Carnival PLC (CUK) 2021 Q1 法說會逐字稿

Good morning, everyone, and welcome to our business update conference call. I'm Arnold Donald, President and CEO of Carnival Corporation & plc. 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. Thank you all for joining us this morning.

大家早上好，歡迎來到我們的業務更新電話會議。我是 Carnival Corporation & plc 的總裁兼首席執行官 Arnold Donald。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。感謝大家今天早上加入我們。

Before I begin, please note that some of our remarks on this call will be forward-looking. Therefore, I must refer you to the cautionary statement in today's press release.

在我開始之前，請注意我們對本次電話會議的一些評論是前瞻性的。因此，我必須向您推薦今天新聞稿中的警告聲明。

Of course, the thing on everyone's mind is when are we going to resume sailing here in the U.S. And while we're very disappointed with the April 2 additional guidance issued under the conditional sail order, all 30 of our ships in U.S. waters and that fall under the conditional sail order have achieved green status. And we are continuing to work with the CDC and the administration to find practical approaches to resuming cruising in a way that serves the best interest of public health.

當然，每個人都關心的是我們什麼時候才能在美國這裡恢復航行。雖然我們對 4 月 2 日根據有條件航行命令發布的額外指南感到非常失望，但我們所有 30 艘船都在美國水域，而且屬於有條件的航行順序已達到綠色狀態。我們將繼續與疾病預防控制中心和政府合作，尋找切實可行的方法，以最符合公共衛生利益的方式恢復巡航。

Now it's been over a year since we paused our guest cruise operations, but we are on our way back, and we are coming back an even stronger company operationally. Throughout this pause, we have been positioning Carnival to return operations an even stronger company. We're emerging with an exciting roster of new ships across our brands to capitalize on pent-up demand. We are achieving significant cost efficiencies from the exit of less efficient ships, along with ongoing streamlining of shoreside operations relative to pre-COVID levels. And we've continued progress on our sustainability efforts with an emphasis on minimizing our carbon footprint.

自從我們暫停遊客遊輪運營以來已經過去了一年多，但我們正在回歸的路上，我們正在回歸一家運營更強大的公司。在整個暫停期間，我們一直在將嘉年華定位為恢復運營，成為一家更強大的公司。我們正在推出一系列令人興奮的跨品牌新船，以利用被壓抑的需求。我們正在從效率較低的船舶退出中實現顯著的成本效率，同時相對於 COVID 之前的水平不斷精簡岸上運營。我們在可持續發展方面繼續取得進展，重點是盡量減少我們的碳足跡。

We are excited that the majority of our 9 brands will resume sailing this summer, albeit on a limited basis. In fact, AIDA is already sailing from the Canary Islands, so overwhelmingly positive feedback from our German guests. For Southern Europe, following a voluntary pause, Costa will resume sailing with 2 ships beginning next month in May. For the U.K., P&O Cruises will have 2 ships, offering U.K. coastal cruising in June and August, including an inaugural sailing for the brand's new flagship, Iona. Cunard will have the first of its 3 ships sailing in July; and Princess is offering Summer Seacations out of the U.K. with 2 ships starting in July and August, respectively. And last but certainly not least, Seabourn, will offer ultra-luxury cruises and signature Seabourn Moments sailing from Greece this summer.

我們很高興我們的 9 個品牌中的大多數將在今年夏天恢復航行，儘管數量有限。事實上，AIDA 已經從加那利群島起航，我們的德國客人對此給予了壓倒性的積極反饋。對於南歐，在自願暫停後，Costa 將從下個月 5 月開始以 2 艘船恢復航行。對於英國，P&O Cruises 將擁有 2 艘船，在 6 月和 8 月提供英國沿海巡遊，包括該品牌新旗艦 Iona 的首航。 Cunard 旗下 3 艘郵輪中的第一艘將於 7 月啟航；公主郵輪將分別在 7 月和 8 月推出 2 艘遊輪，提供英國境外的 Summer Seacations。最後但同樣重要的是，Seabourn 將在今年夏天提供從希臘出發的超豪華遊輪和標誌性的 Seabourn Moments。

Again, as we have demonstrated, our portfolio of brands has clearly been an asset as we have announced resuming operations so far with 9 ships, representing 12% of our fleet. In addition, we are also opening our hotels and 2 operations in Alaska this summer. Our ownership of the vast majority of land-based infrastructure has been key to our leading presence in Alaskan cruising. Opening our hotels will also help support our long-time partners in Alaska who have been very strong advocates for our return to sailing.

同樣，正如我們所展示的那樣，我們的品牌組合顯然是一項資產，因為到目前為止我們已經宣布恢復運營，其中 9 艘船占我們船隊的 12%。此外，我們還將在今年夏天在阿拉斯加開設我們的酒店和 2 個業務。我們擁有絕大多數陸基基礎設施，這是我們在阿拉斯加巡航領域處於領先地位的關鍵。開設我們的酒店也將有助於支持我們在阿拉斯加的長期合作夥伴，他們一直大力倡導我們重返航海。

We are focused on resuming operations as quickly as practical, while at the same time, demonstrating prudent stewardship of capital and doing so in a way that serves the best interest of public health. 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, of our Carnival family, our team members shipboard and shoreside.

我們專注於盡快恢復運營，同時展示審慎的資本管理，並以符合公共衛生最佳利益的方式進行。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 be very encouraged about recent vaccine distribution and the positive progress that signals. Vaccines are a game-changer. They are another important tool, along with advancements in treatment therapies, contact tracing technology and affordable rapid testing. And while we will have a limited number of sailings carrying to those who have already received vaccines, our decisions about vaccines and all of our health protocols continue to be informed by our global medical and science experts and the requirements of the places we operate and visit.

我們繼續對最近的疫苗分發和表明的積極進展感到非常鼓舞。疫苗改變了遊戲規則。它們是另一個重要的工具，以及治療療法、接觸者追踪技術和負擔得起的快速檢測方面的進步。雖然我們將有數量有限的航次運送給那些已經接種疫苗的人，但我們關於疫苗的決定和我們所有的健康協議將繼續由我們的全球醫學和科學專家以及我們運營和訪問的地方的要求提供信息.

We continue to work on securing the ability to resume cruising from U.S. ports in a manner consistent with the expected return of other forms of travel, leisure and entertainment activities. At the same time, we are, of course, working toward resuming operations in other parts of the world, including Australia and Asia. In fact, 59 of our 90 ships are outside the U.S. conditional sail order.

我們繼續努力確保能夠以與其他形式的旅行、休閒和娛樂活動的預期恢復相一致的方式恢復從美國港口的巡航。與此同時，我們當然也在努力恢復世界其他地區的運營，包括澳大利亞和亞洲。事實上，我們的 90 艘船中有 59 艘不在美國有條件航行令的範圍內。

Meanwhile, despite minimal advertising, we've seen an acceleration in booking trends globally, with a near doubling in booking volumes during first quarter '21 compared to the previous quarter. We've also experienced significant latent demand upon opening new sailings this summer. In fact, P&O opened to a single biggest booking day in 7 years on the announcement of coastal sailings for its 2 ships this summer and generated significant buzz with nearly 1 billion media mentions so far.

與此同時，儘管廣告很少，但我們已經看到全球預訂趨勢加速，與上一季度相比，21 世紀第一季度的預訂量幾乎翻了一番。在今年夏天開通新航線後，我們也經歷了巨大的潛在需求。事實上，P&O 在今年夏天宣布其 2 艘船的沿海航行後迎來了 7 年來最大的單次預訂日，並引起了巨大的轟動，迄今為止有近 10 億次媒體提及。

Likewise, Cunard's Summer at Sea luxury U.K. voyages drove their biggest booking day in the U.K. in over a decade, while Princess had its second biggest booking day in the U.K. ever. The strong industrial demand has affirmed our confidence and indicates the potential for further pricing strength.

同樣，丘納德在英國的夏季海上豪華航行創造了十多年來英國最大的預訂日，而公主郵輪則創下了英國有史以來第二大預訂日。強勁的工業需求堅定了我們的信心，並預示著價格進一步走強的潛力。

Over the last 14 months, agility has been a key strength. 2021 will clearly be a transition year. We expect the environment to remain dynamic over the next 12 months as we roll out our fleet while continuing to adapt to an ever-changing situation.

在過去的 14 個月裡，敏捷性一直是一個關鍵優勢。 2021 年顯然將是一個過渡年。我們預計未來 12 個月環境將保持動態，因為我們將推出我們的機隊，同時繼續適應不斷變化的形勢。

As expected, we are staggering the introduction of ships for each of our brands and we'll ramp up the number of vessels and the occupancy levels over time as destinations reopen and we gain further experience with our enhanced protocols. And each brand is coming back operationally stronger than before. While it will be some time before we return to prior capacity levels after accelerating the exit of less efficient ships, we have an exciting roster of new ships, which will be rolling out across each brand.

正如預期的那樣，我們正在為我們的每個品牌錯開引入船隻，隨著目的地重新開放，我們將隨著時間的推移增加船隻數量和入住率，並且我們通過增強協議獲得更多經驗。每個品牌都在運營上比以前更強大。在加速淘汰效率較低的船舶後，我們還需要一段時間才能恢復到之前的運力水平，但我們擁有令人興奮的新船舶名冊，這些新船舶將在每個品牌中推出。

In fact, in conjunction with our return to service, nearly every brand will welcome a new ship by year-end. Now these exciting new ships are considerably more efficient, and they will drive even more enthusiasm, excitement and demand around our restart plans with both our brand loyalists and with new to cruise.

事實上，隨著我們恢復服務，幾乎每個品牌都將在年底前迎來一艘新船。現在，這些令人興奮的新船效率大大提高，它們將與我們的品牌忠誠者和郵輪新手一起圍繞我們的重啟計劃帶來更多的熱情、興奮和需求。

Beginning with our namesake brand, Carnival, introducing the new Mardi Gras, just in time to commemorate the upcoming 50-year anniversary of the original Mardi Gras. Now the new Mardi Gras promises not to disappoint the brand's reputation built on 50 years of fun. And even after 50 years, Carnival Cruise Line continues to innovate, this time with the first ever roller coaster at sea: BOLT. Mardi Gras also boasts restaurants from Emeril Lagasse, Guy Fieri and Shaquille O'Neal. The highly anticipated Mardi Gras was recently named best new cruise ship by USA TODAY for these exciting innovations, including its liquefied natural gas propulsion system, the first LNG cruise ship in North America, reflecting our ongoing commitment to improve our carbon footprint.

從我們的同名品牌 Carnival 開始，推出全新的 Mardi Gras，恰逢原版 Mardi Gras 即將到來的 50 週年紀念。現在，新的 Mardi Gras 承諾不會辜負該品牌建立在 50 年樂趣基礎上的聲譽。即使在 50 年後，嘉年華遊輪公司仍在不斷創新，這一次推出了史上第一座海上過山車：BOLT。狂歡節還擁有 Emeril Lagasse、Guy Fieri 和 Shaquille O'Neal 的餐廳。備受期待的 Mardi Gras 最近因這些激動人心的創新被《今日美國》評為最佳新遊輪，包括其液化天然氣推進系統，這是北美第一艘 LNG 遊輪，反映了我們對改善碳足蹟的持續承諾。

Also in North America, premium brand, Holland America, will introduce a new router dam, featuring its iconic music walk experience, including B.B. King's Blues Club, Rolling Stones' Rock Room and Lincoln Center Stage. Princess will introduce 2 new ships, both of which will feature MedallionClass as well for the very first time the entire Princess fleet. And Seabourn Venture will set a new standard in expedition cruising for ultra-luxury Seabourn with spectacular features, including 2 360-degree view, battery-powered submarines capable of taking guests to depths of 1,000 feet. Seabourn Venture will have a world-class expedition team of 26 staff who specialize in destination-specific geology, oceanography, marine biology, penguins and polar bears, among others. As exploring the underwater world of Antarctica at depths beyond 100 feet has only been done by a handful of people, Seabourn's guests will get to share in a true once-in-a-lifetime experience.

同樣在北美，高端品牌 Holland America 將推出全新的路由器壩，以其標誌性的音樂漫步體驗為特色，包括 B.B. King's Blues Club、Rolling Stones' Rock Room 和 Lincoln Center Stage。 Princess 將推出 2 艘新船，這兩艘船都將配備 MedallionClass，這也是整個 Princess 艦隊中的第一次。 Seabourn Venture 將為超豪華 Seabourn 的探險巡航設定新標準，其具有壯觀的功能，包括 2 艘 360 度全景、能夠將客人帶到 1,000 英尺深度的電池驅動潛艇。 Seabourn Venture 將擁有一支由 26 名員工組成的世界級探險隊，他們專門研究特定目的地的地質學、海洋學、海洋生物學、企鵝和北極熊等。由於只有少數人能夠探索 100 英尺以上深度的南極洲海底世界，世邦的客人將獲得真正千載難逢的體驗。

In the U.K., we welcome Iona, also powered by LNG with her inaugural sailing August 7. Our maiden voyage will indeed be special as she sails from England with coastal cruising to Scotland, including her namesake, the beautiful island of Iona. For Germany, we will introduce yet another environmentally-friendly LNG ship, AIDAcosma. For Southern Europe, Costa Toscana and Costa Firenze will replace the exit of several less efficient ships. Costa Toscana curated by Adam Tihany is Costa's second LNG ship and is a tribute to Tuscany. Costa Firenze's interior design is a celebration of the city of Florence. Costa Firenze has been recognized by RINA with Green Star 3 for excellence and environmental performance.

在英國，我們歡迎同樣由液化天然氣提供動力的 Iona 號於 8 月 7 日首航。我們的處女航確實很特別，因為她從英格蘭航行，沿海巡航到蘇格蘭，包括與她同名的美麗 Iona 島。對於德國，我們將推出另一艘環保型 LNG 船 AIDAcosma。對於南歐，Costa Toscana 和 Costa Firenze 將取代幾艘效率較低的船舶。由 Adam Tihany 策劃的 Costa Toscana 是 Costa 的第二艘液化天然氣船，是對托斯卡納的致敬。 Costa Firenze 的室內設計是對佛羅倫薩市的慶祝。 Costa Firenze 因其卓越的環保性能而獲得 RINA 的 Green Star 3 認可。

Of course, we will also achieve a structural benefit to unit costs as we deliver these new, larger, more efficient ships. In addition, we will further benefit from the 19 ships leaving the fleet, which are among our least efficient ships. In fact, 17 of the 19 ships have already left the fleet. The combination of all of that 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. We also continue our efforts to rightsize our shoreside operations and find efficiencies across our existing fleet to reduce our costs further.

當然，隨著我們交付這些新的、更大的、更高效的船舶，我們還將實現單位成本的結構性優勢。此外，我們將進一步受益於離開船隊的 19 艘船舶，這些船舶是我們效率最低的船舶之一。事實上，19艘船中有17艘已經離開艦隊。所有這一切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。我們還繼續努力調整我們的岸上業務規模，並提高我們現有船隊的效率，以進一步降低我們的成本。

Importantly, during this pause, we have made continuous improvements in the environmental, social and governance areas. Now while we've made significant progress on many fronts, we continue to focus on the important issue of carbon intensity. For more than a decade, we've demonstrated our commitment to reducing our carbon footprint through the development of more efficient new ships through the disposal of older less efficient ships and through our ongoing investments and efficiency enhancements for the existing fleet, which have averaged $70 million annually, and through our results. Despite fleet-wide capacity growth of 25% from 2011 to 2019, our absolute carbon emissions peaked in 2011, and we delivered a more than 30% reduction in our carbon intensity since 2005.

重要的是，在此暫停期間，我們在環境、社會和治理領域取得了持續改進。現在，雖然我們在許多方面取得了重大進展，但我們繼續關注碳強度這一重要問題。十多年來，我們通過處置效率較低的老舊船舶開發更高效的新船舶，以及通過對現有船隊的持續投資和提高效率（平均成本為 70 美元），證明了我們減少碳足蹟的承諾萬每年，並通過我們的成果。儘管從 2011 年到 2019 年整個車隊的運力增長了 25%，但我們的絕對碳排放量在 2011 年達到峰值，並且自 2005 年以來我們的碳強度降低了 30% 以上。

We also lead the industry in the development of shore power. Over 40% of our fleet is capable of plugging in well in port, enabling power for more sustainable sources. To date, only 16 of the more than 700 ports we visit worldwide offer this shore power capability. But we are working with our port partners to increase availability as demonstrated by our recently announced plans with Mayor Cava and the Port of Miami.

我們在岸電發展方面也處於行業領先地位。我們超過 40% 的船隊能夠很好地插入港口，為更可持續的能源提供電力。迄今為止，在我們訪問的全球 700 多個港口中，只有 16 個提供這種岸電能力。但我們正在與我們的港口合作夥伴合作以提高可用性，正如我們最近宣布的與卡瓦市長和邁阿密港的計劃所證明的那樣。

And we lead the industry in development of and continue improvements in advanced air quality systems. Currently, 78 of our 90 ships have been fitted with these systems. As a result, these ships achieved lower sulfur emissions and the same or lower nitrous in particular matter as ships operating on marine gas oil, or MGO, while avoiding the carbon impact from the additional refining needed for MGO.

我們引領行業開發並持續改進先進的空氣質量系統。目前，我們 90 艘船舶中的 78 艘已安裝了這些系統。因此，與使用船用輕柴油 (MGO) 運營的船舶相比，這些船舶實現了更低的硫排放和相同或更低的亞硝酸鹽排放，同時避免了 MGO 所需的額外精煉帶來的碳影響。

Through our research and development efforts, we have aggressively implemented new technologies, such as the aforementioned development of ships power by LNG, the most environmentally friendly fossil fuel. A clear demonstration of our level of commitment was shown when we made the decision to build these ships, even though at the time the decisions were made, the infrastructure for LNG was not yet in place. We then partnered with Shell to develop the supply chain to support LNG operations. We now have 11 LNG ships either currently in the fleet or under construction, representing nearly 20% of our overall fleet capacity.

通過我們的研發努力，我們積極實施新技術，例如前面提到的使用最環保的化石燃料液化天然氣開發船舶動力。當我們決定建造這些船舶時，就清楚地表明了我們的承諾水平，即使在做出決定時，液化天然氣的基礎設施還沒有到位。然後，我們與殼牌合作開發供應鏈以支持液化天然氣運營。我們現在有 11 艘 LNG 船在船隊中或在建，占我們船隊總運力的近 20%。

The utilization of LNG is a positive step for the environment, but it is not the ultimate solution. Our goal is to eventually achieve net zero emissions. To get there over time, we are aggressively looking at other options like advanced lithium-ion battery technologies and fuel cell technologies.

液化天然氣的利用是保護環境的積極步驟，但不是最終解決方案。我們的目標是最終實現淨零排放。為了隨著時間的推移實現這一目標，我們正在積極尋找其他選擇，例如先進的鋰離子電池技術和燃料電池技術。

Moreover, we have also advanced our efforts on social responsibility and governance. For example, half of our operating companies are now led by women executives, reflecting our commitment to diversity and inclusion. Also upon resuming operations, an even greater portion of executive pay will be tied to health, environment, safety, security and sustainability performance.

此外，我們還推進了社會責任和治理工作。例如，我們一半的運營公司現在由女性高管領導，反映了我們對多元化和包容性的承諾。此外，在恢復運營後，更大比例的高管薪酬將與健康、環境、安全、安保和可持續性績效掛鉤。

Turning to our financial objectives. First and foremost is to maximize cash generation. While we have secured the liquidity to sustain us well into 2022 even with 0 revenue, our cash flow, once we return to full operations, will be the primary driver to return to investment-grade credit over time, creating greater shareholder value. Now we've lowered our capacity growth to roughly 2.5% compound annually through 2025. We structurally reduced costs. We're working to lower interest costs, and we are working aggressively to return our fleet to guest operations as quickly as practical and still serving the best interest of public health.

轉向我們的財務目標。首先也是最重要的是最大限度地產生現金。雖然我們已經確保流動性足以維持我們到 2022 年，即使收入為零，但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用的主要驅動力，從而創造更大的股東價值。現在，我們已將到 2025 年的產能增長率降低到每年約 2.5%。我們在結構上降低了成本。我們正在努力降低利息成本，我們正在積極努力，盡快讓我們的機隊恢復客戶運營，同時仍然為公眾健康的最佳利益服務。

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

憑藉我們已經採取的積極行動來管理資產負債表和削減產能，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，鞏固我們的行業領先地位。

Throughout these challenging times, we have received overwhelming support. So again, thank you to our valued guests. Thank you to our dedicated members of the Carnival family, shipboard and shoreside. Thank you to our travel agent partners, and thank you to our other many stakeholders for their ongoing support. And of course, especially, thank you to our investors for their continued confidence in us and in our future. We can't wait to welcome everyone back on board.

在這些充滿挑戰的時期，我們得到了壓倒性的支持。再次感謝我們尊貴的客人。感謝嘉年華大家庭、船上和岸邊的敬業成員。感謝我們的旅行社合作夥伴，並感謝我們其他眾多利益相關者的持續支持。當然，尤其要感謝我們的投資者，感謝他們對我們和我們未來的持續信任。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. I'll start today with an update on booking trends. Then I'll provide our monthly average cash burn rate along with the summary of our first quarter cash flows. Next, for those of you who are modeling our net income and EPS, I will provide you with some key data and then finish up with some insights into our financial position.

謝謝你，阿諾德。我將從今天開始更新預訂趨勢。然後我將提供我們的月平均現金消耗率以及我們第一季度現金流量的摘要。接下來，對於那些正在為我們的淨收入和 EPS 建模的人，我將為您提供一些關鍵數據，然後對我們的財務狀況進行一些深入的了解。

Turning to booking trends. Our booking volumes have been very strong given the circumstances. Booking volumes for all future cruises during the first quarter 2021 were approximately 90% ahead of booking volumes during the fourth quarter 2020. 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.

轉向預訂趨勢。在這種情況下，我們的預訂量非常強勁。 2021 年第一季度所有未來郵輪的預訂量比 2020 年第四季度的預訂量高出約 90%。同樣積極的是，我們 2022 年全年的累計提前預訂量領先於非常強勁的 2019 年，2019 年為歷史範圍的高端。

I would like to point out that our booking volumes and book position are very encouraging given that they were achieved with minimal advertising and promotional activity. Pricing on our full year 2022 book position is higher than pricing on bookings at the same time for 2019 sailings if you normalize for bundled packages and exclude the dilutive impact of future cruise credits or more commonly known as FCCs. This is a great achievement given pricing on bookings for 2019 sailings is a tough comparison as that was a high watermark for historical yields. We normalized for bundled packages since over the past year or so. We have offered and our guests have chosen more and more bundled package options. In the end, we expect to see the benefit of these bundled packages in onboard and other revenue.

我想指出，我們的預訂量和預訂量非常令人鼓舞，因為它們是通過最少的廣告和促銷活動實現的。如果您對捆綁套餐進行標準化並排除未來郵輪信用或更常見的 FCC 的稀釋影響，我們 2022 年全年預訂頭寸的定價高於 2019 年航行的同時預訂定價。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，因為這是歷史收益率的高水位線。在過去一年左右的時間裡，我們對捆綁包進行了規範化。我們提供並且我們的客人選擇了越來越多的捆綁套餐選項。最後，我們希望看到這些捆綁包在船上和其他收入中的好處。

Even more encouraging is the overall improved pricing trends we have seen over the last few weeks as we have announced the restart of cruise operations in several of our brands. I just want to remind everyone that due to the pause in guest cruise operations, the company's booking trends are being compared to booking trends for 2019 sailings and not the prior year.

更令人鼓舞的是，隨著我們宣布重啟幾個品牌的郵輪運營，我們在過去幾週看到的整體定價趨勢有所改善。我只想提醒大家，由於賓客郵輪運營暫停，公司的預訂趨勢是與 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. For the first quarter, our cash burn rate was $500 million, which was better than the previous expectation of $600 million, mainly due to the timing of capital expenditures. For the first half 2021, we now expect our monthly average rate to be approximately $550 million, which includes additional restart expenditures. I am happy to say that this monthly average rate includes more restart expenses as we have recently resumed or announced the resumption of guest cruise operations for 6 of our 9 brands while we continue to plan for the others. Despite the additional restart expenses, our monthly average rate for the first half of 2021 is expected to be lower than previously indicated as our teams have worked tirelessly to opportunistically find ways to reduce our cash burn rate.

現在讓我們看看我們的月平均現金消耗率。第一季度，我們的現金消耗率為 5 億美元，好於此前預期的 6 億美元，這主要是由於資本支出的時機。對於 2021 年上半年，我們現在預計每月平均費用約為 5.5 億美元，其中包括額外的重啟支出。我很高興地說，這個月平均費率包括更多的重啟費用，因為我們最近恢復或宣布恢復我們 9 個品牌中的 6 個的賓客遊輪運營，同時我們繼續為其他品牌做計劃。儘管有額外的重啟費用，但我們 2021 年上半年的月平均利率預計將低於之前的預測，因為我們的團隊一直在不懈努力，機會主義地尋找降低現金消耗率的方法。

Next, I'll provide a summary of our first quarter cash flows. We are currently in a solid liquidity position with $11.5 billion of cash and short-term investments on our balance sheet at the end of the first quarter. Even better, this is $2 billion more cash than we had on the balance sheet at the end of the fourth quarter.

接下來，我將提供我們第一季度現金流量的摘要。我們目前的流動性狀況良好，第一季度末我們的資產負債表上有 115 億美元的現金和短期投資。更好的是，這比我們第四季度末資產負債表上的現金多 20 億美元。

During the first quarter, we added to our liquidity position by completing 2 very well-received capital market transactions with cumulative net proceeds of $4.4 billion. The senior unsecured note offering, which was upsized due to the strong demand, raised $3.4 billion, while our overnight equity offering raised $1 billion. This was partially offset by 2 things: first, our total cash burn for the quarter was $1.5 billion, simply our monthly average cash burn rate of $500 million per month times 3; and second, $900 million driven by principal debt payments.

在第一季度，我們完成了 2 筆非常受歡迎的資本市場交易，累計淨收益為 44 億美元，從而增加了我們的流動性頭寸。由於需求強勁，高級無抵押票據發行規模擴大，募集資金 34 億美元，而我們的隔夜股票發行募集資金 10 億美元。這被兩件事部分抵消了：首先，我們本季度的總現金消耗為 15 億美元，只是我們的月平均現金消耗率是每月 5 億美元乘以 3；其次，主要債務支付驅動的 9 億美元。

I would like to point out that our total customer deposits were unchanged this quarter compared to the fourth quarter 2020 at $2.2 billion with cash inflows from new bookings offsetting cash refunds. This is a welcome point on the road to the full resumption of guest cruise operations.

我想指出，本季度我們的客戶存款總額與 2020 年第四季度相比沒有變化，為 22 億美元，新預訂產生的現金流入抵消了現金退款。這是全面恢復郵輪運營道路上的一個可喜點。

For those of you who are modeling our net income and EPS, let me provide you with some key data points. Depreciation expense for 2021 is expected to be approximately $2.2 billion. Net interest expense for 2021 is projected to be approximately $1.7 billion prior to our refinancing efforts later this year to reduce that number. While our refinancing efforts will only have a partial year impact on 2021, they will certainly have a more pronounced full year impact on 2022.

對於那些正在為我們的淨收入和 EPS 建模的人，讓我為您提供一些關鍵數據點。 2021 年的折舊費用預計約為 22 億美元。在我們今年晚些時候為減少這一數字而進行再融資之前，2021 年的淨利息支出預計約為 17 億美元。雖然我們的再融資努力只會對 2021 年產生部分年度影響，但它們肯定會對 2022 年產生更顯著的全年影響。

Our dilutive weighted average shares outstanding for the second quarter 2021 and fiscal year 2022 is expected to be 1.132 billion. For fiscal year 2023 and beyond, it will be around 1.185 billion. The increase from 2022 to 2023 is driven by the conversion of our remaining convertible notes.

我們 2021 年第二季度和 2022 財年的攤薄加權平均流通股預計為 11.32 億股。到 2023 財年及以後，將約為 11.85 億美元。從 2022 年到 2023 年的增長是由我們剩餘的可轉換票據的轉換推動的。

I think it's worth noting that we also incurred almost $200 million of noncash expenses during the first quarter 2021 for things like lease asset amortization and share-based compensation. It appears these items were not fully captured in consensus estimates given the focus on cash burn.

我認為值得注意的是，我們在 2021 年第一季度還產生了近 2 億美元的非現金支出，用於租賃資產攤銷和股權補償等。鑑於對現金消耗的關注，這些項目似乎沒有完全包含在共識估計中。

Finally, I will finish up with some insights into our financial position. Since the pause in our guest cruise operations a little over a year ago, we raised $23.6 billion through a series of transactions. These transactions included equity offerings raising over $4 billion. These equity offerings, along with retiring $1.5 billion of our convertible notes through the issuance of common stock, considerably strengthened our balance sheet. From a financial position perspective, the last year was about obtaining sufficient liquidity to get through the pause in guest cruise operations. However, with $11.5 billion of cash and short-term investments on our balance sheet at the end of the first quarter, we believe we have enough liquidity to get us back to full guest cruise operations.

最後，我將對我們的財務狀況提出一些見解。自從一年多前我們的遊輪業務暫停以來，我們通過一系列交易籌集了 236 億美元。這些交易包括籌集超過 40 億美元的股票發行。這些股票發行，以及通過發行普通股收回 15 億美元的可轉換票據，大大加強了我們的資產負債表。從財務狀況的角度來看，去年是關於獲得足夠的流動性以度過停頓的郵輪業務。然而，在第一季度末我們的資產負債表上有 115 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恢復全面的郵輪運營。

As we look forward, given the improvement in the debt capital markets where interest rates for companies like ours are less than half of what they were last year, we will be pursuing refinancing opportunities to reduce our interest expense and extend our maturities.

展望未來，鑑於債務資本市場的改善，像我們這樣的公司的利率不到去年的一半，我們將尋求再融資機會以減少我們的利息支出並延長我們的期限。

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. Operator, please open the call to questions.

謝謝你，大衛。接線員，請打開問題電話。

(Operator Instructions) Our first question comes from Steve Wieczynski with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Steve Wieczynski。

So it seems like yesterday, we got some additional comments from the CDC, which -- who knows if they're true or they're not, but it seems like they could be at the point where they might be open to allowing cruising from North American ports by mid-summer, which is encouraging. And I guess the question is going to be -- before those comments came out, we've seen some of your competitors start to announce Caribbean itineraries that embark -- they were embarking from so-called foreign ports. And you guys really didn't do anything like that for your Carnival or your Princess, kind of core North American brands. And I guess is that something that you would still explore at this point? Or do you just kind of sit back and wait at this point to see what the CDC officially kind of comes out for before you make that type of decision? And hopefully, that all makes sense.

所以就像昨天一樣，我們從 CDC 那裡得到了一些額外的評論，誰知道它們是真是假，但看起來他們可能已經到了允許巡航的地步北美港口到仲夏，這是令人鼓舞的。我想問題是——在這些評論發表之前，我們已經看到你們的一些競爭對手開始宣布加勒比海航線——他們從所謂的外國港口出發。你們真的沒有為你們的嘉年華或你們的公主做任何類似的北美核心品牌。我想這是你此時仍會探索的東西嗎？還是您此時只是坐下來等待，在您做出此類決定之前，先看看疾病預防控制中心 (CDC) 正式公佈的結果是什麼？希望這一切都有意義。

Yes, Steve. I think, first of all, just a couple of things. Princess has announced some sailings from the U.K., some limited sailings from the U.K. But you're correct, we haven't announced sailings just for Princess or Carnival. We have announced for Seabourn sailings out of Greece as an example.

是的，史蒂夫。我認為，首先，只有幾件事。 Princess 已經宣布了一些從英國出發的航行，一些從英國出發的有限航行。但你是對的，我們還沒有宣布僅針對 Princess 或 Carnival 的航行。我們以 Seabourn 出海希臘的航次為例進行了公佈。

So look, the bottom line is this: we are in dialogue with CDC and with the administration. We stand with everybody and trying to make certain that we all contain this virus. And public health is paramount here. So we -- we're in all that. But as released on April 2, that is not necessarily a workable or practical solution. And so we're in dialogue to try to come up with that. So we want to share the optimism that we can be sailing in July. And I think by working together, we can all make that happen.

所以看，底線是這樣的：我們正在與疾病預防控制中心和政府進行對話。我們與所有人站在一起，並努力確保我們所有人都感染了這種病毒。公共衛生在這里至關重要。所以我們 - 我們都參與其中。但正如 4 月 2 日發布的那樣，這不一定是可行或實用的解決方案。因此，我們正在進行對話以嘗試提出這一點。因此，我們希望分享我們可以在 7 月啟航的樂觀情緒。我認為通過共同努力，我們都可以實現這一目標。

In terms of whether we would consider sailing or home porting out of the Caribbean, Carnival is really America's original cruise liners, America's line. We sail more people than anybody else from America and more kids and all that. And part of it is the drive to market capabilities, access for people. So they have 14 home ports here in the U.S. Nobody else has anything like that for Carnival. We prefer to get the people who are working in the ports, all the people who depend on the cruise industry for their livelihood, obviously, we prefer -- and I'm sure the other companies were too, we prefer to have those jobs and all that stuff be here. But if we're unable to sail, then obviously we will consider home porting elsewhere. I hope I answered your question, Steve.

就我們是否會考慮航行或在加勒比海港口停靠而言，嘉年華確實是美國的原始郵輪，美國航線。我們從美國航行的人比其他任何人都多，還有更多的孩子等等。其中一部分是對市場能力的驅動，以及對人們的訪問。所以他們在美國這裡有 14 個母港。沒有其他人擁有像嘉年華這樣的東西。我們更願意讓在港口工作的人，所有依靠遊輪業謀生的人，顯然，我們更願意——我相信其他公司也是，我們更願意擁有這些工作，而且所有的東西都在這裡。但如果我們無法啟航，那麼顯然我們會考慮將母港停靠在其他地方。我希望我回答了你的問題，史蒂夫。

Yes, you did. And then second question is probably going to be for David. But I mean -- so pre-pandemic, you guys were always kind of targeting a double-digit ROIC. And I guess if we assume cruising goes back to a so-called normal at some point over the next, call it, couple of years, is there any color you could give us around what that ROIC could look like now given the much lower cost structure, but obviously, you have higher interest costs as well. So any color about what that ROIC could look like down the road? David, that would be very helpful.

是的，你做到了。然後第二個問題可能是給大衛的。但我的意思是——在大流行之前，你們總是以兩位數的 ROIC 為目標。而且我想如果我們假設巡航在接下來的某個時間點回到所謂的正常狀態，稱之為幾年，你能給我們一些顏色嗎？結構，但顯然，您的利息成本也更高。那麼關於未來 ROIC 會是什麼樣子的任何顏色？大衛，那會很有幫助。

Sure, Steve. So just to point out, yes, we do have higher interest expense. But clearly, the return on invested capital is on all of the capital. So the interest expense doesn't impact the ROIC calculation, but we are still targeting an ROIC in the double digits. And as we've said many times before, once we get to the double digits, we're not going to stop there. This is a business that we believe has the capability going beyond that and getting an ROIC in the low teens, so -- low to mid-teens. So we are moving forward and have a lot of optimism and positive attitude towards our business.

當然，史蒂夫。所以只是要指出，是的，我們確實有更高的利息支出。但顯然，投資資本的回報是對所有資本的。因此，利息支出不會影響 ROIC 的計算，但我們仍將 ROIC 定為兩位數。正如我們之前多次說過的那樣，一旦達到兩位數，我們就不會止步於此。我們認為，這是一家有能力超越這一點並在青少年時期獲得 ROIC 的企業，所以——青少年中期。因此，我們正在向前邁進，並對我們的業務抱有很多樂觀和積極的態度。

Our next question comes from Robin Farley with UBS.

我們的下一個問題來自瑞銀的 Robin Farley。

Great. On the comments last night from the CDC, and I was interested that you didn't mention the potential to have those brands operating from U.S. ports. And I guess it sounds like the April 2 specifications might be burdensome. I guess my question is, if you're reaching agreements with ports and local health care authorities in those places, isn't it possible that if you sort of probability wait the outcome of all of the scenarios that you need to take into account according to the specifications and the health care you have to provide in the land base, if you probability weight that outcome with a fully vaccinated ship, can't that get you to a number that's low enough, right? In other words, a fully vaccinated ship, the probability, I would think, would be so tiny that you would need to incur those costs. Isn't it workable in kind of a probability-weighted scenario?

偉大的。關於 CDC 昨晚的評論，我很感興趣你沒有提到讓這些品牌在美國港口運營的可能性。我想這聽起來像是 4 月 2 日的規範可能很繁瑣。我想我的問題是，如果你正在與這些地方的港口和當地衛生保健當局達成協議，如果你有點概率等待你需要考慮的所有場景的結果，是否有可能根據根據你必須在陸地基地提供的規格和醫療保健，如果你可能用一艘完全接種疫苗的船來衡量結果，那不能讓你得到一個足夠低的數字，對吧？換句話說，一艘完全接種疫苗的船，我認為，這種可能性很小，以至於你需要承擔這些費用。它在某種概率加權場景中不可行嗎？

Robin, there's a lot in your question. I think the conversation around negotiating with ports and local authorities, depending on the specificity and the criteria involved in all that, we do that [specifically]. For example, we've sailed overseas -- the industry has sailed, I think, almost 400,000 guests so far overseas. And to do that, we have to have arrangements with all those places and destinations we go. And so that unto itself, depending again on the criteria established and the paperwork involved that may not be so burdensome because we need to have an understanding.

羅賓，你的問題很多。我認為圍繞與港口和地方當局談判的對話，取決於所有這些的特殊性和標準，我們 [具體地] 這樣做。例如，我們已經航行到海外——我認為，迄今為止，該行業已經將近 400,000 名客人航行到海外。為此，我們必須對我們要去的所有地方和目的地做出安排。因此，就其本身而言，再次取決於既定標準和涉及的文書工作，這可能不會那麼繁瑣，因為我們需要達成共識。

Keep in mind when all this started, people were concerned about ICU units being overwhelmed and so on. And fortunately, that hasn't happened with the advent of vaccines, with the advancement in treatments, with more rapid testing, more readily available testing. With all of that, it appears well on a trend and a trajectory where that is no longer at a big risk. Having said that, of course, we want to be having a prearranged agreement with what are we going to do if there's a case on board. Because if it's in the community, there's a chance of it being onboard.

請記住，當這一切開始時，人們擔心重症監護病房不堪重負等等。幸運的是，隨著疫苗的出現、治療的進步、更快速的檢測、更容易獲得的檢測，這並沒有發生。綜上所述，它似乎處於趨勢和軌道上，不再面臨大風險。話雖如此，我們當然希望就船上有案子時我們將要做什麼達成預先安排的協議。因為如果它在社區中，它就有可能被加入。

The specific solutions you're referring to in terms of everybody's vaccinated and so on and so forth, we'll have to see how that evolves. We continue to be informed by global medical and science experts. Of course, we're going to be in compliance with whatever the protocols are regulated wherever we go. Of course, we're going to do that.

你提到的每個人都接種疫苗等等的具體解決方案，我們必須看看它是如何演變的。我們繼續從全球醫學和科學專家那裡獲得信息。當然，無論我們走到哪裡，我們都會遵守任何受監管的協議。當然，我們會這樣做。

But as you know, today, everybody doesn't have access to vaccines. Children are not yet really eligible for vaccines. Hopefully, that'll change over time. hopefully, the availability of the vaccine so everyone will have access will also change over time. And we would encourage everyone to be vaccinated. We would. Today, we can't buy vaccines to do anything. So we just have to let this play out. And keep in mind, we are currently sailing without any major incident, without anybody being vaccinated and a number with protocols in place. And so you're hoping that the combination will result in -- the combination of vaccinations and other protocols will result in a situation where the public health interest is being served, and we don't have to go through a very burdensome and almost unworkable situation.

但正如你所知，今天，每個人都無法獲得疫苗。兒童還沒有真正符合接種疫苗的條件。希望這會隨著時間的推移而改變。希望每個人都能獲得疫苗的可用性也會隨著時間的推移而改變。我們會鼓勵每個人都接種疫苗。我們會。今天，我們不能買疫苗來做任何事情。所以我們只能讓它發揮作用。請記住，我們目前正在航行，沒有發生任何重大事故，沒有人接種疫苗，一些人也沒有製定協議。所以你希望這種結合會導致 - 疫苗接種和其他協議的結合會導致公共健康利益得到滿足的情況，我們不必經歷非常繁重且幾乎不可行的過程情況。

The key thing is mitigating risk. We can't be -- prefer not to be -- hopefully won't be asked to stand up to a 0 risk standard because, frankly, no where else in society is that being considered. We just like to be treated similar to the rest of travel and entertainment and tourism sector. And so if we do that, we'll be fine.

關鍵是降低風險。我們不能——寧願不要——希望不會被要求遵守零風險標準，因為坦率地說，社會上沒有其他地方正在考慮這一點。我們只是希望得到與其他旅遊、娛樂和旅遊業相似的待遇。因此，如果我們這樣做，我們會沒事的。

An interesting point is today, you can fly out of the U.S. Today, you can fly out of U.S., take a cruise and fly back into the U.S., whether you're vaccinated or not. And today, if you're vaccinated, you can't take a cruise ship from the U.S. And so we've got a little work to do here, but we stand with the CDC. We stand with the administration and working together to come up with practical solutions that protect the public health but allow 0.5 million-plus people in the U.S. that are dependent on the cruise industry for jobs to be able to get back to work and give people the vacation experience of their choice. Thank you.

有趣的一點是今天，你可以飛出美國。今天，你可以飛出美國，乘遊輪飛回美國，無論你是否接種疫苗。今天，如果你接種了疫苗，你就不能從美國乘坐遊輪。所以我們在這裡有一些工作要做，但我們與疾病預防控制中心站在一起。我們與政府站在一起，共同努力提出切實可行的解決方案，保護公眾健康，同時讓超過 50 萬依賴郵輪業工作的美國民眾能夠重返工作崗位，並為人們提供他們選擇的假期體驗。謝謝你。

Great. Just one quick follow-up. Just thinking about the opportunity to put additional ships into service this summer. And given the booking stats, you mentioned, those record booking levels and all the pent-up demand that we're seeing, how far -- in advance, how close in could you add additional July departures? In other words, does that happen -- have to happen by the end of April to sort of reasonably add other ships in July? Just thinking about that timing.

偉大的。只是一個快速跟進。只是考慮今年夏天有機會讓更多的船隻投入使用。考慮到您提到的預訂統計數據，那些創紀錄的預訂水平和我們看到的所有被壓抑的需求，您可以提前多長時間，在多遠的時間內增加額外的 7 月出發？換句話說，這是否會發生——必須在 4 月底之前發生才能在 7 月合理地增加其他船隻？只是想著那個時機。

Thank you. Our biggest constraint right now, of course, is being able to ramp up with crew. And so it will take us minimum 60 up to 90 days to be able to get a crew on board, trained up with new protocols, et cetera, to be able to execute a sailing. So you can backtrack from that in terms of when we'd be able to go with an announcement. And so that's the biggest challenge we have is ramping. But we do have the opportunity from a demand standpoint, assuming we have the crew available and ready to go and trained up that we can do closer in announcements on itineraries and sailings because the demand is there.

謝謝你。當然，我們現在最大的限制是能夠增加工作人員。因此，我們至少需要 60 到 90 天才能讓船員上船，接受新協議的培訓，等等，才能執行航行。因此，您可以根據我們何時能夠發佈公告來回溯。所以這是我們面臨的最大挑戰。但從需求的角度來看，我們確實有機會，假設我們有可用的船員並準備好出發並接受培訓，我們可以在行程和航行的公告中做得更近，因為需求在那裡。

Our next question comes from James Hardiman with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 James Hardiman。

So a lot of discussion about vaccines and how that may or may not help the regulatory landscape. I'm curious about the consumer landscape. Obviously, you've got certain customers that would see a vaccine requirement as a reassuring step, creating a bubble on the sea, so to speak. And then you've got another contingent that would see that as somewhat taking away their freedoms. Talk a little bit about -- I'm sure you surveyed your own customer base and how you think about -- how big those different contingencies are and how you serve both.

因此，關於疫苗的大量討論以及疫苗如何幫助或不幫助監管環境。我很好奇消費環境。顯然，您有某些客戶會將疫苗要求視為令人放心的一步，可以這麼說，在海上製造泡沫。然後你有另一支隊伍，他們會認為這在某種程度上剝奪了他們的自由。談談——我確定你調查了自己的客戶群以及你的想法——這些不同的意外事件有多大，以及你如何為兩者提供服務。

Well, I would say, first of all, we would encourage everyone to get a vaccine if available is -- today, that combined with other basic simple measures you can take is your best defense, I guess, of getting COVID and certainly your best defense against having any serious effects if you do get COVID. And so we would encourage everyone to get a vaccine.

好吧，我想說，首先，我們會鼓勵每個人都接種疫苗，如果有的話——今天，結合您可以採取的其他基本簡單措施，我想這是您獲得 COVID 的最佳防禦措施，當然也是您最好的防禦措施如果您確實感染了 COVID，則可以防止產生任何嚴重影響。因此，我們會鼓勵每個人都接種疫苗。

Having said that, of course, people have the individual personal liberties, et cetera, to my knowledge, and we're involved in the World Travel and Tourism Council, we're involved in U.S. travel group, et cetera. To my knowledge, there is no country -- major country today that is mandating vaccines for travel. And so the option is vaccines or testing or whatever. And so that's my understanding today.

話雖如此，據我所知，人們當然有個人自由等，我們參與了世界旅遊理事會，我們參與了美國旅遊集團等。據我所知，沒有哪個國家——當今的主要國家強制旅行接種疫苗。因此，選擇是疫苗或測試或其他任何東西。這就是我今天的理解。

There, as you can see, as we go about the society of today, whether it's restaurants or entertainment venues, some of the sports teams are opening up where they're taking guests in, there's not a mandate for vaccinations. Then some places in the world is not even legal to mandate vaccinations or anything. So there's a lot of complication in all of that.

在那裡，正如你所看到的，當我們走進當今社會時，無論是餐館還是娛樂場所，一些運動隊正在開放他們接待客人的地方，沒有強制要求接種疫苗。那麼世界上有些地方甚至不合法強制接種疫苗或任何東西。因此，所有這些都存在很多複雜性。

Having said that, as I said before, we'll be informed by the global experts, the medical experts to scientists. And of course, we will follow whatever the protocols are that -- are regulated and in place wherever we go. We will have to follow those. And you're right, there are a lot of people who don't feel -- even they are willing to take the vaccine, they don't want to be mandated to take it, and people do have that personal freedom, perception and orientation.

話雖如此，正如我之前所說，全球專家、醫學專家和科學家都會通知我們。當然，無論我們走到哪裡，我們都會遵守任何受監管和實施的協議。我們將不得不遵循這些。你是對的，有很多人不覺得——即使他們願意接種疫苗，他們也不想被強制接種，人們確實有個人自由、看法和方向。

So we want to encourage people to take the vaccine. And then what our ultimate policies will be, we'll have that evolve and see. In the U.K., we have some -- we've announced some of the sailings in the U.K. We just announced one in Seabourn where it's available to people who have vaccinations, but we do not have a company or brand policies right now around vaccinations. And we're going to allow that to play out in line of with what makes the most sense. Does that answer your question?

所以我們想鼓勵人們接種疫苗。然後我們的最終政策將是什麼，我們會讓它發展並看到。在英國，我們有一些——我們已經宣布了在英國的一些航行。我們剛剛在 Seabourn 宣布了一次，在那裡接種疫苗的人可以使用，但我們目前沒有關於疫苗接種的公司或品牌政策。我們將允許它按照最合理的方式發揮作用。這是否回答你的問題？

Yes. Very helpful. It does. And then I guess second question here, and you get this question all the time, but I figure it's worth asking every few months. Walk us through sort of your latest thoughts on the timetables around mobilizing the fleet, how quickly you could get to sort of cash flow breakeven, how quickly do you think it would -- how long do you think it would take to get the full fleet up and running. And then as I think about occupancy, Norwegian talked about a 60% occupancy level to start. Do you think that's a reasonable number? Or is there another number that you're thinking of?

是的。非常有幫助。確實如此。然後我想這是第二個問題，你一直都會遇到這個問題，但我認為每隔幾個月問一次是值得的。向我們介紹一下您對機隊動員時間表的最新想法，您可以多快實現現金流收支平衡，您認為它會多快 - 您認為需要多長時間才能獲得完整的機隊啟動並運行。然後當我考慮入住率時，挪威人談到了 60% 的入住率水平。你認為這是一個合理的數字嗎？還是您正在考慮其他數字？

Okay. And one other comment in fairness to people on the vaccines, too, I just have to make is that, as I said, and I'll repeat it. But everybody doesn't have access to vaccines today. Hopefully, that will change and hopefully, it will change very quickly. But today, everyone doesn't have access. And so that's a whole another factor to put in, and children today are not approved to take vaccinations. And so there's testing going on and sciences at work. And in coming months, that could change as well. But today, children obviously are not approved for vaccines. And so those are additional vaccine commentary.

好的。還有一個關於疫苗的公平評論，我只想說，正如我所說的，我會重複一遍。但今天並不是每個人都能獲得疫苗。希望這會改變，希望它會很快改變。但是今天，每個人都無法訪問。所以這是另一個要考慮的因素，今天的孩子不被批准接種疫苗。因此，正在進行的測試和工作中的科學。在接下來的幾個月裡，這種情況也可能會發生變化。但是今天，孩子們顯然沒有被批准接種疫苗。因此，這些是額外的疫苗評論。

Now back to your current question. Initially, take our U.K. sailings and some of the other sailings, initially, so we can have opportunity to practice the protocols and make sure everything is going as planned. We're starting with less than 50% occupancy, but that will ramp up pretty quickly as we make certain that the execution is in place and going well. And so that's where we are in terms of the initial sailings. Again, for other companies, whatever theirs are, it's probably just a similar thought process. So people want to make sure that the protocols are in place and are working right, and we all get good practice with our crew in managing all of that. And then it would ramp up as we get better at it. So that's the first comment.

現在回到你當前的問題。最初，參加我們的英國航行和其他一些航行，這樣我們就有機會練習協議並確保一切按計劃進行。我們一開始的入住率不到 50%，但隨著我們確保執行到位且進展順利，入住率會很快上升。這就是我們在最初航行方面所處的位置。同樣，對於其他公司，無論他們是什麼公司，這可能只是一個類似的思維過程。因此，人們希望確保協議到位並且運行正常，我們都與我們的工作人員一起在管理所有這些方面進行了良好的實踐。然後它會隨著我們變得更好而增加。這是第一條評論。

In terms of how quickly it gets to breakout there, David make some comments on the financial perspective. But what we've been saying is 30 -- depending on the brand and the ship size and a whole bunch of other things, 30% to 50% is -- of occupancy is better than breakeven financing for us for a given ship. In terms of the overall fleet, we are going to come back staggered no matter what. We will be bringing in a few ships in a brand at a time. Hopefully, if we were approved to go and the destinations were all up and running, and we can have all the various itineraries and all that, ideally, we'd like to be able to have the fleet fully going by the end of this year, early next year. And that's our aspiration and what we're working hard with all (inaudible) around the world to accomplish.

就突破的速度而言，大衛從財務角度發表了一些評論。但我們一直在說的是 30——取決於品牌和船舶尺寸以及一大堆其他因素，30% 到 50% 是——對我們來說，對於一艘給定的船舶來說，入住率比盈虧平衡融資要好。就整個艦隊而言，無論如何我們都會交錯回來。我們將一次引入一個品牌的幾艘船。希望，如果我們獲准出發並且目的地都已啟動並運行，我們可以擁有所有不同的行程等等，理想情況下，我們希望能夠在今年年底之前讓機隊全面投入使用，明年初。這就是我們的願望，也是我們正在與世界各地的所有人（聽不清）一起努力實現的目標。

And then the last comment I just want to emphasize for us, the U.S. is very important to us, at the same time as the rest of the world. And that's one of the benefit they have, all the brands we have. And so as I said in my opening remarks, we have [9] ships that are involved in other jurisdictions and other regulatory environments that we have to work with. So today, those a little bit ahead of where we are in the U.S. But hopefully, we'll all get to a level playing field and be able to bring the fleet back over time. I hope I answered your question, but I'll let David make a comment if you want to add anything on the breakeven conversation.

然後我只想向我們強調的最後一條評論是，美國對我們非常重要，與世界其他地區一樣。這是他們擁有的好處之一，我們擁有的所有品牌。因此，正如我在開場白中所說，我們有 [9] 艘船舶涉及我們必須與之合作的其他司法管轄區和其他監管環境。所以今天，那些比我們在美國領先一點的人。但希望我們都能達到一個公平的競爭環境，並能夠隨著時間的推移讓艦隊回歸。我希望我回答了你的問題，但如果你想在盈虧平衡對話中添加任何內容，我會讓大衛發表評論。

Yes. Let me just address the breakeven. It'd be very difficult at this point in time because to determine exactly where we breakeven, there are so many variables. I mean you're talking about pricing. The cruise ticket, there's the price of fuel, there's currency. So what I've been doing is referring people back to our 2019 actual. And when we looked at 2019, and I've said this before, if we had the top 25% -- top 25 ships in our fleet operating, we would -- and yes, they would be -- I'm just talking about full operations with full occupancy. Those 25 ships would generate enough cash flow to cover the pause cost for the other 60 ships in our -- 65 ships in our fleet as well as cover the full $2.4 billion of SG&A that we had in 2019.

是的。讓我談談盈虧平衡點。在這個時間點會非常困難，因為要準確地確定我們收支平衡的位置，有太多變數。我的意思是你在談論定價。遊輪票，有燃料價格，有貨幣。所以我一直在做的是讓人們回到我們 2019 年的實際情況。當我們回顧 2019 年時，我之前已經說過，如果我們的船隊中有前 25%——前 25 艘船舶在運營，我們會——是的，他們會——我只是在談論滿員的全面運營。這 25 艘船將產生足夠的現金流來支付我們船隊中其他 60 艘船的停工成本——我們船隊中的 65 艘船，以及我們在 2019 年擁有的全部 24 億美元的 SG&A。

And by the way, with Arnold's comments, coming back and being more efficient, hopefully, we can do better than what we did in 2019 in terms of SG&A. But hopefully, that helps you build your own model because there are just too many variables at this point for me to be specific on the guidance of when we'd be cash flow breakeven.

順便說一下，根據 Arnold 的評論，回來並提高效率，希望我們在 SG&A 方面可以比 2019 年做得更好。但希望這能幫助您建立自己的模型，因為此時變量太多，我無法具體說明何時達到現金流盈虧平衡的指導。

Our next question comes from Patrick Scholes with Truist.

我們的下一個問題來自 Truist 的 Patrick Scholes。

A couple of questions for you. Yesterday, the CDC came out in a -- it was in a Bloomberg article, and I quote, "Hopefully, by mid-summer with -- hopefully, by mid-summer, there'll be restricted revenue sailings." I'm curious, I'm sure you thought about this. By them saying restricted revenue, do you interpret that to mean test cruises or would that be limited occupancy on paying cruises?

問你幾個問題。昨天，疾病預防控制中心發表了一篇——在彭博社的一篇文章中，我引用，“希望，到仲夏——希望，到仲夏，收入航行將受到限制。”我很好奇，我確定你考慮過這個問題。他們說限制收入，您是將其解釋為試航還是限制付費遊輪的入住率？

Thank you for the question, Patrick. I think I'd rather the CDC respond to what they were thinking when they said that. Again, we want to work with them and the administration to ensure that ultimately, it would be really revenue cruises at this point in time. And we look forward to working with them to come up with a practical approach that would make that happen and still serve the interest of public health.

謝謝你的問題，帕特里克。我想我寧願 CDC 回應他們說這話時的想法。同樣，我們希望與他們和政府合作，以確保最終在這個時間點真正實現收入巡航。我們期待著與他們合作，提出一種切實可行的方法來實現這一目標，同時仍然為公眾健康服務。

Understood. And then in that regard, do you have a date in your mind? And I don't want to -- I don't expect you to tell what that date might be. But do you have a date in your mind that you'd just say, hey, it's x date and we're just not really moving forward here, sailing out of the United States that you would possibly go ahead and just pull the U.S. ships and sail them out of other countries at that point, sort of a deadline date in your mind?

明白了。然後在這方面，你有一個約會嗎？而且我不想 - 我不希望你說出那個日期可能是什麼。但是你有沒有想過一個日期，你只是說，嘿，這是 x 日期，我們只是沒有真正向前推進，駛出美國，你可能會繼續前進，只是拉動美國船隻並在那個時候將它們運出其他國家，這是您心目中的最後期限嗎？

No, I wouldn't say there's a date per se. Obviously, practically speaking, as a company, we'll have to make prudent decisions for you, for our investors. And so we'll do what we think we need to do to get people an opportunity to sail and to give an opportunity for people to work and earn a living and so on and so forth.

不，我不會說有約會本身。顯然，實際上，作為一家公司，我們必須為您、為我們的投資者做出審慎的決定。因此，我們將做我們認為需要做的事情，讓人們有機會航行，並為人們提供工作和謀生的機會等等。

But we don't have an arbitrary date. I would say it's sooner rather than later that we might have to announce some additional home porting outside the U.S. We're trying to hold back on that, but it could be sooner rather than later on that. But I continue to be very much focused on working with the CDC and the administration to come up with a solution that works for American workers and American public, and I think we can. I think if we all just continue to work together, we'll figure that out -- where we have figured it out, and I think we can figure it out here, too. I'm sorry. Go ahead.

但我們沒有一個任意的日期。我想說的是，我們可能不得不宣佈在美國境外進行一些額外的本地移植，宜早不宜遲。我們正在努力阻止這一點，但宜早不宜遲。但我繼續非常專注於與疾病預防控制中心和政府合作，以提出一個對美國工人和美國公眾有效的解決方案，我認為我們可以。我認為，如果我們繼續共同努力，我們就會解決這個問題——我們已經解決了這個問題，而且我認為我們也可以在這裡解決這個問題。對不起。前進。

Our next question comes from Brandt Montour with JPMorgan.

我們的下一個問題來自摩根大通的 Brandt Montour。

Sorry, one more on vaccines and CDC. And understand that you don't want to alienate any of your U.S. loyal guests. The other Norwegians' 100% vaccination plans looking to ramp up load factors much more quickly than what we would expect. You could probably -- or anyone could probably realize under the conditional sailing order that I realize that's a work in progress.

抱歉，還有一個關於疫苗和 CDC 的問題。並了解您不想疏遠您的任何美國忠實客人。其他挪威人的 100% 疫苗接種計劃希望以比我們預期更快的速度提高載客率。你可能會——或者任何人可能會意識到，在有條件的航行命令下，我意識到這是一項正在進行的工作。

My question is, if that strategy for Norwegian is able to move forward, is there a world in which you could envision moving to something like a hybrid approach where some ships require vaccination and then you can ramp up loads really quickly and then others are more -- available to people that didn't want to have a vaccine? Is that something that's on the table for you?

我的問題是，如果 Norwegian 的戰略能夠向前推進，是否存在這樣一個世界，在這個世界中，你可以設想轉向類似混合方法的方法，在這種方法中，一些船隻需要接種疫苗，然後你可以真正快速地增加負載，然後其他人則更多-- 不想接種疫苗的人可以使用嗎？那是擺在你面前的東西嗎？

I think, again, that's one of probably 1,000 different scenarios. In my comments, I mentioned agility and constantly changing dynamics and ability to adapt. And so certainly, that's one of a 1,000 different possibilities. Hopefully, we can come up with something that wouldn't require those kinds of dynamics. And more than cost would be optimistic, we all can working together. But I guess there could be scenarios like that. I'm hopeful that we'll have something much more straightforward that will accommodate [the world as it is], and we'll let the appropriate authorities (inaudible) information we have.

我再次認為，這可能是 1,000 種不同場景中的一種。在我的評論中，我提到了敏捷性和不斷變化的動力和適應能力。當然，這只是 1,000 種不同可能性中的一種。希望我們能想出一些不需要這些動力的東西。而且比成本更樂觀，我們都可以一起工作。但我想可能會有這樣的場景。我希望我們會有一些更直接的東西來適應[世界的現狀]，我們會讓適當的當局（聽不清）我們擁有的信息。

Okay. And then I'm surprised we haven't talked about the pricing commentary yet because it was really positive. Arnold, you mentioned further pricing -- looking for further pricing strength. And then, David, you mentioned in the last few weeks pricing trends were positive. I guess the question is -- and you haven't even started marketing yet, so we would assume it would -- potentially that would be another catalyst. But is there any concern or one concern we would have is that if people aren't booking non-balcony cabins or inner cabins right now, is there any benefit from some cabin mix in those numbers?

好的。然後我很驚訝我們還沒有談論定價評論，因為它真的很積極。阿諾德，你提到了進一步的定價——尋找進一步的定價優勢。然後，大衛，你在過去幾週提到定價趨勢是積極的。我想問題是——你甚至還沒有開始營銷，所以我們假設它會——這可能是另一種催化劑。但是，如果人們現在不預訂非陽台客艙或內部客艙，我們是否會擔心或擔心，這些數字中的一些客艙組合是否有任何好處？

I'll just make a comment first, David, to speak to the specifics. Generally, as you understand, I'm sure, what you have is a basic kind of supply-demand right now. I mean we have very limited sailings available and a lot of pent-up demand. And so therefore, there's an opportunity to give people a great value. The vacation experience they want still at a much better value than equivalent land-based experience. So still a great value. And so we're seeing that reflected, though, in the general pricing strength. But David, you can go ahead and answer the specific question.

大衛，我先發表評論，談談具體情況。一般來說，正如你所理解的，我敢肯定，你現在擁有的是一種基本的供求關係。我的意思是我們的航次非常有限，而且有很多被壓抑的需求。因此，有機會為人們提供巨大的價值。他們想要的假期體驗仍然比同等的陸上體驗更有價值。所以仍然很有價值。因此，我們看到這反映在總體定價強度上。但是大衛，你可以繼續回答具體問題。

So keep in mind, the pricing comments that we made, the pricing was up, we were looking at the full year 2022 booking trends. And essentially -- substantially, all our fleet is open for the full year 2022 without the -- so what we see, we looked at it by quarter. We looked at it by brand. We looked at it by category mix. And we see the same general positive pricing trend regardless of how you look at it. So we felt very good about the overall book position. As well as the last couple of weeks, as I had said in my prepared remarks, booking volumes and pricing was very encouraging in the last couple of weeks. And by the way, it wasn't just on the voyages that we opened up for this summer, looking at 2022 as well. Everybody wants to go away. And I will tell you, the next best thing to actually going away is planning a vacation. And that's what a lot of people seem to be doing right now.

所以請記住，我們所做的定價評論，定價上漲，我們正在研究 2022 年全年的預訂趨勢。基本上 - 基本上，我們所有的機隊都在 2022 年全年開放 - 所以我們所看到的，我們按季度查看了它。我們按品牌查看。我們按類別組合查看了它。無論您如何看待，我們都看到了相同的總體積極定價趨勢。因此，我們對整體圖書位置感覺非常好。除了過去幾週，正如我在準備好的發言中所說，過去幾週的預訂量和價格都非常令人鼓舞。順便說一句，這不僅僅是我們為今年夏天開啟的航程，也著眼於 2022 年。每個人都想離開。我會告訴你，真正離開的下一個最好的事情就是計劃一個假期。這就是很多人現在似乎正在做的事情。

Our next question comes from Jaime Katz with Morningstar.

我們的下一個問題來自 Morningstar 的 Jaime Katz。

I'm actually curious to understand a little bit better what the mechanics behind the revenue management processes right now, particularly whether you guys are filling the ships to that 50% mark, leaving some incremental ability closer in, if you can fill more, or whether you're booking above and beyond that for maybe later this year where there may have to be some adjustment or some of those reservations may have to be walked back, if that makes sense.

我真的很想更好地了解現在收入管理流程背後的機制是什麼，特別是你們是否將船舶填充到 50% 的標記，如果可以填充更多，則留出一些增量能力，或者您是否要在今年晚些時候預訂超出此範圍的預訂，如果有道理，可能需要進行一些調整，或者其中一些預訂可能需要退回。

Yes. Well, first, I'll make a few comments and then, David, add whatever you would like. When you think about revenue management, you think about the booking information we're sharing a lot of booking as well out into '22 and some is even in the '23, where we fully expect to have full occupancy and full fleet sailing and so on and so forth by that point in time, and where there's confidence obviously amongst those who want to cruise that is likely they'll be able to at that point in time. So that's a lot of what's driving what you're hearing much more so than the near end shorter-term stuff, which is more limited occupancy. But David, go ahead.

是的。嗯，首先，我會發表一些評論，然後，大衛，添加你想要的任何內容。當您考慮收入管理時，您會想到我們正在共享大量預訂的預訂信息，以及 22 年，有些甚至是 23 年，我們完全希望在那裡有完整的入住率和完整的船隊航行等在那個時間點等等，並且那些想要巡航的人顯然有信心他們很可能會在那個時間點進行。因此，這比近端短期的東西更能推動你聽到的東西，這是更有限的入住率。但是大衛，繼續。

Yes. The -- I think, Arnold, I think you said it well. The -- first of all, on the revenue management side, Micky and Arnold and I have met with every single revenue management team recently, and we've been talking to them about what they're doing and how they're doing it and sharing best practices to make sure that everybody is thinking very clearly about what is optimal under the circumstances. Because as you would imagine, the models that we have, while they're helpful, they're not the answer in this environment. And we have to layer in our own thought process on top of that. So the people are actively thinking this through very carefully.

是的。 - 我認為，阿諾德，我認為你說得很好。 - 首先，在收入管理方面，Micky、Arnold 和我最近會見了每個收入管理團隊，我們一直在與他們討論他們在做什麼以及他們是如何做的，以及分享最佳實踐，以確保每個人都非常清楚地思考在這種情況下什麼是最佳的。因為正如您想像的那樣，我們擁有的模型雖然很有用，但並不是這種環境下的答案。我們必須在此之上加入我們自己的思維過程。所以人們正在非常仔細地積極思考這個問題。

The limitations on occupancy that you're describing are more of a short-term thing that we are focused on for the voyages we've announced this summer in both the U.K., for P&O Cruises, Cunard and Princess as well as what we're seeing with Costa and AIDA and, of course, Seabourn in Greece as well. So we are focused, and we will limit the occupancy as appropriate the way Arnold had described and, of course, try to take advantage of the positive cabin mix in terms of pricing when we do that. And so it's a shorter-term issue.

您所描述的入住率限制更多是我們今年夏天在英國宣布的 P&O Cruises、Cunard 和 Princess 以及我們正在看到 Costa 和 AIDA，當然還有希臘的 Seabourn。所以我們很專注，我們將按照阿諾德描述的方式適當限制入住率，當然，我們會在定價時嘗試利用積極的機艙組合。所以這是一個短期問題。

But when we look out to 2022 at this point in time, the percentage that's on the books is much lower. And therefore, as a result of that, the capacity limitations are in a factor. And hopefully, by then, when the full fleet is operating, we're operating at a much higher level of occupancy as well. The vaccine rollout continues around the world, and hopefully, we get to a better place.

但是當我們在這個時間點展望 2022 年時，賬面上的百分比要低得多。因此，容量限制是一個因素。希望到那時，當整個機隊都在運營時，我們也能以更高的入住率運營。疫苗在世界各地繼續推廣，希望我們能取得更好的成績。

Okay. And then I think you had said demand quarter-over-quarter was up 90%. Is there a way to think about what the sort of organic part of that is and what part of that is attributable to itineraries that were open for 2021?

好的。然後我想你說過需求環比增長了 90%。有沒有一種方法可以考慮其中的有機部分是什麼，以及哪些部分可歸因於 2021 年開放的行程？

Well -- so let me tell you some of the things I looked at to better understand the demand and what flowed through. So I looked at the first quarter bookings just for 2022 because all of those sailings were already open. And for 2022, the bookings in the first quarter were higher than the bookings for 2019, which we all know was a very robust year. And then when I looked at the March bookings for 2022, they -- I said they accelerated because just for 2022 in March, we saw a significant increase in bookings versus what we had seen in 2019.

好吧 - 所以讓我告訴你一些我看過的東西，以更好地了解需求和流經的東西。所以我只查看了 2022 年第一季度的預訂，因為所有這些航行都已經開放。對於 2022 年，第一季度的預訂量高於 2019 年的預訂量，我們都知道這是非常強勁的一年。然後當我查看 2022 年 3 月的預訂時，他們 - 我說他們加速，因為僅在 3 月的 2022 年，我們看到預訂量與 2019 年相比有了顯著增加。

And so this was, to my point, when you do an apples-to-apples comparison just for 2019 -- for 2022 versus 2019, you're seeing some very positive booking momentum. As I said before, people are looking forward to getting away. There's all that pent-up demand, and they're planning the vacations.

因此，就我而言，當你對 2019 年進行同類比較時——2022 年與 2019 年相比，你會看到一些非常積極的預訂勢頭。正如我之前所說，人們期待著離開。有所有被壓抑的需求，他們正在計劃假期。

Our next question comes from David Hargreaves with Stifel.

我們的下一個問題來自 Stifel 的 David Hargreaves。

Great job on controlling cash burn. With respect to the refinancing efforts that you talked about, I'm just wondering if there are any specific elements of the debt stack that you may be targeting and whether we should be thinking in terms of equity clawbacks. And then I have a follow-up.

在控制現金消耗方面做得很好。關於你談到的再融資努力，我只是想知道你是否可能針對債務堆棧中的任何特定元素，以及我們是否應該考慮股權回撥。然後我有一個後續行動。

David?

大衛？

Yes. So -- yes. So in general, I mean, you can look at all of the debt that we did early last year in the April, June and July and August time frame, which was, as Arnold has said, very expensive. And those are the things that we're focused on in terms of refinancing. And we've been very specific that we're looking clearly at refinancing to lower interest rates, and we're not necessarily -- we'll be patient in terms of reducing our debt load and using the extra cash until we have clear line of sight that our fleet is going to be fully back in operation and we feel comfortable. So I'm expecting to focus on refinancing the early expensive debt.

是的。所以——是的。所以總的來說，我的意思是，你可以看看我們去年初在 4 月、6 月、7 月和 8 月的時間框架內所做的所有債務，正如阿諾德所說，這些債務非常昂貴。這些就是我們在再融資方面關注的事情。我們一直非常明確地表示，我們正在清楚地考慮通過再融資來降低利率，但我們不一定——我們會在減少債務負擔和使用額外現金方面保持耐心，直到我們有明確的界限看到我們的機隊將完全恢復運營，我們感到很舒服。因此，我期望將重點放在為早期昂貴的債務再融資上。

Okay. And...

好的。和...

I'm sorry. Finish your question, then we'll take one more, and that will be it. Go ahead.

對不起。完成你的問題，然後我們再做一個，就這樣了。前進。

So with respect to the vessels that you've taken on and expect to take on, could you talk about secured borrowing capacity, if there have been changes to that and if you expect a need for any further covenant amendments?

因此，關於您已經承接和預期承接的船隻，您能否談談有擔保的借貸能力，如果有變化，以及您是否需要進一步修改契約？

So the vessels that we're taking on, with each vessel, we have a committed export credit that's associated with those ships. So as we take delivery of the vessels going forward, we'll use those export credits, and they are unsecured financing. And the export credit agencies have been very supportive. We continue to work with them. And so we feel very comfortable with that financing, and it's committed in place. And our bank groups that are associated with that, too, have been very supportive.

因此，我們正在承接的船隻，對於每艘船隻，我們都有與這些船隻相關的承諾出口信貸。因此，當我們接收未來的船隻時，我們將使用這些出口信貸，它們是無擔保融資。出口信貸機構一直非常支持。我們繼續與他們合作。因此，我們對這筆融資感到非常滿意，而且它已經到位。我們與此相關的銀行集團也一直非常支持。

As far as covenant amendments, we have worked with all our bank groups, and we got multiyear covenant amendments for our agreements, and we feel good about that. We have -- if you look at the 10-Q, you'll see that with the export credit agencies, I guess, they gave us covenant waivers through either August or November of 2022. They said they were very busy with other customers, and we're now working with them to complete that holiday, too, as well as get the same covenant amendments that we got from our bank group.

就契約修正案而言，我們與所有銀行集團合作，我們的協議獲得了多年的契約修正案，我們對此感到滿意。我們 - 如果你看一下 10-Q，你會看到出口信貸機構，我猜，他們給了我們 2022 年 8 月或 11 月的契約豁免。他們說他們非常忙於其他客戶，我們現在也正在與他們一起完成那個假期，並獲得與我們從銀行集團獲得的相同的契約修正案。

We have a question from Sharon Zackfia with William Blair.

我們有一個來自 Sharon Zackfia 和 William Blair 的問題。

I had a question about -- thanks for the detail on the efficiencies you've been able to generate on the ships. But I'm wondering at the corporate level, if we look at that kind of $2.4 billion from pre-pandemic annually, what do you think structurally you've taken out of that number? And then on marketing, which is obviously a big chunk of that $2.4 billion, have you rethought kind of what the right level of marketing spend might be going forward?

我有一個問題 - 感謝您提供有關您在船上能夠產生的效率的詳細信息。但我想知道在公司層面，如果我們每年從大流行前看那 24 億美元，你認為從結構上你已經從這個數字中拿走了什麼？然後在營銷方面，這顯然是 24 億美元中的很大一部分，您是否重新考慮過營銷支出的正確水平可能會向前發展？

Yes. Real quick, we're not going to give any kind of guidance in the cost at that level. But in terms of our historical behavior of becoming more efficient, and certainly with this pause, we've had the opportunity, which you normally don't have, to really take a really hard look at everything because we are so reduced in terms of staff at this point in time. And then look at all of our processes, et cetera, and have time to introduce additional technologies that make us more efficient and what have you. So we do see substantial contributions in terms of cost improvement across the board on the shoreside.

是的。很快，我們不會就該級別的成本提供任何指導。但就我們提高效率的歷史行為而言，當然還有這次暫停，我們有機會，你通常沒有機會，真正認真地審視一切，因為我們在此時的工作人員。然後看看我們所有的流程，等等，並有時間引入其他技術，使我們更有效率，你有什麼。因此，我們確實看到在岸上全面改善成本方面做出了重大貢獻。

With regards to the marketing, that's evolving on its own anyway in terms of what the most powerful delivery mechanism is for positioning and attracting and getting bookings and so on is just naturally evolving as society becomes increasingly digital and social media-based, et cetera. And our most powerful marketing tool has always been word of mouth because the product itself, the experience itself is so great. That's always been the most powerful marketing, too.

關於營銷，無論如何，就最強大的定位、吸引和獲得預訂等交付機製而言，它正在自行發展，隨著社會變得越來越數字化和基於社交媒體等而自然發展。而我們最強大的營銷工具一直是口耳相傳，因為產品本身，體驗本身是如此的棒。這也一直是最強大的營銷方式。

Right now, we have pent-up demand. On top of that, all the repeat cruisers have gone almost a full year now without being able to cruise and have a huge pent-up demand there. We have a base of almost -- a database of almost 40 million previous cruise scores that we can access directly and so on. So we'll see how all those dynamics change, whether the absolute spend will be different or it will be reallocated, that's all being worked at. But the short answer is we're going to come out leaner, and we're going to come out having more impact per dollar spent. There's no question about it.

現在，我們有被壓抑的需求。最重要的是，所有重複巡洋艦現在幾乎整整一年都無法巡航並且在那裡有巨大的被壓抑的需求。我們幾乎有一個數據庫——一個包含近 4000 萬個我們可以直接訪問的先前巡航分數的數據庫等等。因此，我們將看到所有這些動態如何變化，絕對支出是否會有所不同或是否會重新分配，這一切都在努力。但簡短的回答是我們將變得更精簡，並且我們將每花費一美元產生更大的影響。毫無疑問。

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

大衛，我不知道你是否想添加任何額外的顏色......

No. I think that's perfect.

不，我認為那是完美的。

Okay. Well, look, I want to thank everyone for being on. Obviously, we feel, as I said, will come out operationally stronger, and we're excited that we're starting to sail again. And we're looking forward to working things through here in the U.S. It's a very important market, obviously, for us, extremely important. And we're looking forward to giving people the opportunity to have a great experience as they do in the rest of the travel and tourism sector. So thank you so much, everyone. Appreciate it.

好的。好吧，看，我要感謝大家的參與。顯然，正如我所說，我們覺得在運營上會變得更強大，我們很高興我們再次開始揚帆起航。我們期待著在美國解決問題。這是一個非常重要的市場，顯然對我們來說非常重要。我們期待著讓人們有機會獲得與其他旅行和旅遊業一樣的美好體驗。所以非常感謝大家。欣賞它。

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

這確實結束了今天的電話會議。我們感謝您的參與並請您斷開您的線路。祝大家有個美好的一天。