Carnival PLC (CUK) 2022 Q2 法說會逐字稿

Good morning, and welcome to our business update conference call. I am Arnold Donald, President and CEO of Carnival Corporation & plc. I'm joined today telephonically by our Chairman, Micky Arison, who is in Europe. And here with me in Miami. David Bernstein, our Chief Financial Officer; Beth Roberts, Senior Vice President, Investor Relations; and as part of our previously announced transition, our Chief Operations Officer, Josh Weinstein. Thank you all for joining us this morning.

早上好，歡迎參加我們的業務更新電話會議。我是 Arnold Donald，Carnival Corporation & plc 的總裁兼首席執行官。今天，我們在歐洲的主席 Micky Arison 通過電話與我會面。和我一起在邁阿密。我們的首席財務官大衛伯恩斯坦； Beth Roberts，投資者關係高級副總裁；作為我們之前宣布的過渡的一部分，我們的首席運營官 Josh Weinstein。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. Therefore, I must refer you to the cautionary statement in today's press release.

現在在我開始之前，請注意，我們對這次電話會議的一些評論將是前瞻性的。因此，我必須向您介紹今天新聞稿中的警示性聲明。

This is my final business update as CEO. While very disappointingly, our share price unfortunately reflects the current market conditions, I am nonetheless very proud of all that the team has accomplished over the last 9 years. I am especially proud of how well we have collectively overcome what seemed like insurmountable obstacles at times these last few years.

這是我作為 CEO 的最後一次業務更新。雖然非常令人失望的是，我們的股價不幸地反映了當前的市場狀況，但我仍然為團隊在過去 9 年中所取得的成就感到非常自豪。我特別為我們在過去幾年中共同克服有時看似不可逾越的障礙而感到自豪。

And I remain very excited about our future. With cash from operations now turning positive, we have reached an inflection point and, in fact, turned the corner and are headed on a positive trajectory. I'm not only excited about, I am also very confident in the future of our company, and I'm looking forward to its continuous success. I strongly believe in this team and we are enjoying a smooth transition.

我仍然對我們的未來感到非常興奮。隨著來自運營的現金現在轉為正數，我們已經達到了一個轉折點，事實上，我們已經轉過彎，正朝著積極的軌跡前進。我不僅很興奮，而且對我們公司的未來也很有信心，我期待著它不斷取得成功。我堅信這支球隊，我們正在享受平穩的過渡。

As Vice Chairman, far and away, my number one responsibility will be to support Josh and his management team as they work to build on the current momentum. Josh is a proven executive. He is well respected throughout the company. He served in key leadership roles. He's driven strong business results during his tenure. And he played an integral part in tuning the company through the global pandemic. Josh's thorough understanding of our industry, of our operations and our business strategy puts him in a strong position to lead the next phase of our company's journey. With his vision, intensity and core values truly aligned with those that characterize our company, I cannot think of anyone better suited for this role than Josh.

作為副主席，我的首要職責將是支持喬希和他的管理團隊，因為他們努力鞏固當前的勢頭。喬希是一位久經考驗的高管。他在整個公司都受到尊重。他曾擔任重要的領導職務。他在任職期間推動了強勁的業務成果。他在通過全球大流行調整公司方面發揮了不可或缺的作用。 Josh 對我們的行業、我們的運營和我們的業務戰略有著透徹的了解，這使他在領導我們公司下一階段的旅程中處於有利地位。他的遠見、熱情和核心價值觀與我們公司的特點完全一致，我想不出有誰比喬希更適合這個職位。

Now turning to our business results. It is reinforcing to see the continued strength and demand for cruise. We are aggressively, yet thoughtfully, ramping up to full operations, with over 90% of the fleet now in service. And at the same time, we are driving occupancy higher on those ships that have been sailing and we are focused on improving pricing compared to pre-COVID levels.

現在轉向我們的業務成果。看到郵輪的持續強勁和需求正在加強。我們正在積極而深思熟慮地全面投入運營，超過 90% 的機隊現已投入使用。與此同時，我們正在提高那些已經航行的船舶的入住率，並且與 COVID 之前的水平相比，我們專注於提高定價。

As we had indicated, for the 20 ships that restarted over the last quarter, occupancy has been intentionally constrained. That said, occupancy increased from 54% last quarter to 69% this quarter, while we also increased available capacity by 25%. Now the combination drove an over 60% sequential improvement in passengers carried. In fact, we carried over 1.6 million guests this past quarter. And partly in the month of June, we are already approaching 80% occupancy and, again, on even higher capacity.

正如我們所指出的，對於上個季度重新啟動的 20 艘船舶，佔用率受到了有意限制。也就是說，入住率從上一季度的 54% 增加到本季度的 69%，同時我們還將可用容量增加了 25%。現在，這種組合推動了載客量超過 60% 的連續改進。事實上，我們在上個季度接待了超過 160 萬客人。部分在 6 月份，我們的入住率已經接近 80%，而且容量也更高。

Now what makes that even more impressive is we were able to achieve that in an environment of uncertainty, given frequently changing protocols, including those that were far more restrictive than those in broader society and that were far more restrictive than those found even in other portions of the travel and leisure sector.

現在更令人印象深刻的是，我們能夠在不確定的環境中實現這一點，因為協議經常變化，包括那些比更廣泛社會中的限制性更強的協議，甚至比在其他部分發現的協議更嚴格的協議旅遊和休閒領域。

While thankfully, vaccination and test requirements are starting to relax given the improvement in the state of the virus, we continue, nonetheless, to face constraints in the pool of potential guests due to ongoing requirements in a number of places. Yet, we have been able to make very meaningful progress.

值得慶幸的是，鑑於病毒狀況的改善，疫苗接種和檢測要求開始放寬，但由於許多地方的持續要求，我們繼續面臨潛在客人池的限制。然而，我們已經取得了非常有意義的進展。

As you know, the CDC recently lifted the testing requirements for reentry into the U.S. for air travel which, going forward, clearly removes some of the friction from our North American brands deployment in both Europe and due to Canadian embarkation Alaska. Usually requiring a longer duration flight, these itineraries are typically associated with longer lead times. Consequently, we expect the real benefit to be realized in 2023 and beyond.

如您所知，疾病預防控制中心最近取消了重新進入美國進行航空旅行的測試要求，這顯然消除了我們在歐洲和加拿大登船阿拉斯加的北美品牌部署的一些摩擦。通常需要更長的飛行時間，這些行程通常與更長的提前期相關。因此，我們預計真正的好處將在 2023 年及以後實現。

Importantly, customer deposits increased by $1.4 billion in the second quarter, topping $5 billion. Now we have seen a continued increase in express demand, and we expect to see that demand continue to build as protocols are further relaxed and as society becomes increasingly comfortable managing the virus.

重要的是，第二季度客戶存款增加了 14 億美元，超過 50 億美元。現在我們看到快遞需求持續增長，我們預計隨著協議的進一步放寬以及社會對病毒的管理變得越來越舒適，需求將繼續增加。

Concerning the threat of global recession, while not recession-proof, our business has proven to be recession-resilient time and again. As we have seen in prior cycles, even in downturns, employed people take vacations. And that's even more true in today's environment where people prioritize spending on experiences over spending on things. Cruise remains an especially appealing vacation option during downturns because of its compelling value proposition relative to land-based alternatives. Also, there is pent-up demand for travel globally which is a powerful tailwind.

關於全球經濟衰退的威脅，雖然我們的業務不能抵禦衰退，但我們的業務一次又一次地被證明具有抵禦衰退的能力。正如我們在之前的周期中看到的那樣，即使在經濟低迷時期，就業人員也會休假。在當今的環境中更是如此，人們優先考慮在體驗上的支出而不是在事物上的支出。在經濟低迷時期，Cruise 仍然是一個特別有吸引力的度假選擇，因為它相對於陸上替代品具有令人信服的價值主張。此外，全球旅行的需求被壓抑，這是一個強大的順風。

Currently, we are seeing success for close-to-home cruises, with many sailings achieving occupancy at or above 100%, where guests perceive far less friction than with international embarkations. In fact, our Carnival Cruise Line brand, sailing its entire fleet, is expected to reach nearly 110% occupancy during our third quarter.

目前，我們看到近距離航行的成功，許多航行達到或超過 100%，與國際登船相比，客人感受到的摩擦要小得多。事實上，我們的 Carnival Cruise Line 品牌在其整個船隊中航行，預計在第三季度將達到近 110% 的入住率。

We also saw an improvement in new-to-cruise guests in the second quarter, and we have begun to ramp up our advertising efforts selectively to help support attracting first-time cruisers.

我們還看到第二季度的新遊輪客人有所改善，我們已開始有選擇地加大廣告力度，以幫助吸引初次遊輪的遊客。

Concerning pricing. We remain focused on improving price through next year. We are focused on optimizing the occupancy while preserving long-term pricing. In this current environment of travel restrictions and health protocols where we have coast unavailability, we use [OPay] channels and limited promotions to capitalize on near-term demand.

關於定價。我們仍然專注於在明年提高價格。我們專注於優化入住率，同時保持長期定價。在當前的旅行限制和健康協議環境中，我們無法使用海岸，我們使用 [OPay] 渠道和有限的促銷活動來利用近期需求。

We are building on our aggressive fleet optimization efforts. Given challenges in parts of Europe, we have reallocated capacity to capitalize on markets where there is stronger demand. In fact, we just announced an especially creative approach that we think holds great promise-, the launch of Costa by Carnival. With Costa by Carnival, we bring the ambience and beauty of Italy to Carnival Cruise Line guests. Costa Venezia, Costa Firenze, both newly introduced and both spectacular, will be managed by Carnival Cruise Line, catering to Carnival's guest base beginning in the spring of '23 and 2024, respectively.

我們正在積極開展車隊優化工作。鑑於歐洲部分地區的挑戰，我們重新分配了產能以利用需求更強勁的市場。事實上，我們剛剛宣布了一種我們認為很有希望的特別有創意的方法——嘉年華推出的 Costa。通過嘉年華嘉年華，我們將意大利的氛圍和美景帶給嘉年華郵輪的客人。 Costa Venezia 和 Costa Firenze 都是新推出的，既壯觀又壯觀，將由 Carnival Cruise Line 管理，分別從 23 年春季和 2024 年春季開始迎合嘉年華的賓客群。

This new concept will offer a unique experience for Carnival guests to choose fun, Italian style while capitalizing on Costa's beautiful Italian design elements. Deployment for Venezia will be announced shortly and will represent a new itinerary option for Carnival guests.

這一新概念將為嘉年華的客人提供獨特的體驗，讓他們在選擇有趣的意大利風格的同時，充分利用 Costa 美麗的意大利設計元素。威尼斯的部署將很快宣布，這將代表嘉年華客人的新行程選擇。

Separately, we also announced the transfer of Costa Luminosa to the Carnival brand beginning in November 2022 catering to Australian guests. Now with these changes, the Carnival brand will replenish capacity that have been removed from recent ship exits and contribute to manage growth for the brand. These new and differentiated product offerings enable us to capitalize on demand among Carnival Cruise Line guests and strengthen return on invested capital across our portfolio.

另外，我們還宣布從 2022 年 11 月開始將 Costa Luminosa 轉移到嘉年華品牌，以滿足澳大利亞客人的需求。現在，隨著這些變化，嘉年華品牌將補充最近從船舶出口中移除的運力，並有助於管理品牌的增長。這些新的和差異化的產品使我們能夠利用嘉年華郵輪客人的需求，並提高我們投資組合的投資資本回報率。

In addition, we continue to further optimize our fleet and have announced a removal of an additional smaller, less efficient ship, bringing the total to 23 ships to be removed from the fleet since 2019. The accelerated removal of these less efficient ships, coupled with the delivery of 9 larger, more efficient ships delivered since 2019 fosters higher revenues over time through a 7 percentage point increase in the mix of premium priced balcony cabins and an even better platform for onboard revenue opportunities as well as generating a 6% reduction in ship level unit costs, excluding fuel, moderating the effects of inflation and enabling us to deliver more revenue to the bottom line.

此外，我們將繼續進一步優化我們的船隊，並宣布額外拆除一艘更小、效率較低的船舶，使自 2019 年以來從船隊中拆除的船舶總數達到 23 艘。這些效率較低的船舶的加速拆除，加上自 2019 年以來交付的 9 艘更大、更高效的船舶隨著時間的推移通過增加 7 個百分點的高價陽台艙組合和更好的船上收入機會平台以及減少 6% 的船舶收入來促進收入增長平單位成本，不包括燃料，緩和通貨膨脹的影響，使我們能夠為底線提供更多的收入。

Upon returning to full operations, nearly 1/4 of our capacity will consist of newly delivered ships, expediting our return to profitability and improving our return on invested capital.

恢復全面運營後，我們近 1/4 的產能將由新交付的船舶組成，從而加快我們的盈利能力恢復並提高我們的投資資本回報率。

Moreover, next year, our capacity growth compared to 2019 is concentrated in brands with our highest returns.

此外，明年與 2019 年相比，我們的產能增長將集中在回報率最高的品牌上。

Concerning recent fuel prices, we continue to aggressively manage our fuel consumption. Upon reaching full fleet operations, we anticipate that we will achieve a further 10% reduction in unit fuel consumption and 9% reduction in carbon intensity as compared to 2019.

關於近期的燃料價格，我們繼續積極管理我們的燃料消耗。在實現全機隊運營後，我們預計與 2019 年相比，我們將進一步減少 10% 的單位燃料消耗和 9% 的碳強度。

With our proactive efforts to reduce fuel consumption, we actually peaked our carbon footprint in 2011, and that's despite an over 30% increase in capacity expected through 2023. In fact, we have reaffirmed and strengthened our carbon intensity reduction goals for 2030 and are on an accelerated path to achieve them through our fleet optimization efforts, investing in projects that drive energy efficiency, designing energy-efficient itineraries and investing in port and destination projects.

通過我們積極努力減少燃料消耗，我們實際上在 2011 年達到了碳足蹟的峰值，儘管預計到 2023 年產能將增加 30% 以上。事實上，我們已經重申並加強了 2030 年的碳強度降低目標，並且正在繼續通過我們的車隊優化工作、投資提高能源效率的項目、設計節能路線以及投資港口和目的地項目，加快實現這些目標的途徑。

During the quarter, Carnival Cruise Line broke ground on an exciting new destination project, Carnival Grand Bahama Cruise port. This destination is expected to open in late 2024 and will offer guests a uniquely Bahamian experience with many exciting features and amenities. Now this private guest experience destination will join Princess Cay, Half Moon Cay, Grand Turk, Mahogany Bay, Amber Cove and Cozumel, securing our strong foothold in the Caribbean. In fact, we benefit from a total of 9 owned or operated private destinations and port facilities, including terminals in Santa Cruz de Tenerife and Barcelona.

本季度，嘉年華郵輪公司在一個令人興奮的新目的地項目——嘉年華大巴哈馬郵輪港口破土動工。該目的地預計將於 2024 年底開放，將為客人提供獨特的巴哈馬體驗，並提供許多令人興奮的特色和設施。現在，這個私人賓客體驗目的地將加入公主礁、半月礁、大特克島、紅木灣、琥珀灣和科蘇梅爾，確保我們在加勒比地區的穩固立足點。事實上，我們共有 9 個擁有或經營的私人目的地和港口設施受益，包括聖克魯斯德特內里費和巴塞羅那的碼頭。

Again, I believe we have operationally reached an inflection point and we are heading in the right direction with cash from operations turning positive this quarter. We have a strong liquidity position of $7.5 billion and have already managed our debt maturity towers down through 2024. We have 91% of the fleet now operating and at improving occupancy levels, which bodes well for future cash generation.

同樣，我相信我們在運營上已經達到了一個拐點，我們正朝著正確的方向前進，本季度的運營現金轉為正數。我們擁有 75 億美元的強勁流動性頭寸，並且已經將我們的債務到期時間控制在 2024 年之前。我們現在有 91% 的機隊正在運營，並且佔用率正在提高，這對未來的現金產生來說是個好兆頭。

And while to date, travelers perceive uncertainty and friction continues to be a headwind as protocols become less restrictive and society continues to become increasingly more comfortable managing the virus, we expect to see demand continue to build, as we have already seen with the strength for Carnival Cruise Lines closer-to-home cruises.

雖然迄今為止，隨著協議限制越來越少，社會對病毒的管理越來越舒適，旅行者認為不確定性和摩擦仍然是一個不利因素，但我們預計需求將繼續增加，正如我們已經看到的那樣嘉年華郵輪公司離家較近的郵輪。

The attractive value proposition relative to land-based alternatives, which is even greater today, and the continued strength in onboard revenues should help foster a good environment for pricing and should help to accelerate our momentum going forward.

相對於陸基替代品的有吸引力的價值主張，今天甚至更大，以及船上收入的持續強勁應該有助於營造良好的定價環境，並有助於加快我們前進的勢頭。

Once again, I don't have the words to adequately convey how personally rewarding and inspiring the commitment, the dedication, the creative ingenuity and the phenomenal execution of our Carnival team, shipboard and shoreside around the world has been. And that, of course, includes our Chairman, Micky Arison, and the rest of our Board of Directors.

再一次，我無法用言語來充分錶達我們的嘉年華團隊、船上和世界各地的海岸邊的承諾、奉獻精神、創造性的獨創性和非凡的執行力對個人而言是多麼的回報和鼓舞。當然，這包括我們的董事長 Micky Arison 和我們董事會的其他成員。

In the face of constantly changing barriers and constraints, in an environment of continuous and extreme uncertainty, our global team of tens of thousands successfully tackled challenge after challenge after challenge, honoring our commitment to our highest priority of compliance, environmental protection and the health, safety and well-being of everyone while stewarding the shareholders' assets and positioning us for great success over time. I simply can't thank them enough and it's truly a privilege and an honor to work with them.

面對不斷變化的障礙和約束，在持續且極端不確定的環境中，我們數以萬計的全球團隊成功應對了一個又一個挑戰，履行了我們對合規、環境保護和健康的最高優先級的承諾，每個人的安全和福祉，同時管理股東的資產並使我們隨著時間的推移取得巨大成功。我對他們感激不盡，與他們一起工作真的是一種榮幸和榮幸。

Thank you also to our valued guests. Their loyalty to our 9 world-leading brands and the countless letters and calls of support are so deeply appreciated. Thank you to our travel agent partners, who are more critical than ever and helping to deliver the great story of our cruise. Thank you to our home port and destination communities who have stood by us throughout these challenges, among other contributions providing vaccines and lobbying for workable protocols.

也感謝我們尊貴的客人。他們對我們 9 個世界領先品牌的忠誠以及無數的支持信函和電話，我們深表感謝。感謝我們的旅行社合作夥伴，他們比以往任何時候都更加重要，並幫助講述我們遊輪的精彩故事。感謝我們的母港和目的地社區在這些挑戰中一直支持我們，以及提供疫苗和遊說可行協議的其他貢獻。

Thank you to our suppliers and other many stakeholders who stood by us and worked hard to meet our needs while facing challenges of their own. And of course, thank you to our shareholders, our bondholders, the banks, the export credit agencies for continued confidence in us and for ongoing support. We are indeed poised for a great future because of the efforts and contributions of so many.

感謝我們的供應商和其他許多利益相關者，他們站在我們身邊，努力滿足我們的需求，同時面對他們自己的挑戰。當然，感謝我們的股東、債券持有人、銀行、出口信貸機構對我們的持續信任和持續支持。由於許多人的努力和貢獻，我們確實為美好的未來做好了準備。

With that, I would like to take the opportunity to introduce Josh and give him the chance to say a few words before turning the call back to David. Josh?

有了這個，我想藉此機會介紹喬希，讓他有機會說幾句話，然後再把電話轉回大衛。喬什？

Thank you, Arnold. And thanks again to Micky and the entire Board of Directors for this great opportunity. I strongly believe in our company and our ability to create happiness by delivering unforgettable and much-needed vacations for our guests. This need is even more important in the current environment given the stresses of the past 2 years and the value that we all place on shared experiences with friends and family.

謝謝你，阿諾德。再次感謝 Micky 和整個董事會提供這個絕佳的機會。我堅信我們公司以及我們通過為客人提供難忘和急需的假期來創造幸福的能力。鑑於過去 2 年的壓力以及我們都重視與朋友和家人分享經驗，這種需求在當前環境下更為重要。

Now we are uniquely placed to deliver on this through our 9 leading cruise brands, each with a focus on meeting their specific guests' needs and wants. We plan on renewing our efforts to ensure each brand achieve clarity of positioning and effectively reaches their target audience. This, alongside providing cruise experiences that really resonate with their distinct guest base, will help each brand optimize its yield and growth aspirations to drive revenue.

現在，我們擁有獨特的優勢，可以通過我們的 9 個領先的郵輪品牌實現這一目標，每個品牌都專注於滿足其特定客人的需求和需求。我們計劃再接再厲，確保每個品牌都實現清晰的定位並有效地接觸到他們的目標受眾。這一點，連同提供真正與他們獨特的客人群產生共鳴的郵輪體驗，將幫助每個品牌優化其收益和增長願望以增加收入。

We also expect to capitalize on our revitalized fleet, our continued portfolio optimization efforts and our unparalleled destination footprint, particularly in the Caribbean and Alaska. In addition, we have an exciting sustainability road map that underlies all of our efforts.

我們還期望利用我們重振旗鼓的機隊、我們持續的投資組合優化工作以及我們無與倫比的目的地足跡，特別是在加勒比海和阿拉斯加。此外，我們有一個令人興奮的可持續發展路線圖，這是我們所有努力的基礎。

What also gives me tremendous confidence is our determined and resilient team around the world. They've proven time and time again for the last 2.5 years that they can absolutely achieve anything and they do it while staying true to Carnival Corporation's collective values and positive culture. All of this will help us accelerate revenues and returns, drive durable earnings growth and improve the balance sheet.

同樣給我巨大信心的是我們在世界各地堅定而有彈性的團隊。在過去的 2.5 年中，他們一次又一次地證明，他們絕對可以取得任何成就，並且他們在堅持嘉年華公司的集體價值觀和積極文化的同時做到這一點。所有這些都將幫助我們加快收入和回報，推動持久的盈利增長並改善資產負債表。

As you said, Arnold, we are clearly at an inflection point and have a bright future ahead. I'm looking forward to putting the perspectives I've gained here in my 20 years in multiple roles to work for the benefit of our shareholders and our many other stakeholders.

正如你所說，阿諾德，我們顯然正處於一個轉折點，未來前景光明。我期待著將我在 20 年擔任多個職務時在這裡獲得的觀點，為我們的股東和許多其他利益相關者的利益而努力。

Thanks, Josh. We're looking forward to your leadership. David?

謝謝，喬希。我們期待您的領導。大衛？

Thank you, Arnold. I'll start today with a review of guest cruise operations, along with a summary of our second quarter cash flow. Next, I will touch on our 2024 mandatory auditor rotation. Then I'll provide an update on booking trends and finish up with adjusted EBITDA expectations and our current financial position.

謝謝你，阿諾德。我將從今天開始回顧客人郵輪業務，以及我們第二季度現金流的摘要。接下來，我將談談我們 2024 年的強制審計員輪換。然後，我將提供有關預訂趨勢的最新信息，並以調整後的 EBITDA 預期和我們當前的財務狀況結束。

Turning to guest cruise operations. During the second quarter 2022, we restarted 20 additional ships, resulting in 74% of our total fleet capacity in guest cruise operations for the whole of the second quarter. This was a substantial increase from 60% during the first quarter 2022.

轉向客人郵輪業務。在 2022 年第二季度，我們重新啟動了 20 艘船舶，佔整個第二季度賓客郵輪運營的船隊總運力的 74%。這比 2022 年第一季度的 60% 有了大幅增長。

As of today, 91% of our fleet capacity is in guest cruise operations. We were pleased to see that the second quarter 2022 revenue increased by nearly 50% compared to first quarter 2022, reflecting continued sequential improvement.

截至今天，我們 91% 的船隊運力用於客輪運營。我們很高興地看到，與 2022 年第一季度相比，2022 年第二季度的收入增長了近 50%，反映出持續的連續改善。

For the second quarter, occupancy was 69% across the ships in service, a significant increase from the 54% in the first quarter. We were encouraged by the very close-in demand we experienced during the second quarter for the second quarter, resulting in nearly double the close-in occupancy gains in second quarter 2022 versus second quarter 2019, a trend we had anticipated.

第二季度，在役船舶的佔用率為 69%，比第一季度的 54% 顯著增加。我們對第二季度第二季度經歷的非常接近的需求感到鼓舞，導致 2022 年第二季度的接近入住率與 2019 年第二季度相比幾乎翻了一番，這是我們預期的趨勢。

Revenue per passenger day for the second quarter 2022 decreased slightly from a strong 2019. As Arnold indicated, we are focused on optimizing occupancy while preserving long-term pricing. However, let's not forget the impact due to the future cruise credit, or FCC as they are more commonly called, which cost us a couple of percentage points in second quarter 2022 versus second quarter 2019. Excluding the impact of FCC's revenue per passenger cruise day, the second quarter would have been higher than a strong 2019.

2022 年第二季度的每位乘客日收入比 2019 年的強勁增長略有下降。正如阿諾德所說，我們專注於優化入住率，同時保持長期定價。但是，我們不要忘記未來郵輪信貸或更常稱為 FCC 的影響，這在 2022 年第二季度與 2019 年第二季度相比使我們損失了幾個百分點。不包括 FCC 每位乘客郵輪日收入的影響，第二季度將高於強勁的 2019 年。

Once again, our onboard and other revenue per diems were up significantly in the second quarter 2022 versus second quarter 2019, in part due to the bundled packages as well as onboard credits utilized by guests from cruises canceled during the past.

與 2019 年第二季度相比，我們在 2022 年第二季度的機上和其他每日每日收入顯著增長，部分原因是捆綁套餐以及過去取消的遊輪客人使用的機上積分。

We have recently expanded our bundled package offering given their popularity. The new bundled offerings require us to make changes to the accounting allocation. As a result, in the third quarter, you will see more of the revenue left in ticket, unless allocated to onboard, impacting the onboard and other revenue per PCD comparisons for the third quarter as compared to the second quarter. Just another reason to add to the list of reasons why the best way to judge our performance is by reference to our total cruise revenue metrics.

鑑於它們的受歡迎程度，我們最近擴展了我們的捆綁包產品。新的捆綁產品要求我們更改會計分配。因此，在第三季度，您將看到更多的收入留在機票中，除非分配給機上，這會影響第三季度與第二季度相比的每 PCD 的機上收入和其他收入。判斷我們業績的最佳方式是參考我們的總郵輪收入指標，這只是添加到原因列表中的另一個原因。

On the cost side, our adjusted cruise cost without fuel per available lower berth day, or ALBD as it is more commonly called, for the second quarter 2022 was up 23% versus second quarter 2019. The increase in adjusted cruise cost without fuel per ALBD is driven by essentially 5 things: First, the cost of a portion of the fleet being in pause status. Second, restart-related expenses for 20 ships. Third, 24 ships being in dry dock during the quarter, which resulted in over double the number of dry-dock days during the second quarter versus the second quarter 2019. Fourth, the cost of maintaining enhanced health and safety protocols. And finally, inflation.

在成本方面，與 2019 年第二季度相比，2022 年第二季度，我們調整後的每個可用下舖日（或更常見的 ALBD）的無燃料巡航成本比 2019 年第二季度增長了 23%。每 ALBD 的無燃料調整後巡航成本增加主要由 5 個因素驅動：首先，部分車隊處於暫停狀態的成本。二是20艘船舶重啟相關費用。第三，本季度有 24 艘船舶在幹船塢，與 2019 年第二季度相比，第二季度幹船塢天數增加了一倍多。第四，維持加強的健康和安全協議的成本。最後，通貨膨脹。

Remember that because a portion of the fleet was in pause status during the second quarter and the higher number of dry-dock days, we spread costs over less ALBDs.

請記住，由於部分船隊在第二季度處於暫停狀態，而且幹船塢天數較多，因此我們將成本分攤到較少的 ALBD 上。

The first half of 2022 had an unusually large number of ships in dry dock as part of our resumption of cruising ramp-up, optimizing our dry-dock schedule while the ships are not in service and ensuring that the ships were great and work great when they welcome their first guess back on board. However, the second half 2022 dry-dock schedule looks more normal by historical standards. We anticipate that many of these costs and expenses driving adjusted cruise costs without fuel per ALBD higher will end during 2022 and will not reoccur in 2023.

2022 年上半年，幹船塢的船舶數量異常多，這是我們恢復巡航加速的一部分，優化了我們在船舶停運期間的干船塢時間表，並確保船舶在他們歡迎他們的第一次猜測回到船上。然而，按照歷史標準，2022 年下半年的干船塢時間表看起來更正常。我們預計，這些成本和費用中的許多將在 2022 年結束，並且不會在 2023 年再次發生，從而導致每 ALBD 沒有燃料的調整後巡航成本更高。

As a result of all of the above, we expect to see a significant improvement in adjusted cruise costs, excluding fuel per ALBD, from the first half of 2022 to the second half of 2022, with a mid-teens increase expected for the full year 2022 compared to 2019.

由於上述所有因素，我們預計從 2022 年上半年到 2022 年下半年，調整後的巡航成本（不包括每 ALBD 的燃料）將有顯著改善，預計全年將增加 10 倍左右2022 年與 2019 年相比。

Next, I'll provide a summary of our second quarter cash flow. We ended the second quarter 2022 with $7.5 billion in liquidity versus $7.2 billion at the end of the first quarter. The change in liquidity during the quarter was driven essentially by 6 things: First, negative adjusted EBITDA of approximately $900 million due to our ongoing redemption of guest cruise operations, an improvement from the first quarter.

接下來，我將提供我們第二季度現金流的摘要。到 2022 年第二季度末，我們的流動資金為 75 億美元，而第一季度末為 72 億美元。本季度流動性的變化主要由 6 件事驅動：首先，由於我們持續贖回客人郵輪業務，調整後的 EBITDA 為負約 9 億美元，較第一季度有所改善。

Second, our investment of $500 million in capital expenditures. Third, $200 million of debt principal payments. And fourth, $400 million of interest expense during the quarter. All of which was more than offset by a $1.4 billion increase in customer deposits during the quarter, along with the $1 billion principal amount of senior unsecured notes we issued last month.

其次，我們投資5億美元的資本支出。第三，2億美元的債務本金支付。第四，本季度 4 億美元的利息支出。所有這些都被本季度增加的 14 億美元客戶存款以及我們上個月發行的 10 億美元高級無抵押票據本金所抵消。

Now I will touch on our 2024 mandatory auditor rotation. I wanted to take a moment to explain our situation as it is very different from most publicly listed companies outside the U.K. and the EU. Carnival plc, our U.K. publicly listed company, which is part of our dualistic company structure, is subject to U.K. law which requires mandatory auditor rotation. Therefore, PricewaterhouseCoopers, or PwC as they are more commonly called, must be changed as Carnival plc's auditor for the fiscal 2024 audit at the latest.

現在我將談談我們 2024 年的強制審計員輪換。我想花點時間解釋一下我們的情況，因為它與英國和歐盟以外的大多數上市公司有很大不同。 Carnival plc 是我們的英國上市公司，是我們二元公司結構的一部分，受英國法律的約束，該法律要求審計師強制輪換。因此，最遲必須將普華永道（PricewaterhouseCoopers）或通常稱為普華永道（PwC）的公司更改為嘉年華公司 2024 財年審計的審計師。

Therefore, we conducted a competitive RFP process for the independent audit of Carnival plc as well as the consolidated entity, Carnival Corporation & plc. As a result of the recently completed RFP process, yesterday, our Board of Directors appointed Deloitte as the company's independent auditor for fiscal 2024. We completed the RFP process in the first half of 2022 to ensure an orderly transition of nonaudit services for the remainder of 2022 and to ensure independence by Deloitte in 2023, as required under U.K. law.

因此，我們對 Carnival plc 以及合併實體 Carnival Corporation & plc 的獨立審計進行了競爭性 RFP 流程。由於最近完成了 RFP 流程，昨天，我們的董事會任命德勤為公司 2024 財年的獨立審計師。我們在 2022 年上半年完成了 RFP 流程，以確保非審計服務的有序過渡。 2022 年，並根據英國法律的要求，確保德勤在 2023 年獨立。

Before I continue, I would like to add that the Board of Directors and management of Carnival Corporation & plc would like to thank PricewaterhouseCoopers for its continued service as the company's independent auditor.

在我繼續之前，我想補充一點，Carnival Corporation & plc 的董事會和管理層要感謝普華永道作為公司的獨立審計師繼續提供服務。

Now let's look at booking trip. The higher March weekly booking volumes we talked about on our last business update continued throughout the quarter. This resulted in booking volumes for all future sailings during the second quarter 2022 being nearly double the booking volumes during the first quarter 2022. Second quarter 2022 booking volumes for all future sailings were the best quarterly booking volumes we have seen since the beginning of the pandemic, although they were still below the 2019 level.

現在讓我們看看預訂行程。我們在上次業務更新中談到的較高的 3 月每週預訂量在整個季度都持續存在。這導致 2022 年第二季度所有未來航行的預訂量幾乎是 2022 年第一季度預訂量的兩倍。2022 年第二季度所有未來航行的預訂量是自大流行開始以來我們看到的最好的季度預訂量，儘管它們仍低於 2019 年的水平。

I am happy to report that booking volumes since the beginning of April for the second half of 2022 sailings have been higher than 2019 level. All of this reflects the previously expected extended wave season. And as I said before, we were very encouraged by the close-in demand we experienced during the second quarter for the second quarter, resulting in nearly double the closing occupancy gain in second quarter 2022 versus second quarter 2019, a trend we had anticipated.

我很高興地報告，自 4 月初以來，2022 年下半年航行的預訂量一直高於 2019 年的水平。所有這些都反映了先前預期的延長波季。正如我之前所說，我們對第二季度第二季度經歷的接近需求感到非常鼓舞，導致 2022 年第二季度的收盤入住率與 2019 年第二季度相比幾乎翻了一番，這是我們預期的趨勢。

While the cumulative book position for the second half of 2022 is below the historical range, we believe we are well situated with our current second half 2022 book position given current booking volume, coupled with closer-in booking patterns. We continue to expect that occupancy will build throughout 2022 and return to historical levels in 2023.

雖然 2022 年下半年的累計預訂頭寸低於歷史範圍，但鑑於當前的預訂量以及更接近的預訂模式，我們認為我們目前的 2022 年下半年預訂頭寸處於有利位置。我們繼續預計入住率將在 2022 年全年增加，並在 2023 年恢復到歷史水平。

Pricing on our cumulative book position for the second half of 2022 was lower, with or without FCC, normalized for bundled packages as compared to 2019 sailing.

與 2019 年航行相比，我們在 2022 年下半年的累計預訂頭寸定價較低，無論是否有 FCC，捆綁包裹的定價均低於 2019 年。

For the full year 2023, our cumulative advanced book position continues to be at the higher end of the historical range and at higher prices, with or without FCC, normalize for bundled packages as compared to 2019 sailings. This is a great achievement given pricing on bookings for 2019 sailings is a tough comparison as that was a high watermark for historical yield.

對於 2023 年全年，與 2019 年的航行相比，我們的累計提前預訂頭寸繼續處於歷史範圍的高端，並且無論有沒有 FCC，捆綁包的價格更高。這是一項了不起的成就，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。

During the second quarter 2022, we once again increased our advertising expense compared to the first quarter 2022 in anticipation of our full fleet being in guest cruise operations and our 8% capacity increase for 2023 versus 2019. Second quarter 2022 was the first time since the pandemic that advertising expense was above 2019 level.

在 2022 年第二季度，與 2022 年第一季度相比，我們再次增加了廣告費用，因為我們預計我們的全部船隊都將投入客輪運營，並且 2023 年的運力將比 2019 年增加 8%。2022 年第二季度是自 2022 年第二季度以來的首次大流行，廣告費用高於2019年水平。

I will finish up with our adjusted EBITDA expectations and our current financial position. We all know that booking trends are a leading indicator of the health of our business. With improved recent booking trends leading the way, driving customer deposits higher, positive adjusted EBITDA is clearly within our sights. Adjusted EBITDA over the first half of 2022 was impacted by restart-related spending and dry-dock expenses as 34 ships, nearly 40% of our fleet, were in dry dock during the first half of fiscal 2022.

我將完成我們調整後的 EBITDA 預期和我們目前的財務狀況。我們都知道，預訂趨勢是我們業務健康度的領先指標。隨著近期預訂趨勢的改善，推動客戶存款增加，積極的調整後 EBITDA 顯然在我們的視線之內。 2022 年上半年調整後的 EBITDA 受到與重啟相關的支出和乾船塢費用的影響，因為 2022 財年上半年有 34 艘船舶（占我們船隊的近 40%）在幹船塢。

For the third quarter, with over 90% of our capacity back in guest cruise operations and occupancy percentages building, we expect ship level cash contribution to grow. As a result, we expect adjusted EBITDA to be positive for the third quarter 2022 which, after everything we've been through, will be something worth celebrating.

第三季度，隨著我們超過 90% 的運力恢復到客輪運營和入住率的建設，我們預計船舶層面的現金貢獻將會增長。因此，我們預計調整後的 EBITDA 將在 2022 年第三季度為正，在我們經歷了一切之後，這將是值得慶祝的事情。

With EBITDA turning positive, more liquidity than last quarter, debt maturity towers that have been well managed through 2024, we have already refinanced a portion of our 2023 maturities and we will do the rest over time.

隨著 EBITDA 轉正，流動性比上一季度更多，到 2024 年管理良好的債務到期塔，我們已經為 2023 年到期的部分再融資，我們將隨著時間的推移完成剩下的工作。

And now I will turn the call back over to Arnold.

現在我將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 the line of Steven Wieczynski with Stifel.

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

Arnold, congratulations, and it was a great run. So thanks for your service.

阿諾德，恭喜你，這是一次很棒的比賽。所以感謝您的服務。

So first question would be around the booking patterns, which clearly here are continuing to strengthen. However, I guess, investors are going to, at this point, based on where your stock is, they're going to look past booking -- current booking patterns and they're going to focus on what could come next given an uncertain macro backdrop.

所以第一個問題是關於預訂模式的，這裡顯然正在繼續加強。但是，我想，此時，投資者將根據您的股票位置，將目光投向預訂——當前的預訂模式，他們將專注於在宏觀不確定的情況下接下來會發生什麼背景。

And I guess my question is, how would you guys attack a slowdown in bookings or load factors? In the past, you would have typically cut prices in order to keep load factors high. But this time around, if you do see bookings slow, do you think you guys and your peers will be able to stay more disciplined on the pricing side of things, so the recovery wouldn't be as steep on the other side?

我想我的問題是，你們將如何應對預訂或負載因素的放緩？過去，您通常會降價以保持較高的負載率。但是這一次，如果您確實看到預訂緩慢，您是否認為你們和您的同行能夠在定價方面保持更加自律，因此復蘇不會那麼陡峭？

A couple of quick comments. First of all, I wouldn't comment on what the others would do. You can talk to them directly. For us, we have, as we've been hit with different variants and invasion of Ukraine and other things and bringing more capacity on board, we've had to consider all of that. And at this point in time, largely we have done everything in mind of trying to keep our pricing strong going forward because we think that's the right move right now.

幾個快速評論。首先，我不會評論其他人會做什麼。您可以直接與他們交談。對我們來說，我們已經遇到了不同的變種和對烏克蘭的入侵和其他事情，並帶來了更多的容量，我們不得不考慮所有這些。在這個時間點，我們基本上已經做了一切努力保持我們的定價強勁，因為我們認為這是現在正確的舉動。

The positive thing here is that there is pent-up demand. And so even if there was a global recession, the reality is we are, as I said in my comments, recession-resilient historically. And this time, if there was a recession, there's tremendous pent-up demand, which in the past wasn't necessarily the case because it's been a couple of years where people have not been able to travel the way they wanted to.

積極的一面是需求被壓抑。因此，即使出現全球衰退，現實情況是，正如我在評論中所說，從歷史上看，我們是能夠抵禦衰退的。而這一次，如果出現經濟衰退，就會有巨大的被壓抑的需求，而在過去並不一定是這樣，因為有幾年人們無法按照他們想要的方式旅行。

So a combination of things. One is we are naturally somewhat recession-resilient. We have added tailwind of pent-up demand. And yes, we're focused on doing what we can to ultimately drive the cash we need but, at the same time, do in a manner where we can maintain pricing strength.

所以綜合起來。一是我們天生具有一定的衰退彈性。我們增加了被壓抑的需求的順風。是的，我們專注於盡我們所能最終推動我們需要的現金，但同時，我們也以能夠保持定價優勢的方式進行。

David may have a comment.

大衛可能有意見。

Yes. Just one thing I'd add to that. Remember, Steve, not every recession is the same. And we are currently in a very strong labor market. And given that, if people have jobs and they feel comfortable in their jobs, they're likely to need a vacation. And remember, vacations are no longer a luxury, they're a necessity in today's world.

是的。我只想補充一件事。請記住，史蒂夫，並非每次經濟衰退都是一樣的。我們目前處於一個非常強勁的勞動力市場。鑑於此，如果人們有工作並且他們對工作感到滿意，他們可能需要休假。請記住，假期不再是奢侈品，而是當今世界的必需品。

So I think we will do very well. As Arnold said, we are recession-resilient and we'll do very well in a recessionary environment.

所以我認為我們會做得很好。正如阿諾德所說，我們能夠抵禦衰退，在衰退的環境中我們會做得很好。

And then there's -- we'll see if a recession comes right now. Savings are really high. As David pointed out, employment rates are really low. And so there's economic strength for the time being. We'll see what happens.

然後是 - 我們將看看現在是否會出現衰退。儲蓄真的很高。正如大衛指出的那樣，就業率真的很低。所以暫時有經濟實力。我們會看看會發生什麼。

Okay. Got you. And then second question, I guess, probably for you, David, around the recent debt raise. And we got a lot of questions from investors about why you guys would go out and raise debt north of 10% and maybe what drove you. Or maybe there was an underlying reason as to why you had to raise debt at those levels. And I guess from here, the question is going to be, what is the opportunity moving forward to refinance? Or maybe there is enough chance to refinance given where rates are at this point?

好的。得到你。然後是第二個問題，我想，可能是針對你，大衛，關於最近的債務籌集。我們從投資者那裡收到了很多問題，關於你們為什麼要出去籌集超過 10% 的債務，也許是什麼驅使你們。或者也許有一個潛在的原因來解釋為什麼你必須在這些水平上舉債。我想從這裡開始，問題將是，再融資的機會是什麼？或者考慮到目前的利率水平，是否有足夠的機會進行再融資？

Yes. So if you -- as I said on the last conference call, we were looking to, over time, refinance the $3 billion of 2023 maturities, and we were focused on that. And we took a look and we believe that we're in a rising interest rate environment. And so we did go out and we raised $1 billion at 10.5%.

是的。因此，如果您——正如我在上次電話會議上所說，我們希望隨著時間的推移為 2023 年到期的 30 億美元再融資，我們專注於這一點。我們看了看，我們相信我們處於利率上升的環境中。所以我們確實出去了，我們以 10.5% 的利率籌集了 10 億美元。

It was a difficulty in the market, nobody could have predicted what would happen in the overall market. But what's interesting is despite the market backdrop, we were able to raise $1 billion within the price talk that we wanted on that day and we felt very good about that.

這是市場上的困難，沒有人能夠預測整個市場會發生什麼。但有趣的是，儘管有市場背景，我們還是能夠在那天我們想要的價格談判中籌集到 10 億美元，我們對此感覺非常好。

We're looking to do $2 billion to refinance the remaining portion, as I said in my notes, over time. But we're just averaging in. If you look at it today, interest rates are higher than they were a month or so ago when we actually did our bond offering. So I'd say that we were in a good position. We feel good about what we did. And we'll look to refinance the other $2 billion over the ensuing months ahead. And we're just averaging in.

正如我在筆記中所說，隨著時間的推移，我們正在尋求 20 億美元對剩餘部分進行再融資。但我們只是在平均。如果你今天看，利率比一個月前我們實際進行債券發行時的利率要高。所以我會說我們處於一個很好的位置。我們對自己的所作所為感覺良好。我們將在接下來的幾個月里為另外 20 億美元再融資。而我們只是平均。

Keep in mind, despite, I will say, adding 10.5%, if you look at our portfolio of debt, our average interest rate today is 4.5%. So we've done a great job managing the whole portfolio. And this is just one minor piece in the portfolio.

請記住，儘管我會說增加 10.5%，但如果您查看我們的債務組合，我們今天的平均利率為 4.5%。所以我們在管理整個投資組合方面做得很好。這只是投資組合中的一小部分。

Next question from the line of Robin Farley, UBS.

瑞銀集團 Robin Farley 的下一個問題。

Great. Arnold, best wishes, since this is the last earnings call you'll be joining it for. Good luck with everything.

偉大的。阿諾德，最良好的祝愿，因為這是您將參加的最後一次財報電話會議。祝一切順利。

Had a question on occupancy. I think investors kind of struggle with how much of the lower occupancy is sort of temporary, like the Omicron cancellations in Q1 and new ships going into service at lower levels. And how much -- in other words, to try to kind of see the path demand there, I wonder if you could give us a little bit of color on sort of the sequential build in occupancy through Q2, I know you normally wouldn't give that level of detail. And/or maybe something with your visibility on Q3, which I think normally you would be 80% to 90% booked by now. And just kind of are you seeing, for ticket price relative to '19 and occupancy, with that level of visibility, I don't know if you can comment a little more specifically.

有一個關於入住的問題。我認為投資者對較低的入住率有多少是暫時的，比如第一季度的 Omicron 取消和新船以較低的水平投入服務。以及多少 - 換句話說，為了嘗試了解那裡的路徑需求，我想知道你是否可以給我們一些關於第二季度的連續入住率的顏色，我知道你通常不會給出那個級別的細節。和/或可能與您在第三季度的知名度有關，我認為通常您現在會預訂 80% 到 90%。您是否看到，相對於 19 年的票價和入住率，在這種可見度下，我不知道您是否可以更具體地發表評論。

Yes, you bet, Robin. I'll have David share some details. But the overarching comment would be that we have real strength in occupancy. And we had some intentionally constrained occupancy as we brought ships on back online because of protocols in different places and so on. We also had some isolated situations where we're moving crew around temporarily as we were staffing up with crew and constrained capacity for those reasons as well.

是的，你打賭，羅賓。我會讓大衛分享一些細節。但最重要的評論是，我們在入住方面擁有真正的實力。由於不同地方的協議等等，當我們讓船隻重新上線時，我們故意限制了佔用率。我們也有一些孤立的情況，我們臨時調動工作人員，因為我們正在配備工作人員，並且由於這些原因也限制了容量。

But overall, our occupancy -- but our occupancy rates, as we shared, have really improved over time here. And as we mentioned, the Carnival brand is looking at 110% occupancy in the third quarter. So we have more capacity sailing and occupancy is rising nicely. And as the world continues to relax and become comfortable managing the virus and restrictions are relaxed, we see things moving more into the direction of the Carnival brand where things are more normalized even though they still have some restrictions right now. David?

但總的來說，我們的入住率 - 但正如我們分享的那樣，我們的入住率隨著時間的推移確實有所改善。正如我們所提到的，嘉年華品牌第三季度的入住率有望達到 110%。所以我們有更多的航行能力，入住率也在上升。隨著世界繼續放鬆，對病毒的管理變得更加自在，限制也放鬆了，我們看到事情正朝著嘉年華品牌的方向發展，儘管現在仍然有一些限制，但事情變得更加正常化。大衛？

Yes. So during the second quarter, I mean, the variance between the months, it went from 67% to 71%, which is why we wound up overall with that 69% occupancy for the quarter. So -- and as Arnold said, we're approaching 80% for the month of June. And with booking trends good, we continue to build.

是的。所以在第二季度，我的意思是，月份之間的差異從 67% 上升到 71%，這就是為什麼我們最終以 69% 的季度入住率結束。所以——正如阿諾德所說，我們在 6 月份接近 80%。隨著預訂趨勢良好，我們繼續建設。

So -- but keep in mind, that as I had indicated, we started 20 ships in the second quarter. And of course, there are a number of cruises, we're early on, we constrain occupancy to ensure we practice and the guests have a great time. And so we build on those ships, and you can see the benefit of that when we got to June.

所以 - 但請記住，正如我所指出的，我們在第二季度開始了 20 艘船。當然，有許多遊輪，我們很早就開始了，我們限制入住人數以確保我們練習和客人度過愉快的時光。所以我們在這些船的基礎上進行建設，當我們到了 6 月時，你就會看到這樣做的好處。

So we feel very good about the overall trend. It is positive. Moving in the right direction. And we do expect to see an improving trend in the third quarter and into 2023.

所以我們對整體趨勢感覺很好。這是積極的。朝著正確的方向前進。我們確實預計第三季度和 2023 年的趨勢會有所改善。

Okay. Great. And maybe just as a follow-up question on the expense commentary. You put -- you mentioned a lot of sort of buckets about pause status, ship restart costs, dry dock, all of those as being part of that 23% increase. And I know you mentioned that will improve significantly by year-end. I wonder if you could quantify a little bit of how much of that increase was just inflation in health and safety.

好的。偉大的。也許只是關於費用評論的後續問題。你提出 - 你提到了很多關於暫停狀態、船舶重啟成本、幹船塢的桶，所有這些都是 23% 增長的一部分。我知道你提到到年底會顯著改善。我想知道你是否可以量化一下這種增長中有多少只是健康和安全方面的通貨膨脹。

In other words, the other factors all being somewhat temporary, the pause status, the restart cost, the dry dock, how much of those sort of 23 points are -- go away automatically just by having your -- the fleet back in service? Just so we can think about kind of where you could get to by the end of the year in terms of expense per passenger per se.

換句話說，其他因素都是暫時的，暫停狀態，重新啟動成本，幹船塢，這些 23 點中有多少——只是讓你的艦隊重新投入使用而自動消失？就這樣，我們可以根據每位乘客本身的費用來考慮到今年年底您可以到達的地方。

Yes. I think the best way for you to -- you can do your own quantification and it's pretty easy. If you think about, we were sort of 24% up per ALBD for the first half. And all you have to do is if you're mid-teens for the full year, you can back into where we were for the second half, taking out the pause status, the restart, the dry docks. Because I did say that the dry docks in the back half of the year were going to be sort of more normal like in terms of the number of dry-dock days. So if you back into the number, you'll be able to see where we are for the back half of the year, which is a better reflection overall than the first half.

是的。我認為對你來說最好的方法——你可以自己量化，這很容易。如果你想一想，上半年我們每 ALBD 增長了 24%。而你所要做的就是，如果你整年都在十幾歲，你可以回到我們下半場的狀態，取消暫停狀態，重新開始，幹船塢。因為我確實說過，今年下半年的干船塢將變得更加正常，就像幹船塢的天數一樣。因此，如果您回到這個數字，您將能夠看到我們在下半年的情況，這總體上比上半年更好。

Now there's still noise in that because supply chain disruption and other things. And we are working really hard to manage that down. And we will do that. So -- but that's probably the best way to back into it.

現在仍然存在噪音，因為供應鏈中斷和其他事情。我們正在努力控制它。我們會這樣做。所以 - 但這可能是回到它的最佳方式。

I know that simple average would get you to kind of a mid-single digit for the second half. But I guess I was wondering by kind of the end of the year, really thinking about 2023, that's how I was looking for sort of what pieces would maybe go to...

我知道簡單的平均數會讓你在下半場達到中個位數。但我想我在年底之前想知道，真的在想 2023 年，這就是我在尋找哪些作品可能會去的方式……

I understand. And I'm not in a position to give cost guidance for 2023 at this point. But I was just trying to give you some directional. You can see what the back half is, and we'll manage through all of those items effectively over the next 6 months. And like I always say, we hope to do better. But at this point, it would be premature for me to give you cost guidance.

我明白。而且我目前無法提供 2023 年的成本指導。但我只是想給你一些方向。您可以看到後半部分是什麼，我們將在接下來的 6 個月內有效地管理所有這些項目。就像我一直說的那樣，我們希望做得更好。但在這一點上，我給你成本指導還為時過早。

Our next question comes from the line of Jaime Katz with Morningstar.

我們的下一個問題來自晨星的 Jaime Katz。

I'd be interested in hearing how you guys are seeing differences between domestic and international consumers, particularly because of this transition of Costa ship, maybe being this rebranding with Carnival and whether or not that's signaling anything?

我很想听聽你們如何看待國內和國際消費者之間的差異，特別是因為歌詩達船的這種轉變，也許是與嘉年華一起重新命名，這是否意味著什麼？

Yes, I think just generally, obviously, Europe in many ways is more challenged from consumer demand standpoint as it relates to travel to an extent than North America. And what you're seeing in the move with Costa by Carnival and the transfer of the Luminosa in Australia to Carnival is part of a rightsizing of Costa for what we see as a European environment which has complicated not only by COVID and macroeconomic conditions, somewhat triggered by invasion of Ukraine, but also the invasion of Ukraine. And so all of those things are impacting the European market sector. So we're reallocating to brands that have stronger demand, that are in a stronger position. That's one of the beautiful things, our assets are mobile.

是的，我認為總體而言，顯然，從消費者需求的角度來看，歐洲在許多方面都面臨著更大的挑戰，因為它在一定程度上與北美相比與旅行相關。您在嘉年華與 Costa 的合作以及將澳大利亞的 Luminosa 轉移到嘉年華中所看到的，是 Costa 調整規模的一部分，因為我們認為歐洲環境不僅因 COVID 和宏觀經濟條件而變得複雜，在某種程度上入侵烏克蘭引發的，也是入侵烏克蘭。因此，所有這些事情都在影響歐洲市場部門。因此，我們正在重新分配給需求更強、處於更有利地位的品牌。這是美好的事情之一，我們的資產是可移動的。

So -- but overall, we still see strong demand in Europe. And there are portions of Europe, the U.K. in particular. Also we see some continuing strength in portions of Germany and what have you. And so we see a good market in Europe, a strong market in North America. And we're just reallocating across the brands to optimize our portfolio and maximize the cash generation and position us for the long term.

所以 - 但總的來說，我們仍然看到歐洲的強勁需求。歐洲也有部分地區，尤其是英國。我們還看到德國部分地區的一些持續實力以及你有什麼。所以我們在歐洲看到了一個很好的市場，在北美看到了一個強大的市場。我們只是在各個品牌之間進行重新分配，以優化我們的產品組合併最大限度地產生現金並長期定位我們。

If I can build on that a little bit. I did want to point out, so we talked about our bookings in the second quarter nearly doubling the -- what they were in the first quarter. So the NAA brands were a little bit over double than the EA brands, which includes Costa, we're a little bit less than double book, I mean everything is heading in the right direction. There is good, solid, strong demand in all the brands. But the NAA brands are doing, from a booking trend perspective, a little bit better than the EA brands.

如果我能在此基礎上再建一點。我確實想指出，所以我們談到我們在第二季度的預訂量幾乎是第一季度的兩倍。因此，NAA 品牌比 EA 品牌（包括 Costa）略高一倍，我們的銷量略低於兩倍，我的意思是一切都在朝著正確的方向發展。所有品牌都有良好、穩固、強勁的需求。但從預訂趨勢的角度來看，NAA 品牌的表現比 EA 品牌要好一些。

I'd also like to point out, add to Arnold's comments, about Costa by Carnival. Because keep in mind, a big chunk of Costa's capacity in 2019 was in China. And so with that market at the moment closed, we rather than take all of that capacity and put it in Europe, we created a new market towards the Carnival guests which we think will expand the market here in North America and we'll be in a much better position overall.

我還想指出，添加到阿諾德的評論中，關於嘉年華的歌詩達。因為請記住，Costa 2019 年的很大一部分產能在中國。因此，由於該市場目前關閉，我們並沒有將所有這些容量都放在歐洲，而是為嘉年華客人創造了一個新市場，我們認為這將擴大北美市場，我們將進入總體上更好的位置。

So we feel very good about all of our brands and the direction and we are managing it appropriately as you could see, what Arnold talked about the moves of the ships.

所以我們對我們所有的品牌和方向都感覺很好，我們正在適當地管理它，正如你所看到的，阿諾德談到了船隻的移動。

Okay. And then David, I don't think it was explicitly noted, but in the past, I think you guys had pointed to 2023 EBITDA above 2019 levels. And do you still feel like the business is tracking in the right direction to achieve that?

好的。然後大衛，我認為沒有明確指出，但在過去，我認為你們已經指出 2023 年的 EBITDA 高於 2019 年的水平。您是否仍然覺得企業正在朝著正確的方向發展以實現這一目標？

So I said that quite a number of times. I think we are -- what I've always said is we have the potential for EBITDA to be greater in 2023 than 2019. That one big wildcard, of course, is the price of fuel which has risen quite a bit in the last few months. So just keep that in mind.

所以我說了很多次。我認為我們是——我一直說的是，我們有可能在 2023 年使 EBITDA 比 2019 年更大。當然，最大的通配符是燃料價格在過去幾年中上漲了很多個月。所以請記住這一點。

But there is, with the occupancy improving over time, there certainly is that potential.

但是隨著時間的推移，隨著入住率的提高，肯定會有這種潛力。

Our next question comes from the line of Patrick Scholes with Truist.

我們的下一個問題來自 Patrick Scholes 和 Truist 的觀點。

Arnold, best wishes as well. Well, first question is, can you comment on your potential willingness to sell brands to -- one or more brands to help shore up the balance sheet?

阿諾德，也祝你好運。好吧，第一個問題是，您能否評論一下您將品牌出售給一個或多個品牌以幫助支撐資產負債表的潛在意願？

Well, we're very pleased with our portfolio of brands. Having said that, our job is always to keep an open mind and do what's best for the shareholders. And so we would absolutely, again, evaluate any and all options. But we're only going to do what makes sense for the shareholders given our projections of opportunity given the portfolio we have.

嗯，我們對我們的品牌組合非常滿意。話雖如此，我們的工作始終是保持開放的心態，為股東做最好的事情。因此，我們絕對會再次評估任何和所有選項。但是，鑑於我們對機會的預測，鑑於我們擁有的投資組合，我們只會做對股東有意義的事情。

Okay. Fair enough. And then my second question is a bit of a clarification on some of the text in the earnings release where you noted that cumulative advanced bookings for the second half of '22 are now below the historical range, which implies -- obviously it was lowered from the previous where you said it was at lower end. Specifically, you noted here, this position is consistent with its expected improving occupancy levels for the second half of '22. Can you explain a little bit more what that last phrase means? I'm not quite understanding what you mean by consistent with expected improving occupancy levels.

好的。很公平。然後我的第二個問題是對收益發布中的一些文本進行一些澄清，您注意到 22 年下半年的累積提前預訂現在低於歷史範圍，這意味著 - 顯然它是從之前你說它處於低端。具體來說，您在此處指出，這一職位與其預期的 22 年下半年入住率的提高是一致的。你能多解釋一下最後一句是什麼意思嗎？我不太明白你所說的與預期的入住率提高一致是什麼意思。

Yes. So what we were trying to -- yes, what we're just trying to say there is, like Arnold indicated, that in the month of June, in his prepared remarks, he said occupancy was approaching 80%. And so what we were trying to say is despite the fact that we were below the historical range, we do expect, because of the closer-in nature of the booking patterns, to see occupancy in the back half of 2022 to be higher than the 69% in the second quarter. And that's all we were really trying to indicate to people with that statement.

是的。所以我們試圖——是的，我們只是想說的是，正如阿諾德所說，在 6 月份，在他準備好的講話中，他說入住率接近 80%。所以我們想說的是，儘管我們低於歷史範圍，但由於預訂模式的性質更接近，我們確實預計 2022 年下半年的入住率將高於第二季度為 69%。這就是我們真正試圖通過該聲明向人們表明的全部內容。

Next question from the line of James Hardiman with Citi.

下一個問題來自花旗的 James Hardiman。

Arnold, I wanted to reiterate congratulations and good luck with what's next.

阿諾德，我想再次恭喜你，祝你接下來的工作好運。

Wanted to hone in a little bit on some of the pricing commentary, particularly the revenue per passenger cruise day. I think you said that number was down a little bit. There was some -- a little bit of an FCC headwind there. But I think that same number was up north of 7% in the last quarter.

想對一些定價評論進行一些磨練，特別是每名乘客遊輪日的收入。我想你說這個數字下降了一點。那裡有一些——有點 FCC 逆風。但我認為上一季度同樣的數字上升了 7% 以上。

Obviously, there's this growing concern that the industry is going to need to push price a little bit to fill these ships. Maybe speak to that idea. As we continue to fill up the ships in the third quarter and beyond, should we expect that pricing number to go down, down further? And then obviously, we're going to get back to some of that FCC impact. But sort of excluding that piece, how should we think about revenue per passenger cruise day as we continue to raise occupancy?

顯然，人們越來越擔心該行業將需要稍微推高價格以填補這些船隻。也許談談這個想法。隨著我們在第三季度及以後繼續填滿船舶，我們是否應該預期定價數字會下降，進一步下降？然後很明顯，我們將回到 FCC 的一些影響。但是排除那部分，隨著我們繼續提高入住率，我們應該如何考慮每個乘客遊輪日的收入？

So -- okay. I think, overall, Arnold in his notes talked about the fact that we were focused on maximizing occupancy while preserving price in the long term. And so we are very keen on that. We did increase advertising expense in the second quarter for that purpose to create more demand. We are seeing more first timers. We had mentioned the fact that we saw a significant improvement in first timers. So what we're trying to do here is we're building towards historical occupancy levels in 2023 with better pricing. As we indicated, the pricing for 2023 is up.

所以——好吧。我認為，總的來說，阿諾德在他的筆記中談到了這樣一個事實，即我們專注於最大限度地提高入住率，同時保持長期的價格。所以我們非常熱衷於此。為此，我們確實在第二季度增加了廣告費用以創造更多需求。我們看到更多的初學者。我們已經提到了這樣一個事實，即我們看到初學者有了顯著的進步。因此，我們在這裡嘗試做的是，我們正在以更好的價格在 2023 年實現歷史入住率水平。正如我們所指出的，2023 年的價格上漲了。

But with the shorter booking window and the use of OPay channels and the use of limited promotions, we are driving occupancy in the short term in order to optimize the EBITDA and the cash flow from operations of the business.

但隨著預訂窗口的縮短和 OPay 渠道的使用以及有限促銷活動的使用，我們將在短期內提高入住率，以優化 EBITDA 和業務運營現金流。

So while I'm not prepared to give you guidance on the third and fourth quarter gross revenue per PCD, which, by the way, if you just think about the third quarter, one of the things to remember is we hope to have a lot of kids on board in the third quarter. And those thirds and fourths will also generally, they add to the revenue, they add to the bottom line. But they will also on a per PCD basis be lower than the lower berths, both for the ticket and the onboard. The kids don't generally spend as much on board either. But we're happy to have them all on board.

因此，雖然我不准備為您提供第三和第四季度每 PCD 總收入的指導，順便說一下，如果您只考慮第三季度，要記住的一件事是我們希望有很多船上的孩子在第三季度。通常，這些三分之一和四分之一也會增加收入，增加利潤。但他們也將在每個 PCD 的基礎上低於下舖，無論是在機票上還是在船上。孩子們通常也不會在船上花費那麼多。但我們很高興讓他們都參與進來。

So there are factors in there that you have to consider as you think about the trend per PCD from third to fourth quarter and beyond.

因此，當您考慮從第三季度到第四季度及以後的每個 PCD 的趨勢時，您必須考慮其中的一些因素。

And with the increase in occupancy that we experienced in the second quarter, even with also the capacity increase we had in the second quarter, when you normalize the FCCs, our pricing did not decline.

隨著我們在第二季度的入住率增加，即使我們在第二季度也增加了容量，當你將 FCC 標準化時，我們的定價並沒有下降。

That's really helpful color. And maybe you already answered this to some degree, but if I sort of zoom out here for a minute. Historically, the industry has largely used this price to fill paradigm. And I think with some of these metrics, the concern is that we'll return to that. We were -- pre-pandemic, we were -- it seemed like in a better place, thinking more about long-term pricing opportunity. Maybe speak to if there's been any change in your philosophy pre pandemic to now just given the importance of filling up these ships and getting to positive free cash flow.

這顏色真的很有幫助。也許你已經在某種程度上回答了這個問題，但是如果我在這裡縮小一分鐘。從歷史上看，該行業在很大程度上使用這個價格來填充範式。我認為對於這些指標中的一些，我們擔心的是我們會回到這一點。我們——大流行前，我們——似乎處於一個更好的地方，更多地考慮長期定價機會。考慮到填滿這些船隻並獲得正的自由現金流的重要性，如果您的理念在大流行之前有任何變化，也許可以談談。

So one of the things that you have to think about in all of this is, over time, we are already seeing it, but we -- the protocol friction is reducing. Just recently, they dropped -- the U.S. dropped the testing requirements for people to get back into the U.S. from international places. And we are seeing -- we are starting to see the ability for us to reduce our protocols and reduce the friction. And I think that will bring back people from the sidelines and will create additional demand which will allow us to get better occupancy at a better price.

所以在所有這一切中你必須考慮的一件事是，隨著時間的推移，我們已經看到了它，但是我們——協議摩擦正在減少。就在最近，他們放棄了——美國放棄了人們從國際場所返回美國的測試要求。我們正在看到——我們開始看到我們有能力減少我們的協議並減少摩擦。我認為這將使人們從觀望中回來，並將創造額外的需求，這將使我們能夠以更優惠的價格獲得更好的入住率。

So directionally, with more first timers coming on board and the reduced protocols, we feel very good about the future over the next few quarters in 2023.

因此，從方向上看，隨著更多的新手加入和減少的協議，我們對 2023 年接下來幾個季度的未來感覺非常好。

And keep in mind, as you track all of this, that there are mix issues in here, too. Just portfolio mix and overall brand positioning as well as specific itinerary -- itineraries available and what have you. So the average price is, there's a lot of noise in that. And the overall -- the message we're sending and what we are experiencing is an encouragement of a strong market coming back, pent-up demand and us carefully managing that, thoughtfully managing it, as we create the cash and at the same time position the business well for the future.

請記住，當您跟踪所有這些時，這裡也存在混合問題。只是組合組合和整體品牌定位以及特定的行程——可用的行程和你有什麼。所以平均價格是，有很多噪音。總體而言，我們發出的信息和我們正在經歷的是對強勁市場回歸、被壓抑的需求的鼓勵，我們在創造現金的同時，謹慎地管理它，深思熟慮地管理它為未來做好業務定位。

Next question from the line of Dan Politzer, Wells Fargo.

富國銀行 Dan Politzer 的下一個問題。

And Arnold, best of luck. And Josh, congratulations on the new position.

還有阿諾德，祝你好運。喬希，祝賀你獲得新職位。

So I had a question on customer deposits and how we should think about this for the rest of the year. Obviously, it was very strong in the second quarter. I mean, there's typically a decline sequentially. So just as we think about cash flow for the rest of the year and how customer deposits flow through, is it safe to say that the third quarter should -- is not going to be cash flow positive or -- just given that there's that sequential decline? Or given the extent that you guys continue to recover in terms of your bookings and operations, the third quarter could continue to be cash flow positive?

所以我有一個關於客戶存款的問題，以及我們應該在今年剩下的時間裡如何考慮這個問題。顯然，它在第二季度非常強勁。我的意思是，通常會依次下降。因此，正如我們考慮今年剩餘時間的現金流以及客戶存款如何流動一樣，是否可以肯定地說第三季度應該 - 不會是正現金流，或者 - 只是考慮到有連續的衰退？或者考慮到你們在預訂和運營方面繼續恢復的程度，第三季度可能會繼續保持正現金流？

So that's a great question and we've been trying to answer that. I will tell you that in the last -- since the end of May, customer deposits have continued to increase. They're up a few hundred million dollars. So that at least directionally in the last -- what has it been, 3.5 weeks, that's where we're at.

所以這是一個很好的問題，我們一直在努力回答這個問題。我會告訴你，在上一個 - 自五月底以來，客戶存款繼續增加。他們漲了幾億美元。因此，至少在過去的方向上——它是什麼，3.5 週，這就是我們所處的位置。

Normally, during the third quarter, there is a reduction because we reach the seasonal high peak at the end of May. But there are offsetting factors this year that we would expect to see. With more ships coming back online and higher occupancies, that should mitigate any normal seasonalization. Whether it completely mitigates it or not, it's very hard for me to predict at this point. But there are some mitigating factors to the normal seasonalization of customer deposits.

通常，在第三季度，由於我們在 5 月底達到季節性高峰，因此會有所減少。但今年我們預計會看到一些抵消因素。隨著越來越多的船隻重新上線和更高的入住率，這應該會緩解任何正常的季節性變化。無論它是否完全緩解它，我現在都很難預測。但是，客戶存款的正常季節性變化存在一些緩解因素。

Yes. One more quick one, if I could just squeeze it in. On just the newer cruise product, a lot of your fleet has been refreshed. To what extent have you been able to capture that pricing? Typically, the newer product gets a premium price but this is kind of a weird environment. Have you been able to capture that? And if so, any kind of metrics or a way to quantify that?

是的。再快一點，如果我能擠進去的話。在更新的遊輪產品上，你的很多船隊已經煥然一新。您在多大程度上能夠捕捉到這種定價？通常，較新的產品會獲得高價，但這是一種奇怪的環境。你能捕捉到它嗎？如果是這樣，任何類型的指標或量化的方法？

Yes. It's very hard to tell. I mean we look at so many things, but...

是的。這很難說。我的意思是我們看了很多東西，但是...

There's so many variables right now.

現在變數太多了

So many variables right now, it is just very, very difficult to tell in a comparison going back to 2019.

現在有這麼多的變數，在 2019 年的比較中很難說清楚。

So we look at the total, we manage it appropriately. I will tell you, those new ships are performing very well, high levels of occupancy, generating significant cash flows. And as we move forward, I suspect that we will be able to continue to generate a premium there.

因此，我們查看總數，並對其進行適當的管理。我會告訴你，這些新船的表現非常好，入住率很高，產生了大量的現金流。隨著我們向前發展，我懷疑我們將能夠繼續在那裡產生溢價。

Arnold indicated nearly 1/4 of our fleet will be new in 2023 or newly delivered. The average age of our fleet, believe it or not, I think I said this before maybe on one of the previous calls, but from 2019 to 2023, despite the passage of 4 years, the average age of our fleet went down 1 year. So that we've got a lot of new capacity which should help very well both on the revenue side and on the cost side from an efficiency perspective and better fuel consumption. So we are very excited about the future and delivering memorable vacation experiences to probably 14 million people in 2023 as we go for historical occupancy levels.

Arnold 表示，我們近 1/4 的機隊將在 2023 年新建或新交付。我們船隊的平均年齡，不管你信不信，我想我之前可能在之前的一個電話中說過，但是從 2019 年到 2023 年，儘管過去了 4 年，但我們船隊的平均年齡下降了 1 年。所以我們有很多新的產能，從效率的角度和更好的燃料消耗來看，這在收入方面和成本方面都應該有很好的幫助。因此，我們對未來感到非常興奮，並在 2023 年為大約 1400 萬人提供難忘的假期體驗，因為我們追求歷史入住率水平。

Our next question comes from the line of Assia Georgieva, Infinity Research.

我們的下一個問題來自 Infinity Research 的 Assia Georgieva。

Arnold, you'll be missed. But Josh, very happy that you received this great position responsibility and triple promotion. So I do have a good question for you, hopefully.

阿諾德，你會被想念的。但是喬希，很高興你得到了這個偉大的職位責任和三重晉升。所以我確實有一個很好的問題要問你，希望如此。

With the Costa by Carnival concept, that is obviously something that would be a long-term fixture. We're not just moving ships around for the next 2 or 3 years. Do you believe that this is something that could be expanded? And does the Costa fuel play any role in terms of what ships might actually continue to join the new concept?

憑藉嘉年華嘉年華的概念，這顯然是一個長期的固定方案。在接下來的 2 或 3 年內，我們不只是在移動船隻。你認為這是可以擴展的嗎？就哪些船舶實際上可能繼續加入新概念而言，Costa 燃料是否發揮了任何作用？

LNG deliveries have been somewhat difficult, I guess, in Europe. We had issues with Costa in South America last winter season. So how do you see the development of the concept? And what are the key parameters that would actually play into it?

我猜，在歐洲，液化天然氣的交付有些困難。上個冬季，我們在南美的 Costa 遇到了問題。那麼您如何看待這一概念的發展？真正發揮作用的關鍵參數是什麼？

I'm going to have Josh comment on the overall brand positioning and stuff as we go forward.

在我們前進的過程中，我將讓 Josh 對整體品牌定位和內容髮表評論。

But real quickly on the LNG fuel question. LNG, as you know, is the cleanest burning fossil fuel. It gives us a 20% reduction in carbon emissions, et cetera. But the shifts are dual, so they can also burn MGO. And so that, unto itself, wouldn't impact the future of the Costa brand. We'll burn LNG whenever it makes sense to do so, which we think will be the majority of the life of the ships. But there are times where we'll obviously opt to burn MGO.

但在液化天然氣燃料問題上真的很快。如您所知，液化天然氣是燃燒最清潔的化石燃料。它使我們的碳排放量減少了 20%，等等。但輪班是雙重的，所以他們也可以燃燒 MGO。因此，就其本身而言，不會影響 Costa 品牌的未來。只要有必要，我們就會燃燒液化天然氣，我們認為這將是船舶壽命的主要部分。但有時我們顯然會選擇燒毀 MGO。

But in terms of the Costa by Carnival positioning, it's a new concept, and I'll let Josh share his thoughts on it. Go ahead, Josh.

但就嘉年華的 Costa 定位而言，這是一個新概念，我會讓 Josh 分享他的想法。來吧，喬希。

Just one thing to clarify. Obviously, the 2 ships that we're talking about that are going under this Costa by Carnival umbrella are not LNG ships. So that obviously didn't enter into our mindset at all. So just to reiterate Arnold's point.

只需澄清一件事。顯然，我們正在談論的在嘉年華嘉年華傘下的兩艘船不是液化天然氣船。所以這顯然根本沒有進入我們的思維模式。所以只是重申阿諾德的觀點。

And with respect to the positioning, I think this is a great example of leveraging the scale of this corporation. Because what we could have done is taken those ships, new beautiful ships, solely under the Costa name and try to introduce them into the North American market on a stand-alone basis. But this is actually the opportunity to leverage everything that Carnival does so well here in the United States and Canada for its guest base.

關於定位，我認為這是利用這家公司規模的一個很好的例子。因為我們可以做的就是把這些船，新的漂亮的船，完全以哥斯達黎加的名字命名，並嘗試將它們單獨引入北美市場。但這實際上是一個機會，可以利用嘉年華在美國和加拿大為遊客群體所做的一切。

So by marrying that along with Costa's beautiful tonnage and onboard experiences, we have the ability to marry that up and make a best go of creating something really special. So the short answer is, we absolutely expect this to be successful and we don't look at this as something short term. But ideally, it will be something that works and we can build upon.

因此，通過將這一點與 Costa 美麗的噸位和船上體驗結合起來，我們有能力將其結合起來，並儘最大努力創造一些真正特別的東西。所以簡短的回答是，我們絕對希望這會成功，我們不認為這是短期的事情。但理想情況下，它將是可行的，我們可以在此基礎上進行建設。

Okay. So currently, no further plans. Obviously, you've made plans for 2023 and 2024. So that's plenty of time and capacity coming in the 2 ships. So at this point, it's too early to discuss whether this would become sort of a mini brand on its own.

好的。所以目前，沒有進一步的計劃。顯然，你已經為 2023 年和 2024 年制定了計劃。所以這兩艘船有足夠的時間和能力。所以在這一點上，討論這是否會成為一個迷你品牌還為時過早。

Yes. I think let's try it out with 2 ships, and then we'll see how we do. But that's it for now.

是的。我想讓我們用 2 艘船來試一試，然後看看我們是怎麼做的。但這就是現在。

Thank you, everyone. Go ahead. Go ahead. I'm sorry.

謝謝大家。前進。前進。對不起。

Okay. Thank you, everyone. Really appreciate it. And looking forward to listening to these as we go forward and hearing the great news coming from Josh and our team. So thank you all very much, and have a great day.

好的。謝謝大家。真的很感激。並期待在我們前進的過程中聽到這些消息，並聽到來自 Josh 和我們團隊的好消息。非常感謝大家，祝您有美好的一天。

That concludes today's call. We thank you for your participation and ask you to please disconnect your lines.

今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。