active in that space over the next few years.

知道了。這很有幫助。然後換個話題，在加爾維斯頓，我認為你們在數量、船舶數量等方面仍然是當地領先的郵輪公司。但我想，你確實有一個同行主要想在未來幾年內在該領域更加活躍。

How does that impact or does it impact how you think of your go-to-market there? There's been a lot of expansion on islands in the Eastern Caribbean, which I know you can reach from Galveston. But whether it's more developments with the Western Caribbean or Mexico, Puerta Maya, that you have, Isla Tropicale, how do you just think about keeping that competitive edge in Galveston?

這會對您或您對進入那裡的市場的看法產生什麼影響？東加勒比海的島嶼已經得到了很大的擴張，我知道你可以從加爾維斯頓到達那裡。但是，無論是西加勒比海地區還是墨西哥、普埃爾塔瑪雅、熱帶島的進一步開發，您如何考慮保持加爾維斯頓的競爭優勢？

Yeah. Galveston has been a tremendous market for us for decades, and we expect that to continue. We've got some fairly loyal guest bases all throughout Texas, which is always appreciated.

是的。幾十年來，加爾維斯頓一直是我們龐大的市場，我們預計這種趨勢將持續下去。我們在德克薩斯州各地擁有一些相當忠誠的客戶群，這總是令人感激的。

So it's certainly more crowded. I mean, we find that everywhere, right? People see successful operations and they want to emulate it. And I want to do the same when I see it from others. So we're going to try to keep upping our game and the guest experience that we have, the ships that we put there and where we can take them. And we're always looking at opportunities, Lizzie, for how to diversify the offerings for our guests. And we'll continue to do that.

所以肯定更加擁擠。我的意思是，我們到處都能發現它，對吧？人們看到成功的運作，就想效法。當我看到別人也這樣做時，我也想這樣做。因此，我們將努力不斷提高我們的水平和遊客體驗，以及我們在那裡停靠的船隻以及我們可以帶它們去的地方。莉齊，我們一直在尋找機會為我們的客人提供多樣化的服務。我們將繼續這樣做。

And every market is important. Every home port is important. But one of the things that we get with our scale and our size and that diverse portfolio is a lot of things are clicking well for us, right? I mean, the Caribbean is about a third of our business. It's an important third. But Europe is, I think, getting pretty damn close to 30% of our business. Alaska is inching towards double digit and primarily over the third quarter.

每個市場都很重要。每個母港都很重要。但是，憑藉我們的規模和規模以及多元化的投資組合，很多事情對我們來說都很順利，對吧？我的意思是，加勒比地區約占我們業務的三分之一。這是重要的三分之一。但我認為，歐洲已經佔據了我們業務的近 30%。阿拉斯加州正緩慢地向兩位數邁進，主要是在第三季。

So we really do have a diversified portfolio that we've been -- I would say, over my tenure, it didn't start in a lot of folks' minds as a positive. It was a drag because North America started out the gate so quickly when we came out of our pause. But I can tell you that diversification and the strength of that portfolio are all over the world is a huge benefit for us. And we continue to enjoy the results.

因此，我們確實擁有多元化的投資組合——我想說，在我的任期內，很多人一開始並不認為這是好事。這很令人沮喪，因為當我們結束暫停時，北美市場開始迅速崛起。但我可以告訴你，多元化和遍布全球的投資組合實力對我們來說是一個巨大的優勢。我們繼續享受成果。

Great. Thank you.

偉大的。謝謝。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Morning, everybody. Thanks for taking my question. David, in some of your earlier remarks about capital allocation, there was some reference to a bit of a transition to getting to return capital. Should we think about leverage having to get inside of that 3 times before there'd be more substantial recurring, whatever adjective we'd like to put on it? How are we thinking about the progression from here before we'd see maybe a buyback and other forms? Thanks.

大家早安。感謝您回答我的問題。大衛，在您之前關於資本配置的一些評論中，提到了向資本回報的轉變。我們是否應該考慮槓桿必須達到 3 倍才能出現更實質的循環，無論我們想用什麼形容詞來形容它？在我們看到回購和其他形式之前，我們如何考慮從現在開始的進展？謝謝。

Well, I think, let's start by saying I think it's wonderful we're having this conversation -- that we're in with a strong balance sheet getting stronger every day. But as Josh said, it is a Board decision. And we do have to have some conversations with the Board.

好吧，我想，首先我們要說的是，我們進行這樣的對話真是太棒了——我們的資產負債表非常強勁，而且每天都在變得更加強勁。但正如喬希所說，這是董事會的決定。我們確實需要與董事會進行一些對話。

We are looking at -- given our circumstances, as I said, we can begin to think about returning capital to shareholders, and we will do that. And as we go along throughout 2026, we will make decisions as to how much, when, where, and how. And so it's a little premature to give -- make any statements relative to the size or magnitude of anything in terms of that right now.

我們正在考慮——考慮到我們的情況，正如我所說，我們可以開始考慮向股東返還資本，我們也會這樣做。隨著 2026 年的到來，我們將決定實施的規模、時間、地點和方式。因此，現在就此事的規模或程度做出任何陳述還為時過早。

Yeah. One thing, David, I think you misspoke or you misread the release in that we're not looking to get to 3 times before we start doing that shareholder return of capital. It's as we have our line of sight on 3.5 times is where we can start pivoting and doing more. Even though our long-term target is under 3, once we get to that 3.5 times, we can walk and chew gum and we can do both.

是的。有一件事，大衛，我認為你說錯了或你誤解了新聞稿，因為我們並不打算在開始進行股東資本回報之前達到 3 倍。當我們將視線集中在 3.5 倍時，我們就可以開始轉變並做更多的事情。儘管我們的長期目標是低於 3，但一旦達到 3.5 倍，我們就可以邊走邊嚼口香糖，兩者兼顧。

Understood, and that's what I intended. But just to follow up, thinking about other potential large capital projects or investments that may come our way, is there any -- I know this is not always the best place for hypotheticals, but just thinking about what might get in the way or defer any of that leverage come down, anything out there we should just consider or be aware of?

明白了，這就是我的意思。但只是為了跟進，思考一下我們可能遇到的其他潛在的大型資本項目或投資，有沒有——我知道這並不總是假設的最佳場所，但只是思考什麼可能會阻礙或推遲任何槓桿的下降，有什麼是我們應該考慮或註意的？

No. The only thing I'd say is, as we've been talking about a little bit on this call, is part of what we do is invest in ourselves on the capital side. So if we see opportunities for midlife ship significant refurbishments like we're doing with AIDA, that will certainly come into effect. There's the opportunity for Phase 2 of Celebration Key, as we've talked about.

不。我唯一想說的是，正如我們在這次電話會議上談到的那樣，我們所做的事情的一部分就是在資本方面對自己進行投資。因此，如果我們看到對中期船舶進行重大整修的機會，就像我們對 AIDA 所做的那樣，那肯定會生效。正如我們所討論的，這是慶祝鑰匙第二階段的機會。

But none of that is even close, actually, to the price of a new build. So we're talking about things in any -- over the coming years that we think are accretive to the business, but in the grand scheme of things are significantly smaller than the types of investments that an individual new build would have us make.

但實際上，這些都遠不及新建房屋的價格。因此，我們正在談論未來幾年內我們認為會對業務產生增值作用的事情，但從總體上看，這些事情比單一新建專案需要我們進行的投資類型要小得多。

Understood. Thank you.

明白了。謝謝。

Sure.

當然。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi. Thanks for taking the question. I think at the beginning, you talked about early learnings on Celebration Key, kind of things that maybe you can amplify and/or improve. So I'd be curious on what you're hearing from the guests there.

你好。感謝您回答這個問題。我認為一開始您就談到了 Celebration Key 的早期學習成果，以及一些也許您可以擴大和/或改進的東西。所以我很好奇你從那裡的客人那裡聽到了什麼。

And then secondarily, on the loyalty hit to yields next year, I assume that's all kind of second half weighted, just given when loyalty kind of rolls out, if you could clarify that. Thanks.

其次，關於忠誠度對明年收益率的影響，我認為這都是下半年加權的結果，只是考慮到忠誠度何時推出，如果你能澄清一下的話。謝謝。

Yeah. So on the Celebration Key side, some of this is us being a little bit more thoughtful about exactly how we schedule the arrivals and departures of our ships when we've got multiple ships in port to make sure that everybody's got time and space to have an amazing time. Because there's so many folks going ashore, which is amazing, we need to get some more shade lounges and more umbrellas, which I'm actually happy to do, some more shading in the island.

是的。因此，在慶典鑰匙方面，當我們有多艘船停靠港口時，我們會更周到地安排船隻的到達和離開時間，以確保每個人都有時間和空間度過美好的時光。因為有這麼多人上岸，這真是太神奇了，我們需要多弄些遮陽椅和遮陽傘，我很樂意這樣做，為島上增添一些遮陽。

There are some things that structurally we are working on. There's a rocky stretch of the beach that we want to make less rocky over time. We just got to see how the natural flows of the environment are working in a little bit more of an extended period to make those types of decisions. But tweaks all over the place on the F&B offerings, the type of things we offer, where we offer them, I mean, it's all going to be in play.

我們正在從結構上著手處理一些事情。海灘上有一塊岩石，我們希望隨著時間的推移，岩石能夠逐漸減少。我們只是要觀察環境的自然流動如何在更長的時間內發揮作用，從而做出這些類型的決定。但是，餐飲服務的全面調整，包括我們提供的食物類型、提供地點等，所有這些都將發揮作用。

I mean, I'd say this with a lot of love for the team at Carnival Corporation worldwide who have been participating in this. The fact that we've hit the ground running as hard as we have from opening to pretty much full is pretty phenomenal. And we'll take the learnings as we go and we'll just feed it in. Really no different from a new ship, no different from new functions. You just got to listen, get feedback, and move on.

我的意思是，我對參與此事的嘉年華郵輪公司全球團隊充滿愛意。事實上，從開業到現在，我們一直全力以赴，這真是太了不起了。我們將在前進的過程中汲取經驗教訓並將其回饋給我們。真的和新船沒什麼差別，和新功能沒什麼差別。你只需要傾聽、獲得回饋，然後繼續前進。

As far as the loyalty hit, you want to --?

就忠誠度而言，你想--？

Yeah. The loyalty, it is the second half after the implementation of the program in June 2026.

是的。忠誠，是2026年6月計畫實施後的後半段。

Thank you.

謝謝。

Chris Stathoulopoulos, Susquehanna International.

薩斯奎漢納國際公司的克里斯‧斯塔索洛普洛斯 (Chris Stathoulopoulos)。

Good morning, everyone. So I'm going to keep it to one question. Really more of a strategic view, Josh, I know you're not talking about '26, but this is more of a high level as we think about the industry and really about Carnival's ability to, I would say, protect pricing power, brand equity in the Caribbean. So you have a competitor who's going to be adding on a lot of new hardware and pivoting to fun and some itineraries, as well as another who recently announced a new class of ships beyond their icons.

大家早安。所以我只想問一個問題。喬希，這實際上更多的是一種戰略觀點，我知道你不是在談論 26 年，但當我們考慮這個行業時，這更像是一個更高的層次，而且實際上考慮嘉年華在加勒比地區保護定價權和品牌資產的能力。因此，你有一個競爭對手，它將增加許多新硬體並轉向娛樂和一些行程，而另一個競爭對手最近宣布推出超越其標誌的新型船舶。

So as we think about the Caribbean market, and maybe you want to kind of contextualize this in terms of the mix of premiums, so balcony and suites and the like, I'm guessing this is going to be growing year on year, low single digits for next year, perhaps at the same level through end of decade.

因此，當我們考慮加勒比海市場時，也許您想從保費組合的角度來具體說明這一點，例如陽台和套房等，我猜這將逐年增長，明年將保持較低的個位數增長，也許到本世紀末將保持在同一水平。

What is the plan for Carnival to protect its ability to push yield to maintain its share? I realize you have two private destinations coming online, so maybe you could contextualize that in terms of a premium for that itinerary versus non. But I want to understand how you're thinking about the Caribbean, particularly as the market looks to evolve and capacity, perhaps grow at a rate that we haven't seen for some time. Thanks.

嘉年華郵輪公司有何計劃來確保其提高收益的能力，從而維持其市場份額？我知道您有兩個私人目的地即將上線，所以也許您可以根據該行程和非行程的溢價情況來具體說明這一點。但我想了解您對加勒比地區的看法，特別是因為市場正在發展，容量正在增加，也許會以我們一段時間以來未曾見過的速度增長。謝謝。

Yeah. No, thanks for the question. I wish we could say we haven't seen this growth for a long time, but that's just not the case. I mean, the fact is the Caribbean market has, for 20 years, been growing at rates that people did not think was sustainable. And lo and behold, it is. And we do grow less -- we are growing less than some of our competitors.

是的。不，謝謝你的提問。我希望我們可以說我們已經很久沒有看到這種增長了，但事實並非如此。我的意思是，事實上，20 年來，加勒比海市場一直以人們認為不可持續的速度成長。你瞧，確實如此。我們的成長確實較少——我們的成長速度比一些競爭對手慢。

But at the end of the day, I think the first thing we got to contextualize is that we are all competing for land alternative vacations and guests that would otherwise be going somewhere else, be that -- whether that's Orlando, whether that's a beach resort, whether that's going across to Europe, whatever that might be, that's who we're competing against. And in that context, we are all tiny. I mean, we are just incredibly insignificant in the grand scheme of the vacation market, which actually is a plus, because the better we've gotten at reaching into the mainstream, more consideration being given by those who do not cruise, the better off we are.

但歸根結底，我認為我們首先要考慮的是，我們都在爭奪陸地度假的替代選擇，以及那些原本會去其他地方的遊客——無論是奧蘭多，還是海灘度假村，還是去歐洲，無論去哪裡，都是我們的競爭對手。從這個角度來看，我們都很渺小。我的意思是，在宏偉的度假市場中，我們只是微不足道的，這實際上是一個優勢，因為我們越能融入主流，那些不乘坐遊輪的人給予的考慮就越多，我們的狀況就越好。

Now keep in mind, it doesn't mean we're standing still. So Carnival has got two XL sisters coming in -- one in '27 and one in '28. So we're building for Carnival. We also have announced our own new class, the ACE Class, which is going to carry more guests than anything that exists in the world today. And that's also for Carnival and helping to protect his position in general, but it has been the mainstay in the Caribbean forever.

請記住，這並不意味著我們停滯不前。因此，嘉年華郵輪公司將迎來兩艘 XL 姊妹郵輪——一艘將於 2027 年投入運營，另一艘將於 2028 年投入運營。所以我們正在為嘉年華做準備。我們也宣布推出我們自己的新級別郵輪——ACE 級，其載客量將超過當今世界上任何郵輪。這對嘉年華也有助於維護其整體地位，但它一直是加勒比地區的中流砥柱。

So I -- this is just nothing new in the grand scheme of things. We just got to keep doing what we're doing, investing in the things that we think make a difference, leaning into the destination strategy, certainly Celebration Key, RelaxAway Half Moon, those things are going to help. And we're always looking at different opportunities like that.

所以我——從整體上看這並不是什麼新鮮事。我們只需要繼續做我們正在做的事情，投資我們認為會有所作為的事情，傾向於目的地策略，當然 Celebration Key、RelaxAway Half Moon 等事情都會有所幫助。我們一直在尋找類似的不同機會。

And the other thing is, ultimately, what we see is with a lot of our competitors, they view the Caribbean differently. They view it as something that is more transient in nature than we do. Caribbean for Carnival, that is who they are, that is what they do, and they're amazing at it.

另一件事是，最終，我們看到許多競爭對手對加勒比地區的看法不同。他們認為，與我們所認為的相比，它本質上是一種更短暫的東西。加勒比海地區的狂歡節，這就是他們的風格，這就是他們所做的事，而且他們做得非常好。

I'm not taking anything away from our competitors. Some of them have made a great go of it, and they're doing similar things, but they also look at the Caribbean as something like good enough until something better comes along. And we position ourselves very well being there for the long term.

我不會從我們的競爭對手那裡拿走任何東西。他們中的一些人已經取得了很大進展，他們正在做類似的事情，但他們也認為加勒比地區已經足夠好了，直到出現更好的地方。我們已做好長期發展的良好準備。

So thank you for the question. We have time for one more, operator.

謝謝你的提問。我們還有時間再做一件事，接線生。

Vince Ciepiel, Cleveland Research.

文斯·西皮爾（Vince Ciepiel），克里夫蘭研究公司。

Thanks. Just wanted to think a little bit longer term about the opportunity. I know in the multi-year goal, you guys are targeting low to mid-single-digit type per diem growth. When we look at occupancy here, still, I think about 1 point shy of where 2019 shook out. And I imagine something like 20% of the fleet might be newer. And we think it's overindexing the balconies and maybe have higher occupancy levels in terms of opportunity. So how are you thinking about the multi-year opportunity ahead in the occupancy side of the yield equation?

謝謝。只是想從更長遠的角度考慮這個機會。我知道在多年目標中，你們的目標是實現低到中等個位數的每日成長。當我們查看這裡的入住率時，我認為仍然比 2019 年的入住率低 1 個百分點。我估計大約 20% 的船隊可能會更新。我們認為陽台的利用率過高，從機會角度來看，可能有更高的入住率。那麼，您如何看待未來多年收益方程中入住率的機會？

Yeah. Look, there's nothing -- I mean, truly, when I say this, there's nothing magic about the occupancy number that we hit exactly this year versus 2019. We're encouraging our brands to optimize between the price that they can achieve and the occupancy. We know we can get occupancy. It's really easy to sail completely full. It's just a matter of how much you can charge to do it. And we want to make sure our brands are focused on the total revenue and not just occupancy to hit it.

是的。瞧，沒有什麼——我的意思是，真的，當我這麼說的時候，我們今年與 2019 年相比達到的入住率並沒有什麼神奇之處。我們鼓勵我們的品牌在可實現的價格和入住率之間進行最佳化。我們知道我們可以獲得入住率。滿載航行確實很容易。這只是你能夠收取多少錢的問題。我們希望確保我們的品牌專注於總收入，而不僅僅是入住率。

There is opportunity. There is opportunity for our brands to improve on the occupancy position that we found ourselves at the end of the third quarter, which isn't far off from 2019, which was a high watermark and is above the historical range. But in the grand scheme of things, there'll be incremental things that we do, brand by brand, to make the trade-off between that price and occupancy and getting more folks on at the right price.

有機會。我們的品牌有機會提高我們在第三季末發現的入住率水平，這與 2019 年的入住率水平相差不遠，這是一個高水位，高於歷史範圍。但從整體來看，我們會逐步針對每個品牌採取相應措施，在價格和入住率之間取得平衡，以適當的價格吸引更多客人。

Great. Thanks.

偉大的。謝謝。

Thank you very much. With that, I'll say thank you very much. Look forward to talking in December when we can probably talk a little bit more about 2026. So thanks, everybody. Have a good day.

非常感謝。對此，我要表達衷心的感謝。期待 12 月的會談，屆時我們可能會進一步討論 2026 年的問題。謝謝大家。祝你有美好的一天。

Thank you. That does conclude today's teleconference webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。