Carnival PLC (CUK) 2024 Q2 法說會逐字稿

Greetings and welcome to the Carnival Corporation & PLC's conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Beth Roberts, Senior Vice President, Investor Relations. Thank you, Beth. You may begin.

您好，歡迎參加嘉年華公司和 PLC 的電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係高級副總裁貝絲·羅伯茨(Beth Roberts)。謝謝你，貝絲。你可以開始了。

Thank you. Good morning, and welcome to our second quarter 2024 earnings conference call. I'm joined today by our CEO, Josh Weinstein; our Chief Financial Officer, David Bernstein; and Chair, Micky Arison. Before we begin, please note that some of our remarks on this call will be forward-looking. Therefore, I will refer you to the forward-looking statement and today's press release.

謝謝。早安，歡迎參加我們的 2024 年第二季財報電話會議。今天我們的執行長喬許·韋恩斯坦 (Josh Weinstein) 也加入了我的行列。我們的財務長大衛·伯恩斯坦；和主席米基·阿里森。在我們開始之前，請注意，我們在本次電話會議上的一些評論將具有前瞻性。因此，我建議您參閱前瞻性聲明和今天的新聞稿。

All references to ticket prices net per diem, net yields and adjusted cruise costs without fuel will be in constant currency unless otherwise stated. References to per diems and yields will be on a net basis. Our comments may also reference cruise costs without fuel, EBITDA, net income, earnings per share, free cash flow and ROIC, all of which will be on an adjusted basis unless otherwise stated.

除非另有說明，所有提及的每日淨票價、淨收益和調整後不含燃料的遊輪成本均採用固定匯率。每日津貼和收益率的參考將基於淨值。我們的評論還可能參考不含燃油的遊輪成本、EBITDA、淨利潤、每股收益、自由現金流和投資回報率，除非另有說明，所有這些都將在調整後的基礎上進行。

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

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

With that I'd like to turn the call over to Josh.

我想把電話轉給喬許。

Thanks, Beth. Inside of two years, we've made incredible strides in improving our commercial operations. Strategically reallocating our portfolio composition, formulating growth points and strengthening even for our global team ship ensure, the best in the business. Also, the back of these efforts, we closed yet another quarter, delivering records. This time across revenues, operating income, customer deposits and booking levels exceeding our guidance on every measure.

謝謝，貝絲。兩年內，我們在改善商業營運方面取得了令人難以置信的進步。策略性地重新分配我們的投資組合構成，制定成長點並加強我們的全球團隊，確保成為業界最佳。此外，在這些努力的支持下，我們完成了一個季度的業績記錄。這一次，收入、營業收入、客戶押金和預訂水準在每項指標上都超出了我們的指導。

Yeilds increased over 12% in Q2 over 1.5 points more the March guidance as we continue to drive strong per diem growth up over 6%, and this is on over 10% more passenger cruise days, which is a combination of capacity growth and sailing at historical occupancy levels. Our European brands experienced extraordinary yield improvements again this quarter, up over 20%, while North America continued to improve on last year's high, up a healthy 7%.

第二季殖利率成長超過12%，比3 月的指引高出1.5 個百分點，因為我們持續推動每日每日強勁成長超過6%，這是由於客運郵輪天數增加了10% 以上，這是運力增長和航行時間相結合的結果。我們的歐洲品牌本季的產量再次實現了驚人的成長，成長了 20% 以上，而北美品牌則在去年的高點上繼續提高，健康成長了 7%。

We had record second quarter adjusted EBITDA, rough the $150 million more than guidance. Encouragingly, on a per ALBD basis, the highlight operational improvements and even with significantly higher fuel prices. Adjusted EBITDA not only surpassed the second quarter of 2019. It was also our highest second quarter mark in over 15 years, coupled with flat cruise costs excluding fuel on a unit basis, which David will elaborate on.

第二季調整後 EBITDA 創歷史新高，比指導值高出約 1.5 億美元。令人鼓舞的是，在每個 ALBD 的基礎上，突出的是營運改進，甚至燃油價格大幅上漲。調整後的 EBITDA 不僅超過了 2019 年第二季度。

We delivered $500 million more to the bottom line year over year and outperformed our earnings guidance by $170 million. Based on continued strong demand trends, we are also taking up our expectations for the full year by $275 million, driven by double-digit yield growth. Now this would get us to double digit ROIC this year. And while that will be a strong outcome for 2024, it is nowhere near what our business is capable of delivering.

我們的利潤比去年同期增加了 5 億美元，超出我們的獲利指引 1.7 億美元。基於持續強勁的需求趨勢，在兩位數殖利率成長的推動下，我們也將全年預期提高了 2.75 億美元。現在，這將使我們今年的投資報酬率達到兩位數。雖然這將是 2024 年的強勁成果，但與我們的業務能力相比還相去甚遠。

Our current booking trends are a testament to that. We are hitting records on top of previous records which clearly tells us the strength in demand we have been building is continuing into next year and beyond. In the near term, pricing on bookings taken in the second quarter has continued to run considerably higher for each of the third and fourth quarters. And again, that's on top of record per diem last year. This strength has enabled us to take up your guidance for the year by another 75 basis points.

我們目前的預訂趨勢證明了這一點。我們正在打破先前的記錄，這清楚地告訴我們，我們一直在建立的需求力量將持續到明年及以後。短期內，第二季的預訂價格在第三季和第四季持續大幅上漲。這再次創下了去年每日津貼的最高紀錄。這項優勢使我們能夠將您今年的指導意見再提高 75 個基點。

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

我們預計在今年剩餘時間內實現每日每日津貼持續中個位數成長，這將標誌著我們連續八個季度實現每日每日津貼中個位數或更高的改善。

Our continued focus on optimizing our yield curve is not just the near term benefit. We enter the second quarter with much less 2024 inventory to sell and have been able to lean even more into future periods. Accordingly in the last three months, not only did we take more bookings for post 2024 sailings than we did for in year sailings. We set yet another record for the most future bookings ever taken during the second quarter.

我們持續關注優化殖利率曲線不僅僅是短期利益。進入第二季度，我們的 2024 年待售庫存大幅減少，並且能夠更多地關注未來時期。因此，在過去三個月中，我們收到的 2024 年後航行的預訂量不僅多於年內航行的預訂量。我們在第二季度創下了未來預訂最多的另一項記錄。

The unprecedented level of demand for 2025 sailings, coupled with flat capacity growth next year translate into meaningful pricing power. And while it is still early for 2025, both price and occupancy are already ahead of where we were last year, leaving us in a position of strength with less inventory remaining for 2025. It also shows in our more than $8 billion of customer deposits, which shattered last year's record by $1.1 billion.

2025 年航班的空前需求水平，加上明年運力成長持平，轉化為有意義的定價能力。雖然 2025 年還為時過早，但價格和入住率都已經超過了去年的水平，這使我們處於有利地位，2025 年剩餘庫存較少。打破了去年的記錄11 億美元。

You have heard me say this before. This is not pent-up demand. It is the compounding effect of building increased consideration in our cruise brands over time, an improvement in our yield management techniques to translate that demand into higher ticket prices. And it is further evidence of the strength of our consumer. Encouragingly, we're enjoying consistent growth in both repeat guest and new guests, with each segment up 10% this quarter over last year.

你以前聽過我說過這句話。這不是被壓抑的需求。隨著時間的推移，我們的郵輪品牌的關注度不斷提高，我們的收益管理技術也得到了改進，可以將這種需求轉化為更高的票價，從而產生複合效應。這進一步證明了我們消費者的實力。令人鼓舞的是，我們的回頭客和新客人都在持續成長，本季每個部分都比去年增加了 10%。

We also continue to actively manage our portfolio to further accelerate our underlying execution improvements. As previously announced early next year, we will sunset the P&O Cruises Australia brand, selling the 28-year-old Pacific explore and transferring P&O Australia to remaining vessels to Carnival Cruise Line.

我們也繼續積極管理我們的投資組合，以進一步加速我們的基礎執行改進。正如明年初所宣布的，我們將註銷 P&O Cruises Australia 品牌，出售擁有 28 年船齡的 Pacific Explore 號，並將 P&O Australia 的剩餘船隻轉移至嘉年華遊輪公司 (Carnival Cruise Line)。

Of course, we will still retain our leading presence in the Australian market, carrying over 60% of AIDA cruisers. It is a great market for us, especially since the Australian summer coincides with the Northern Hemisphere winter, enabling our seasonal shifts to capitalize on two summer periods. And now, we get to optimize our presence in this market by consolidating into Carnival Cruise Lines. Not only will we gain operational, administrative and back-office scale, we will ultimately have greater deployment flexibility compared to a dedicated Australian brand.

當然，我們仍將維持在澳洲市場的領先地位，承運超過60%的AIDA巡洋艦。這對我們來說是一個巨大的市場，特別是因為澳洲的夏季與北半球的冬季同時發生，使我們能夠利用兩個夏季的季節變化。現在，我們透過整合嘉年華郵輪公司來優化我們在這個市場的存在。與專門的澳洲品牌相比，我們不僅將獲得營運、管理和後台規模，而且最終將擁有更大的部署靈活性。

At this same time, this move will further boost capacity for our highest returning brands, bringing the total to nine new ships joining Carnival Cruise Lines fleet since 2019, including the successful shift of three vessels from Costa Cruises. These actions, combined with a two XL Class ships scheduled for delivery in 2027 and 2028, will grow Carnival Cruise Lines capacity by about 50% over 2019. By 2028, the Carnival brand will represent 37% of our portfolio, up from 29% as we continue to reshape our portfolio to maximize ROIC.

同時，此舉將進一步提高我們回歸率最高的品牌的運力，使自 2019 年以來加入嘉年華郵輪船隊的新船總數達到九艘，其中包括歌詩達郵輪成功轉移的三艘船。這些行動，加上計劃於2027 年和2028 年交付的兩艘XL 級遊輪，將使嘉年華遊輪公司的運力比2019 年增加約50%。高於2019 年的29%。

Of course, by amazing destination experience celebration key purpose built for Carnival Cruise Lines, will soon support that growth and bolster returns through incremental revenue uplift, coupled with improved fuel efficiency given its strategic location or introducing voyages that celebration key beginning in the second half of 2025 and ramp up to 18 ships calling celebration key in 2026.

當然，透過為嘉年華遊輪公司打造的令人驚嘆的目的地體驗慶祝活動的主要目的，將很快通過增量收入的增加來支持增長並增強回報，再加上考慮到其戰略位置的燃油效率的提高或引入慶祝活動的關鍵航程將在下半年開始2025 年將增至 18 艘船舶，2026 年慶祝活動將成為關鍵。

This quarter, we also delivered Queen Anne. Cunard’s fourth Queen with an amazing naming celebration in Liverpool, England, Cunard’s birthplace. The streets of Liverpool were well with tens of thousands of people joining the festivities as of the 30 of Liverpool became the ships official God parent. It was a historic moment and the first time an entire city ever, christened a ship.

本季度，我們也交付了安妮女王。這位冠達第四任女王在冠達的出生地英國利物浦舉辦了一場精彩的命名慶典。自從利物浦成為這艘船的官方上帝之母以來，利物浦的街道上到處都是數以萬計的人參加慶祝活動。這是一個歷史性的時刻，也是有史以來第一次整個城市為一艘船命名。

The event generated overwhelming coverage and as intended broke booking records on the back of it. The new Queen is a step forward in every way for Cunard. It was still retaining the DNA of British elegance and refinery that the brand is known for.

該活動引起了鋪天蓋地的報道，並打破了背後的預訂記錄。新女王對冠達航空來說在各方面都向前邁出了一步。它仍然保留著該品牌聞名的英國優雅和精緻的DNA。

We enjoyed another high-profile naming event for some Princess in Barcelona. With God mother Hannah Waddingham of Ted Lasso, Sun Princess had a great media coverage, leading up and following the naming ceremony with particular focus on its expansive specialty dining and beverage offerings and one-of-a-kind magic castle experience. Sun Princess, the first of its class has also been a big hit with guests as evidenced by outsized yields and high guest satisfaction scores.

我們在巴塞隆納享受了另一場備受矚目的公主命名活動。在 Ted Lasso 的教母 Hannah Waddingham 的帶領下，太陽公主號在命名儀式前後進行了精彩的媒體報道，特別關注其豐富的特色餐飲和獨一無二的魔法城堡體驗。同類首艘太陽公主號也受到了客人的熱烈歡迎，其巨大的產量和高客人滿意度就證明了這一點。

Last but not least, we held a naming event for Carnival Firenze in Long Beach, California. Home for Carnival's second ship featuring fun Italian style. With Godfather Jonathan Bennett, fresh off his Broadway starring in Spamalot. Welcoming fun Italian style to the West Coast, generated nearly 2.5 billion media impressions to date and of course, triggered a step up in bookings.

最後但並非最不重要的一點是，我們在加州長灘舉辦了佛羅倫薩嘉年華的命名活動。嘉年華第二艘船的所在地，具有有趣的意大利風格。與剛從百老匯走出來的教父喬納森·貝內特一起主演了《斯巴馬洛特》。西海岸迎來了有趣的義大利風格，迄今已產生近 25 億次媒體曝光，當然也引發了預訂量的增加。

While these amazing new ships all contributed to the strong yield improvement we generated in the second quarter, even excluding them, yield on our existing fleet were up double digits, demonstrating fundamental strength on a same ship basis. In addition, we completed the rollout of Starlink this quarter, another revenue uplift opportunity and a real game changer for onboard connectivity experience, enabling us to deliver the same high-speed Wi-Fi service available on LAN throughout our suite.

儘管這些令人驚嘆的新船都為我們第二季度產量的強勁增長做出了貢獻，但即使排除它們，我們現有船隊的產量也實現了兩位數的增長，展示了同船基礎上的基本實力。此外，我們在本季度完成了Starlink 的推出，這是另一個收入成長機會，也是機載連線體驗的真正遊戲規則改變者，使我們能夠在整個套件中提供與LAN 上相同的高速Wi-Fi 服務。

Not only does this technology provide our guests with more flexibility to stay connected, it enables our crew to stay in touch with friends and loved ones, and it enhances our onboard operational systems, a Win-Win-Win. Also, our consistent track record, our book position, our focus on commercial activity improvement, our portfolio management and the yet to be realized future benefits will receive from our celebration key destination development builds increased confidence in achieving the low to mid-single digit yield growth set out in our long-term targets.

這項技術不僅為我們的客人提供了更大的靈活性來保持聯繫，還使我們的船員能夠與朋友和親人保持聯繫，並增強了我們的船上操作系統，實現了三贏。此外，我們一貫的業績記錄、我們的帳面狀況、我們對商業活動改善的關注、我們的投資組合管理以及我​​們將從我們慶祝的關鍵目的地開發中獲得的尚未實現的未來效益，增強了我們實現低至中個位數收益率的信心我們的長期目標中設定的增長。

Infact, based on our outwardly improvised guidance, we will be on average two thirds of the way to achieving our three 2026 SEA Change Targets. EBITDA per ALBD of $69, 12% ROIC and a 20% reduction in carbon intensity after just one year. We're two years remaining, it gives us even greater confidence in achieving our target.

事實上，根據我們表面上臨時制定的指導，我們平均已完成三項 2026 年策略性環境評估變革目標的三分之二。僅僅一年後，每 ALBD 的 EBITDA 為 69 美元，ROIC 為 12%，碳強度降低了 20%。還剩下兩年時間，這讓我們更有信心實現我們的目標。

At the same time, we continue to aggressively manage down debt and interest expense while reducing the complexity of our capital structure, which David will elaborate on. The number of actions we've taken to improve our balance sheet this quarter puts us further down the path on our return to invest in great credit rating over time. It's hard to believe, in just over a month, April have been 2 years since I have a privilege of stepping into the role of CEO. I'm very proud of all we have accomplished in such a short time.

同時，我們繼續積極管理降低債務和利息支出，同時降低資本結構的複雜性，大衛將對此進行詳細闡述。本季我們為改善資產負債表而採取的一系列行動，使我們在長期投資於良好信用評級的回報之路上走得更遠。很難相信，在短短一個多月的時間裡，距我有幸擔任執行長一職已經兩年了。我對我們在如此短的時間內所取得的成就感到非常自豪。

Credit for our achievements go to our global team, 160,000 strong. Everyone has worked very hard to deliver yet another strong quarter, solidifying an amazing 2024 and setting us up well to top it in 2025. Equally important, they all had a hand in delivering amazing vacation experiences and unforgettable happiness to 3 million guests, yet again this quarter. To our amazing team, thank you. And of course, we couldn't do it without the support from our amazing travel agent partners and so many other stakeholders. Thanks to all of you.

我們的成就歸功於我們 160,000 名強大的全球團隊。每個人都付出了巨大的努力，以實現又一個強勁的季度業績，鞏固了令人驚嘆的2024 年，並為我們在2025 年的巔峰做好了準備。萬客人提供了令人驚嘆的度假體驗和難忘的幸福本季。感謝我們優秀的團隊，謝謝你們。當然，如果沒有我們出色的旅行社合作夥伴和許多其他利益相關者的支持，我們就不可能做到這一點。感謝大家。

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

這樣，我就把電話轉給大衛。

Thank you, Josh. I'll start today with a summary of our 2024 second quarter results. Next, I'll provide the highlight of our third quarter June guidance and some colour on our improved full-year guidance. Then I'll finish up with an update on our re-financing and deleveraging efforts. Let's turn to the summary of our second quarter results. Our bottom line exceeded guidance by nearly $170 million as we outperformed once again. The outperformance was essentially driven by three things.

謝謝你，喬許。今天我將先總結 2024 年第二季的業績。接下來，我將提供我們第三季六月指導的重點以及我們改進的全年指導的一些顏色。最後，我將介紹我們的再融資和去槓桿化工作的最新情況。讓我們來總結一下第二季的業績。我們的業績再次超出預期，超出預期近 1.7 億美元。表現出色主要是由三件事驅動的。

First, favourability in revenue worth almost $65 million, as yields came in at over 12% compared to the prior year. This was more than a point and half better than March guidance, driven by closing strength in ticket prices as well as onboard spending.

首先，營收接近 6,500 萬美元，收益率比前一年增長了 12% 以上。由於票價收盤走強以及機上支出的推動，這比 3 月的指導值好一個半多。

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

其次，每個可用下舖日或 ALBD 的不含燃油的郵輪成本與去年持平，並且比 3 月份指導值（超過 8500 萬美元）高出 3 個百分點。

Some cost savings were identified during the quarter, which flowed through as improvements to our full year June guidance. However, most of the favourability in cruise costs for the second quarter was due to the timing of expenses between the quarters.

本季發現了一些成本節約，這也反映在我們 6 月全年指導的改進中。然而，第二季郵輪成本的有利因素主要是由於各季度之間的支出時間安排。

And third, other operational improvements slightly offset by higher fuel price in currency were worth $ 20 million. Per diems for the second quarter improved 6% versus the prior year, driven on both sides of the Atlantic by considerably higher ticket prices and improved onboard spending.

第三，其他營運改善被貨幣燃油價格上漲略微抵消，價值 2,000 萬美元。在大西洋兩岸機票價格大幅上漲和船上支出增加的推動下，第二季的每日津貼比去年同期提高了 6%。

At the same time, our European brands on a path back to historical occupancy saw out site growth in their occupancy of over 10 percentage points as compared to second quarter of 2023. Our second quarter was fantastic across the board with strong demand delivering record revenues, record yields, record per diems and record operating income.

同時，我們的歐洲品牌在回歸歷史入住率的道路上，與2023 年第二季度相比，其網站入住率增長了10 個百分點以上。了創紀錄的收入，創紀錄的收益率、創紀錄的每日津貼和創紀錄的營業收入。

Now one thing to highlight about our third quarter to guidance. The positive trends we saw in the second quarter are expected to continue in the third. Yield guidance for the third quarter is set at a strong 8%. The difference between the yield guidance for the third quarter and the second quarter yield improvement of over 12% is simply the results of the greater occupancy opportunity we had in the second quarter 2024, as we began sailing within our historical occupancy range in the second half of 2023.

現在需要強調一下我們第三季的指導。我們在第二季度看到的積極趨勢預計將在第三季度繼續下去。第三季的收益率指引設定為 8%。第三季的收益率指引與第二季的收益率提高超過12% 之間的差異僅僅是因為我們在2024 年第二季獲得了更大的入住機會，因為我們從下半年開始在歷史入住率範圍內航行2023 年。

It is great to see that we anticipate continued strong premium growth in the third quarter, which we are forecasting will drive the majority of the 8% yield improvement. Turning to our improved full year June guide, June guidance for net income is $1.55 billion, an improvement over our March guidance of approximately $275 million. This improvement was driven by three things.

很高興看到我們預計第三季保費將持續強勁成長，我們預計這將推動 8% 的收益率提高。轉向我們改進的 6 月份全年指引，6 月份淨利指引為 15.5 億美元，比 3 月份指引的約 2.75 億美元有所改善。這項改進是由三件事推動的。

First, three quarters of a point increase in yields to approximately [10 in the quarter percent] based on the considerably higher prices we have been seeing in booking trends so far this year and the continued strength in demand we anticipate going forward. All of this is expected to drive an increase in net revenue of about $190 million.

首先，基於今年迄今為止我們在預訂趨勢中看到的價格大幅上漲以及我們預計未來需求的持續強勁，收益率增加了四分之三個百分點，達到大約[四分之一的百分之十] 。所有這些預計將推動淨收入增加約 1.9 億美元。

Second, as I previously mentioned, we identify cost savings that we flowed through to a full year June guidance. However, they will be partially offset by higher variable compensation driven by our forecast for improved operating income. That, we are flowing through $25 million of cost savings for the full year.

其次，正如我之前提到的，我們確定了全年 6 月指引中所節省的成本。然而，它們將被我們對營業收入改善的預測所驅動的更高的可變薪酬所部分抵消。也就是說，我們全年節省了 2500 萬美元的成本。

And third, an improvement in net interest expense of $60 million, driven by our second quarter refinancing, repricing and debt prepayment activities. The strong [10 in a quarter percent] improvement in 2024 yields is a result of the increase in all the component parts. Higher ticket prices, higher onboard spending and higher occupancy at historical levels with all three components improving on both sides of the Atlantic.

第三，在第二季再融資、重新定價和債務預付活動的推動下，淨利息支出減少了 6,000 萬美元。 2024 年產量的強勁提升（四分之一）是所有零件增加的結果。票價上漲、船上消費增加以及入住率達到歷史水平，大西洋兩岸的所有三個組成部分均有所改善。

We recognize that even within our industry leading cost structure, there will always be cost opportunities which we can focus on in harvest over time. While we identify cost-savings opportunities during the second quarter, we will not stop there. We will continue our endless quest for greater efficiency in our cost structure.

我們認識到，即使在我們行業領先的成本結構中，隨著時間的推移，我們仍然可以專注於收穫的成本機會。雖然我們在第二季度發現了節省成本的機會，但我們不會就此止步。我們將繼續不斷追求更高的成本結構效率。

I will finish up with the summary of our refinancing and deleveraging efforts. During the second quarter, we generated cash from operations of $2 billion and free cash flow of $1.3 billion. We took delivery of one spectacular new ship cleaning and drew on her associated export credit facility, continuing our strategy to finance our newbuild program at preferential interest rates.

最後我將對我們的再融資和去槓桿工作進行總結。第二季度，我們的營運現金為 20 億美元，自由現金流為 13 億美元。我們接收了一艘壯觀的新船清潔工程，並利用其相關的出口信貸額度，繼續我們的策略，以優惠利率為我們的新建項目提供資金。

Our efforts to proactively manage our debt profile continued throughout the quarter, we prepaid $1.6 billion of secured term loan facilities. We also repriced approximately $2.75 billion at the same secured term loan facilities. And we issued $535 million of unsecured notes due 2030 refinancing our unsecured notes due 2026, extending those maturities and reducing interest expense.

我們在整個季度繼續努力主動管理我們的債務狀況，我們預付了 16 億美元的擔保定期貸款融資。我們也對相同的擔保定期貸款融資約 27.5 億美元進行了重新定價。我們發行了 5.35 億美元 2030 年到期的無擔保票據，為 2026 年到期的無擔保票據進行再融資，延長了期限並減少了利息支出。

These transactions simplified our capital structure, reduce net interest expense in the second quarter by $10 million, will reduce net interest expense for 2024 by $55 million and $85 million on an annualized basis. Our decision to pre-pay $1.6 billion of debt during the second quarter was based on our strong liquidity, our improved financial performance and our optimism about the future.

這些交易簡化了我們的資本結構，第二季的淨利息支出減少了 1,000 萬美元，2024 年的淨利息支出將減少 5,500 萬美元，按年化計算將減少 8,500 萬美元。我們決定在第二季預付 16 億美元債務，是基於我們強大的流動性、改善的財務表現以及對未來的樂觀態度。

We will continue to look for more opportunistic refinancings over time. Our leverage metrics will continue to improve throughout 2024 as our EBITDA continues to grow and our debt levels improve. Using our June guidance EBITDA of $5.83 billion, We expect the two-turn improvement in net debt to EBITDA leverage compared to year end 2023, approaching 4.5 times and positioning us two thirds of the way down the path to investment grade metrics.

隨著時間的推移，我們將繼續尋找更多機會主義的再融資。隨著我們的 EBITDA 持續成長和債務水準改善，我們的槓桿指標將在 2024 年繼續改善。根據我們6 月份58.3 億美元的EBITDA 指引，我們預計與2023 年底相比，淨債務與EBITDA 槓桿率將提高兩輪，接近4.5 倍，使我們在投資級指標的道路上處於三分之二的位置。

Looking forward, we expect substantial free cash flow driven by our ongoing operational execution and the lowest newbuild order book in decades to deliver continued improvements in our leverage metrics and balance sheet, moving us further down the road to rebuilding our financial fortress while continuing the process of transferring value from debt holders back to shareholders.

展望未來，我們預計，在我們持續的營運執行和數十年來最低的新訂單簿的推動下，我們將獲得大量自由現金流，從而持續改善我們的槓桿指標和資產負債表，推動我們在重建金融堡壘的道路上進一步前進，同時繼續這一進程將價值從債權人轉移回股東。

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

現在，接線員，讓我們開始提問。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks and congrats on a really nice quarter.

太好了，謝謝並祝賀這個季度非常美好。

Thanks very much, Matt.

非常感謝，馬特。

So Josh, maybe could you elaborate on the global momentum that you're seeing, notably any callouts in Europe? And then just given the booked position for 2025, which you cited is higher than '24 a year ago, how does that translate to the forward progression of pricing power in just the promotional backdrop maybe versus historical periods in your view?

那麼喬希，也許您能詳細說明一下您所看到的全球勢頭，特別是歐洲的任何呼籲嗎？然後，考慮到 2025 年的預訂位置（您提到的位置高於一年前的 24 年），在您看來，與歷史時期相比，在促銷背景下，這如何轉化為定價能力的前進？

Sure. So our global momentum, I think that's probably the key term, it is global momentum. And so we're seeing strength from our North American brands, from a European brand. And you started hearing me say, probably about six quarters ago, diversity, sometimes it helps and sometimes you got to wait a little bit because different places come out of different situations in different times. And this is the strength that we're seeing right now in this portfolio.

當然。所以我們的全球動力，我認為這可能是關鍵術語，它是全球動力。因此，我們看到了北美品牌和歐洲品牌的實力。你開始聽到我說，大概是在六個季度前，多樣性，有時它會有所幫助，有時你必須稍等一下，因為不同的地方在不同的時間會出現不同的情況。這就是我們現在在該產品組合中看到的優勢。

And we're really hitting on all cylinders, which is really gratifying. In North America, the booking curve is higher than it's ever been, then Europe, it's higher than the last 15 years. So the team's doing a really good job of speaking to the consumer, pricing things right, and getting people on our ships and happy. As far as 2025 goes, this is the first year where we currently are, where we've been able to stop firefighting in the short term while figuring out how to also extend the booking curve and trying to do both of those things at once, which is not an easy balance for revenue managers have to do in the brands to do so.

我們真的全力以赴，這真的很令人欣慰。在北美，預訂曲線比以往任何時候都高，然後在歐洲，它比過去 15 年更高。因此，團隊在與消費者溝通、正確定價以及讓人們在我們的船上感到高興方面做得非常好。就 2025 年而言，這是我們目前所處的第一年，我們能夠在短期內停止救火，同時找出如何延長預訂曲線並嘗試同時完成這兩件事，對於品牌的收入經理來說，這並不是一個容易的平衡。

I do feel like we are firmly positioned, and although it is early days as you heard us say on the call, being ahead in bookings and having pricing is a good place to be and our team can really focus on optimizing the longer-term period, which is exactly what they're doing.

我確實覺得我們的定位很牢固，儘管正如您在電話中聽到我們所說的那樣，現在還處於早期階段，但在預訂和定價方面領先是一個好地方，我們的團隊可以真正專注於優化長期週期，這正是他們正在做的事情。

Great colour. Best of luck.

顏色很棒。祝你好運。

Thank you.

謝謝。

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

Hey guys. Good morning. So Josh, you know, look, I know it's still early on, but your commentary on 2025 bookings is really encouraging at this point in time. To add on to the last question there, could you elaborate a little bit more about where you're seeing strength in 2025. Is the strong demand pretty much across the board or are there certain brands or itineraries that are showing more strength versus others.

大家好。早安.喬希，你知道，我知道現在還為時過早，但你對 2025 年預訂的評論目前確實令人鼓舞。為了補充最後一個問題，您能否詳細說明您在 2025 年看到的優勢。

At this point, I'll just tell you, it's global. It's the brands and it's the deployments. So the brands are doing an extraordinarily good job of getting the message is out and getting people interested in -- there's I heard a lot of hard work behind that across the commercial space. So I wouldn't give any shoutouts, one way or another because we're seeing it's so broadly.

在這一點上，我只想告訴你，這是全球性的。這是品牌和部署。因此，這些品牌在傳達訊息並讓人們感興趣方面做得非常好——我聽說整個商業領域在這背後付出了很多努力。所以我不會以這種或那種方式給予任何讚揚，因為我們看到它是如此廣泛。

Yeah. So Josh also talked about the portfolio modifications we made, which should help in 2025 as well as celebration key. And keep in mind on top of that, we also don't have capacity increase next year, it's relatively flat. So hope that should provide us with some pricing power in 2025 as we move to the booking cycle.

是的。因此，喬許也談到了我們所做的投資組合修改，這應該對 2025 年有所幫助，也是慶祝的關鍵。最重要的是，請記住，我們明年也不會增加產能，相對持平。因此，希望這能為我們在 2025 年進入預訂週期時提供一些定價能力。

Thanks for that David. Second question, a bigger picture question around capital allocation. So, dividend based on how strong early demand is for the next your bookings, you know, it just doesn't seem like there's any slowdown at this point taking place. I guess question, we look out a year from now and bookings continue to look solid.

謝謝你，大衛。第二個問題，關於資本配置的更大問題。因此，股息取決於您下一次預訂的早期需求有多強烈，您知道，目前似乎沒有任何放緩發生。我想問題是，我們展望一年後，預訂量看起來仍然很穩定。

Your SeaChange targets are essentially and certainly than your even closer to an investment grade rating. Is it fair to think that you guys could be in a position to bring the dividend back to the story? I mean, just think it's another important milestone and something that investors are becoming more focused on. Thanks.

您的 SeaChange 目標本質上並且肯定比您的投資等級評級更接近。認為你們能夠將紅利帶回故事中公平嗎？我的意思是，我認為這是另一個重要的里程碑，也是投資者越來越關注的事情。謝謝。

I probably sound like a broke record here, right now, our priority is, generate enough free cash flow, pay down debt and restrengthen the balance sheet and in that process returning value from the debt side to the equity holders. I can't wait to have those conversations, but I'd say that's premature. We've got a lot of work to do and then when we get there, you know, you'll be the first to know Steve.

我在這裡聽起來可能像是打破了記錄，現在，我們的首要任務是產生足夠的自由現金流，償還債務並加強資產負債表，並在此過程中將價值從債務方返還給股東。我迫不及待地想進行這些對話，但我想說這還為時過早。我們還有很多工作要做，當我們到達那裡時，你知道，你將是第一個認識史蒂夫的人。

Okay, thanks. Appreciate it.

好的謝謝。欣賞它。

Patrick Scholes, Truist Securities.

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

Hi, good morning. Have some questions on return on invested capital. First one, and then I'll have a follow-up question. What kind of ball park we try to invest capital due target for celebration key. I wonder if you could give us some colour on that. Thank you.

早安.對投資資本報酬率有一些疑問。第一個，然後我會提出一個後續問題。我們嘗試投入什麼樣的球場，為慶祝活動的應有目標進行關鍵。我想知道你能否給我們一些關於這一點的資訊。謝謝。

Yeah, what we talked about is, you know, you could almost look at this like a newbuild investment. And so from a newbuild perspective, we're looking for at least mid to high teens and we'd expect no less from our land-based investments as well. And obviously, the beauty of celebration key is, it will benefit across dozens of ships over time not one newbuild.

是的，我們談論的是，你知道，你幾乎可以將其視為新投資。因此，從新建的角度來看，我們正在尋找至少中到高十幾歲的人，我們對陸地投資的期望不會降低。顯然，慶祝活動的美妙之處在於，隨著時間的推移，它將惠及數十艘船舶，而不是一艘新船。

Okay. And follow up question. Certainly, with a new public -- existing company going public in the luxury river space, they're doing 30% ROIC, now brand name is a bit of a niche. Would you ever rule out you folks getting in that line of business? I certainly could envision seaborne river cruisers is being quite popular and a good crossover for your existing customers. Just some thoughts around that? Thank you.

好的。並跟進問題。當然，隨著一家新上市公司——現有公司在豪華河流領域上市，他們的投資回報率為 30%，現在品牌名稱有點小眾了。你會排除你們進入這一行業嗎？我當然可以預見海上河流巡洋艦將非常受歡迎，並且對於您現有的客戶來說是一個很好的交叉。只是對此有一些想法嗎？謝謝。

We've looked at cruising in the past, and I wouldn't say, we'll never look at it again. It's a niche and it's rather small and something like us to move the needle have to be pretty grand. And as you heard me say before Patrick, I think if we focus on our brands and we focus on doing all the things we're doing, the normal course and better will make much more of an impact on this business.

我們過去研究過巡航，我不會說，我們永遠不會再考慮它。這是一個利基市場，而且規模相當小，像我們這樣能夠推動發展的東西必須相當宏偉。正如你在帕特里克之前聽到我說的那樣，我認為如果我們專注於我們的品牌並專注於我們正在做的所有事情，正常的過程和更好的過程將對這項業務產生更大的影響。

Okay, Josh, I appreciate. Thank you.

好的，喬什，我很感激。謝謝。

Thanks Patrick.

謝謝帕特里克。

Ben Chaiken, Mizuho Securities.

Ben Chaiken，瑞穗證券。

Hey, good morning. Your two thirds of the way to your 2026 targets with two years remaining. As you think about the remaining bridge to your targets and the toggle between costs and yields, do you feel tied to a specific yield requirement or threshold? Or is there enough opportunity in the cost side to generate operating leverage necessary to reach our goals?

嗨，早安。距離 2026 年目標完成三分之二，還剩兩年。當您考慮通往目標的剩餘橋樑以及成本和產量之間的切換時，您是否覺得與特定的產量要求或門檻相關？或者在成本方面是否有足夠的機會來產生實現我們目標所需的營運槓桿？

And then related costs were better in the quarter. Can you maybe provide a little more specifics around what you're seeing or where you're getting more operating leverage than expected? And then I have one quick follow-up. Thanks.

然後相關成本在本季有所改善。您能否提供更多關於您所看到的情況或您在哪些方面獲得比預期更多的營運槓桿的細節？然後我會進行快速跟進。謝謝。

So on the first question, you know, we're going to move forward as a company trying to focus on both certainly generating outsized revenue versus our historical norms and maintaining our cost leadership position. We set out -- when we set a sea-change, you know, a basic math that would tell you from a pricing perspective after we got the occupancy back, we're looking at low to mid-single digit price increases on the revenue side. And that's certainly what I would expect.

因此，關於第一個問題，您知道，作為一家公司，我們將繼續前進，努力專注於與我們的歷史標準相比肯定會產生巨額收入，並保持我們的成本領先地位。我們開始——當我們設定一個巨大的變化時，你知道，在我們恢復入住率後，一個基本的數學會從定價的角度告訴你，我們正在考慮收入中低至中個位數的價格上漲邊。這當然是我所期望的。

And I expect that to continue well beyond SeaChange, we also need to do good job of managing the cost. So I don't think we have to tether SeaChange any one particular thing, it's just doing our jobs well across the board. As far as, yeah, Dave, you want to go ahead?

我預計，為了在 SeaChange 之外繼續下去，我們還需要做好成本管理工作。因此，我認為我們不必將 SeaChange 束縛在任何一件特定的事情上，它只是全面地做好我們的工作。至於，是的，戴夫，你想繼續嗎？

As far as cost is concerned, in the second quarter, remember, we did identify cost savings, but the majority of the favourability was timing between the quarters. But if you look broadly at the year, we are seeing a number of opportunities and the sourcing area, other efficiencies as well. So it is broad-based. There isn't any one particular item. Our teams are working hard all across the board and there are hundreds of cost savings items that flowed into that full year savings.

就成本而言，請記住，在第二季度，我們確實節省了成本，但大部分有利因素是季度之間的時間表。但如果你放眼一年，我們會看到許多機會和採購領域，以及其他效率。所以它的基礎廣泛。沒有任何一件特定的物品。我們的團隊正在全面努力工作，有數百項成本節省項目流入了全年​​節省的資金中。

Got it. And then, Josh, in the quarter, you announced the P&O Australia will sunset into Carnival. You still have a number of brands across geographies and customer preferences. Do you feel there are other areas of the portfolio you can streamline and re-align?

知道了。然後，喬什，在本季度，您宣布 P&O 澳大利亞公司將在嘉年華中結束。您仍然擁有多個跨地域和客戶偏好的品牌。您認為投資組合中還有其他領域可以簡化和重新調整嗎？

Yeah, you know, the P&O Cruise in Australia is a bit unique, it is a dedicated brand to a tremendous market, but it is a small market. And so the ability to really grow as a single source market brand of that size is not very feasible. And so we're going to get a lot of operational synergy out of the moves that we made with P&O Australia.

是的，你知道，澳洲的 P&O Cruise 有點獨特，它是一個專注於龐大市場的品牌，但市場很小。因此，作為這種規模的單一來源市場品牌真正發展的能力則不太可行。因此，我們將從與 P&O Australia 採取的舉措中獲得大量營運協同效應。

We've been looking at our portfolio management for the last couple of years. As you know, moving ships from one brand to another, retiring chips formulating our growth plans. We'll continue to do that. There's nothing on the horizon, but it's something we do on a on a very frequent basis to trying to figure out how to optimize overtime.

過去幾年我們一直在研究我們的投資組合管理。如您所知，將船舶從一個品牌轉移到另一個品牌，退役制定我們成長計劃的晶片。我們將繼續這樣做。目前還沒有任何進展，但這是我們經常做的事情，試圖找出如何優化加班。

Got it. Thank you.

知道了。謝謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Thanks. The counters are very helpful, thanks, in addressing one of the concerns out there, especially I think showing that side, you have showing momentum in Q4 pricing in particular, thanks for having that additional clarity.

偉大的。謝謝。謝謝，這些計數器在解決其中一個問題方面非常有幫助，特別是我認為向這一方面表明，您在第四季度的定價方面尤其表現出了勢頭，感謝您提供了額外的清晰度。

Just one question, they've been some headlines out there about some of the Greek Islands limiting the number of ships that might [commix] here. And it does not include whether that's official or just something that is being considered.

只是一個問題，他們已經成為一些頭條新聞，稱一些希臘島嶼限制了可能在這裡[混合]的船隻數量。它不包括這是官方的還是只是正在考慮的事情。

Can you just put some context around that and whether that would just be changing a hearing to go somewhere on a Tuesday rather than a Wednesday, as opposed to not being able to go there at all. In other words, is there anything we think about. There's been different itinerary changes in the last year so that you guys are looking ahead to next year's. Is that anything that we should be thinking about? Thanks.

您能否就此提供一些背景信息，以及這是否只是將聽證會改為在星期二而不是星期三去某個地方，而不是根本無法去那裡。換句話說，我們有沒有思考過什麼。去年的行程發生了不同的變化，所以大家都在期待明年的行程。這是我們該考慮的事情嗎？謝謝。

Sure. So obviously, we have a great relationship with some with Greece and it's local communities. And it's our job to make sure we're doing things sustainably. In fact, a lot of the news that's come up lately, these islands had caps in many years, and we work with them and we have working, then we'll continue to work with them. As we can really figure out how to coincide with their needs as well. I mean, that's our job. So I don't expect anything incredibly disruptive.

當然。顯然，我們與希臘及其當地社區的一些人有著良好的關係。我們的工作就是確保我們以可持續的方式做事。事實上，最近出現的許多消息，這些島嶼多年來一直有上限，我們與他們合作，我們已經工作，然後我們將繼續與他們合作。因為我們也可以真正弄清楚如何滿足他們的需求。我的意思是，這就是我們的工作。所以我預計不會發生任何令人難以置信的破壞性事情。

Unfortunately, for us, this is just part for the course, we do this all the time in lots of places. And you've seen it work successfully in places like [New Brunswick] and will continue due to partner with local communities who want our economic benefit and move. It's a relatively I mean, if you want context. So you know, it's a relatively small part of our overall mix. You're talking low single digit percentages, but it's important to us and we want show of show up well.

不幸的是，對我們來說，這只是課程的一部分，我們在很多地方一直這樣做。您已經看到它在像[新不倫瑞克省]這樣的地方取得了成功，並且由於與希望我們獲得經濟利益和搬遷的當地社區合作而繼續下去。我的意思是，如果你想要上下文的話。所以你知道，它只是我們整體組合中相對較小的一部分。你說的是低個位數百分比，但這對我們很重要，我們希望表現得很好。

Okay. Great. Thanks. And just one follow-up. I think last call you might have given different percentage growth for I'm new to brand versus from new-to-cruise overall, is that something you can give a little bit more color on this quarter as well? Thanks.

好的。偉大的。謝謝。只有一個後續行動。我認為在上次電話會議中，您可能給出了不同的成長百分比，因為我是品牌新手，而總體上是郵輪新手，您是否也可以在本季度提供更多的色彩？謝謝。

Sure, new-to-cruise was up 10%, new-to-brand a little bit less about 6%. So we're pretty much moving forward with all components. And as you know, brand repeaters is also a 10%.

當然，郵輪新客戶成長了 10%，品牌新客戶略有下降，約 6%。所以我們幾乎正在推進所有組件。如您所知，品牌回頭客也是 10%。

Great. Thank you.

偉大的。謝謝。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning and thanks for taking my my question. So this point of clarification, you talked about the same ship yields being up double digits. Can you help us with how much of that is pricing? Obviously you're getting some occupancy benefit there. And then sort of I guess the bigger picture question there is you had mid-single digit per diem growth three quarters. You don't think it's pent up demand. It sounds like you made that point a couple of times, Josh, when and why do you think that ultimately decelerate?

嘿，早上好，感謝您提出我的問題。所以澄清這一點，你談到同一艘船的產量上升了兩位數。您能幫我們了解一下其中的定價嗎？顯然你在那裡得到了一些入住好處。然後我想更大的問題是你的每日津貼增長了三個季度的中個位數。你不認為這是被壓抑的需求。喬什，聽起來你已經多次提到這一點，你認為什麼時候以及為什麼最終會減速？

Sure. So on the same fleet is almost 50, 50 between price and occupancy is a little bit more occupancy than price. But the premiums are there as well, which is really gratifying to see. As far as when our growth has to and I wouldn't give you a time line for that. I think all of the things that we've been talking about for the last two years are still in process, and we still have a lot of room to grow and making sure we're doing the right things.

當然。所以在同一個車隊上幾乎是50，價格和入住率之間的50就是入住率比價格多一點點。但保費也在那裡，這真是令人高興。至於我們何時必須成長，我不會給你一個時間表。我認為過去兩年我們一直在討論的所有事情仍在進行中，我們仍然有很大的成長空間並確保我們做正確的事情。

As far as our creative marketing to reiterate people the performance, marketing and making sure we're getting in front of the right people in the right ways, getting them to click through and book with us trade partners. One great thing I'd say whether it's a 25 year old shipped 2000 guest or it's one of our newest with 5,500 guest people love what we actually do, and we actually deliver on board and that should get some coming back. So I don't see a natural ending point as long as we're focused on those things.

就我們的創意行銷而言，我們要重申人們的表現、行銷並確保我們以正確的方式出現在正確的人面前，讓他們點擊並與我們的貿易夥伴預訂。我想說的一件很棒的事情是，無論是25 歲的2000 名客人，還是我們最新的5,500 名客人，人們都喜歡我們實際做的事情，而且我們實際上在船上交付，這應該會得到一些回報。因此，只要我們專注於這些事情，我就看不到自然的終點。

And let me add to that because we are still a tremendous value compared to land-based alternatives. And so as we continue to grow that value gap and raise the price, we should be able to continue the progression over time. And on top of that, you know, keep in mind that Mr. Josh, I think mentioned on last call, the service levels on land base resorts have deteriorated and ownerships.

讓我補充一點，因為與陸基替代品相比，我們仍然具有巨大的價值。因此，當我們繼續擴大價值差距並提高價格時，我們應該能夠隨著時間的推移繼續進步。最重要的是，你知道，請記住喬許先生，我想在上次電話會議中提到過，陸地度假村的服務水準和所有權都在惡化。

We're doing a great job keeping or guest satisfaction levels up. And people, it's a hassle-free vacation and people left to cruise. And so we are expect to keep demand generations efforts high and hopefully we can continue to see price improvements and adjusting prices are up in 2025. I am in our book position, and we expect to see that continue.

我們在保持客人滿意度方面做得很好。人們，這是一個無憂無慮的假期，人們離開去巡遊。因此，我們預計將繼續增加需求世代的努力，並希望我們能夠在 2025 年繼續看到價格改善和調整價格上漲。

Got it. And then sort of as a follow-up on along the same lines, right, as we think about Europe versus NAA per diems, obviously, Europe had a big occupancy tailwind in the last couple of quarters. And it seems like that is now dissipating. You've guided per diems to be up, I think about mid-single digit range for the reach of the next few quarters. Any way we could sort of like the Europe versus North America as we think about per diems, are they pretty similar as we move forward or is one stronger than the other? Thanks.

知道了。然後，作為類似的後續行動，對吧，當我們考慮歐洲與 NAA 的每日津貼時，顯然，歐洲在過去幾個季度的入住率有很大的順風。現在看來這種情況正在消失。你已經指導每日津貼上升，我認為未來幾季的範圍將達到中位數。不管怎樣，當我們考慮每日津貼時，我們可以有點像歐洲與北美，隨著我們的前進，它們是否非常相似，或者一個比另一個更強？謝謝。

Sure. I wouldn't peg it in any one particular quarter given that there's always noise and assume that you're comparing. But I'd say that we expect both North America and you do to show up on pricing overtime in the normal course, I think is particularly gratifying, frankly, that the EU brands not only we are able to actually catch up on the occupancy. But to do so significantly higher per diems means it's working.

當然。鑑於總是存在噪音並假設您正在進行比較，我不會將其固定在任何特定季度。但我想說的是，我們預計北美和你們確實會在正常情況下在定價上出現加班，坦白說，我認為特別令人高興的是，歐盟品牌不僅我們能夠真正趕上入住率。但如果每日津貼顯著提高，就意味著它正在發揮作用。

And so when I say the same thing with North America, I mean, yeah, there per diems are a little bit lower, but at the end of the day, they recovered quicker and they're still maintaining mid single digit pricing. So I think that bodes very well for the future.

因此，當我對北美說同樣的話時，我的意思是，是的，每日津貼有點低，但最終，他們恢復得更快，並且仍然保持中等個位數的定價。所以我認為這對未來來說是個好兆頭。

Got it. Much appreciated.

知道了。非常感激。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good morning, everybody. Thanks for taking my question and congratulations on the quarter. I'm just wondering if you could elaborate a little bit on the revenue management strategy for '25. I know you have already asked my question is more on the booking curve length -- the optimal booking curve length and you're ahead again on next year's booking curve. But is there a certain point where you feel like you don't want to go any further than that and it's not necessarily optimal. How do you think about that?

大家早安。感謝您提出我的問題並對本季表示祝賀。我只是想知道您是否可以詳細說明一下 '25 的收入管理策略。我知道您已經問過我的問題更多是關於預訂曲線長度 - 最佳預訂曲線長度，您在明年的預訂曲線上再次領先。但是否有某個點讓你覺得你不想再進一步了，而且這不一定是最佳的。您對此有何看法？

Yeah, thank you, Brandt, for the congratulations. The 100% I do feel that way. But also keep in mind we give you a very rolled up number. When we say, you know, our occupancy is acts and our booking curve, as you know, the farthest out in history, when we go through this with our teams and what they do on a daily basis, it is ship by ship, sailing by sailing, brand-by-brand to figure out what that optimal point is.

是的，謝謝你的祝賀，布蘭特。我100%確實有這種感覺。但也要記住，我們給您的是一個非常總結的數字。當我們說，你知道，我們的入住率是行為，我們的預訂曲線，如你所知，是歷史上最遠的，當我們與我們的團隊以及他們每天所做的事情一起經歷這一點時，這是一艘接一艘的航行，透過航行，逐個品牌地找出最佳點是什麼。

It could very well be that over time for lots of reasons, you're not going to hear me say overall that we are increasing the booking curve. And that's okay, our goal is not to get it as long as possible is to generate as much revenue as humanly possible by the time we ship leaves for sailing.

很可能隨著時間的推移，由於多種原因，你不會聽到我總體上說我們正在增加預訂曲線。沒關係，我們的目標不是讓它盡可能長，而是在我們的船出發航行時產生盡可能多的收入。

And so there's a lot that goes into that mix is not just base loading, but what price you base loading it out. How are you managing your matters against each other, the balconies versus the insides? I mean, so many variables go into it on a detailed basis. And the output is what we talk about on this call. So, the teams are very much aligned. Optimization does not mean elongation. It means optimization.

因此，這種組合涉及很多因素，不僅僅是基本裝載，還有你的基本裝載價格。您如何處理彼此之間的事務，陽台與內部的事務？我的意思是，詳細的基礎上有很多變數。輸出就是我們在這次電話會議中討論的內容。所以，團隊非常一致。優化並不意味著延伸。這意味著優化。

That's super helpful. My follow-up is on three brands on Costa Princess in Holland America, those are three that we've been watching. You guys talk about in your sort of improving our licensed across those three brands. I know you've been focused on them. How would you describe this success or versus your own benchmarks on those three brands improvement and or any three of them outperforming the others at this point along those guidelines?

這非常有幫助。我的後續行動是荷蘭美洲歌詩達公主號上的三個品牌，這三個品牌是我們一直在關注的。你們談論瞭如何改進我們對這三個品牌的授權。我知道你一直在關注他們。您如何描述這一成功，或者與您自己對這三個品牌改進的基準進行比較，或者其中任何三個品牌在這一點上沿著這些指導方針表現優於其他品牌？

So we'll start with some with the fact that every single one of them is showing significant improvement year over year and ROIC, which I would expect. There are all coming from a different starting point back in the press pause world. So you know, one of them is actually above where they were, one of those -- one of them is at where they were, and one of them is below where they were.

因此，我們將從一些事實開始，即它們中的每一個都顯示出逐年顯著的改進和投資回報率，這是我所期望的。所有這些都來自新聞暫停世界的不同起點。所以你知道，其中一個實際上高於原來的位置，其中之一 - 其中之一位於原來的位置，其中之一低於原來的位置。

But I'd say it's a little bit irrelevant because of the brand and it's actually higher expected to be even higher because 2019, wasn't very good for them. So from my perspective, the good news in this is a none of them yet are a 12% ROIC. All of them have the potential to do that and we've got plans in place for them to do that over time. So progress across the board.

但我想說，由於品牌的原因，這有點無關緊要，而且實際上預期會更高，因為 2019 年對他們來說並不是很好。因此，從我的角度來看，好消息是它們的投資報酬率為 12%。他們所有人都有潛力做到這一點，我們已經制定了計劃，讓他們隨著時間的推移做到這一點。所以全面進步。

Excellent. Thanks so much. Thank you.

出色的。非常感謝。謝謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone, thank you. Just I think you said 10% new-to-cruise. I was curious if you could talk a little bit about just the changing demographics of your customers in general. How much is the younger demographic engaging with the projects or product is there anything that they're doing different and prior generations? Thank you.

大家好，謝謝大家。我想你說的是 10% 的新郵輪。我很好奇您是否可以談談您的客戶總體人口統計的變化。年輕人對專案或產品的參與程度有多少？謝謝。

Sure. Well, that's a deep question, right? So everybody is engaging differently than they did in 5 and 10 years ago because everybody is getting more comfortable with everything digital and everything online. So that's a shift it's not just about millennials, it's about society. And when it comes to our mix, we've got, you know, we've got brands that might be one or two years younger average age than they were before the pandemic.

當然。嗯，這是一個很深奧的問題，對吧？因此，每個人的參與方式都與 5 年前和 10 年前不同，因為每個人都對數位化和線上化的一切感到更加適應。因此，這種轉變不僅關係到千禧世代，也關係到社會。就我們的組合而言，我們的品牌平均年齡可能比大流行之前年輕一兩歲。

We've got some that might be a year older in the grand scheme of things. It's not a huge swing. We've got -- and you also got to remember with us, we've got brands that really do cater to a younger generation, like a Carnival, like a Naida, and they're going to be outsized in our portfolio mix. When it comes to attracting millennials, we don't just want millennial.

從總體上看，我們有一些可能要老一歲。這並不是一個巨大的波動。我們有——你也必須記住，我們有真正迎合年輕一代的品牌，例如嘉年華，例如奈達，它們將在我們的產品組合中佔據巨大的份額。當談到吸引千禧世代時，我們不僅僅想要千禧世代。

I can't say a strongly enough a brand like Holland America, a brand like Qunar, it is playing in a place where they need and want people that have time and money, which generally leads to an older crowd that has time on their hands because maybe they're not working anymore. And so I'm very happy that we're getting a broad church because we are across the board.

我不能說像荷美這樣的品牌，像去哪裡這樣的品牌，它在一個他們需要並且想要有時間和金錢的人的地方發揮作用，這通常會導致年齡較大的人群有時間因為也許他們不再工作了。所以我很高興我們得到了一個廣泛的教會，因為我們是全面的。

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

但請不要誤會，我們對我們的組合感到滿意，我們很高興接納嬰兒潮世代和 X 世代、Y 世代、Z 世代中的許多人。所以我們想知道。

Okay, appreciate it. And I'm on the P&O Australia brand, things make sense. And it just as you consolidate that into Carnival, is there any impact on the P&L or any investment needed like during that transition time? Just curious like as it goes away as there are potentially cost headwind associated with that? Thank you.

好的，欣賞一下。我使用的是 P&O Australia 品牌，這是有道理的。正如您將其整合到嘉年華中一樣，對損益表或過渡期間所需的投資是否有任何影響？只是好奇它會消失嗎，因為可能存在與之相關的成本逆風？謝謝。

Sure we're going to for us, we're going to do some minimal CapEx investment, primarily on the ships to get the IT stacks on aligned to Carnival Cruise Line. But from a guest experience standpoint, we don't have to do much with those ships and they're great for that market. We obviously have in this particular instance, because we're effectively sunsetting of brand. There are some one-time costs that we're absorbing, but it's really quite small. So nothing really significant to speak of.

當然，我們將進行一些最低限度的資本支出投資，主要是在船舶上，以使 IT 堆疊與嘉年華遊輪公司保持一致。但從賓客體驗的角度來看，我們不需要對這些船隻做太多事情，它們非常適合這個市場。在這個特殊的例子中，我們顯然已經做到了，因為我們實際上正在放棄品牌。我們正在吸收一些一次性成本，但它確實很小。所以沒有什麼真正重要的可以說的。

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

另一方面，營運效率也會提高，這也將節省損益成本。

Thank you.

謝謝。

Assia Georgieva, Infinity Research.

阿西亞·格奧爾基耶娃，無限研究。

Good morning, guys, and excellent quarter, and I'm really happy to exceed new from what you have accomplished. I had two quick questions. The first one is more on the external world competitive environment. David mentioned you guys know, we do this really extensive pricing surveys which are quantitative, and we have about 95% of the private and public company.

早安，夥計們，這是一個出色的季度，我真的很高興能夠超越你們所取得的成就。我有兩個簡單的問題。第一個更多的是關於外部世界的競爭環境。 David 提到，你們知道，我們進行了非常廣泛的定量定價調查，我們對大約 95% 的私人和上市公司進行了調查。

So we're seeing some of the skin thinning out of one of your competitors into Q4 in the possibly into Q1 2025 and also seeing sort of encroaching on your territory by another brand that may be a private one. Would you just give it the best be willing to comment as to how these external questions may carry a potential risk towards the winter season?

因此，我們看到你的一個競爭對手的一些皮膚在2025 年第四季度（可能到2025 年第一季）開始變薄，並且還看到另一個可能是私人品牌的品牌在某種程度上侵犯你的領地。您是否願意就這些外部問題如何為冬季帶來潛在風險發表評論？

You think sort of. So thanks for the time, which for us, as you heard, we gave you our forecast for effectively for each of the quarters by giving you the third quarter and the full year. So you can see we're expecting continued progress, continued mid single digit type of price improvements over time. With respect to any one competitor in the cruise space because you've got to remember we're not just competing with cruise companies.

你覺得有點像。因此，感謝您抽出時間，正如您所聽到的，我們透過為您提供了第三季和全年的有效預測，為您提供了每個季度的有效預測。因此，您可以看到，我們預計隨著時間的推移，價格將持續取得進展，持續實現中個位數的價格改善。對於郵輪領域的任何一位競爭對手，你必須記住，我們不僅僅是在與郵輪公司競爭。

We're competing with vacation companies to get the the traveler thinking about taking their vacation with us none of it is none of it should be disruptive to us in the grand scheme of things, given our size and scope, given the strength of our brands, given the continued focus that our brands have in differentiating themselves even further and providing amazing experiences is really our job to perform no matter what some nameless brand, which I have a feeling I know which one you're talking about, how you describe on, you know, how they may choose to operate. And if we've seen this in markets all over the world and yet here, we are with record revenues, record per diems and really great momentum.

我們正在與度假公司競爭，讓旅行者考慮和我們一起度假，考慮到我們的規模和範圍，考慮到我們品牌的實力，從長遠來看，這一切都不應該對我們造成乾擾，考慮到我們的品牌持續專注於進一步差異化，提供令人驚嘆的體驗確實是我們的工作，無論什麼無名品牌，我有一種感覺，我知道你在談論哪個品牌，你如何描述，你知道，他們可能會選擇如何運作。如果我們在世界各地的市場上都看到了這一點，但在這裡，我們的收入、每日津貼都創歷史新高，而且勢頭非常強勁。

Thank you, Josh. And a quick follow-up questions. You described both ticket price and occupancy being tailwind in Q2. And I think again with Europe being somewhat slower and the uptake in 2023, should we expect a continued benefit from higher occupancies and especially out of the European source passenger in Q3? Or do we believe that the going into Q4 and Q1 and possibly next year then benefit will start to subside a little bit just because of the catch-up that's going on?

謝謝你，喬許。以及快速跟進問題。您描述了第二季度的票價和入住率都是順風順水。我再次認為，鑑於歐洲的成長速度有所放緩以及 2023 年的成長速度，我們是否應該期望從第三季度的更高的入住率（尤其是來自歐洲客源）中持續受益？或者我們是否認為進入第四季度和第一季以及可能明年的收益將因為正在進行的追趕而開始稍微減弱？

Yeah, you know if you recall last year actually you heard David earlier on the call. We basically got back to his door occupancy level in the second half of last year. So there's a little bit more opportunity on the occupancy side, certainly in Q3 where we were a little further behind. Yeah, you know, in that range than we were about time.

是的，如果你還記得去年的事，你就知道早些時候在電話會議上聽到了大衛的聲音。我們基本上回到了去年下半年他的入住率水準。因此，入住率方面有更多的機會，尤其是在第三季度，我們落後了一些。是的，你知道，在這個範圍內比我們大約時間。

We've got the Q4. But really as we look -- as we move forward into 2025 and beyond, we've got to get the demand to keep that momentum up on the mid-single digit type of price increases that we want to push for. There'll always be opportunity, the fringes.

我們已經拿到 Q4了。但實際上，正如我們所看到的，隨著我們進入 2025 年及以後，我們必須滿足需求，以保持我們想要推動的中位數價格上漲的勢頭。機會總是有的，邊緣。

And as you've heard me say before, the reason why we're not giving you guidance on occupancy with specificity as we want to make sure that our brands are doing the right thing in managing the revenue and managing the curve and not simply trying to make an occupancy target to the point or decimal point at the expense of doing something they shouldn't be doing with the pricing. So our goal is very much how do we generate the most yield overtime, which is a combination of the price and occupancy and making sure we kind of nailed the discount there.

正如您之前聽我說過的，我們之所以不為您提供具體的入住率指導，是因為我們希望確保我們的品牌在管理收入和管理曲線方面做正確的事情，而不是簡單地嘗試將入住率目標精確到一點或小數點，但代價是做了一些他們不應該在定價上做的事情。因此，我們的目標很大程度上是如何產生最大的加班收益，這是價格和入住率的結合，並確保我們在那裡確定了折扣。

And that makes total sense, especially on the occupancy guidance, I understand and appreciate. And so good luck we're expecting great things in September.

這是完全合理的，尤其是在入住指導方面，我理解並讚賞。祝你好運，我們期待 9 月有美好的事情發生。

Thanks very much.

非常感謝。

Jamie Katz, Morningstar.

傑米·卡茨，晨星。

Hey, guys, good morning. I have a quick question. Given the environment's been so strong team, that is what keeps you up at night? Is that regulatory risk, is there some ESG risk, is it nothing right now. I'm just curious to hear sort of the other side of the tack. Thanks.

嘿，夥計們，早安。我有一個快速的問題。鑑於團隊的環境如此強大，這就是讓你徹夜難眠的原因嗎？是監理風險，還是 ESG 風險？我只是好奇想聽聽事情的另一面。謝謝。

Ultimately we got through 2020 and I've got three kids. So not much keeps me up at night. What would comes to this, anything within our control, I feel very comfortable that the team we can manage it all. And so I don't worry much about Black Swan because you really can't spend you're life worried about balck swan or you'll have a miserable life.

最後我們度過了 2020 年，我有了三個孩子。所以沒有太多事情讓我徹夜難眠。會發生什麼，任何在我們控制範圍內的事情，我感到非常放心，我們的團隊可以管理這一切。所以我不太擔心黑天鵝，因為你真的不能一輩子都擔心黑天鵝，否則你會過得很悲慘。

So our attitude is, you know, we got to keep performing will take, will people throw at us in the world throws at us, and we'll adapt and modify what we need to do as needed and move on and the greatest part about this business from that perspective is we're noble. And when you have that mobility, it gives you a lot of flexibility to figure things out.

所以我們的態度是，你知道，我們必須繼續表現，無論世界上的人們向我們扔什麼，我們都會根據需要調整和修改我們需要做的事情，然後繼續前進，最重要的是從這個角度來看，我們的生意是高尚的。當你擁有這種機動性時，你就可以靈活地解決問題。

Thanks.

謝謝。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good morning, everyone, and thanks for taking my question. First one on celebration key. Josh mentioned you're ramping up there 18 ships calling in 2026. Can you maybe talk about the uplift that you're expecting, whether it's in the form of ticket prices onboard spend? I know you mentioned fuel. And then to what extent is this built into those sea change targets, which you already tracking well ahead of at this point? Thanks.

嘿，大家早上好，感謝您提出我的問題。第一個是慶祝鍵。 Josh 提到您將在 2026 年增加 18 艘船舶的停靠量。我知道你提到了燃料。那麼，這在多大程度上融入了那些你們目前已經提前追蹤的巨變目標中呢？謝謝。

Thanks, Dan. Yeah, so you nailed the three components that are going to really be the things that drive the returns on celebration key. It's going to be incremental price because of the demand it's going to be incremental spending on the island which we call on board. Spending in this circumstance and fuel savings because of it's location we're now breaking those out for people but just to answer your question, that did factor into really 2026.

謝謝，丹。是的，所以你確定了三個組成部分，這些組成部分將真正成為推動慶祝活動回報的關鍵因素。這將是增量價格，因為需求將是我們所謂的島上增量支出。在這種情況下的支出以及由於其地理位置而節省的燃料，我們現在正在為人們列出這些，但只是為了回答你的問題，這確實是 2026 年的因素。

Benefit for us as we think through as we're thinking through that three year plan is fairly minimal for next year when it comes to the uplift because it's a fairly insignificant amount of our overall capacity that's hitting it as we ramp in starting in the second half of next year. But you build those were the three components, yeah.

當我們思考三年計畫時，明年的提升對我們來說是相當小的，因為當我們在第二年開始時，我們的整體能力所達到的水平相當微不足道。但你建構的是這三個組件，是的。

Got it. And then just for my follow-up, in terms of costs for next year in acknowledging it's still very early, but do you think about that marketing and advertising component? On the one hand, you don't have a ton of capacity growth, but with celebration Keynote starting to the opening in the back end of the year, how should we kind of think about that, that line item relative to 2024?

知道了。然後，就我的後續行動而言，就明年的成本而言，承認現在還為時過早，但您是否考慮過行銷和廣告部分？一方面，產能沒有大量成長，但隨著慶祝主題演講將於今年年底開幕，我們應該如何考慮相對於 2024 年的該訂單項目？

So it clearly is from a cost perspective, celebration, key will costs, but hopefully and we do anticipate that it will be a great return and the benefits on the revenue and the onboard spend side and fuel savings side. So it is we're not managing to any particular line item, we're managing to our operating income in our bottom line, and we're not afraid to invest in celebration key to make it a great success and while we're on the cost for 2025.

因此，這顯然是從成本角度來看，慶祝活動，關鍵將成本，但希望並且我們確實預計這將是一個巨大的回報以及對收入、機上支出和燃油節省方面的好處。因此，我們不會管理任何特定的項目，我們會在利潤中管理我們的營業收入，而且我們不害怕投資慶祝活動，以使其取得巨大成功，而我們正在努力2025年的成本。

I guess the only other thing I'd add on that front, we do also we announced the, i.e., that evolution program and those ships will be going into dry dock. So you'll also see an increase in dry dock days in 2025 versus '24, which will also have a corresponding impact on cost.

我想我在這方面唯一要補充的一點是，我們還宣布了進化計劃，這些船將進入乾船塢。因此，您還會看到 2025 年的乾船塢天數比 24 年有所增加，這也會對成本產生相應的影響。

And ultimately though we were doing that for right reason. As we I think I can't remember if we talk about this on the last call or not, I think we did, i.e., there is one of our highest returning brands and we've got about them for a long time. And this is going to make significant enhancements to their existing fleet, which is a great investment for us businesses and get outsized returns on those investments.

最終，儘管我們這樣做是出於正確的原因。我想我不記得我們是否在上次通話中談論過這個問題，但我想我們確實談論過，也就是說，這是我們回報率最高的品牌之一，而且我們已經了解它們很長時間了。這將顯著增強他們現有的機隊，這對美國企業來說是一項巨大的投資，並將從這些投資中獲得巨額回報。

And then tier, I think you're asking a question about advertising specifically as well. You're right, we might have flat capacity growth. But remember, we're selling cruises that go beyond the current year we're thinking well into the future as our brand due try to optimize whatever that booking curve is for that particular brand.

然後，我認為您也特別問了一個有關廣告的問題。你是對的，我們的產能成長可能持平。但請記住，我們正在銷售超出今年的遊輪，我們對未來進行了很好的思考，因為我們的品牌應該嘗試優化該特定品牌的預訂曲線。

I do not have a mandate or a cap or a floor on our spending for advertising, right. The key is what are we spending it on? How is it going to be effective? Is it going to generate incremental an outsized revenue for whatever that initiative might be in the marketing space? And we go through those plans with our brands, not only every year as part of the planning process.

我對我們的廣告支出沒有任何授權、上限或下限，對吧。關鍵是我們花在什麼地方？怎樣才能有效呢？無論行銷領域的舉措是什麼，它是否都會帶來巨額增量收入？我們與我們的品牌一起完成這些計劃，不僅僅是每年作為規劃過程的一部分。

But throughout the year, I'm talking to my President to make sure we're being thoughtful. And so there's no the truly is no predetermined outcome. I mean, you've -- as you've seen, we have significantly stepped up where we were before the pandemic to where we are now. It's been working, it's been helping to support the results that we've talked about today and the momentum that we've got and will continue to look at a critical.

但在這一年中，我一直在與總統交談，以確保我們考慮周到。因此，沒有真正的預定結果。我的意思是，正如您所看到的，我們已經將大流行之前的水平顯著提高到了現在的水平。它一直在發揮作用，一直在幫助支持我們今天討論的結果以及我們已經並將繼續關注關鍵問題的勢頭。

Got it. And then just very one last very quick clarification. David, I know you mentioned returning to IG metrics. I just want to make sure that there's no change in your goal of getting back to IG an investment-grade credit rating.

知道了。然後是最後一次非常快速的澄清。 David，我知道你提到過回歸 IG 指標。我只是想確保您讓 IG 恢復投資等級信用評級的目標沒有改變。

No changes, we can control the metrics we can control the decisions of the rating agencies.

沒有變化，我們可以控制指標，我們可以控制評級機構的決策。

Got it. Thanks so much.

知道了。非常感謝。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Morning, everyone. Thanks for taking my question. I wanted to follow on (inaudible). I wanted to follow on the last question with respect to the balance sheet and I think we probably all progress through a period we're expecting maybe rate cut. Nonetheless, you're making some very good progress with respect to that balance sheet. Can you help us maybe shed a little light beyond just the obvious easy math around what a rate cut or would do for you and progressing that balance sheet?

大家早安。感謝您提出我的問題。我想繼續（聽不清楚）。我想繼續討論有關資產負債表的最後一個問題，我認為我們可能會在預計降息的時期內取得進展。儘管如此，您在資產負債表方面取得了一些非常好的進展。除了簡單的數學計算之外，您能否幫助我們了解一下降息或會為您帶來什麼以及改善資產負債表？

Well, to start with, if you look at our whole portfolio about 15% of our debt profile is variable rate debt. So as you saw in the earnings release, I think you said 100 basis points reduction in interest rates would benefit the back half of the year, I think was $23 million for the full year it's double that. But really from a rate cut perspective, you know, we're in an environment where a for us where an improving credit and hopefully as the our interest rate -- how future interest rates will come down.

好吧，首先，如果你看看我們的整個投資組合，我們的債務結構中大約 15% 是可變利率債務。正如您在財報中看到的那樣，我認為您說過利率降低 100 個基點將使下半年受益，我認為全年收益為 2300 萬美元，是這個數字的兩倍。但實際上從降息的角度來看，我們所處的環境對我們來說信用狀況改善，希望我們的利率——未來利率將如何下降。

That just because of rate cuts because of the improving credit and a lower credit spreads. And on top of that, we would expect to do some refinancings and those refinancing should drive our interest expense down. So we do have some very good opportunities that we're looking at in the future, which should be net present value positive. And we'll keep evaluating that. And you'll hear more about refinancing over time.

這只是因為信貸改善和信貸利差下降而降息。最重要的是，我們預計會進行一些再融資，這些再融資應該會降低我們的利息支出。因此，我們未來確實有一些非常好的機會，這些機會的淨現值應該是正值。我們將繼續評估這一點。隨著時間的推移，您會聽到更多有關再融資的資訊。

Appreciate that. And if I may follow up quickly, just going back to Josh to one of the things you talked about. That's a bit more specific performance marketing, which was, I believe, a relatively new initiative. Could you give us an update on where that is, how it's done, what's next, et cetera, please.

感謝。如果我可以快速跟進，請回到喬什，談談你談到的一件事。這是更具體的績效行銷，我認為這是一項相對較新的舉措。請您向我們介紹一下具體情況、如何完成、接下來會發生什麼等等的最新情況。

Sure. So just to clarify, it wasn't a new initiative. It was just more focus and ensuring we have the right on the services around capable these in the right approach. So that that's but I'd be shocked, if wouldn't forever at a point in time where we're not talking about performance marketing and how do we keep progressing. I mean, the world changes around us, which is going to dictate we've got to always be nimble and thinking about how do we adapt to that and to the consumer and how that consumer is going to see things and digest things and making sure we're actually being is forward thinking as we can to stay ahead of that curve.

當然。需要澄清的是，這並不是一項新舉措。這只是更多的關注，並確保我們能夠以正確的方式圍繞有能力的這些服務提供正確的服務。所以，如果不是永遠在我們不談論效果行銷以及我們如何不斷進步的時候，我會感到震驚。我的意思是，我們周圍的世界正在發生變化，這將要求我們必須始終保持敏捷，並思考我們如何適應這種情況和消費者，以及消費者將如何看待事物和消化事物，並確保實際上，我們正在盡可能地進行前瞻性思考，以保持領先地位。

So as far as how it happens, it certainly does not happen from me. It doesn't happen from a centralized corporate group in Miami because different brands are sourcing from different source markets are different segments, et cetera. So our six operating units really have teams that are focused on a for their brands to make sure that we're doing it as optimally as we can.

所以就它是如何發生而言，它肯定不是我發生的。這種情況不會發生在邁阿密的集中企業集團身上，因為不同的品牌從不同的來源市場、不同的細分市場採購，等等。因此，我們的六個營運部門確實擁有專注於其品牌的團隊，以確保我們盡可能做到最佳。

Okay, thank you.

好的謝謝。

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

我想我們還有時間再聘請一名接線生。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi, good morning. I'm convinced to go in alphabetical order on this call. I guess I wanted I wanted to ask about kind of the tension between garnering are harvesting cost savings versus reinvesting in demand creation and how you think about that. I mean, just you touched on and different elements and demand creation. But I mean, historically, kind of all the known as kind of a cost leader, is there an opportunity as you harvest these cost savings to kind of SAP more of that gap in marketing spend per berth and that kind of old as relative to the competition? And how far are you willing to go there?

早安.我確信這次電話會議將按字母順序進行。我想我想問一下獲取成本節約與再投資於需求創造之間的緊張關係以及您對此的看法。我的意思是，剛才您談到了不同的元素和需求創造。但我的意思是，從歷史上看，作為一種眾所周知的成本領先者，當你收穫這些成本節省時，是否有機會讓 SAP 更多地彌補每個泊位營銷支出的差距，以及相對於競賽？你願意去那裡多遠？

Yeah, sure. So as as you heard, so we want to continue to be at a cost leader. I think they're not -- they don't have to be mutually exclusive. And so we have been bringing more cost into reinvesting in the business. And it's not just marketing and it has been on marketing. I think it was 18% per ALBD versus pre 17% to 18% per ALBD since before the pandemic.

好，當然。正如您所聽到的，我們希望繼續保持成本領先。我認為它們不是——它們不必是相互排斥的。因此，我們一直在對業務進行再投資方面投入更多成本。這不僅僅是行銷，而且一直是行銷。我認為每 ALBD 的比例為 18%，而自大流行之前以來，每 ALBD 的比例為 17% 至 18%。

So certainly, we're -- we see the value of that. But if you think about our onboard experience and making sure we're providing amazing food alternatives and services, we're reinvesting in bandwidth, we're spending more on bandwidth with than we ever have and is generating outsized returns because people love the service it's land-light.

當然，我們看到了它的價值。但如果你考慮我們的船上體驗，並確保我們提供令人驚嘆的食物替代品和服務，我們就會對頻寬進行再投資，我們在頻寬上的支出比以往任何時候都多，並且因為人們喜歡這項服務而產生了巨大的回報這是陸地光。

It's something people are willing to pay for. So there's examples up and down the P&L. We're very happy to reinvest to drive the right behaviors to get the revenue that we're looking for. I don't have a metrics how much when any particular quarter any particular year. I mean, clearly our operating margin, we still got work to do our EBITDA margins.

這是人們願意付出代價的東西。所以損益表上下都有例子。我們很高興進行再投資，以推動正確的行為，從而獲得我們正在尋找的收入。我沒有一個指標，即在任何特定的季度或特定的年份有多少。我的意思是，顯然我們的營業利潤率，我們仍然需要努力提高 EBITDA 利潤率。

You know, if we get to June guidance it will be about a 5 point bump from last year. And it leaves us a few points short of where we were in '19. So we got more work to do. And so the team's very focused on it, and that will come from both sides. Over to your point, it won't just be cutting costs. We got to make sure we're doing the right things to drive that revenue.

你知道，如果我們得到 6 月的指導，它將比去年增加約 5 個百分點。這讓我們比 19 年的成績還差了幾分。所以我們還有更多工作要做。所以團隊非常關注它，這將來自雙方。就你的觀點而言，這不僅僅是削減成本。我們必須確保我們正在做正確的事情來增加收入。

Okay, thank you.

好的謝謝。

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

好的。好的，謝謝大家今天加入電話會議，並期待在 9 月再次與大家交談。謝謝。

Thank you. This concludes today's conference call.

謝謝。今天的電話會議到此結束。