Carnival PLC (CUK) 2021 Q2 法說會逐字稿

Good morning, everyone, and welcome to our business update conference call.

大家早上好，歡迎來到我們的業務更新電話會議。

I am Arnold Donald, President and CEO of Carnival Corporation & plc.

我是 Arnold Donald，Carnival Corporation & plc 的總裁兼首席執行官。

Today, I'm joined telephonically by our Chairman, Micky Arison; as well as David Bernstein, our Chief Financial Officer; and Beth Roberts, Senior Vice President, Investor Relations.

今天，我們的主席 Micky Arison 通過電話與我會面；以及我們的首席財務官 David Bernstein；貝絲·羅伯茨 (Beth Roberts)，投資者關係高級副總裁。

Thank you all for joining us this morning.

感謝大家今天早上加入我們。

Now before I begin, please note that some of our remarks on this call will be forward-looking.

現在，在我開始之前，請注意我們對本次電話會議的一些評論將是前瞻性的。

Therefore, I must refer you to the cautionary statement in today's press release.

因此，我必須向您推薦今天新聞稿中的警告聲明。

Excitedly, we are on a path to return the full fleet operations, and we are very happy to continue to welcome our loyal guests back on board as well as to welcome new guests.

令人興奮的是，我們正在恢復全部機隊運營的道路上，我們非常高興繼續歡迎我們忠實的客人回到船上並歡迎新客人。

And we're working diligently to have offerings that serve all of our guests in a way that is compliant in the home ports and destinations we touch while serving the best interest of public health.

我們正在努力工作，以符合我們所接觸的母港和目的地的方式為所有客人提供服務，同時服務於公共衛生的最佳利益。

So far, we've announced the resumption of operations for 42 ships across 8 of our 9 brands by fiscal year-end, and that represents over half of our fleet capacity returning to guest cruise operations.

到目前為止，我們已經宣佈到財政年度結束時，我們 9 個品牌中的 8 個品牌的 42 艘船將恢復運營，這占我們船隊運力的一半以上恢復了客人郵輪運營。

And this includes what we expect to be a very successful relaunching of cruising in the U.K. later this week with P&O Cruises Britannia; and sailing, once again, from the United States on Carnival Horizon over the fourth of July.

這包括我們預計本週晚些時候 P&O Cruises Britannia 將在英國非常成功地重新啟動巡航；並在 7 月 4 日再次從美國乘嘉年華地平線航行。

In fact, Carnival Horizon will be joined by 9 other ships restarting in the United States by the end of August.

事實上，到 8 月底，Carnival Horizon 將與其他 9 艘船一起在美國重新啟動。

We're evaluating additional deployment options throughout the fall and winter period with a focus on maximizing future cash flow while delivering a great guest experience in a way that, of course, serves the best interest of public health.

我們正在評估整個秋季和冬季的其他部署選項，重點是最大限度地提高未來現金流，同時以一種當然符合公眾健康最佳利益的方式提供出色的賓客體驗。

Again, our highest responsibility and therefore, our top priority is always compliance, environmental protection and the health, safety and well-being of our guests, of the people and the communities we touch and serve and, of course, our Carnival family, our team members shipboard and shoreside.

同樣，我們的最高責任，因此，我們的首要任務始終是合規、環境保護以及我們的客人、我們接觸和服務的人們和社區的健康、安全和福祉，當然還有我們的嘉年華大家庭，我們的船上和岸上的團隊成員。

We continue to work toward resuming operations also in Australia and Asia.

我們繼續努力恢復在澳大利亞和亞洲的運營。

And while we can't predict the pace of the ramp-up to full fleet operations, we continue to expect full operations well before our important summer season next year.

雖然我們無法預測全面運營的速度，但我們仍然預計在明年重要的夏季之前全面運營。

In the near term, we will be impacted by physical distancing requirements on a portion of our cruises, which limits our historically high occupancy levels.

在短期內，我們將受到部分郵輪的物理距離要求的影響，這限制了我們歷史上最高的入住率。

And also near term, we'll be impacted by restricted deployment options as not all of the 700 ports we visit are receiving guests just yet.

而且在短期內，我們將受到部署選項受限的影響，因為我們訪問的 700 個港口並非都在接待客人。

As more people receive vaccine treatment, continue to advance and as mitigation of the spread of the virus continues, current restrictions, of course, will also evolve, and we're confident we will eventually be able to sail without these restrictions.

隨著越來越多的人接受疫苗治療，繼續推進，隨著病毒傳播的持續緩解，當前的限制當然也會發生變化，我們相信我們最終將能夠在沒有這些限制的情況下航行。

Throughout this call, we have been proactively managing to resume operations as an even stronger operating company.

在整個電話會議中，我們一直在積極設法恢復運營，成為一家更強大的運營公司。

Our strategic decision to accelerate the exit of 19 ships has lowered our capacity growth to roughly 2.5% compounded annually from 2019 through 2025.

從 2019 年到 2025 年，我們加速退出 19 艘船舶的戰略決策已將我們的運力增長降低至約 2.5% 的年復合增長率。

That's down from 4.5% pre-COVID.

這比 COVID 之前的 4.5% 有所下降。

Moreover, we have opportunistically rebalanced our portfolio through the ship access as well as the ship transfer any modifications to our new build schedule.

此外，我們通過船舶訪問權以及船舶轉移對我們新建造計劃的任何修改來機會主義地重新平衡我們的投資組合。

The combination of which will transfer 8,000 berths from our Continental European brands to America's favorite cruise line, Carnival Cruise Line, to optimize the current environment, maximize cash generation and improve our return on invested capital.

合併後，我們會將 8,000 個泊位從我們的歐洲大陸品牌轉移到美國最受歡迎的郵輪公司 Carnival Cruise Line，以優化當前環境，最大限度地產生現金並提高我們的投資回報率。

While overall fleet capacity growth is constrained, we will benefit from an exciting roster of new ships spread across our brands to capitalize on the pent-up demand and drive even more enthusiasm, excitement and demand around our restart plans.

雖然整體船隊運力增長受到限制，但我們將受益於遍布我們品牌的令人興奮的新船名冊，以利用被壓抑的需求，並圍繞我們的重啟計劃推動更多的熱情、興奮和需求。

Nearly every brand will still have a new ship welcoming guests for the first time, beginning with our namesake brand, Carnival, introducing the new Mardi Gras.

幾乎每個品牌都會有一艘新船首次迎接客人，從我們的同名品牌嘉年華開始，推出新的狂歡節。

Now it's no small task to successfully address the challenge of honoring the original Mardi Gras.

現在，成功應對紀念原始狂歡節的挑戰並非易事。

The ship that began the advent of our corporation and has been said, the advent of the a modern-day cruising, but the new Mardi Gras does just that.

這艘船開始了我們公司的出現，據說是現代巡航的出現，但新的狂歡節就是這樣做的。

Recently, featured on Good Morning America, Mardi Gras has many features, including the first ever rollercoaster at sea, BOLT.

最近，在早安美國節目中，狂歡節有很多特色，包括有史以來第一個海上過山車 BOLT。

And trust me, I know from personal experience, it is indeed a thrill to ride.

相信我，我從個人經驗中知道，騎行確實令人興奮。

Premium brands, Holland America.

優質品牌，荷蘭美國。

We introduced the new Rotterdam, sister ship to the very successful Koningsdam and Nieuw Statendam.

我們向非常成功的 Koningsdam 和 Nieuw Statendam 推出了新的 Rotterdam 姊妹船。

Princess will welcome guests aboard another new MedallionClass ship, Enchanted Princess.

公主號將在另一艘新的勳章級郵輪魔法公主號上迎接客人。

And ultra luxury brand Seabourn will welcome Seabourn Venture with its world-class expedition team and spectacular 360-degree view submarine.

超豪華品牌世邦 (Seabourn) 將以其世界一流的探險團隊和壯觀的 360 度全景潛艇迎接世邦風險投資公司 (Seabourn Venture)。

For the U.K., we enjoyed a phenomenal virtual naming ceremony for Iona.

在英國，我們為 Iona 舉行了一場非凡的虛擬命名儀式。

Iona's inaugural sailing will be August 7. For Germany, we will introduce LNG-powered AIDAcosma, sister to the also highly successful AIDAnova.

Iona 的首航將於 8 月 7 日舉行。對於德國，我們將推出液化天然氣動力的 AIDAcosma，它是同樣非常成功的 AIDANova 的姊妹船。

And for Southern Europe, Costa Firenze, and LNG-powered Costa Toscana will replace the exit of several less efficient ships.

對於南歐，Costa Firenze 和 LNG 動力的 Costa Toscana 將取代幾艘效率較低的船舶。

We enjoy our structural benefit to revenue from these exciting new shifts due to the richer mix of premium-priced balcony cabins, which will increase 6 percentage points to 55% of our fleet in 2023.

由於高價陽台客艙的組合更加豐富，我們享受這些令人興奮的新轉變帶來的收入結構性優勢，到 2023 年，我們機隊的比例將增加 6 個百分點，達到 55%。

And we will achieve a further structural benefit to unit costs as we introduce these new larger, more efficient ships, coupled with the 19 ships leaving the fleet, which were among our lease position.

隨著我們引進這些更大、更高效的新船，以及離開船隊的 19 艘船，我們將進一步降低單位成本的結構性優勢，這些船是我們的租賃位置。

Again, the combination of which will generate a 4% reduction in ship level unit costs and a 3% reduction in unit fuel consumption going forward, enabling us to deliver more revenue to the bottom line.

同樣，這兩者的結合將使船舶單位成本降低 4%，單位燃料消耗減少 3%，使我們能夠為利潤帶來更多收入。

Moreover, we've continued to find efficiencies across our existing fleet to reduce our costs further as well as planning for streamlined shoreside operations as we ramp back up to full fleet operations.

此外，我們繼續在現有船隊中尋找效率，以進一步降低成本，並在我們恢復到全船隊運營時規劃簡化的岸上運營。

Our advertising efforts continue to evolve with heavy utilization of direct mail and other lower-cost channels such as digital and public relations-driven earned media as compared to higher cost traditional channels.

與成本較高的傳統渠道相比，我們的廣告工作不斷發展，大量使用直郵和其他成本較低的渠道，例如數字和公共關係驅動的免費媒體。

In fact, we have outstanding public relations opportunities coming up such as the 50-year anniversary for both our namesake brand, Carnival Cruise Line and the origin of our corporation.

事實上，我們即將迎來絕佳的公關機會，例如我們的同名品牌 Carnival Cruise Line 和我們公司的起源 50 週年紀念日。

Also, we celebrated the 25th anniversary for our AIDA brand.

此外，我們還慶祝了 AIDA 品牌成立 25 週年。

AIDA initiated an exclusive cooperation with Germany's #1 newspaper in conjunction with the jubilee and their return to service.

AIDA 發起了與德國第一大報紙的獨家合作，以慶祝他們的周年紀念和重返服務。

The [3 states] went viral creating continuous moves and onboard content that captured front page news, both print and online.

[3 個州] 迅速走紅，創造了連續不斷的動作和內容，捕捉了頭版新聞，包括印刷版和在線版。

Of course, we always leveraged the excitement of our new builds to draw media attention.

當然，我們總是利用新版本的興奮來吸引媒體的關注。

So just a couple of weeks ago, the arrival of Mardi Gras into the U.S. and Port Canaveral attracted extensive media attention.

因此，就在幾週前，狂歡節抵達美國和卡納維拉爾港引起了媒體的廣泛關注。

And just last month, our virtual naming ceremony that I mentioned earlier with P&O U.K. at Iona captured record-breaking media, receiving billions of media pressures, far exceeding the reach of any prior U.K. naming event.

就在上個月，我之前在 Iona 與 P&O U.K 提到的我們的虛擬命名儀式獲得了破紀錄的媒體關注，承受了數十億的媒體壓力，遠遠超過了之前任何英國命名活動的影響力。

Meanwhile, despite our minimal advertising spend, we continue to experience an acceleration in booking trends globally, including capturing significant latent demand for our new sailings opening this summer.

與此同時，儘管我們的廣告支出很少，但我們繼續在全球範圍內體驗到預訂趨勢的加速，包括抓住對我們今年夏天開放的新航線的巨大潛在需求。

The strong initial demand has affirmed confidence in our future and indicates a potential for pricing strength over time.

強勁的初始需求肯定了我們對未來的信心，並表明隨著時間的推移定價可能會走強。

Also, we see the potential for improved EBITDA in 2023 compared to 2019, driven primarily by the revenue growth from the introduction of new ships, along with the potential for a higher revenue yield given pent-up demand and the benefit of a richer mix of premium cabins, coupled with structurally lower costs from the replacement of smaller, less efficient vessels with larger, more efficient vessels.

此外，我們認為 2023 年的 EBITDA 有可能比 2019 年有所改善，這主要是由於引入新船帶來的收入增長，以及由於被壓抑的需求和更豐富的組合帶來的好處而帶來的更高收入收益率的潛力。高級客艙，加上用更大、更高效的船隻替換更小、效率更低的船隻，從而在結構上降低成本。

And at the same time, we are working aggressively to lower interest costs.

與此同時，我們正在積極努力降低利息成本。

I want to acknowledge here David Bernstein and our entire finance team for their very successful efforts in helping us to manage the balance sheet.

我想在這裡感謝大衛伯恩斯坦和我們整個財務團隊在幫助我們管理資產負債表方面所做的非常成功的努力。

As we said in our press release this morning, the company successfully refinanced a $2.8 billion term loan and an annual future interest savings of over $120 million.

正如我們在今天上午的新聞稿中所說，該公司成功地為一筆 28 億美元的定期貸款進行了再融資，未來每年可節省超過 1.2 億美元的利息。

And this is the first of many opportunistically finances that we expect to undertake.

這是我們期望進行的許多機會主義融資中的第一個。

Also importantly, we've continued to make advancements in our sustainability efforts.

同樣重要的是，我們繼續在可持續發展方面取得進展。

In fact, earlier this week, we published our 2030 sustainability goals and our 2050 sustainability aspirations, which you can find in the press release issued earlier this week and online at our sustainability website, www.carnivalsustainability.com.

事實上，本週早些時候，我們發布了 2030 年可持續發展目標和 2050 年可持續發展願景，您可以在本週早些時候發布的新聞稿和我們的可持續發展網站 www.carnivalsustainability.com 上找到這些信息。

A key focus of those sustainability efforts is our continued emphasis on the important issue of carbon emission reduction.

這些可持續性努力的一個重點是我們繼續強調減少碳排放這一重要問題。

And as we previously shared, our absolute level of carbon emissions peaked in 2011.

正如我們之前分享的那樣，我們的碳排放絕對水平在 2011 年達到頂峰。

That's despite over 20% capacity growth since that time.

儘管自那時以來產能增長超過 20%。

And it will remain below those levels as we capitalize on our industry-leading efforts to develop and roll out new technologies.

隨著我們利用行業領先的努力開發和推出新技術，它將保持在這些水平以下。

This includes examples such as shore power.

這包括岸電等示例。

Over 40% of our fleet is capable of plugging in while in port, and liquefied natural gas.

我們超過 40% 的船隊能夠在港口和液化天然氣中充電。

We have 11 LNG ships either currently in the fleet or under construction, which will power nearly 20% of our total fleet capacity by 2025.

我們目前有 11 艘 LNG 船在船隊中或在建，到 2025 年，它們將為我們總船隊容量的近 20% 提供動力。

In addition, 77 of our ships are fitted with advanced air quality systems, which benefit our overall emissions profile, and we will continue to aggressively explore new technologies as we work towards net zero emissions over time.

此外，我們的 77 艘船舶配備了先進的空氣質量系統，這有利於我們的整體排放狀況，我們將繼續積極探索新技術，逐步實現淨零排放。

During this [cause], we have made continuous improvements in other environmental, social and governance areas.

在此 [原因] 期間，我們在其他環境、社會和治理領域不斷改進。

We consider food waste another important place to focus our efforts.

我們將食物浪費視為另一個需要重點關注的重要領域。

Food production, much of which is wasted, is among the largest contributors to global warming.

糧食生產，其中大部分被浪費，是全球變暖的最大貢獻者之一。

Now we've taken measures to dramatically reduce our per person food waste and have made good progress toward our initial goal of reducing our food waste by 30% by 2022.

現在，我們已採取措施大幅減少人均食物浪費，並在實現我們最初的目標（到 2022 年將食物浪費減少 30%）方面取得了良好進展。

Among many efforts to honor our commitment to reduce our impact on the environment, we are installing food waste digesters onboard our fleet where needed, and these units will help to mitigate the risk of any nonfood waste discharge.

在履行我們減少對環境影響的承諾的眾多努力中，我們在需要的地方為我們的船隊安裝了食物垃圾消化器，這些裝置將有助於降低任何非食物垃圾排放的風險。

And we are honoring our commitment to diversity and inclusion.

我們正在履行我們對多元化和包容性的承諾。

Now we already have a diverse workforce with our crew hailing from nearly 150 countries.

現在我們已經擁有一支多元化的員工隊伍，我們的員工來自近 150 個國家。

In addition, half of our operating companies are led by women executives.

此外，我們一半的運營公司由女性高管領導。

And we've been recognized by Forbes as America's Best Large Employers as well as America's Best Employers for Diversity and America's Best Employers for Women.

我們被福布斯評為美國最佳大型雇主、美國最佳多元化雇主和美國最佳女性雇主。

We were named the Glassdoor Employees' Choice Award winner in 2021, recognizing the company as one of the best places to work, but we are still striving for diversity at all levels and in all areas of our greater enterprise.

我們在 2021 年被評為 Glassdoor 員工選擇獎得主，承認公司是最佳工作場所之一，但我們仍在努力在更大企業的各個層面和各個領域實現多元化。

Therefore, we are working proactively to engineer diversity through our recruiting and development efforts, and we're also striving for greater inclusion, where every employee feels they have the opportunity to make the contribution they want to, to be recognized or rewarded for those contributions and to realize their individual career aspirations.

因此，我們正在通過招聘和發展工作積極致力於實現多元化，我們也在努力實現更大的包容性，讓每位員工都覺得他們有機會做出自己想做的貢獻，並因這些貢獻而得到認可或獎勵並實現他們個人的職業抱負。

Agility has been a key strength over the last 15 months.

在過去的 15 個月裡，敏捷性一直是一個關鍵優勢。

We expect the environment to remain dynamic as we roll out our fleet while continuing to adapt to an ever-changing situation.

我們希望環境在我們推出機隊時保持動態，同時繼續適應不斷變化的情況。

So we're working aggressively to return our fleet again to operations as quickly as practical while still serving the best interest of public health.

因此，我們正在積極努力，盡快讓我們的機隊恢復運營，同時仍然為公眾健康的最佳利益服務。

With the aggressive actions we've already taken, optimizing our portfolio and reducing capacity, we are well positioned to capitalize on pent-up demand and to emerge a leaner, more efficient company, reinforcing our global industry-leading position.

憑藉我們已經採取的積極行動，優化我們的產品組合併降低產能，我們完全有能力利用被壓抑的需求，打造一家更精簡、更高效的公司，鞏固我們在全球行業的領先地位。

We have secured sufficient liquidity to see us move to full operations.

我們已經獲得了足夠的流動性，可以看到我們轉向全面運營。

And once we return to full operations, our cash flow will be the primary driver to return to investment-grade credit over time, creating greater shareholder value.

一旦我們恢復全面運營，我們的現金流將成為隨著時間的推移恢復投資級信貸的主要驅動力，從而創造更大的股東價值。

Throughout these challenging times, we have received overwhelming support.

在這些充滿挑戰的時期，我們得到了壓倒性的支持。

So once again, thank you to our valued guests.

再次感謝我們尊貴的客人。

Thank you to our travel agent partners.

感謝我們的旅行社合作夥伴。

Thank you to the port communities who are continuing to work with us to prepare for a successful restart around the world.

感謝港口社區繼續與我們合作，為全球成功重啟做準備。

Thank you to the governments and health agencies in numerous countries and states who have partnered with us to vaccinate so many of our thousands and thousands of crew members.

感謝許多國家和州的政府和衛生機構與我們合作，為我們成千上萬的船員接種疫苗。

Thank you to our other many stakeholders for their ongoing support.

感謝我們其他許多利益相關者的持續支持。

Thank you to the dedicated members of our Carnival family, shipboard and shoreside, who have worked tirelessly to get us to this turning point in our global restart plan.

感謝我們嘉年華大家庭、船上和岸邊的敬業成員，他們孜孜不倦地工作，使我們達到了全球重啟計劃的這個轉折點。

And of course, thank you to our lenders and investors for their continued confidence in us and in our future.

當然，還要感謝我們的貸方和投資者，感謝他們對我們和我們未來的持續信任。

We can't wait to welcome everyone back on board.

我們迫不及待地歡迎大家回到船上。

With that, I will turn the call over to David.

有了這個，我會把電話轉給大衛。

Thank you, Arnold.

謝謝你，阿諾德。

I'll start today with an update on booking trends.

我將從今天開始更新預訂趨勢。

Then I'll provide our monthly average cash burn rate along with a summary of our second quarter cash flows and then finish up with some insights into our financial position.

然後我將提供我們的月平均現金消耗率以及我們第二季度現金流量的摘要，然後對我們的財務狀況進行一些深入了解。

Turning to booking trends.

轉向預訂趨勢。

Our booking volumes have been very strong given the circumstances and are clearly improving.

在這種情況下，我們的預訂量非常強勁，並且正在明顯改善。

Volumes for all future cruises during the second quarter 2021 were 45% ahead of booking volumes during the first quarter.

2021 年第二季度所有未來郵輪的銷量比第一季度的預訂量高出 45%。

The increase was driven by both close-in bookings associated with the recent restart announcement as well as strong booking volumes for 2022.

這一增長是由與最近重啟公告相關的臨近預訂以及 2022 年強勁的預訂量推動的。

This is a clear demonstration of the pent-up demand for cruises as well as the long-term potential for the market.

這清楚地表明了對遊輪的被壓抑需求以及市場的長期潛力。

Just as positive, our cumulative advanced book position for the full year 2022 is ahead of a very strong 2019, which was at the high end of the historical range.

同樣積極的是，我們 2022 年全年的累計賬面頭寸領先於非常強勁的 2019 年，後者處於歷史區間的高端。

I would like to point out that our booking volumes and booked positions are very encouraging, given that they were achieved with minimal advertising and promotional activity.

我想指出，我們的預訂量和預訂位置非常令人鼓舞，因為它們是通過最少的廣告和促銷活動實現的。

Pricing on our full year 2022 book position is higher than pricing on bookings at the same time for 2019 sailings driven in part by the bundled pricing strategy for a number of our brands, but excluding the dilutive impact of future cruise credits, or more commonly known as FCCs.

我們 2022 年全年預訂頭寸的定價高於 2019 年航次同時預訂的定價，部分原因是我們許多品牌的捆綁定價策略，但不包括未來郵輪積分的稀釋影響，或更廣為人知的作為 FCC。

This is a great achievement given pricing on bookings for 2019 sailings is a tough comparison as it was a high watermark for historical yield.

這是一個偉大的成就，因為 2019 年航行的預訂定價是一個艱難的比較，因為它是歷史收益的高水位線。

Over the past year or so, we have offered and our guests have chosen more and more bundled package options.

在過去一年左右的時間裡，我們提供了越來越多的捆綁套餐選項，而我們的客人也選擇了越來越多的套餐選項。

In the end, we will see the benefit of these bundled packages in onboard and other revenue.

最後，我們將看到這些捆綁包在船上和其他收入中的好處。

I just want to remind everyone that due to the pause in guest cruise operations, the company's current booking trends are being compared to booking trends for 2019 sailings and not the prior year.

我只想提醒大家，由於賓客郵輪運營暫停，公司目前的預訂趨勢是與 2019 年航行的預訂趨勢進行比較，而不是前一年。

Now let's look at our monthly average cash burn rate.

現在讓我們看看我們的月平均現金消耗率。

For the first half of 2021, our cash burn rate was $500 million per month, which was better than the previous forecast of $550 million.

2021 年上半年，我們的現金消耗率為每月 5 億美元，好於之前預測的 5.5 億美元。

The improvement was mainly due to the timing of cash received from ship sales just before the end of the second quarter and some other small working capital changes.

改善主要是由於在第二季度末之前從船舶銷售中收到現金的時間以及其他一些小的營運資金變化。

During the third quarter, we are forecasting positive cash flow from the 27 ships that will have guest cruise operations during the quarter.

在第三季度，我們預測將在本季度開展賓客郵輪業務的 27 艘郵輪將產生正現金流。

However, keep in mind that many of those ships do not begin operations until late in the quarter.

但是，請記住，其中許多船隻要到本季度末才開始運營。

As a result, the available lower berth days, or ALBDs as they are more commonly called for the third quarter, will only be $3.8 million.

因此，第三季度可用的下舖天數，或 ALBD，通常稱為 ALBD，僅為 380 萬美元。

However, as we have previously discussed, not all these ALBDs will be sold for our third quarter cruises.

然而，正如我們之前所討論的，並非所有這些 ALBD 都將在我們的第三季度遊輪中出售。

Despite the forecasted positive cash flow from guest cruise operations, we are anticipating an increase in the third quarter monthly cash burn rate versus the first half of 2021 because of several good news positive factors.

儘管預計遊客郵輪業務的現金流為正，但由於幾個好消息的積極因素，我們預計第三季度每月現金消耗率將比 2021 年上半年有所增加。

First, restart expenses are accelerating as we have announced 42 ships will be in guest cruise operations by November 30, our fiscal year-end.

首先，由於我們宣佈到 11 月 30 日，也就是我們的財政年度結束時，將有 42 艘郵輪投入運營，因此重啟費用正在加速增加。

Second, capital expenditures will be higher driven by the restart.

二是重啟帶動資本支出增加。

And third, we have a number of progress payments on future new builds, which are timed to be paid during the third quarter.

第三，我們有一些未來新建築的進度付款，計劃在第三季度支付。

All of these expenditures have been anticipated, and given the announced restarts, many of them are now occurring in the third quarter.

所有這些支出都在預期之內，並且考慮到宣布的重啟，其中許多支出現在發生在第三季度。

Because of the difficulty in projecting the timing between the quarters of all the restart expenses and capital expenditures as well as the exact amount of revenue associated with third quarter guest cruise operations as a result of the atypical short booking window, given that these cruises were announced so close to departure, we will not be providing a forecast of the third quarter monthly average cash burn rate.

由於非典型的短期預訂窗口導致難以預測所有重啟費用和資本支出的季度之間的時間安排以及與第三季度遊客郵輪業務相關的確切收入金額，因為這些郵輪已經宣布如此臨近出發，我們將不會提供第三季度月平均現金消耗率的預測。

For those of you who are trying to model our future results, don't forget that margins on the third quarter cruises will be less than our normal margin given the lower level of occupancy that is anticipated during the third quarter.

對於那些試圖模擬我們未來結果的人，請不要忘記，鑑於第三季度預計入住率較低，第三季度郵輪的利潤率將低於我們的正常利潤率。

However, with $9.3 billion of cash and short-term investments on our balance sheet, we believe we have enough liquidity to get us back to full guest cruise operations in the spring of 2022.

然而，憑藉我們資產負債表上 93 億美元的現金和短期投資，我們相信我們有足夠的流動性讓我們在 2022 年春季恢復全面的郵輪運營。

Next, I'll provide a summary of our second quarter cash flows.

接下來，我將提供我們第二季度現金流量的摘要。

During the second quarter, our total cash burn was $1.5 billion, simply a monthly average cash burn rate of $500 million per month times 3. And we used an additional $1 billion of cash primarily for debt principal payments.

在第二季度，我們的總現金消耗為 15 億美元，月平均現金消耗率為每月 5 億美元乘以 3。我們還額外使用了 10 億美元現金，主要用於償還債務本金。

This was somewhat offset by a $300 million increase in customer deposits.

這在一定程度上被客戶存款增加 3 億美元所抵消。

During the second quarter, customer deposits on new bookings exceeded the impact of refunds driven partially by the receipt of payments from guests for cruises failing in the current quarter.

在第二季度，新預訂的客戶押金超過了退款的影響，部分原因是收到客人對本季度失敗的郵輪付款。

This is a welcome milestone and truly a sign that we are now solidly on the road to full resumption of guest cruise operations.

這是一個值得歡迎的里程碑，真正表明我們現在正堅定地走在全面恢復郵輪運營的道路上。

Finally, I will finish up with some insights into our financial position.

最後，我將對我們的財務狀況提出一些見解。

As I said before, we believe we have sufficient liquidity to get us back to full guest cruise operations.

正如我之前所說，我們相信我們有足夠的流動性讓我們恢復全面的郵輪運營。

Therefore, we are focused on pursuing refinancing opportunities to extend maturities and reduce interest expense.

因此，我們專注於尋求再融資機會以延長期限和減少利息支出。

During the second quarter, 3 European export credit agencies, SACE, Hermes and Finnvera, provided approval in principle to Debt Holiday [2] for the deferral of approximately $1 billion of principal payments that would otherwise have been due over a 1-year period.

在第二季度，SACE、Hermes 和 Finnvera 這 3 家歐洲出口信貸機構原則上批准了債務假期 [2] 推遲約 10 億美元的本金支付，否則這些本金將在一年內到期。

These transactions should be completed during the third quarter.

這些交易應在第三季度完成。

The deferred principal payments were instead made over the 5-year period following the completion of the transaction, extending the maturity profile of these loans.

遞延的本金支付是在交易完成後的 5 年內支付的，從而延長了這些貸款的到期期限。

I want to thank everyone involved in these transactions for the support that they have demonstrated towards the company.

我要感謝所有參與這些交易的人，感謝他們對公司的支持。

In addition, last month, we repriced our $2.8 billion term loan base.

此外，上個月，我們對 28 億美元的定期貸款基數進行了重新定價。

It was an incredibly successful transaction.

這是一次非常成功的交易。

It was well oversubscribed, which is unusual in the term loan B market.

它獲得了很好的超額認購，這在定期貸款 B 市場上是不尋常的。

The U.S. dollar portion of the term loan B facility now has an interest rate of LIBOR plus a margin of 3%, which is 4.5 percentage points less than the LIBOR margin was before repricing.

定期貸款 B 的美元部分現在的利率為 LIBOR 加 3% 的利差，比重新定價前的 LIBOR 利差低 4.5 個百分點。

The euro portion of the term loan facility now has an interest rate of Euribor plus a margin of 3.75%, which is 3.75 percentage points less than the Euribor margin was before repricing.

定期貸款工具的歐元部分現在的利率為 Euribor 利率加 3.75%，比重新定價前的 Euribor 利率低 3.75 個百分點。

This was the largest repricing change of a term loan ever achieved by any company in the term loan B market and will reduce our future annual interest expense by over $120 million per year.

這是定期貸款 B 市場上任何一家公司有史以來最大的定期貸款重新定價變化，將使我們未來的年度利息支出每年減少超過 1.2 億美元。

Clearly, this transaction is an affirmation from investors on our bright future, and they're confidence in our management team.

顯然，此次交易是投資者對我們美好未來的肯定，是對我們管理團隊的信任。

As we look forward, given how supportive the debt capital market investors and commercial banks have been, we will be pursuing additional refinancing opportunities to meaningfully reduce our interest expense and extend our maturities over time.

展望未來，鑑於債務資本市場投資者和商業銀行的支持，我們將尋求更多的再融資機會，以顯著降低我們的利息支出並隨著時間的推移延長我們的期限。

And now I'll turn the call back over to Arnold.

現在我會把電話轉回給阿諾德。

Thank you, David.

謝謝你，大衛。

Operator, please open the call for questions.

接線員，請打開電話提問。

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

（操作員說明）我們的第一個問題來自瑞銀的 Robin Farley。

I wanted to ask about your comment on pricing for 2022 cruises being ahead, excluding future cruise credits.

我想問一下您對 2022 年郵輪定價的評論，不包括未來的郵輪積分。

It seems like if future cruise credits are about 15% of bookings and maybe only a 20% discount on average, that it would basically be kind of a low single-digit impact to your pricing.

看起來如果未來的郵輪積分大約是預訂量的 15% 並且平均可能只有 20% 的折扣，那麼它對您的定價基本上是一種低個位數的影響。

So I guess my question is, is pricing -- the checks that we do is showing very strong pricing for '22 and a lot of that's probably the bundling impacting that.

所以我想我的問題是定價——我們所做的檢查顯示 22 年的定價非常高，其中很多可能是影響定價的捆綁。

But if you included that sort of 3% impact or so from future cruise credits, would pricing not be up versus '19 levels for 2022?

但是，如果您將未來郵輪積分產生的 3% 左右的影響包括在內，那麼定價不會高於 2022 年的 19 年水平嗎？

And then sort of part B of that question is just given that you expect ships to be in service, all ships by the spring maybe potentially not all at 100% occupancy yet at that point.

然後，該問題的 B 部分只是考慮到您希望船舶投入使用，到春季所有船舶可能尚未全部達到 100% 的佔用率。

Does that give you the ability to have a little more price if the sort of lowest 10% of cabins on the ship don't get filled?

如果船上最低的 10% 的客艙沒有被填滿，這是否讓你有能力獲得更高的價格？

Yes.

是的。

Thank you, Robin.

謝謝你，羅賓。

I'll let David add some detail.

我會讓 David 添加一些細節。

But generally, the pricing environment, as you point out, is strong.

但總的來說，正如您所指出的那樣，定價環境很強勁。

In terms of the fleet returning, yes, we're planning to have the fleet sailing before next summer, the full fleet.

就艦隊返回而言，是的，我們計劃在明年夏天之前讓艦隊啟航，整個艦隊。

Of course, we have to see what evolves around the world.

當然，我們必須看看世界各地的發展情況。

There are still pockets of -- large pockets of still serious challenges with COVID-19.

COVID-19 仍然存在大量的嚴峻挑戰。

So we'll have to see how all that unfolds, but we expect to have the fleet sailing in full prior to next summer.

所以我們必須看看這一切如何展開，但我們希望在明年夏天之前讓艦隊全面航行。

And the pricing environment is strong.

而且定價環境很強。

David?

大衛？

Yes.

是的。

So Robin, the -- when you think about 2022, as Arnold said, the environment is strong.

所以羅賓，當你想到 2022 年時，正如阿諾德所說，環境很強勁。

But remember, we only have a portion of 2022 on the book.

但請記住，書上只有 2022 年的一部分。

So the FCC rebookings represent a meaningful part of the overall bookings for 2022.

因此，FCC 重新預訂代表了 2022 年整體預訂的重要部分。

And as a result of that, you're seeing that in the short term -- you mentioned 3%.

因此，你會在短期內看到這一點——你提到了 3%。

The number is actually larger than that impact at the moment given the number of bookings we have.

考慮到我們的預訂數量，這個數字實際上大於目前的影響。

The other thing to keep in mind is that there were a lot of rebookings into 2022 from 2021 as people -- as we did pause and cancel some cruises, we rebooked people at the same price in 2022.

另一件要記住的事情是，從 2021 年開始，有很多人重新預訂到 2022 年——因為我們確實暫停並取消了一些遊輪，我們在 2022 年以相同的價格重新預訂了人們。

So the impact is for the FCC is a bit larger than what you had indicated.

所以對 FCC 的影響比你所說的要大一些。

However, I will say, as we continue to book the remaining portion of 2022, those FCC rebookings will become a smaller and smaller portion of the total.

但是，我要說的是，隨著我們繼續預訂 2022 年的剩餘部分，這些 FCC 重新預訂將佔總數的越來越小的部分。

And I do expect that when all is said and done, the FCC impact will just be a few percentage points on the ultimate final yield for 2022.

而且我確實希望，當一切都說完之後，FCC 的影響只會對 2022 年的最終最終收益率產生幾個百分點的影響。

No, that's very helpful.

不，這非常有幫助。

And so when -- understanding the timing of that, right, that the FCC portion will kind of move down as new -- more new bookings are taken.

因此，當 - 理解它的時間，正確的，FCC 部分將隨著新的而下降 - 更多的新預訂被接受。

Is it reasonable to think that your pricing went -- because right now, what you have on the books you mentioned is the rebooked -- a lot of rebooked and a lot of FCC.

認為你的定價是否合理 - 因為現在，你提到的書籍上的內容是重新預訂的 - 很多重新預訂和很多 FCC。

As those portions move down as a percent of total, is it reasonable based on the strength that you're seeing in new bookings coming in that, that price will be ahead of 2019 levels next year?

隨著這些部分佔總數的百分比下降，根據您在新預訂中看到的實力，明年價格將高於 2019 年的水平，這是否合理？

So we're not really -- it's early days, and we're not in a position to give guidance.

所以我們不是真的 - 現在還處於早期階段，我們無法提供指導。

But as Arnold said, the pricing environment is very strong.

但正如阿諾德所說，定價環境非常強勁。

Our brands have done a lot to raise price over time.

隨著時間的推移，我們的品牌在提高價格方面做了很多工作。

There's a lot of pent-up demand out there, and we feel very good about our overall position.

那裡有很多被壓抑的需求，我們對我們的整體狀況感覺非常好。

Booking volumes, as we said, have been increasing.

正如我們所說，預訂量一直在增加。

And so all these signs point in the right direction.

所以所有這些跡像都指向正確的方向。

But I do think it's premature for me to give guidance at this point.

但我確實認為我現在給出指導還為時過早。

And up next, we have a question from the line of Steve Wieczynski with Stifel.

接下來，我們有來自 Stifel 的 Steve Wieczynski 的問題。

So first question would actually be a clarification.

所以第一個問題實際上是一個澄清。

And I guess I think I -- well, I feel like I'm hearing you guys a little bit in 2 different ways.

而且我想我想我 - 好吧，我覺得我以兩種不同的方式聽到了你們的聲音。

And what I mean by that is when you guys talk about getting your full fleet back in operation by the spring of '22, does that mean the actual number of ships in operation?

我的意思是，當你們談論在 22 年春季之前讓整個艦隊恢復運營時，這是否意味著實際運營的船隻數量？

Or does that mean all of your ships are going to be operating at normal capacity levels?

或者這是否意味著您的所有船舶都將以正常容量水平運行？

That's -- I think there's some confusion out there with a lot of investors that we are talking to.

那就是 - 我認為我們正在與之交談的許多投資者存在一些困惑。

Steve, thanks for the question.

史蒂夫，謝謝你的提問。

First of all, definitely, we hope to have all of our ships and are planning for that.

首先，毫無疑問，我們希望擁有我們所有的船隻，並且正在為此做計劃。

But we also are optimistic that we can be at capacity at that point in time.

但我們也樂觀地認為，我們可以在那個時間點達到產能。

But we've got many months to go here to see.

但是我們有很多個月的時間去這裡看看。

But we're hopeful that we'll be sailing at capacity over the full fleet.

但我們希望我們能夠在整個艦隊中滿負荷航行。

Okay.

好的。

Got you.

明白了

Second question...

第二個問題...

Steve, if I could add one thing.

史蒂夫，如果我可以添加一件事。

I will point out the fact that we have a number of voyages, different cruises out there.

我要指出的是，我們有很多航程，不同的遊輪。

And keep in mind that the voyages that we have that are for vaccinated guests, there are no social distancing requirements or capacity requirements on those voyages.

請記住，我們的航行是為接種疫苗的客人準備的，這些航行沒有社交距離要求或載客量要求。

So just keep that in mind as you kind of round out and project the future.

因此，在您總結和規劃未來時，請記住這一點。

Okay.

好的。

Got you.

明白了

And then second question, I guess, just maybe if you can give us an update on where you guys are with the State of Florida and the governor at this point.

然後是第二個問題，我想，也許你能告訴我們你們目前與佛羅里達州和州長的最新情況。

Obviously, there's -- I think there's a little bit of confusion out there as well in terms of the way he wants kind of the state to work versus you guys wanting most of your passengers and crew to be vaccinated.

顯然，我認為在他希望國家運作的方式與你們希望大多數乘客和機組人員接種疫苗的方式方面也存在一些混淆。

Can you just kind of give us an update in terms of where you guys are at this point?

你能告訴我們你們目前的最新情況嗎？

Sure.

當然。

First of all, we're really looking forward to welcoming our guests on board.

首先，我們非常期待在船上歡迎我們的客人。

We, as you know, have had a few sailings over in Europe during this pandemic, but it's really exciting for us and our people to be looking across, not only here in Florida, but we have the Vista, starting on July 3; and Galveston, the Breeze on July 15 in Galveston, Carnival Miracle, and July 27 in Seattle.

如您所知，在這場大流行期間，我們在歐洲進行了幾次航行，但對我們和我們的員工來說，不僅在佛羅里達州，而且從 7 月 3 日開始，我們擁有 Vista，這真的很令人興奮；和加爾維斯頓，7 月 15 日在加爾維斯頓的微風，嘉年華奇蹟和 7 月 27 日在西雅圖。

Mardi Gras will start sailing along with Horizon, Horizon starting on the 4th, Mardi Gras on July 31 in Florida and then all of our other brands around the world.

Mardi Gras 將與 Horizon 一起啟航，Horizon 從 4 日開始，Mardi Gras 將於 7 月 31 日在佛羅里達州舉行，然後是我們在世界各地的所有其他品牌。

So it's just a really busy time and an intense time and exciting time.

所以這只是一個非常忙碌的時間，一個緊張的時間和激動人心的時間。

And of course, there's a lot of noise.

當然，還有很多噪音。

There's lots of different jurisdictions, different perspectives on how things should go.

有很多不同的司法管轄區，對事情應該如何發展有不同的看法。

So where we are is that we're looking to forward to welcome our guests on board.

因此，我們所處的位置是我們期待著歡迎我們的客人上船。

We're continuing to be in dialogue with the governor's office.

我們將繼續與州長辦公室進行對話。

We continue to be in dialogue with the CDC.

我們繼續與疾病預防控制中心對話。

As you know, there's the court ruling that affected the conditional sail order and that's through -- still in place, the conditional sail order from CDC through July 18.

如您所知，法院的裁決影響了有條件航行令，並且該裁決一直有效，CDC 的有條件航行令一直持續到 7 月 18 日。

And at this point, we were prepared to sail under that order, with primarily vaccinated cruises.

在這一點上，我們準備按照該命令航行，主要是接種疫苗的航行。

There will be unvaccinated -- people on those cruises not 100% vaccinated.

會有未接種疫苗的人——那些遊輪上的人沒有 100% 接種疫苗。

And so we're optimistic and working very hard to ensure that we can try to make everyone happy, but we are welcoming our guests on board Horizon, July 4 in Florida.

因此，我們非常樂觀並非常努力地工作，以確保我們能夠讓每個人都開心，但我們歡迎我們的客人於 7 月 4 日在佛羅里達州的地平線號上登船。

Okay.

好的。

Got you.

明白了

David, can I ask you one quick housekeeping question?

戴維，我可以問你一個簡單的家務問題嗎？

I guess you talked about -- I think you said you're expecting 3.8 million ALBDs in the third quarter.

我猜你談到過——我想你說過你預計第三季度有 380 萬個 ALBD。

And based on what you guys have announced today, I'm not sure you're going to answer this.

根據你們今天宣布的內容，我不確定你們是否會回答這個問題。

But is there any way to help us think about maybe what the fourth quarter would look like as well?

但是有什麼方法可以幫助我們思考第四季度的情況嗎？

Yes, I don't have that calculation handy with me, Steve.

是的，史蒂夫，我手頭沒有那種計算方法。

But if you call Beth, I'm sure she can provide it to you.

但如果你打電話給貝絲，我相信她能提供給你。

And up next, we have a question from the line of James Hardiman with Wedbush Securities.

接下來，Wedbush Securities 的 James Hardiman 提出了一個問題。

So David, you sort of open the door on this idea that, obviously, the voyages that have 95%-plus vaccinated, you don't have the social distancing requirement or the capacity requirements.

所以大衛，你有點打開了這個想法的大門，很明顯，95% 以上的航程都接種了疫苗，你沒有社交距離要求或容量要求。

But if you don't have that, you do.

但如果你沒有，你有。

Can you maybe walk us through, at least based of what you currently know, obviously, in a fluid situation, what you expect your mix of both of those categories to be.

你能不能至少根據你目前所知道的，在一個不穩定的情況下，告訴我們你對這兩個類別的組合的期望。

And how we should think about the occupancy ramp within ships that do not meet that vaccination hurdle?

我們應該如何考慮未達到疫苗接種門檻的船舶的入住率上升？

So it's very difficult to give you an exact mix of what we expect going forward because this gets into the evolution of COVID and the mitigation.

因此，很難為您提供我們對未來的預期的確切組合，因為這涉及到 COVID 的演變和緩解措施。

We're very clear and we're out there with all the cruises we've recently announced, what each ship will be and how it will work.

我們非常清楚，我們最近宣布的所有遊輪都在那裡，每艘船將是什麼以及它將如何運作。

But as we go along, we do expect things to continue to evolve and change.

但隨著我們的前進，我們確實希望事情繼續發展和變化。

And everything has been evolving in a very positive way, and we're hopeful that, that continues.

一切都在以非常積極的方式發展，我們希望這種情況繼續下去。

And so that should put us in a better situation in the days and weeks and months ahead.

因此，這應該會讓我們在未來幾天、幾周和幾個月內處於更好的境地。

So -- because it is difficult to project, it's very hard for me to answer that question with great detail.

所以——因為很難預測，所以我很難非常詳細地回答這個問題。

But my expectation is that we will be able to have higher and higher occupancy levels over time.

但我的期望是，隨著時間的推移，我們將能夠擁有越來越高的入住率。

And there are a lot of projections out there that talk about potentially 70% of the globe getting vaccinated by some point in early 2022.

有很多預測表明，到 2022 年初的某個時候，全球可能有 70% 的人接種疫苗。

If that's the case, then a lot of these protocols are -- potentially can start to be removed.

如果是這種情況，那麼很多協議可能會開始被刪除。

And we'll just have to see how things progress over time.

我們只需要看看隨著時間的推移事情會如何發展。

As Arnold mentioned in his prepared remarks, agility has been one of the greatest things that have gotten us to this point, and we are going to have to remain agile to try to react to the circumstances moving forward.

正如阿諾德在他準備好的發言中提到的那樣，敏捷是讓我們走到這一步的最偉大的事情之一，我們將不得不保持敏捷以嘗試對前進的情況做出反應。

I think -- I just want to add -- I just would like to reinforce what David is saying is that things are moving in a positive direction.

我想——我只想補充——我只是想強調大衛所說的事情正在朝著積極的方向發展。

It will be -- it's probably going to be a little choppy around the world.

它將 - 世界各地可能會有點波動。

And we're a global business, and it's probably going to be a little choppy.

而且我們是一家全球企業，可能會有點起伏不定。

So we've said for quite some time, the rest of '21, early '22 will be a transition period.

所以我們已經說過很長一段時間了，21 年的剩餘時間，22 年初將是一個過渡期。

But we're on a path to getting to a great place the world is with the vaccines, the various vaccines, the advancements and treatments, et cetera.

但我們正走在通往疫苗、各種疫苗、進步和治療等的偉大世界的道路上。

But it could be choppy.

但它可能會起伏不定。

But by '22 and beyond, hopefully, with the advancements in science, we'll be in a position to be able to sail, as one of the people asked, for full occupancy and full fleet.

但到 22 年及以後，希望隨著科學的進步，我們將能夠航行，正如其中一位人士所要求的那樣，滿員和全艦隊。

Do you have a second question for me?

你還有第二個問題要問我嗎？

That's really helpful.

這真的很有幫助。

And then another -- I did.

然後另一個——我做到了。

So -- and it's similarly difficult to quantify with any specificity.

所以 - 而且同樣難以量化任何特異性。

But if I think about spring of 2022 being some return to normality, I think one of the most difficult thing -- one of the most difficult issues in terms of valuing your company and other cruise companies is just sort of figuring out what the balance sheet looks like at that point.

但如果我認為 2022 年春天會恢復正常，我認為最困難的事情之一——就對貴公司和其他郵輪公司進行估值而言，最困難的問題之一就是弄清楚資產負債表是什麼看起來像在那個時候。

So I guess, are we any closer to figuring out when we'll get back to maybe a cash flow breakeven number?

所以我想，我們是否更接近於弄清楚我們何時會回到現金流盈虧平衡點？

I get that there's going to be some incremental restart costs here in the near term.

我知道短期內這裡會增加一些重啟成本。

But is there any color you can give us any way to think about, cash flow breakeven or sort of an interest expense number once we're on the other side of this?

但是，一旦我們處於另一邊，您是否可以給我們任何顏色來思考，現金流盈虧平衡或某種利息支出數字？

Yes.

是的。

So the difficult part, remember, so many variables that we just talked about.

因此，請記住，困難的部分是我們剛才談到的那麼多變數。

But if we do get back in the spring of 2022, we have the full fleet back in operation, we're able to get to more normal type occupancy levels, then we should be -- have significant positive EBITDA, particularly in the summer months of 2022, and we'll move forward from there.

但如果我們真的在 2022 年春天回來，我們讓整個機隊恢復運營，我們能夠達到更正常的入住率水平，那麼我們應該——有顯著的正 EBITDA，尤其是在夏季2022 年，我們將從那裡向前邁進。

So I feel like we're in -- it's very hard to project from where we are today with 5 ships in operation to 95 ships in operation next spring.

所以我覺得我們在 - 很難從我們今天的 5 艘船到明年春天運營的 95 艘船進行預測。

We have 90 ships in our fleet today, but remember, we have 5 more new builds coming that will be back in service.

今天我們的艦隊中有 90 艘船，但請記住，我們還有 5 艘新船將重新投入使用。

So we'll have 95 ships in operation next spring.

所以明年春天我們將有 95 艘船投入運營。

And we do expect at some point during that process to get into a positive EBITDA.

我們確實希望在這個過程中的某個時候進入積極的 EBITDA。

But with the seasonality of our business and a lot of the other restart expenses that we mentioned, it's difficult to project the exact month where EBITDA goes positive or cash flow goes positive.

但由於我們業務的季節性和我們提到的許多其他重啟費用，很難預測 EBITDA 為正或現金流為正的確切月份。

But we're very hopeful.

但我們非常有希望。

This spring isn't very far away, and we're looking forward to that.

這個春天離我們不遠了，我們很期待。

And keep in mind that if you look at our historical results, everybody has always seen that the third quarter is our strongest quarter.

請記住，如果您查看我們的歷史結果，每個人都會看到第三季度是我們最強勁的季度。

If you actually add in the month of May, the 4 months, May through August represent just 1/3 of the calendar year, but it represents 2/3 of our EBITDA so -- or our operating profit.

如果你實際上加上 5 月份，從 5 月到 8 月這 4 個月僅佔日曆年的 1/3，但它代表了我們 EBITDA 的 2/3 - 或我們的營業利潤。

So it's -- we are focused on getting the full fleet back in service by next spring in order to capture a great summer of 2022.

因此，我們的重點是在明年春天之前讓整個機隊重新投入使用，以便在 2022 年度過一個美好的夏天。

Got it.

知道了。

I think that makes sense.

我認為這是有道理的。

And just to clarify, we should not be then, based on everything you just said, assuming that you get to that breakeven level significantly before that spring of next year.

澄清一下，我們不應該基於你剛才所說的一切，假設你在明年春天之前顯著達到盈虧平衡水平。

It's tough to say at this point.

在這一點上很難說。

Well, I wouldn't say -- I'm not giving guidance.

好吧，我不會說——我不是在提供指導。

It's tough to say because of so many other factors with restart expenses and everything else involved.

很難說，因為有很多其他因素，包括重啟費用和其他一切。

It is tough to say.

這很難說。

(Operator Instructions) Up next, we have a question from the line of Jaime Katz with Morningstar.

（操作員說明）接下來，我們有 Jaime Katz 和 Morningstar 的問題。

I actually wanted to (inaudible) from version of James' question that we have some visibility into what capital markets look right now -- look like right now and you have been able to refinance some of this debt.

我實際上想（聽不清）從 James 的問題的版本來看，我們對資本市場現在的情況有一些了解——現在看起來像，你已經能夠為部分債務再融資。

And so as we think about the full year, is there a way that we should think about debt service costs if you are able to make the changes that you would like to make?

因此，當我們考慮全年時，如果您能夠做出您想要做出的改變，我們是否應該考慮償債成本？

So I do apologize, but you broke up for me about halfway through the question.

所以我真的很抱歉，但是你在問題進行到一半的時候為我分手了。

So I do apologize if you could repeat it.

如果你能重複一遍，我深表歉意。

I'm not sure why.

我不確定為什麼。

Okay, sure.

好的，當然。

No problem.

沒問題。

I said since we know what debt capital markets look like right now and the ability to refinance has been fairly easy, I guess, is there a way that we should be thinking about debt service costs for the current year given that you probably have some intended plans for refinancing over the last 6 months of 2021?

我說既然我們知道債務資本市場現在是什麼樣子，而且再融資的能力也相當容易，我想，鑑於你可能有一些預期，我們是否應該考慮今年的償債成本2021 年最後 6 個月的再融資計劃？

So if you're talking about interest expense, the interest expense -- our current forecast is $1.6 billion for 2021.

因此，如果您談論的是利息支出，我們目前的預測是 2021 年的利息支出為 16 億美元。

Last quarter, I think I had said $1.7 billion.

上個季度，我想我說過 17 億美元。

So we do expect a decrease as a result of our refinancing efforts.

因此，由於我們的再融資努力，我們確實預計會有所減少。

And I think if you look at the principal repayments in the business update, we did give the principal repayments.

而且我認為，如果您查看業務更新中的本金還款，我們確實提供了本金還款。

But keep in mind that those principal repayments were prior to what we expect to close in the third quarter, which is the $1 billion debt deferral with the Debt Holiday [2].

但請記住，這些本金償還早於我們預計在第三季度完成的償還，即 10 億美元的債務延期和債務假期 [2]。

So those numbers will come down as well.

所以這些數字也會下降。

Right.

正確的。

And then I know the U.S. is really leading the way out of the COVID period.

然後我知道美國真的在引領走出 COVID 時期。

But if you have any color on European or Asia Pacific demand, I would love to hear that at this time.

但是，如果您對歐洲或亞太地區的需求有任何看法，我很樂意此時聽到。

Yes.

是的。

So just in general, in terms of the environment, obviously, the U.S. is ahead of many places, although there are pockets in Europe that have done well as well with vaccines.

因此，總的來說，就環境而言，美國顯然領先於許多地方，儘管歐洲也有一些地方在疫苗方面做得很好。

And again, we encourage everyone to get a vaccination is the best way to keep yourself safe and your loved ones safe.

再一次，我們鼓勵每個人都接種疫苗，這是確保您自己和您所愛之人安全的最佳方式。

And so in that regard, there is more movement here in the U.S. from an environment standpoint, collectively, although there are good pockets in Europe and elsewhere.

因此，在這方面，從環境的角度來看，美國整體上有更多的動作，儘管歐洲和其他地方也有很多錢。

I'll talk about Asia and Australia, and then I'll let David comment on the general booking situation abroad.

我先說說亞洲和澳洲，然後讓David評論一下國外的一般訂房情況。

But Asia and Australia, in particular, China and Australia are still pretty much on lockdown when it comes to travel.

但在旅行方面，亞洲和澳大利亞，尤其是中國和澳大利亞仍處於封鎖狀態。

And so we continue to be in constant dialogue with appropriate players there.

因此，我們將繼續與那裡的相關參與者保持持續對話。

And eventually, it will open up, and we'll be ready to go when it does.

最終，它會開放，我們會在開放時做好準備。

Dave, you want to give some comments on the booking environment?

Dave，你想對預訂環境發表一些意見嗎？

Yes.

是的。

So I guess the best way to phrase it, we said that the 2022 book position was ahead of a very strong 2019.

所以我想最好的表達方式是，我們說 2022 年的賬面狀況領先於非常強勁的 2019 年。

And that's actually the case both for our NAA brands as well as our EA brands.

事實上，我們的 NAA 品牌和我們的 EA 品牌都是如此。

So we are -- as Arnold indicated, we are seeing good, strong bookings on both sides of the pond as things continue to rebound.

所以我們 - 正如阿諾德所指出的那樣，隨著事情繼續反彈，我們看到池塘兩邊的預訂量都很好。

Up next, we have a question from the line of Patrick Scholes with Truist.

接下來，我們有來自帕特里克斯科爾斯與 Truist 的問題。

For the sailings in 3Q and 4Q, can you give us an update on limitations on occupancy and/or what occupancy you are targeting for those ships?

對於第 3 季度和第 4 季度的航行，您能否向我們提供最新的入住限制和/或您對這些船舶的目標入住率？

Sure.

當然。

So broadly, right now, as David mentioned earlier, for those sailings that are under one part of the conditional sail order for primarily vaccinated people, the way things are today, there aren't any restrictions.

如此廣泛，正如大衛之前提到的，對於那些屬於主要接種疫苗人群的有條件航行命令的一部分的航行，就像今天的情況一樣，沒有任何限制。

There's no physical distancing, et cetera.

沒有物理距離，等等。

And so we are slowly ramping up our occupancy of sailings of that type to, first of all, give our crew a chance to get oriented because we are still having enhanced protocols on board from a crew management standpoint and other things.

因此，我們正在慢慢增加此類航行的入住率，首先，讓我們的船員有機會適應，因為從船員管理的角度和其他方面來看，我們仍在船上加強協議。

And so those proves us at that point in time can get pretty close to full occupancy by that point in time.

因此，這些證明我們在那個時間點可以在那個時間點非常接近完全入住。

To the extent we have cruises, and we do have some outside the U.S. and other places that are under a separate set of protocols because they have a lot of unvaccinated people on board, then there, some of the occupancies are going to be limited by the physical distancing requirements as long as they persist.

就我們的郵輪而言，我們確實有一些在美國以外的地方和其他地方，因為他們有很多未接種疫苗的人在船上，所以船上有很多未接種疫苗的人，一些入住人數將受到限制只要他們堅持物理距離要求。

And again, that can all change and evolve as community spread lessens and herd immunity increases.

而且，隨著社區傳播的減少和群體免疫力的增強，這一切都可能發生變化和演變。

And so there's a hodgepodge.

所以有一個大雜燴。

And at this point, as David already kind of referenced, it's hard to predict exactly where we're going to be on those because we have to look at the specific itineraries, the destination requirements, the whole port requirements and what the environment is at the time.

在這一點上，正如 David 已經提到的那樣，很難準確預測我們將在這些地方的位置，因為我們必須查看具體的行程、目的地要求、整個港口要求以及環境時間。

Now we're all pretty optimistic right now, and hopefully, that trend will continue.

現在我們都非常樂觀，希望這種趨勢能夠繼續下去。

So directionally, we think we'll be moving more to higher and higher occupancy and therefore, occupancy.

因此，從方向上講，我們認為我們將更多地轉向越來越高的入住率，因此，入住率。

But we're not forecasting at this point.

但我們目前不做預測。

David?

大衛？

I think that was well said, Arnold.

我認為這說得好，阿諾德。

Okay.

好的。

Just I guess, to think of a starting point for the limited capacity that did go out last quarter, what was the occupancy on that?

我只是想，想想上個季度確實出現的有限容量的起點，它的佔用率是多少？

So it was very limited.

所以它非常有限。

There were like 440,000 ALBDs.

大約有 440,000 個 ALBD。

There was 1 ship that started in March, and then there were 4 other ships that started in May.

有 1 艘船在 3 月開工，然後有 4 艘船在 5 月開工。

The occupancy started -- did -- they improved as the quarter went on, and we were seeing ships that were at 50% or above by the end of the quarter.

隨著本季度的進行，入住率開始 - 確實 - 他們有所改善，我們看到到本季度末船舶的入住率達到 50% 或更高。

But you do have to understand the background because -- I'll give you a great example.

但你必須了解背景，因為——我會給你一個很好的例子。

One of the ships for AIDA was sailing in the Canary Islands.

AIDA 的其中一艘船正在加那利群島航行。

And so the Germans that went on the ship because of the restricted travel requirements in Germany, the people had to quarantine when they came home.

因此，由於德國的旅行要求受到限製而上船的德國人，回國後必須進行隔離。

But then once the quarantine and the travel restrictions started to reduce, you started to see better and better occupancies and better and better cash flows on the ships.

但是一旦檢疫和旅行限制開始減少，你就會開始看到越來越好的船上入住率和越來越好的現金流。

So while we did invest early on, we did see positive cash flows on the ships later in the quarter.

因此，雖然我們在早期進行了投資，但我們確實在本季度晚些時候看到了船舶的正現金流。

So we were very pleased with the overall experience.

所以我們對整體體驗非常滿意。

Yes.

是的。

And we proactively manage that on the occupancies early on because, again, we had -- at that case, we had extensive protocols: universal testing, enhanced medical screening, physical distancing, mask-wearing, enhanced sanitation, enhanced air handling.

我們在早期就對入住率進行了主動管理，因為在那種情況下，我們有廣泛的協議：普遍測試、加強醫療篩查、保持身體距離、戴口罩、加強衛生、加強空氣處理。

So there's a whole lot of different protocols.

所以有很多不同的協議。

And so initially on those, we really were pretty stringent and really tapped down the occupancy in our sails.

因此，最初在這些方面，我們確實非常嚴格，並且確實降低了帆的佔用率。

We're expecting to see better occupancies as time goes on for all the reasons that we talked about.

由於我們談到的所有原因，隨著時間的推移，我們預計會看到更好的入住率。

Sure, that makes sense.

當然，這是有道理的。

And certainly, good luck for sort of in Florida coming up.

當然，祝你在佛羅里達州好運。

Thank you.

謝謝你。

And up next, we have a question from the line of James Ainley with Citi.

接下來，我們有來自花旗的 James Ainley 的問題。

I'm interested in just digging into your ESG commitments a bit more at the kind of 40% reduction in carbon emissions by 2030.

我有興趣深入了解您的 ESG 承諾，即到 2030 年將碳排放量減少 40%。

Can you just flush out a bit more about the tools and mechanisms you need to get there?

您能否更詳細地了解實現目標所需的工具和機制？

And can you help us with what the potential cost implications might be?

您能幫助我們了解潛在的成本影響嗎？

I'm thinking maybe you might need to buy [several] credits and things like that.

我在想也許你可能需要購買 [several] 積分之類的東西。

So any color on that would be very helpful.

所以上面的任何顏色都會非常有幫助。

Sure.

當然。

We've been on a concerted march on reduction of carbon emissions for some time.

一段時間以來，我們一直在齊心協力減少碳排放。

And we've already effected a 30% reduction since our baseline of 2006, and we achieved that in a number of different ways from more basic things like just really being rigorous and tuning our engines and carefully planning itineraries and so on to much more investment required, oriented ways of new lighting schemes and technologies and handling waste and density on the ships.

自 2006 年基準以來，我們已經實現了 30% 的減少，我們通過多種不同的方式實現了這一目標，從更基本的事情，比如真正嚴格和調整我們的引擎和仔細規劃行程等等，到更多的投資新的照明方案和技術以及處理船上廢物和密度的所需的、有針對性的方式。

And then, of course, we made a hard commitment early before there was even infrastructure in place on liquefied natural gas.

然後，當然，我們甚至在液化天然氣基礎設施到位之前就做出了堅定的承諾。

So we were the first, with an LNG ship, with our AIDA brand.

所以我們是第一家擁有 AIDA 品牌的液化天然氣船。

We did that -- frankly, we made the commitment to do that.

我們做到了——坦率地說，我們做出了這樣做的承諾。

We weren't even sure how we're going to fuel the ship.

我們甚至不確定我們將如何為這艘船提供燃料。

But we had time during the construction phase and whatnot to work out a deal with Shell, and now we've got infrastructure in place.

但我們在建設階段有時間與殼牌公司達成協議，現在我們已經有了基礎設施。

And as I said, we have 11 ships in total now, either sailing or under construction.

正如我所說，我們現在總共有 11 艘船，正在航行或正在建造中。

As you know, LNG is the cleanest burning fossil fuel.

如您所知，液化天然氣是燃燒最清潔的化石燃料。

It also gives us a 20% smaller footprint from a carbon emission standpoint.

從碳排放的角度來看，它還使我們的足跡減少了 20%。

And so those are the ways we have gotten there and plan to get there.

因此，這些就是我們到達那裡併計劃到達那裡的方式。

But ultimately, our goal is a net zero emission platform over time.

但最終，我們的目標是隨著時間的推移實現淨零排放平台。

And to do that, we're going to have to have science and technology work with us in the form of better and combinations of lithium-ion battery technology, fuel cell technology, biofuels, et cetera.

要做到這一點，我們將不得不讓科學技術以更好的形式與我們合作，並結合鋰離子電池技術、燃料電池技術、生物燃料等。

But we are on a hard margin and we have a line of sight for the 40% reduction.

但我們的利潤率很低，而且我們已經看到了 40% 的減少。

We're going to need some technology advancements to get to the net zero.

我們將需要一些技術進步才能實現淨零排放。

I hope I answered your question.

我希望我回答了你的問題。

Yes.

是的。

So the LNG ships on their own, how much of that 40% reduction will come from them on their own?

那麼 LNG 船本身，40% 的減少量中有多少將來自它們自己？

Well, as I said, we're already at 30%.

好吧，正如我所說，我們已經達到 30%。

So as we move forward, we'll continue with -- new ships inherently are more efficient because everything is engineered from day 1 to be that way.

因此，隨著我們向前邁進，我們將繼續——新船本質上更高效，因為從第一天開始一切都按照這種方式設計。

But the LNG ship will represent, once we get to the 11th one, about 20% of our fleet.

但是，一旦我們達到第 11 艘，液化天然氣船將占我們船隊的 20% 左右。

So it will be a significant contributor to us being able to achieve and hopefully beat the 40% target.

因此，這將對我們實現並有望超過 40% 的目標做出重大貢獻。

And we now have a question from the line of Greg Badishkanian from Wolfe Research.

我們現在有來自 Wolfe Research 的 Greg Badishkanian 的問題。

It's actually Fred Wightman on for Greg.

實際上是 Fred Wightman 代替 Greg。

As we think about the possibility that the full fleet is back in the water next summer, David touched on some of the seasonality considerations just looking at the third quarter specifically.

當我們考慮明年夏天整個船隊重返水中的可能性時，大衛談到了一些季節性因素，特別是第三季度。

Should we expect some yield headwinds just from reduced access to international travel?

我們是否應該期望國際旅行的減少會帶來一些收益逆風？

Or do you think that we could be in a more normalized sourcing and deployment mix by then?

或者您認為到那時我們可以採用更加規範化的採購和部署組合嗎？

Again, we're not trying to give any guidance or anything at this point.

同樣，此時我們不嘗試提供任何指導或任何內容。

But what I would say is that we've exited 19 ships or will.

但我要說的是，我們已經或將退出 19 艘船。

And so as I said in the remarks earlier, that's a significant reduction in capacity.

因此，正如我之前在評論中所說，這是產能的顯著減少。

Now we are adding new ships, which we're very excited about.

現在我們正在添加新船，我們對此感到非常興奮。

And therefore, we'll get to capacity comparable to what we had in 2019 eventually.

因此，我們最終將達到與 2019 年相當的產能。

But the reality is that we're at a much lower growth rate as an industry and as a company than we were before with a lot of pent-up demand.

但現實情況是，作為一個行業和一家公司，我們的增長率比以前低得多，而且有很多被壓抑的需求。

Keep in mind, by next spring, a lot of repeat cruisers still may not have the opportunity to cruise again.

請記住，到明年春天，許多重複巡航的人可能仍然沒有機會再次巡航。

And we have a huge base of repeat cruisers across our various brands.

我們在各個品牌中擁有龐大的回頭客基地。

And so there will still be a considerable pent-up demand that has been largely unsatisfied at that point in time.

因此，仍然會有大量被壓抑的需求在那個時間點基本上沒有得到滿足。

And that's the environment that we're anticipating we'll be operating in.

這就是我們預期的運營環境。

But we aren't going so far to try to predict beyond.

但我們不會走得太遠去嘗試預測更遠的地方。

David, I don't know if you want to add any color.

大衛，我不知道你是否想添加任何顏色。

Yes.

是的。

No, the only other thing that I'll add is on travel restrictions.

不，我要補充的唯一一件事是旅行限制。

Travel restrictions are being reduced and changed every day.

旅行限制每天都在減少和改變。

So the summer of 2022, I mean we're talking 11 months away -- 11, 12 months away.

所以 2022 年夏天，我的意思是我們談論的是 11 個月之後——11、12 個月之後。

So there's a lot of opportunity as things continue to evolve and improve to see many, if not most or all of those restrictions disappear before the summer of 2022.

因此，隨著事情的不斷發展和改進，有很多機會看到許多（如果不是大部分或全部）這些限制在 2022 年夏季之前消失。

I know -- I booked my cruise in December of 2022.

我知道——我在 2022 年 12 月預訂了遊輪。

I expect to go to Turkey, Greece and Italy, and I'm really looking forward to it and looking forward to reduce travel restrictions.

我預計會去土耳其、希臘和意大利，我真的很期待，期待減少旅行限制。

And David definitely gets the friends and family premium when he...

當大衛……時，他肯定會得到朋友和家人的溢價。

Exactly, exactly.

完全正確，完全正確。

There's no big price [hike], right, for David, yes.

沒有大的價格 [加息]，對，對大衛來說，是的。

And up next, we have a question from the line of Ali Naqvi with HSBC.

接下來，我們有來自匯豐銀行 Ali Naqvi 的問題。

Just wanted to ask, in terms of your views on leverage longer term, would you look to deploy equity to maybe increase the pace to get to investment grade?

只是想問一下，就您對長期槓桿的看法而言，您是否希望部署股權以加快達到投資級別的步伐？

Real quickly.

真的很快。

Look, we have good liquidity in place now, we feel, to get us back to full sailing of the fleet.

看，我們覺得我們現在有很好的流動性，可以讓我們回到船隊的全速航行。

Cash generation is the way and cash maximization is the way we're going to accelerate repayment of debt.

現金生成是方式，現金最大化是我們加速償還債務的方式。

We're going to do some refinancings to lower the interest burden along the way.

我們將進行一些再融資，以降低利息負擔。

But basically, that's the path we're on right now.

但基本上，這就是我們現在所走的道路。

Understood.

明白了。

And do you have a view as to what happens to pricing when the sort of pent-up demand for cruising normalizes?

當這種被壓抑的巡航需求恢復正常時，您是否認為定價會發生什麼變化？

Does that happen in 2023 or beyond that?

這會在 2023 年或之後發生嗎？

I think for our plans, as I said on the call, we were on a growth trend of 4.5% pre-COVID through '25 with the moves we've taken and the new builds we already have coming in, will be at a growth rate annualized of 2.5%.

我認為對於我們的計劃，正如我在電話會議上所說的那樣，隨著我們採取的舉措和我們已經投入使用的新建築，我們在 COVID 之前到 25 年處於 4.5% 的增長趨勢，將會增長年化利率為 2.5%。

So that's a much lower growth rate.

所以這是一個低得多的增長率。

And I think that, again, continued pent-up demand, people have spent a lot of time in isolation and like now, people really want to experience things.

而且我認為，再次被壓抑的需求，人們已經花了很多時間與世隔絕，就像現在一樣，人們真的很想體驗一些東西。

I think that's going to last a while.

我認為這會持續一段時間。

And so we're -- obviously, it's hard to predict the future, but we're logically optimistic that there will be a good environment for some years coming here.

所以我們 - 顯然，很難預測未來，但我們在邏輯上樂觀地認為未來幾年會有一個良好的環境。

So operator, given the time, we'll take one more question.

接線員，給定時間，我們再回答一個問題。

And the final question, therefore, comes from the line of Sharon Zackfia with William Blair.

因此，最後一個問題來自 Sharon Zackfia 和 William Blair 的台詞。

I'm convinced you guys go in alphabetical order.

我相信你們是按字母順序排列的。

So next time we could reverse and do the Zs first.

所以下次我們可以倒過來先做 Zs。

But I guess I just wanted to clarify something, David.

但我想我只是想澄清一些事情，戴維。

The CapEx for the year, are you raising the expectation?

今年的資本支出，你是否提高了預期？

Or is it just weighted to the second half of the year in timing?

還是只是在時間上加權到了下半年？

It's weighted to the second half of the year timing.

它加權到今年下半年的時間。

We have -- because as part of -- during the pause, we delayed a lot of dry docks, we have quite a few ships going into dry dock in the second half of 2021.

我們 - 因為作為 - 在暫停期間的一部分，我們推遲了很多幹船塢，我們有相當多的船隻在 2021 年下半年進入乾船塢。

And so you will see capital associated with those ships.

所以你會看到與這些船相關的資本。

And so the timing is weighted towards the second half.

因此，時間安排偏向於下半場。

Perfect.

完美的。

And then one other question, this may be hard to ascertain just given the bundling aspect of what's being offered.

然後是另一個問題，僅考慮到所提供產品的捆綁方面，這可能很難確定。

But what is the appetite?

但胃口是什麼？

Or what are you seeing in pre-booking for onboard spending?

或者您在預訂船上消費時看到了什麼？

So the trends, when you try to dissect them, we're seeing similar trends to what we have seen historically on the onboard spend side.

因此，當您嘗試剖析這些趨勢時，我們看到的趨勢與我們過去在船上支出方面看到的趨勢相似。

But it is -- as you say, it's very, very difficult because -- and I'm talking about people who are not booking the bundled packages.

但它是——正如你所說，這非常非常困難，因為——我說的是那些沒有預訂捆綁包的人。

When you talk to the various brands around the globe, they are still pushing as they always have, onboard -- other onboard packages and things associated with the cruise and no significant changes in that front.

當你與全球各地的各種品牌交談時，他們仍然一如既往地在船上推動——其他船上套餐和與郵輪相關的東西，在這方面沒有重大變化。

Okay.

好的。

Thank you, everyone.

謝謝大家。

Really appreciate your time.

真的很感謝你的時間。

It's a great feeling to have an expanded opportunity to welcome guests on board here in the coming months, and we're very excited about it.

在接下來的幾個月裡，有更多的機會在這裡歡迎客人，這是一種很棒的感覺，我們對此感到非常興奮。

But thank you very much.

但是非常感謝你。

Thank you, operator.

謝謝你，運營商。

Thank you, and that does conclude the conference call for today.

謝謝，今天的電話會議到此結束。

We thank you all for your participation and ask that you please disconnect your lines.

我們感謝大家的參與，並請您斷開線路。

Thank you once again.

再一次感謝你。

Have a great day, everyone.

祝大家有個美好的一天。