Carnival PLC (CUK) 2025 Q2 法說會逐字稿

Greetings. Welcome to the Carnival Corporation & plc second-quarter 2025 earnings call.

問候。歡迎參加嘉年華郵輪公司 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Beth Roberts, Senior Vice President, Investor relations.

現在我很高興介紹您的主持人，投資者關係高級副總裁貝絲·羅伯茨 (Beth Roberts)。

Thank you, Beth. You may now begin.

謝謝你，貝絲。現在你可以開始了。

Thank you. Good morning and welcome to our second quarter 2025 earnings conference call.

謝謝。早安，歡迎參加我們的 2025 年第二季財報電話會議。

I'm joined today by our CEO, Josh Weinstein; our CFO, David Bernstein; and our Chair, Micky Arison.

今天與我一同出席的還有我們的執行長喬希溫斯坦 (Josh Weinstein)、我們的財務長 David Bernstein 和我們的董事長米奇阿里森 (Micky Arison)。

Before we begin, please note that some of our remarks on this call will be forward-looking. Therefore, I will refer you to the forward-looking statement in today's press release. All references to ticket prices, yields, and cruise costs without fuel will be in constant currency unless otherwise stated. Reference to yields will be on a net basis. References to cruise costs without fuel, EBITDA, net income, ROIC, and related statistics for all will be on an adjusted basis unless otherwise stated. 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.

在我們開始之前，請注意，我們在本次電話會議上的一些評論將是前瞻性的。因此，我將向您推薦今天新聞稿中的前瞻性聲明。除非另有說明，所有提及的票價、收益和不含燃油的遊輪費用均以固定貨幣計算。收益率將以淨額為基礎。除非另有說明，不含燃油的郵輪成本、EBITDA、淨收入、ROIC 和所有相關統計數據均以調整後為基礎。所有這些參考都是我們收益新聞稿中定義的非 GAAP 財務指標。我們的收益新聞稿和投資者介紹中還包含與最直接可比較的美國 GAAP 財務指標和其他相關揭露的對帳。請造訪我們的公司網站，在那裡可以找到我們的收益新聞稿和投資者介紹。

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

說完這些，我想把電話轉給喬希。

Thanks, Beth.

謝謝，貝絲。

Before we begin, I'd like to take a moment to address the conflict in the Middle East. The escalation of the past two weeks, culminating over the last few days, has been swift. While we certainly hope for a quick and peaceful resolution, and it has not yet had any discernible impact on our business, this is all unfolding too quickly in real time to try to project how it could impact our future business.

在我們開始之前，我想花點時間談談中東衝突。過去兩週，事態迅速升級，並在過去幾天達到頂峰。雖然我們當然希望此事能夠迅速而和平地解決，而且目前它還沒有對我們的業務產生任何明顯的影響，但這一切發生得太快了，我們無法預測它會如何影響我們未來的業務。

Like many others, we will actively monitor the situation over the coming days and weeks to evaluate its potential effects on our business and provide updates as needed. In the interim, our thoughts and prayers are for the safety of all innocent civilians and for the brave men and women of the US armed forces who work tirelessly to protect the United States of America.

與許多其他人一樣，我們將在未來幾天和幾週內積極監測情況，以評估其對我們業務的潛在影響，並根據需要提供最新資訊。在此期間，我們為所有無辜平民的安全以及為保護美國而不知疲倦地工作的美國武裝部隊的勇敢男女士兵祈禱。

Turning to our business. Another quarter on the books and another set of phenomenal results. This marks eight quarters in a row we've achieved record revenues on record yields. We also hit new second quarter highs for EBITDA and operating income, both in total and on a per ALBD basis while customer deposits also reached an all-time high.

談談我們的業務。又一個季度過去了，又取得了一系列驚人的成績。這標誌著我們連續八個季度實現了創紀錄的收入和收益率。我們第二季的 EBITDA 和營業收入（總額和每 ALBD 均創下新高，同時客戶存款也創下歷史新高。

Year over year, EBITDA was up 26%. Operating income increased by 67% and net income more than tripled as we continue to benefit from our focus on commercial execution. Net income came in $185 million better than guidance as we outperformed across the board.

與去年同期相比，EBITDA 成長了 26%。由於我們繼續受益於對商業執行的關注，營業收入成長了 67%，淨收入成長了兩倍多。由於我們全面表現出色，淨收入比預期高出 1.85 億美元。

Yields grew by almost 6.5%, beating our guidance by 200 basis points. Both ticket and on board equally outperformed on very strong closing demand, reaffirming the strength of our consumer. Unit costs also came in 200 basis points better than expected on timing between the quarters.

收益率成長了近 6.5%，比我們的預期高出 200 個基點。由於成交需求非常強勁，票務和機上表現同樣出色，再次證明了我們消費者的實力。從季度間的時間來看，單位成本也比預期高出 200 個基點。

This was yet another quarter, with EBITDA margins up significantly year over year. Investors often ask me, can margins get above 2019 levels? Well, as I've always answered, I never thought of 2019 as a ceiling, and we've now proven that out.

這又是一個 EBITDA 利潤率較去年同期大幅成長的季度。投資人常問我，利潤率能否超過 2019 年的水準？嗯，正如我一直回答的那樣，我從來沒有認為 2019 年是一個上限，現在我們已經證明了這一點。

Last quarter, EBITDA margins were 140 basis points above 2019, and this quarter, they were 200 basis points higher. In fact, this past quarter's margins were the highest we've achieved in nearly 20 years. This consistently strong performance, significantly accelerated progress towards our 2026 sea change targets.

上個季度，EBITDA 利潤率比 2019 年高出 140 個基點，本季則高出 200 個基點。事實上，上個季度的利潤率是我們近 20 年來的最高水準。這種持續強勁的表現，大大加快了我們實現 2026 年海洋變革目標的進程。

In December, we telegraphed being able to hit our 50% EBITDA for ALBD growth target at the end of '25. In March, we said that we expected our 12% return on invested capital target to also materialize at the end of 2025.

12 月，我們宣布能夠在 25 年底實現 ALBD 成長目標的 50% EBITDA。今年 3 月，我們表示，預計 12% 的投資資本報酬率目標也將在 2025 年底實現。

And now we can advise that through the hard work of our amazing global team, we met and exceeded both of these targets, a full 18 months ahead of schedule. We were able to deliver trailing 12 month EBITDA per berth day, 52% above our 2023 baseline.

現在我們可以宣布，透過我們出色的全球團隊的辛勤工作，我們提前整整 18 個月實現並超越了這兩個目標。我們能夠實現過去 12 個月每個泊位日的 EBITDA，比 2023 年基準高出 52%。

And our ROIC surpassed 12.5%, more than doubling in less than two years. Now this was no small feat given these are both the highest levels this company has seen in nearly 20 years. Not to be forgotten is our third 2026 commitment to reduce our carbon intensity by 20% as compared to 2019.

我們的投資資本回報率超過 12.5%，在不到兩年的時間內增加了一倍多。這絕非易事，因為這是該公司近 20 年來的最高水準。不要忘記的是，我們的第三個承諾是到 2026 年將碳強度在 2019 年的基礎上降低 20%。

I'm very pleased to report we have also just met this target as well. This is not only great for the environment, it's also great for our bottom line. Again, thanks to each of our phenomenal team members, we topped these milestones in half the time originally expected.

我很高興地報告我們也剛剛實現了這個目標。這不僅對環境有益，對我們的底線也有好處。再次感謝我們每位優秀的團隊成員，我們在原計畫一半的時間內就實現了這些里程碑。

And even better news, we have so much more potential to take our margins, returns, and results even higher. So with our 2026 targets in the rear view mirror, we anticipate setting new targets in early Q2 next year, and I look forward to raising the bar even higher.

更好的消息是，我們擁有更大的潛力來進一步提高我們的利潤、回報和業績。因此，回顧 2026 年的目標，我們預計在明年第二季初設定新的目標，並且我期待將標準提高得更高。

In the short term, this outperformance has also enabled us to take up our full year guidance again. This includes raising our yield guidance to 5% based on our strong second quarter results while affirming yield expectations for the remainder of the year.

短期內，這種優異的表現也使我們能夠再次提出全年指導。其中包括根據我們強勁的第二季業績將收益率預期提高至 5%，同時確認今年剩餘時間的收益率預期。

Cumulatively, that will take our yields up 16% across 2024 and 2025. In a world of heightened volatility, the amazing cruise experiences, our portfolio of cruise brands deliver at a truly exceptional value, simply stand out.

累計起來，這將使我們的收益率在 2024 年和 2025 年上升 16%。在高度動盪的世界中，令人驚嘆的郵輪體驗、我們的郵輪品牌組合以真正卓越的價值脫穎而出。

It's enabled us to deliver two consecutive quarters that were significantly better than expected and maintain strong 4% yield growth in the back half of the year, consistent with our original guidance in December, which I would remind you was given well before much of 2025's macroeconomic and geopolitical turbulence had surfaced.

這使我們能夠連續兩個季度實現遠超預期的業績，並在下半年保持 4% 的強勁收益率增長，這與 12 月份我們最初的預期一致，我想提醒大家的是，這一預期是在 2025 年大部分宏觀經濟和地緣政治動盪出現之前給出的。

Now would the second half of the year have been even stronger, but for all of this noise? Absolutely. No excuses though. We need to deal in the realities of the world we live in. And while it's proving to be a fairly unpredictable place of late, we are well positioned and clearly, we'll do our best to meet or exceed guidance, taking another significant step forward for the company.

如果沒有這些噪音，下半年的表現會不會更強勁？絕對地。但沒有任何藉口。我們需要面對我們所生活的世界的現實。儘管最近情況變得相當難以預測，但我們已做好準備，而且顯然，我們將盡最大努力達到或超越預期，為公司邁出又重要的一步。

We also continue to set ourselves up well for 2026. Our book position is in line with last year's record levels and at historically high prices. Our elongated advanced booking window and limited capacity growth give us flexibility to patiently take price, and our sharpened yield management tools are helping us optimize our performance in the current environment.

我們也將繼續為2026年做好準備。我們的帳面狀況與去年的創紀錄水準一致，且價格處於歷史高點。我們延長的提前預訂窗口和有限的容量增長使我們能夠靈活地耐心接受價格，而我們完善的收益管理工具正在幫助我們在當前環境下優化業績。

Our strong results, book position, and outlook are a testament to the success of our ongoing strategy to deliver same ship high margin revenue growth. We remain focused on achieving yield improvement by driving demand that outpaces our supply, and we have a lot more in store to keep our strong momentum going.

我們的強勁業績、帳面狀況和前景證明了我們持續實現高利潤收入成長的策略的成功。我們仍然專注於透過推動需求超過供應來實現產量的提高，並且我們還有更多的儲備來保持強勁的發展勢頭。

We are counting down the days to the opening of Celebration Key, which is now less than a month away. With the largest lagoons in the Caribbean at over 275,000 surface square feet, multiple times that of any other private cruise destination in existence or in construction, over 1.5 miles of white sand beach, and the world's largest swim up bar and largest sand castle.

我們正在倒數慶祝鑰匙的開幕，現在距離開幕還有不到一個月的時間。這裡有加勒比海地區最大的潟湖，水面面積超過 275,000 平方英尺，是現有或建造的其他私人郵輪目的地的數倍，還有超過 1.5 英里的白色沙灘，以及世界上最大的泳池酒吧和最大的沙堡。

We are gearing up to deliver even more fantastic experiences for carnival guests than ever before. We are on schedule to welcome our first ship, Carnival Vista, on July 19 and intentionally ramp up from there into the fourth quarter so that we can make sure the guest experience is as extraordinary as possible from the start.

我們正準備為狂歡節的遊客提供比以往更加精彩的體驗。我們計劃於 7 月 19 日迎接我們的第一艘郵輪嘉年華維斯塔號，並有意從那時開始在第四季度加大投入，以便確保客人從一開始就獲得盡可能非凡的體驗。

It's gratifying to see that already Celebration Key is consistently ranked among the most searched cruise destinations on Google, and it hasn't even opened yet. We fully expect the buzz around it to only build once our five portals built for fun begin welcoming guests to our expertly curated ultimate beach day.

令人欣慰的是，儘管 Celebration Key 尚未開放，但它已經連續位列 Google 上搜尋次數最多的郵輪目的地之列。我們完全相信，只有當我們為娛樂而建造的五個門戶開始歡迎客人來到我們精心策劃的終極海灘度假勝地時，周圍的熱鬧才會逐漸增加。

Once complete, we'll be augmenting our marketing materials with live footage and imagery from this amazing destination. And of course, word of mouth from over 2 million guests annually will amplify our share of voice.

一旦完成，我們將利用這個令人驚嘆的目的地的現場鏡頭和圖像來擴充我們的行銷材料。當然，每年超過 200 萬客人的口耳相傳也會擴大我們的影響力。

We're also on track for the mid 2026 opening of a significant expansion at Relax Away, Half Moon Cay, our pristine Caribbean oasis. This spectacular tropical paradise, already ranked among the best private islands in the Caribbean, invites our guests to enjoy an Idyllic beach day full of white sand, turquoise waters, refreshing ocean breezes, delicious food, tropical drinks, and opportunities galore to do exactly as its new name invites you to do. Relax.

我們還計劃於 2026 年中期在我們原始的加勒比海綠洲半月礁的 Relax Away 進行大規模擴建。這個壯觀的熱帶天堂已被列為加勒比地區最好的私人島嶼之一，邀請我們的客人享受充滿白色沙灘、碧綠海水、清新海風、美味佳餚、熱帶飲品的田園詩般的海灘時光，並享受豐富的機會，正如它的新名字邀請您去做的那樣。放鬆。

We've shaped many itineraries that combine these perfectly paired destinations in order to provide our guests with both the ultimate and the Idyllic beach days, all on one vacation. During the quarter, we also announced another meaningful expansion and enhancement to our beautiful destination, Mahogany Bay in Roatan, Honduras.

我們制定了許多行程，將這些完美配對的目的地結合在一起，以便為我們的客人在假期中提供極致和田園詩般的海灘體驗。本季度，我們也宣布了對我們美麗的目的地——洪都拉斯羅阿坦島紅木灣的另一項有意義的擴建和改進。

Already rated one of the highest destinations in the Caribbean, upgrades will include a large pool with a swim up bar, a beautiful new private beach club, and doubling the beach line to almost 0.5 mile. This destination will be renamed East La Tropical, and along with Celebration Key and RelaxAway, Half Moon Cay, as the pinnacle of our seven Caribbean gems marketed as the Paradise Collection.

這裡已被評為加勒比地區最受歡迎的旅遊目的地之一，升級後的設施包括一個帶池畔酒吧的大型游泳池、一個美麗的新私人海灘俱樂部，並將海灘線延長一倍至近 0.5 英里。這個目的地將重新命名為 East La Tropical，與 Celebration Key、RelaxAway、Half Moon Cay 一起成為我們天堂系列七大加勒比瑰寶的巔峰之作。

Beaches are the number one destination for vacationing Americans, it is no accident that this is central to our destination strategy. Our seven Caribbean gems collectively provide miles upon miles of some of the most beautiful beaches in the world.

海灘是美國人度假的首選目的地，因此，它成為我們目的地策略的核心絕非偶然。我們的七顆加勒比海明珠共同構成了世界上最美麗的綿延數英里的海灘。

By making targeted incremental investments and stepping up our marketing efforts across this portfolio, we believe we have a significant opportunity to further monetize the strategic assets by using them to drive consumer consideration and conversion, taking share from land-based alternatives.

透過有針對性的增量投資和加強整個投資組合的營銷力度，我們相信，我們有重大機會進一步將這些戰略資產貨幣化，利用它們來推動消費者的考慮和轉化，從陸基替代品中奪取份額。

At the same time, we continue to make investments in our existing fleet that will generate new demand and enhanced pricing. AIDAdiva recently re-entered service, the first ship to undergo the AIDA evolution upgrade.

同時，我們將繼續對現有船隊進行投資，這將產生新的需求並提高定價。AIDAdiva 號最近重新投入使用，這是第一艘進行 AIDA 升級的船舶。

Since her revamp and reintroduction, AIDAdiva has been knocking it out of the park with a huge take up for its many added bar and specialty dining venues and rave reviews for its ship-wide enhancements. This success is a great sign for the remaining six vessels in the AIDA fleet that will undergo this upgrade over the next few years.

自改造和重新投入營運以來，AIDAdiva 一直表現出色，新增的眾多酒吧和特色餐飲場所廣受好評，全船的升級改造也獲得了一致好評。此次成功對於 AIDA 船隊剩餘的六艘將在未來幾年內進行升級的船隻來說是一個好兆頭。

We also recently ordered two new builds for AIDA, for delivery in fiscal 2030 and 2032, as we reinforce our strategy to rebalance the company towards our higher returning brands. These next generation ships, coupled with the AIDA evolution program, modernizing much of the existing fleet will drive even more demand for our AIDA brand, which is already synonymous with cruising in Germany.

我們最近也為 AIDA 訂購了兩艘新船，預計將於 2030 財年和 2032 財年交付，以加強我們的策略，使公司向回報更高的品牌靠攏。這些下一代船舶，加上 AIDA 進化計劃，對大部分現有船隊進行現代化改造，將進一步推動對我們 AIDA 品牌的更多需求，該品牌已成為德國巡航的代名詞。

Additionally, Carnival Cruise line recently announced exciting new features for its fourth and fifth incredibly successful XL class ships for delivery in 2027 and 2028. Carnival Festival and Carnival Tropical will feature Sensation Point, a new outdoor zone on the top three decks purposely designed to be the most family friendly water park at sea with six exhilarating slides, including two family raft slides and for the first time the foam will continue into the evening with extended park hours for guests to enjoy a vibrantly illuminated nighttime waterworks, including a DJ and a slew of other special evening activities.

此外，嘉年華郵輪公司最近宣布，其第四艘和第五艘極為成功的 XL 級郵輪將配備令人興奮的新功能，預計將於 2027 年和 2028 年交付。嘉年華節日號和嘉年華熱帶號將設有“感覺點” (Sensation Point)，這是位於頂層三層甲板的全新戶外區域，旨在成為最適合家庭遊玩的海上水上樂園，擁有六條令人興奮的滑梯，包括兩條家庭筏滑梯，泡沫將首次持續到晚上，延長水上公園開放時間，讓遊客享受一系列火燈

These ships will be ideally suited for families with 70% more interconnecting rooms than prior XL class ships. And just around the corner, we'll be welcoming our next new build, Star Princess, sister ship to the hugely successful Sun Princess, awarded Condé Nast Travelers 2024 Mega Ship of the year.

這些遊輪的連通房間比之前的 XL 級遊輪多 70%，非常適合家庭出遊。就在不久的將來，我們將迎來下一艘新船“星際公主號”，它是獲得巨大成功的“太陽公主號”的姊妹船，榮獲《康泰納仕旅行者》2024 年度巨型郵輪稱號。

That means we'll be doubling down on some princesses innovative platform and tremendously successful guest operations spanning across F&B, Entertainment and its elevated ship within a ship suits sanctuary collection.

這意味著我們將加倍投入一些公主創新平台和極其成功的賓客運營，涵蓋餐飲、娛樂和高級船中船套裝庇護所係列。

With our moderate new build pipeline, including just three ships on order over the next four years, we have ample room to continue to pay down additional debt and return to investment grade leverage metrics while providing ourselves with a headroom to return value to shareholders.

憑藉我們適度新建的船舶管道，包括未來四年內僅訂購的三艘船舶，我們擁有充足的空間來繼續償還額外債務並恢復投資級槓桿指標，同時為我們自己提供向股東回報價值的空間。

And yet another opportunity that will help propel us forward is the exciting news Carnival Cruise Line announced just last week. In June of next year, Carnival will be launching a brand new and improved loyalty program.

嘉年華郵輪公司上週剛宣布的令人興奮的消息是另一個有助於推動我們前進的機會。明年 6 月，嘉年華將推出全新、改進的忠誠度計畫。

This will be an industry first, tying loyalty benefits and status to total spending on Carnival and spending on everyday purchases with Carnival's co-branded credit card rather than being based on the lifelong accumulation of day sales.

這將是業界首創，將忠誠度福利和地位與嘉年華的總支出以及使用嘉年華聯名信用卡的日常購物支出掛鉤，而不是基於終身累積的日銷售額。

David will speak to the financial impact. So I'll just add that we see this as an important tool for improving customer engagement and increasing customer lifetime value and a long term strategic differentiator for us. I would like to thank our team members, Ship & Shore, once again for the enthusiasm and commitment they exhibit, which enabled us to deliver happiness to almost 3.5 million guests this past quarter by providing them with extraordinary cruise vacations while honoring the integrity of every ocean we sail, place we visit, and life we touch.

大衛將談論財務影響。因此，我只想補充一點，我們認為這是提高客戶參與度、增加客戶終身價值的重要工具，也是我們長期策略差異化因素。我要再次感謝我們的團隊成員 Ship & Shore，感謝他們所展現出的熱情和承諾，這使我們能夠在過去的一個季度為近 350 萬名客人帶來快樂，為他們提供非凡的郵輪假期，同時尊重我們航行的每一片海洋、我們訪問的每一處地方和我們接觸的每一種生命的完整性。

It is their combined effort that has made a truly transformational change in this company inside of just two years. I would be remiss if I also didn't express my appreciation for all of the many supporters who contributed to this successful outcome.

正是他們的共同努力，使得這家公司在短短兩年內發生了真正的改變。如果我不向所有為這項成功結果做出貢獻的支持者表示感謝，那我就太失職了。

Thank you to our travel agent partners, destination partners, investors, and of course, our loyal guests. We could not have done this without all of you. While I'm incredibly proud of the great progress our teams have made in such a short amount of time, these results are nowhere near our end point.

感謝我們的旅行社合作夥伴、目的地合作夥伴、投資者，當然還有我們的忠實客人。如果沒有你們大家，我們就不可能做到這一點。雖然我為我們的團隊在如此短的時間內取得的巨大進步感到無比自豪，但這些成果遠遠沒有達到我們的最終目標。

The tailwinds and opportunities before us give us the potential for so much more.

我們面前的順風和機會賦予了我們更多潛力。

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

說完這些，我會把電話轉給大衛。

Thank you, Josh.

謝謝你，喬希。

I'll start today with a summary of our 2025 second quarter results. Next, I'll provide some color on our improved full year June guidance, as well as some key insights on our third quarter guidance. I will also explain the financial impact of Carnival Cruise Line's exciting new loyalty program, Carnival Rewards for 2026 and beyond.

今天我將先總結我們 2025 年第二季的業績。接下來，我將對我們改進後的 6 月全年業績指引提供一些說明，並對我們第三季業績指引提供一些重要見解。我還將解釋嘉年華郵輪公司令人興奮的新忠誠度計劃「嘉年華獎勵」對 2026 年及以後的財務影響。

And then finish up with an update on our efforts to rebuild our financial fortress through refinancing and deleveraging.

最後介紹我們透過再融資和去槓桿重建金融堡壘的努力。

Turning to the summary of our second quarter results. Net income exceeded March guidance by $185 million as we outperformed once again, achieving our highest ever second quarter operating results. The outperformance was essentially driven by five things.

回顧我們第二季的業績總結。淨收入超出三月預期 1.85 億美元，我們再次表現出色，實現了有史以來最高的第二季營運業績。這種優異表現主要由五件事推動。

First, favorability in revenue worth $84 million as yields came in up over 6.4% compared to the prior year, and that was on top of last year's robust 12% increase. This was 200 basis points better than March guidance driven by close-in strength in ticket prices and continued strong onboard spending.

首先，收益可觀，營收達到 8,400 萬美元，收益率與前一年相比成長超過 6.4%，而去年的增幅更是高達 12%。這比 3 月的指導價高出 200 個基點，這得益於機票價格的強勁上漲和機上消費的持續強勁。

The yield increase was the result of improvements on both sides of the Atlantic. The improvement in ticket prices was across all core programs. The improvement in onboard spending was broad-based, as all major categories of spending were meaningfully higher.

產量的增加是大西洋兩岸改進的結果。所有核心項目的票價都有所提高。船上支出的改善是全面的，所有主要支出類別均有顯著成長。

Second, cruise costs without fuel per available lower berth day or ALBD were up 3.5% compared to the prior year. This was also 200 basis points better than March guidance and was worth $56 million. The favorability in cost was driven by the timing of expenses between the quarters.

其次，不含燃油的每可用下舖天數或 ALBD 的遊輪成本與前一年相比上漲了 3.5%。這也比 3 月的指導價高出 200 個基點，價值 5,600 萬美元。成本的有利因素是由季度之間的支出時間所驅動的。

Third, favorability and fuel consumption and fuel mix was worth $18 million as our efforts and investments to continuously improve the energy efficiency of our operations, leveraging technology and best practices paid off once again.

第三，有利條件和燃料消耗及燃料組合價值 1,800 萬美元，因為我們的努力和投資不斷提高營運的能源效率，利用技術和最佳實踐再次獲得回報。

Fourth, interest income and expense favorability of $8 million was driven by higher interest income and an opportunistic debt pre-payment. And fifth, $15 million from the favorable net impact of currency and fuel price.

第四，800 萬美元的利息收入和支出優惠是由更高的利息收入和機會性債務提前償還所推動的。第五，貨幣和燃料價格的有利淨影響帶來 1500 萬美元。

Customer deposits at the end of the second quarter were at an all-time high, up over $250 million versus the prior year, despite the impact from our third quarter capacity decline of 2.4%.

儘管受到第三季運力下降 2.4% 的影響，但第二季末的客戶存款仍創歷史新高，比上年增長了 2.5 億美元以上。

Next, I will provide some color on our improved full year June guidance. June guidance net income of approximately $2.7 billion is a $200 million improvement over March guidance. The improvement was essentially driven by five things.

接下來，我將對我們改進後的六月全年業績指引提供一些說明。6 月指引淨收入約 27 億美元，比 3 月指引淨收入高出 2 億美元。這種改善主要由五件事推動。

First, our second quarter favorability and yield flowed through to the full year, improving our full year yield guidance by 30 basis points to 5% higher and strong 2024 levels which were up almost 11%. The total increase in full year revenue was over $100 million which included not only the flow through of the second quarter favorability in revenue, but also additional voyages that were added by Carnival Cruise Lines primarily in the fourth quarter as a result of the change in the dry dock schedule into 2026.

首先，我們第二季的有利因素和收益率延續到了全年，將全年收益率預期提高了 30 個基點，達到 5% 左右，2024 年的收益率水平也十分強勁，上漲了近 11%。全年總收入增加超過 1 億美元，這不僅包括第二季度收入的成長，還包括嘉年華郵輪公司主要在第四季度因乾船塢時間表變更至 2026 年而增加的額外航次。

These additional voyages improved June guidance net income. However, given the seasonality of our business and the late opening of the voyages added to the fourth quarter, these voyages tempered the full year positive yield impact by approximately one-tenth of a point, which is included in the full year yield guidance of 5%.

這些額外的航行提高了六月的指導淨收入。然而，考慮到我們業務的季節性以及第四季度新增航次的較晚開航，這些航次對全年的正收益影響大約降低了十分之一個百分點，這包含在全年收益預期 5% 中。

Second, cruise costs without fuel per ALBD are now expected to be up 3.6% compared to the prior year. This is two-tenth of a point better than March guidance. The improvement in this cost metric was driven by the increase in ALBDs as a result of the added voyages.

其次，預計每趟 ALBD 不含燃料的遊輪成本將比前一年上漲 3.6%。這比三月的預期高出十分之二。這項成本指標的改善是由於航程增加導致 ALBD 增加。

Even though we already have the industry leading cost structure, our teams will always keep looking for ways to further optimize our costs while continuing to improve the onboard experience for our guests. Third, favorability and fuel consumption and fuel mix from the second quarter is expected to continue throughout the second half and grow to approximately $30 million for the full year compared to March guidance.

儘管我們已經擁有業界領先的成本結構，但我們的團隊仍將始終尋找進一步優化成本的方法，同時繼續改善客人的機上體驗。第三，預計第二季的有利燃料消耗和燃料組合將持續整個下半年，與三月的指導相比，全年將成長至約 3,000 萬美元。

Fourth, favorability and interest income and expense from the second quarter is also expected to continue throughout the second half and grow to approximately $30 million for the full year compared to March guidance driven by our refinancing efforts during the second quarter.

第四，預計第二季的良好動能和利息收入及支出也將持續整個下半年，並在第二季再融資努力的推動下，與 3 月份的指導相比，全年將增長至約 3,000 萬美元。

And fifth, approximately $35 million from the favorable net impact of currency and fuel price. All of this results in $6.9 billion of EBITDA, a 13% improvement over 2024, virtually all of which is being driven by same store revenue growth as our capacity is only up 1% year over year.

第五，貨幣和燃料價格的有利淨影響帶來約 3,500 萬美元的收入。所有這些帶來了 69 億美元的 EBITDA，比 2024 年增長了 13%，幾乎全部是由同店收入增長推動的，因為我們的產能同比僅增長了 1%。

Next, I will provide some key insights on our third quarter guidance. As I previously indicated during the last two earnings calls, the third quarter cruise costs are expected to be higher than the full year increase. Third quarter cruise costs without fuel per ALBD are expected to be up to 7% compared to the prior year.

接下來，我將就我們第三季的指導提供一些重要見解。正如我之前在前兩次財報電話會議上所指出的，預計第三季的郵輪成本將高於全年的增幅。預計第三季每艘 ALBD 的遊輪成本（不含燃料）將比去年同期上漲 7%。

Four factors are driving nearly half the year over year increase. First, the introduction next month of our game-changing exclusive Caribbean destination Celebration Key. While we anticipate that Celebration Key will be a smash hit with our guests and provide an excellent return on our investment, operating expenses for the destination will impact our overall year-over-year cost comparisons.

四個因素推動了近一半的年成長。首先，我們將在下個月推出改變遊戲規則的獨家加勒比海目的地慶典鑰匙。雖然我們預計慶典鑰匙將受到客人的熱烈歡迎並為我們的投資帶來豐厚的回報，但該目的地的營運費用將影響我們整體的同比成本比較。

Second, 2024 benefited from one-time items that we mentioned last year, also impacting our year-over-year cost comparisons. Third, higher advertising expense, which we discussed on the December call. And fourth, lower third quarter capacity which results in spreading our fixed costs over fewer ALBDs.

其次，2024 年受惠於我們去年提到的一次性項目，這也影響了我們同比成本的比較。第三，廣告費用增加，我們在 12 月的電話會議上討論過這個問題。第四，第三季產能較低，導致我們的固定成本分攤到較少的 ALBD 上。

Now let me explain the financial impact of Carnival Cruise Line's exciting new loyalty program, Carnival Rewards on 2026 and beyond. As Josh described, this new program will start in June 2026, impacting results for the second half of 2026.

現在讓我解釋一下嘉年華郵輪公司令人興奮的新忠誠度計劃「嘉年華獎勵」對 2026 年及以後的財務影響。正如喬希所描述的，這項新計畫將於 2026 年 6 月啟動，對 2026 年下半年的業績產生影響。

While the program will be cash flow positive from day one, it does impact our yields and our P&L during the first couple of years. Accounting treatment for recognizing revenue requires a deferral of a portion of the ticket price paid by the guests, equal to the value of future program benefits earned.

雖然該計劃從第一天起就會產生正現金流，但它確實會影響我們頭幾年的收益和損益。確認收入的會計處理需要遞延客人支付的部分票價，而該部分金額等於未來獲得的項目收益的價值。

Over time, the redemption of benefits by guests will build, and so will the revenue recognized for delivering these benefits to the guests. We expect that it will take approximately two years for the revenue recognized each quarter from the benefits redeemed by guests to exceed deferred revenue of the portion of the ticket price paid for the future benefits.

隨著時間的推移，客人兌換的福利將會增加，向客人提供這些福利所確認的收入也會增加。我們預計，每季從客人兌換的福利中確認的收入需要大約兩年的時間才能超過為未來福利支付的票價部分的遞延收入。

Once this happens after approximately two years, the program will be accretive to our yields. As a result, the year-over-year impact on yields is expected to be about 0.5 point in 2026, a bit less in 2027, neutral for 2028, and turn positive thereafter.

大約兩年後，一旦實現這一目標，該計劃將會增加我們的收益。因此，預計 2026 年收益率的年比影響約為 0.5 個百分點，2027 年略低，2028 年為中性，此後轉為正值。

It should also be noted that we do not anticipate any meaningful impact on costs from the new loyalty program when compared to the current program. We look forward to building greater engagement with our guests because of the new exciting Carnival rewards program.

還應該注意的是，與現有計劃相比，我們預計新的忠誠度計劃不會對成本產生任何有意義的影響。我們期待透過令人興奮的嘉年華獎勵計劃與我們的客人建立更密切的聯繫。

Most airlines introduced similar types of loyalty programs many years ago. And we know how beneficial those programs turned out to be.

大多數航空公司多年前就推出了類似的忠誠度計畫。我們知道這些計劃有多有益。

Now I'll finish up with an update of our refinancing and deleveraging efforts. During the quarter, we prepaid $350 million of our $1.4 billion notes to 2026 and refinanced the remainder with senior unsecured notes due 2031.

現在我將介紹我們的再融資和去槓桿工作的最新進展。在本季度，我們預付了 2026 年到期的 14 億美元票據中的 3.5 億美元，並使用 2031 年到期的優先無擔保票據對剩餘部分進行再融資。

These transactions will reduce net interest expense by over $20 million through early 2026. We also upsized our euro denominated floating rate loan from EUR200 million to EUR300 million, extending its maturity and amending its margin at a favorable rate, resulting in an all-in interest rate of less than 4%.

到 2026 年初，這些交易將減少淨利息支出 2,000 多萬美元。我們還將以歐元計價的浮動利率貸款從 2 億歐元增加到 3 億歐元，延長了貸款期限，並以優惠利率調整了貸款保證金，最終使總利率低於 4%。

These transactions continued our efforts rebuilding an investment grade balance sheet. We have been working aggressively to reduce interest expense, simplify our capital structure, and manage our future debt maturities, refinancing nearly $7 billion of debt already this year at favorable rates.

這些交易延續了我們重建投資等級資產負債表的努力。我們一直在積極努力降低利息支出，簡化資本結構，並管理未來的債務到期日，今年已以優惠利率為近 70 億美元的債務進行再融資。

We are pleased that our efforts have been recognized with the recent credit rating upgrades. In fact, we now have only one notch to go to reach our investment grade rating with both S&P and Fitch. Over the last three months, we saw a marked improvement in our net debt to EBITDA ratio, going from 4.1 times at the end of the first quarter to 3.7 times as of the end of the second quarter.

我們很高興我們的努力得到了認可，最近的信用評級得到了提升。事實上，現在我們只需再提升一級就能達到標準普爾和惠譽的投資等級。在過去三個月中，我們的淨負債與 EBITDA 比率明顯改善，從第一季末的 4.1 倍上升至第二季末的 3.7 倍。

During the second half of 2025, we anticipate continuing to pay down debt. However, it will not impact net debt as we'll be utilizing cash already on the books. While we are guiding to improve the EBITDA in the second half of 2025, given the delivery of Star Princess later this year with its associated export credit, we expect our net debt to EBITDA ratio to remain flat at year end with second quarter.

2025 年下半年，我們預計將繼續償還債務。然而，這不會影響淨債務，因為我們將利用帳面上已有的現金。雖然我們預計 2025 年下半年 EBITDA 將有所提高，但考慮到「星際公主號」將於今年稍後交付並提供相關出口信貸，我們預計年底淨債務與 EBITDA 比率將與第二季度持平。

Earlier this month, we extended and upsized our revolver capacity by 50% to $4.5 billion on more favorable terms, meaningfully enhancing our liquidity. With this in hand and coupled with our well managed near term maturity towers through 2026, we expect to opportunistically accelerate our debt reduction efforts during the remainder of 2025 and 2026, executing the rest of our current refinancing plan.

本月初，我們以更優惠的條件將循環信貸額度擴大了 50%，達到 45 億美元，顯著增強了我們的流動性。有了這些，再加上我們管理良好的 2026 年短期到期債務，我們預計將在 2025 年剩餘時間和 2026 年期間抓住機會加快我們的債務削減力度，執行我們當前再融資計劃的剩餘部分。

Looking forward, we expect our leverage metrics to continue to improve as our EBITDA continues to grow and our debt levels continue to shrink, increasing our confidence in achieving investment-grade leverage metrics in the not too distant future as we move further down the road, rebuilding our financial fortress while continuing the process of transferring value from debt holders back to shareholders.

展望未來，隨著 EBITDA 的持續成長和債務水準的持續下降，我們預計我們的槓桿指標將繼續改善，這增強了我們在不久的將來實現投資等級槓桿指標的信心，因為我們將進一步向前邁進，重建我們的財務堡壘，同時繼續將價值從債權人轉移回股東。

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

接線員，現在讓我們開始提問。

(Operator Instructions)

（操作員指示）

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

Congrats on the phenomenal quarter.

恭喜本季取得非凡成績。

So maybe, so Josh, maybe could you speak to improvements in product and experience so far that you think is translating to today's above plan pricing and and onboard spend and maybe how best to think about the incremental opportunity that may be tied to the laundry list of additional drivers you cited?

那麼，喬希，也許您能談談迄今為止產品和體驗方面的改進嗎？您認為這些改進轉化為了今天的高於計劃的定價和車內支出，也許您能最好地考慮可能與您提到的額外驅動因素清單相關的增量機會？

You talked about continued fleet improvements. You talked about the launch of private islands exiting this year and also loyalty. So maybe just the incremental opportunity or maybe where we stand in terms of innings relative to what you've already done.

您談到了持續改進艦隊。您談到了今年推出的私人島嶼以及忠誠度計劃。因此，這可能只是增量機會，或相對於您已經完成的工作，我們在局數方面的位置。

Sure. We've been talking about this for a few years now at this point, really when we look at what the teams have done across the commercial space, they've been making, step by step improvements in pretty much all way for the business, and when it comes to onboard experience and Prada.

當然。到目前為止，我們已經談論這個問題好幾年了，實際上，當我們看看團隊在商業領域所做的事情時，他們幾乎在各個業務方面都在逐步改進，尤其是在機上體驗和普拉達方面。

That's the one I've always talked about the least in this context because they're always on their game, right? Nothing is going to be from my perspective about recreation. Really it's going to be about innovation step by step responding to the guests that they are targeting, and it's small incremental things that make us, have this improved profile on board every single quarter.

這是我在這個背景下最少談論的一個，因為他們總是在玩遊戲，對吧？從我的角度來看，沒有什麼與娛樂有關。實際上，這將是一步步的創新，以響應他們的目標客戶，而這些小的漸進的事情使我們在每個季度都有這種改進的形象。

And they're not necessarily exciting in the eyes of lots of folks, but the way that Holland America, for example, understands its guests really lean into the concept of fresh seafood as an integral part of their cruise experience and being able to source locally fresh and be able to champion that and make that part of the experience.

在許多人眼中，它們不一定令人興奮，但例如，荷美郵輪公司就了解，其客人確實傾向於將新鮮海鮮作為其郵輪體驗不可或缺的一部分，能夠採購當地新鮮海鮮，並能夠倡導這一點，使其成為體驗的一部分。

Little things like that go a long way and all of our brands do that all the time. Now on top of that, we obviously do take opportunities to make some investments in the assets themselves. We've talked about AIDA evolution.

像這樣的小事會產生很大的影響，我們所有的品牌一直都是這樣做的。除此之外，我們顯然會抓住機會對資產本身進行一些投資。我們已經討論過 AIDA 的演變。

And as you heard me talk about in my notes, it's exceeded our expectations when it comes to the returns that it's generating. So this is business as usual as far as I'm concerned, and that will continue well into the future.

正如您在我的筆記中聽到的，它產生的回報超出了我們的預期。所以就我而言，這是正常的業務，這種情況將持續到未來。

As far as looking forward, I'd say we're still in the early innings, right? Celebration Key doesn't exist yet. We have another month before that happens, and there's lots more in the pipeline, some of which we've already talked about, other things we've not, which doesn't mean it's huge incremental investments the size of Celebration Key.

就展望未來而言，我想說我們仍處於初期階段，對嗎？慶典密鑰尚不存在。距離這個目標實現還有一個月的時間，我們還在籌備更多的項目，其中一些我們已經討論過了，其他一些我們還沒有討論，但這並不意味著我們需要像 Celebration Key 這樣規模巨大的增量投資。

But things that we can do to make our experiences and products on the land side even better. We look forward to talking about over time.

但我們可以做一些事情來讓我們在陸地上的體驗和產品變得更好。我們期待著隨著時間的推移進行討論。

And then maybe Josh on the bottom line, how best to think about the margin opportunity, which I think you cited as so much more from here with the last two quarters now exceeding 2019, and I think you've made it clear that you don't see 2019 as a ceiling.

然後也許喬希 (Josh) 會問底線問題，如何最好地考慮利潤機會，我認為您從這裡引用了更多內容，因為過去兩個季度已經超過了 2019 年，而且我認為您已經明確表示，您不認為 2019 年是上限。

Right. No. I mean highest in 20 years, right, so we feel good about that trajectory from our perspective, it's maintaining our low cost industry leadership status while continuing to focus on driving incremental revenue.

正確的。不。我的意思是這是 20 年來的最高水平，對吧，所以從我們的角度來看，我們對這一軌跡感到滿意，它保持了我們的低成本行業領導地位，同時繼續專注於推動增量收入。

I mean it is as simple as that, and the incremental revenue is flowing to the bottom line, and that's exactly where the teams have been focused, and we can do both. We can chew gum and walk and we can manage our costs and increase revenue, which is what you've been seeing.

我的意思是就這麼簡單，增量收入流向了底線，這正是團隊一直關注的重點，我們可以同時做到這兩點。我們可以一邊嚼口香糖一邊走路，我們可以控製成本並增加收入，這就是你們所看到的。

Best of luck.

祝你好運。

Ben Chaiken, Mizuho Securities.

瑞穗證券的 Ben Chaiken。

Maybe you could provide some color on pricing for celebration key, itineraries. Is this asset getting a premium today or is it too early? And then related, what plans do you have to market the destination? Like, do you anticipate putting marketing dollars behind the project or this stay more word of mouth for the time being and then one follow up.

也許您可以提供一些有關慶祝活動關鍵行程的定價資訊。該資產今天是否獲得溢價，或現在是否為時過早？那麼，您有什麼計劃來推銷這個目的地呢？例如，您是否預計在該專案上投入行銷資金，或暫時先進行口耳相傳，然後再進行後續跟進。

So we are seeing a premium. It's in line with what our expectations were. So everything's proceeding exactly as we had anticipated it to be with respect to marketing dollars, we have been. We have been putting marketing dollars and shifting marketing dollars to really lean into Celebration Key.

所以我們看到了溢價。這符合我們的預期。所以，就行銷費用而言，一切都按照我們預期的那樣進行。我們一直在投入行銷資金並轉移行銷資金以真正支持 Celebration Key。

And I think that's why it's one of the most sought after destinations, even though it doesn't take people yet and we need one more month before that happens. So there's more to come on that, and there's more that we'll be doing in shifting the marketing spend so that we can leverage the same type of enthusiasm for the other things that we've got in the works like the expansion for RelaxAway, which is going to be another wind at our backs, so to speak, as we get into 2026 and beyond.

我認為這就是為什麼它成為最受歡迎的目的地之一，儘管它尚未開始接待遊客，而且我們還需要一個月的時間才能實現這一目標。因此，我們也會採取更多措施，並增加行銷支出的投入，以便能夠將同樣的熱情用於我們正在進行的其他工作，例如 RelaxAway 的擴張，可以說，隨著我們進入 2026 年及以後，這將成為我們的另一股強勁動力。

I guess the essence of the marketing question was just that I would imagine it's difficult to market it too much prior to there being bodies there, but totally appreciate kind of where you're coming from. And then on the loyalty program announcement, is this potentially a gateway to more of a book direct push or is it more about people just keeping customers in the network?

我想行銷問題的本質是，我認為在有實體存在之前很難進行過多的行銷，但我完全理解你的想法。那麼，關於忠誠度計畫的公告，這是否有可能成為更多書籍直接推銷的途徑，還是只是為了讓客戶留在網路中？

Curious how you think about the benefits. Obviously, David walked us through some of the yield impacts over the next couple of years. Thanks.

好奇您如何看待這些好處。顯然，大衛向我們介紹了未來幾年的一些收益影響。謝謝。

Sure. No. Definitely not a push to go more direct. Bookings with our travel agents will get the same benefit for the guests and for the trade that they always would. So we think that this is a great avenue for increased business and loyalty and engagement not only directly with us, but there are valuable trade partners as well.

當然。不。絕對不會推動更直接的行動。透過我們的旅行社預訂，客人和交易將獲得與以往相同的優惠。因此，我們認為這是增加業務、忠誠度和參與度的絕佳途徑，不僅可以直接與我們合作，還可以建立有價值的貿易夥伴。

Steve Wieczynski, Stifel.

史蒂費爾公司的史蒂夫‧維辛斯基 (Steve Wieczynski)。

Congrats. Josh, on the second quarter and outlook here. So Josh, since we heard from you guys back in March, obviously, there's a lot, that's been going on out in the world. But maybe wondering if, you can kind of walk us through kind of how those last three months look from a booking perspective.

恭喜。喬希，這裡是關於第二季度和前景的。喬希，自從我們三月聽到你們的消息以來，顯然世界上發生了很多事情。但也許您想知道，您是否可以從預訂的角度向我們介紹過去三個月的情況。

Just that I think what we're trying to figure out here where, whether there stronger months versus softer months or have bookings been pretty much status quo status quo across, geographies and sourcing and maybe also wondering how the bookings have looked, more recently, with all the noise out in the marketplace around Iran, Israel, and all that stuff you noted in your prepared remarks.

我認為，我們在這裡試圖弄清楚的是，是否有強勁的月份和疲軟的月份，或者各個地區和採購的預訂情況是否基本保持現狀，也許還想知道最近伊朗、以色列等市場上的噪音以及您在準備好的評論中提到的所有內容，預訂情況如何。

Sure. Steve. So yeah, no, we definitely saw more volatility in the month of April that probably should not be expected, so that took a dip versus where we were in the trajectory in March, but May nicely better than April, and the first couple of weeks of June nicely better than May. So we'll we'll keep responding into a very tricky environment.

當然。史蒂夫。所以，是的，不，我們確實在 4 月份看到了更多波動，這可能是我們不應該預料到的，所以與 3 月份的軌跡相比有所下降，但 5 月份比 4 月份好得多，6 月份的前幾周也比 5 月份好得多。因此，我們將繼續應對非常棘手的環境。

And then, Josh, as we think about the back half of the year, I mean, I think in your presentation, it said you're 93% booked for 2025. And if we think about, you guys have actually, you've exceeded your first and second quarter of guidance.

然後，喬希，當我們考慮下半年時，我的意思是，我認為在你的演示中，它說你已經為 2025 年預訂了 93%。如果我們想想，你們實際上已經超越了第一季和第二季的預期。

And that was pretty much driven by stronger close in pricing and onboard trends. So Josh, I guess I'm guessing as we think about the last two quarters, should we be thinking that, there probably won't be as much potential upside to your revised guidance given.

這很大程度上是由更強勁的定價和入職趨勢所推動的。所以喬希，我想當我們考慮過去兩個季度時，我們是否應該考慮，你所給出的修訂後的指導可能不會有那麼大的潛在上升空間。

Not as much close in pricing is left, and then the real driver of yield out performance for the last six months is, essentially just the onboard spend. Is that kind of the right way to think about the next two quarters?

剩下的定價並不多，而過去六個月收益表現的真正驅動力基本上只是船上支出。這是思考接下來兩個季度的正確方式嗎？

Well, I mean, I think I'll answer maybe at a little bit of a higher level, which is, I think it's fair to say, the upside that we thought we'd have in December for the back half of the year is not is not at the same place and hopefully people would expect that because the world over the last five, six months has taken some turns and turns that nobody expected.

嗯，我的意思是，我想我可能會從更高的層面來回答，也就是說，我認為可以公平地說，我們預計 12 月下半年會出現的上漲趨勢，但情況並非如此，希望人們能夠預料到這一點，因為過去五、六個月來，世界發生了一些誰也想不到的轉變。

We talked about before, in the grand scheme of things, a lot of times what happens is there's just a reflection for a lot of consumers about what does this mean for me internalizing it, figuring it out, and then moving forward with their plans, and that's all well and good, and that's part of the process when these types of things occur.

我們之前討論過，從總體上看，很多時候發生的事情是，很多消費者只是在反思這對我意味著什麼，將其內化，弄清楚，然後推進他們的計劃，這一切都很好，這是這類事情發生時過程的一部分。

The issue is, there's just been a lot in the first half, a lot of those points in time, and I think the team's been doing an amazing. Job of delivering not only the actuals that you see in the first couple of quarters but just continuing to figure out how to navigate the yield curve and how we manage our revenue in this environment.

問題是，上半場發生了很多事情，在很多時間點，我認為球隊表現非常出色。我們的任務不僅是實現前幾季的實際情況，還要繼續研究如何駕馭殖利率曲線以及如何在這種環境下管理我們的收入。

So definitely, not saying there's not upside. We're always going to, strive to meet and exceed guidance, but yeah, no, definitely not the same same view of the upside as we had in December.

所以，絕對不是說沒有好處。我們將始終努力達到並超越指導目標，但是，對上行趨勢的看法絕對不會與 12 月時相同。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great, yeah, sort of similarly thinking about the second half of the year. Can you characterize a little bit how demand for Europe is in Q3, and then just thinking about, totally understand your comments about, what's going on in the world, impacting bookings and also it seems like you, maybe have less left to sell anyway, for the second half.

太好了，是的，我對下半年也有類似的想法。您能否稍微描述一下第三季度歐洲的需求情況，然後想想，完全理解您的評論，世界上正在發生的事情對預訂量有何影響，而且看起來，下半年可能剩下的銷售量會減少。

But in terms of, on board revenues, that's a little bit closer and it seems like that came in well despite, kind of volatility and geopolitical events that people were still spending when they got on board. So does it seem reasonable that the onboard piece that there's maybe some upside potential in the second half from that and perfectly understand you may not want to bake it into your guidance today.

但就船上收入而言，這稍微接近一點，儘管存在某種波動和地緣政治事件，但人們在登船時仍然會消費，這似乎進展得很好。那麼，董事會認為下半年可能存在一些上行潛力，這是否合理，並且完全理解您可能不想將其納入今天的指導中。

But it sounds like the onboard spend did kind of continue through the period of volatility is that just trying to characterize that thanks.

但聽起來船上支出確實在波動期間持續成長，我只是試著描述這一點，謝謝。

So we clearly said one question a follow up, but since it's you, so your Q3 is is looking great, so, nothing but good things to talk about there, with respect to on board, I say, we all performed as David I think said is is. I can't even remember, David.

所以我們明確地說了一個問題需要跟進，但既然是你，那麼你的第三季度看起來很棒，所以，除了好事之外，就船上而言，我想，我們都表現得像大衛說的那樣。我甚至不記得了，大衛。

We have performed on both the passenger revenue and the on board was really quite strong throughout the month throughout the quarter. And so far what we've seen in the first couple of weeks of June is that's continued.

整個季度，我們的客運收入和機上收入表現都非常強勁。到目前為止，我們在六月的前幾週看到的情況是，這種情況仍在繼續。

You know what the guidance that we gave is is is based on, what we want to be able to achieve on both the ticket and the onboard side, so it's it's in there, as I said, we always want to outperform, but that's the guidance that we've given.

您知道我們給出的指導是基於我們希望在票務和機上方面實現的目標，所以它就在那裡，正如我所說的，我們總是希望表現得更好，但這就是我們給出的指導。

I guess I already have my follow up so maybe just one thought David thank you Rob. But just if I could just mention with no, not a question, just a suggestion that when they just talking about the impact of the rewards program next year that just that maybe next year in the first year of the program it might be helpful.

我想我已經有後續行動了，所以也許只有一個想法，大衛，謝謝你羅布。但是如果我可以不問問題而只是提出建議的話，當他們談論明年獎勵計劃的影響時，也許明年是該計劃的第一年，它可能會有所幫助。

For all of us if you kind of break out what the yield would have been if under the old accounting, just so we can see whether if it's 50 basis points, if it's more, if it's less, just that might be helpful in the first year. So just one, just that thought no no follow-up question.

對於我們所有人來說，如果您能弄清楚按照舊會計方法計算的收益率是多少，我們就能知道它是 50 個基點，還是更多，還是更少，這可能會對第一年有所幫助。所以只有一個，只是這個想法，沒有後續問題。

They're happy to do that when the time comes in the back here for '26.

當 26 年到來時，他們很樂意這樣做。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Congrats on the quarter. The first question is on the consumer, Josh, the lower income consumer we're seeing some struggle in that segment across other travel verticals, but we, we've seen that for the last two years, and you guys have done really well throughout that.

恭喜本季取得佳績。第一個問題是關於消費者的，喬希，我們看到其他旅遊垂直領域的低收入消費者在這一領域遇到了一些困難，但我們在過去兩年裡已經看到了這一點，而你們在這方面做得非常好。

I just I want to get your thoughts on. Geopolitical events aside, if that consumer feels different today, right now, this year, first half, whatever you want to kind of talk about versus last year or the year before, if you think you can kind of keep sort of, knocking the ball off the cover with that consumer if that's if they're sort of accumulating a struggle, that's going to start showing up.

我只是想聽聽你的想法。拋開地緣政治事件，如果消費者今天、現在、今年上半年，無論你想談論什麼與去年或前年相比有什麼不同，如果你認為你可以繼續與消費者展開激烈競爭，如果他們正在積累鬥爭，鬥爭就會開始顯現。

Sure. So we haven't seen anything that's really showing us a differentiation and patterns between the, lower end consumer and those that are looking for the premium or even the luxury, so nothing in particular to speak of.

當然。因此，我們還沒有看到任何真正向我們展示低端消費者和尋求高端甚至奢侈品的消費者之間的差異和模式的東西，所以沒有什麼特別值得一提的。

I go back to what I what I said a lot, which a lot of people say is we are an incredibly stupid value when it comes to the alternatives and when people are looking to take vacation because they do, we hold up really well and and the lower down you come in in income, the more important that becomes. Because they have to make their dollars really earn earn on their vacation, and that's what we try to do for everybody.

我回到我常說的話，很多人說，當談到替代方案時，我們的價值觀非常愚蠢，當人們因為需要休假而想休假時，我們會堅持下去，而且你的收入越低，這一點就越重要。因為他們必須讓自己的錢在假期中真正賺錢，而這正是我們努力為每個人做到的。

And then just a second, or another go at the second half here just looking at the implied guidance and the cadence, it does look like the fourth quarter implied guide is higher than the third quarter, we know that that and we know in the third quarter is is obviously below the last couple quarters run rate growth and so if if Europe's not softer or there's anything to say there then is it fair to say that the fourth quarter just has a sequential lift implied from the ramping up of the island or is there sort of anything else in there that we could maybe highlight?

然後等一下，或者再看一下下半年的隱含指引和節奏，看起來第四季度的隱含指引確實高於第三季度，我們知道這一點，而且我們知道第三季度的隱含指引明顯低於前幾個季度的運行率增長，所以如果歐洲經濟沒有走弱或者有什麼可說的，那麼是否可以公平地說，第四季度只是由於島嶼經濟的增加而出現了連續的提升，或者還有其他什麼季度我們可以強調的？

Yeah. Certainly Celebration Key is helpful in our portfolio, so we're happy about that, but taking a step back from percentages, when you look at actual dollars, the increases that we're forecasting because Q3 is seasonally higher as a base, they're each $8 higher year over year, so.

是的。當然，Celebration Key 對我們的投資組合很有幫助，所以我們對此感到高興，但是，拋開百分比不談，當你看實際美元時，我們預測的增長是因為第三季度作為季節性基數較高，所以它們每年都比去年同期高出 8 美元。

Congrats on the quarter.

恭喜本季取得佳績。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Congrats on another strong quarter here. So Josh, you talked about, a little bit of weakness in April followed by a pickup in from April to May and then from May to June. I wanted to sort of connect that to the booking commentary, for 2026. I think, I think, coming out of Q1, we were ahead in terms of bookings, and we're in line now.

恭喜本季又取得強勁業績。喬希，您剛才提到，四月經濟略顯疲軟，但四月至五月又有所回升，五月至六月又有所回升。我想將其與 2026 年的預訂評論聯繫起來。我認為，我認為，從第一季開始，我們在預訂量方面處於領先地位，現在我們也處於領先地位。

So the narrative ultimately be that that you saw a little bit of a lull in. Booking demand, but that you held strong on pricing throughout, just given the fact that you've got a lot of time obviously to fill out that order book, or maybe I'm connecting dots that it shouldn't be connected.

因此，最終的敘述是，你看到了一點平靜。預訂需求，但你始終堅持定價，只是因為你顯然有很多時間來填寫訂單，或者也許我正在連接不應該連接的點。

Yeah. No, I think more generally, excuse me, I agree, we don't have to panic and we don't have to do silly things, so volatility comes and it goes and like I said, our teams are managing the curve and trying to do the right things and staying ahead of the game.

是的。不，我認為更普遍的是，對不起，我同意，我們不必驚慌，也不必做傻事，所以波動來來去去，就像我說的，我們的團隊正在管理曲線，努力做正確的事情，保持領先地位。

And then I mean you talked about upop how it's way too early to really anticipate sort of sort of the Middle East conflict and how it might impact your business, but just based on where things are happening, right? This isn't.

然後我的意思是，您談到現在預測中東衝突以及它將如何影響您的業務還為時過早，但只是基於事態的發展，對嗎？這不是。

New, at least in terms of having to take, that part of the world off the board, right, going back to the Israel Gaza conflict. Do you anticipate where we sit today having to meaningfully change any itinerary?

新的，至少在必須把那個部分從棋盤上拿下來這一點上，對吧，回到以色列加薩衝突。您是否預期我們今天所處的情況將需要對行程做出重大改變？

Crystal balls are nice, but, we really only have a couple of ships at the very end of this year and for the winter a few months into 2026 that would that would potentially have their itineraries impacting, and that's because they go and base themselves out of Dubai and we're obviously we have mitigation plans and we're looking at this and we'll make the right decision at the right time.

水晶球很棒，但是，我們在今年年底實際上只有幾艘船，而 2026 年冬天的幾個月可能會對他們的行程產生影響，那是因為他們將以迪拜為基地，我們顯然有緩解計劃，我們正在研究這個問題，我們將在正確的時間做出正確的決定。

But we already avoid the Red Sea, as so and when it comes to things like world cruises and exotic cruises, we really have no exposure in this area through the end of 2026. So we'll say it's going to be paramount and it always is, so we'll make the right decision as we understand what the lay of the land looks like.

但我們已經避開了紅海，因此，當談到世界巡遊和異國巡遊等時，到 2026 年底，我們實際上還沒有涉足這一領域。所以我們會說這將是至關重要的，而且它永遠都是如此，因此當我們了解地形時，我們會做出正確的決定。

Conor Cunningham, Melius Research.

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

Just on the 3Q cost guide, there's a couple things in there that I wanted to just understand a little better. I think you talked a little bit. I think you talked about 200 basis points of timing related stuff that shifted from 2 to 3Q.

僅在第三季成本指南中，我就想更了解其中的幾件事。我覺得你已經說了一點了。我認為您談到了從第二季到第三季轉變的 200 個基點的時間相關內容。

And then you mentioned Celebration Key. Could you just, give a number on Celebration Key, what that headwind is, and I'm just trying to, it's more for '26 as that kind of normalizes throughout the as it matures and whatnot.

然後你提到了 Celebration Key。您能否給出 Celebration Key 的一個數字，即逆風是什麼，我只是想說，這更像是 26 年的情況，因為隨著它逐漸成熟等等，這種情況會逐漸正常化。

Sure. So the four factors that I included it was about half of the increase, and the total increase is 7%. Celebration Key I had mentioned was about a half point impact for the full year, so it's about a full point for the back half of the year in each of the third and the fourth quarter.

當然。因此，我所考慮的四個因素約佔增幅的一半，總增幅為 7%。我之前提到的慶典關鍵因素對全年的影響約為半個百分點，因此對下半年（第三季和第四季）的影響約為整整一個百分點。

I didn't say it was 200 basis points for the one-time benefits from last year, it's just that we had mentioned it, but it's about a point in the third quarter for that particular item. So a point for Celebration Key, a point for the one time benefit, and the advertising and the the lower capacity was probably worth between the two a little over a point.

我並沒有說這是去年一次性福利的 200 個基點，只是我們提到過，但對於該特定項目來說，這是第三季的一個基點。因此，慶祝鑰匙的一分、一次性福利的一分、廣告和較低容量之間的價值可能略高於一分。

And then just on loyalty, I don't know how much you want to talk about this, but you mentioned the airlines, and how they've benefited from that. When most companies talk about it, they talk a lot about the marketing component related to the credit card, agreements that they have as well that are tied to it. I mean, I think you extended your credit relationship with Barclays in 2022.

然後就忠誠度而言，我不知道您想談論多少，但您提到了航空公司，以及他們如何從中受益。大多數公司在談論信用卡時，都會談論很多與信用卡相關的行銷部分以及與之相關的協議。我的意思是，我認為您在 2022 年延長了與巴克萊銀行的信貸關係。

When does that expire and just if, do you have any details around how many people actually have the card today?

該卡什麼時候到期？如果到期，您是否知道目前有多少人擁有該卡？

I'm sorry, you said you want to know how the credit card? Yeah, so basically you mentioned the airlines and I'm just trying to make the parallel because they talk.

對不起，您說您想知道如何使用信用卡？是的，基本上你提到了航空公司，我只是想進行類比，因為他們在談論。

I mean the numbers there are huge and so just like how many people actually have the card, what percentage of, marketing revenue of your overall revenue you get from the marketing component from the credit card just any any details there I think would be really helpful.

我的意思是，那裡的數字非常龐大，所以就像有多少人真正擁有這張卡，從信用卡的營銷部分獲得的營銷收入佔總收入的百分之多少，任何細節我認為都會非常有幫助。

So not give specifics just from a competitive standpoint, but I would say that the existing program that we have for loyalty is disassociated with our co-branded credit card from Carnival, and several of our other brands have the same thing, and that's a very successful program of itself, the benefit of the new program, one of the benefits is there's a distinct tie between the two, which does not mean you need a credit card, a carnival credit card to be able to enjoy being part of the loyalty program.

因此，僅從競爭的角度來說，我不會給出具體細節，但我想說，我們現有的忠誠度計劃與嘉年華的聯名信用卡是分開的，我們的其他幾個品牌也有同樣的計劃，這本身就是一個非常成功的計劃，新計劃的好處是，其中一個好處是兩者之間有明顯的聯繫，這並不意味著你需要一張信用卡，一張計劃的樂趣。

But having the card will supercharge your ability to generate points, generate status. And we'll be talking more about that by the time we get to the end of the year just from a consumer standpoint about exactly how all of it will work, but we, the card is a great part of this and so the card will be part of this for the foreseeable future.

但是擁有這張卡將增強您產生積分、產生地位的能力。到今年年底，我們將從消費者的角度更多地討論這個問題，確切地說這一切將如何運作，但我們認為，這張卡是其中很重要的一部分，因此在可預見的未來，這張卡仍將是其中的一部分。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

I wanted to just dig a little deeper on the ship sail, if you don't mind. I see, I think you've given us the gain but not sort of what the amount or any color around a multiple on what that would be. And any thoughts around that strategically and do you look at these as sort of a recycling exercise, that could potentially grow over time.

如果您不介意的話，我想更深入地了解一下船帆。我明白了，我想您已經告訴我們了收益，但沒有告訴我們收益的具體金額或倍數。您對此有何戰略思考？您是否將其視為回收活動，並希望其能夠隨著時間的推移而不斷增長。

Yes. So we had sold the costa Fortuna and we announced that in the second quarter and then the first quarter was the ship that was sold we talked about both. Previously, in the case of the Costa Fortuna, I mean, we have sold many ships over time, and this is really just in the normal course of revitalization of our fleet as we move forward.

是的。因此，我們出售了 Costa Fortuna 號，並在第二季度宣佈出售，然後第一季度又出售了這艘船，我們對這兩件事都進行了討論。之前，就 Costa Fortuna 號而言，我的意思是，我們隨著時間的推移已經出售了許多艘船，這實際上只是我們前進過程中船隊振興的正常過程。

Over time his ships do get older, we will sell them to other parties. We do not feel that those parties come back to compete against us because they are generally in different marketplaces with different brands.

隨著時間的流逝，他的船確實變老了，我們會將它們賣給其他人。我們不認為這些方會回來與我們競爭，因為他們通常在不同的市場上擁有不同的品牌。

And these are opportunities are opportunistic. Yeah, I'm sorry, these are, it was opportunistic. People came to us looking for shifts and give us prices that we thought is the best long term interests of the company.

這些都是機會。是的，我很抱歉，這些都是機會主義的。人們來找我們尋求輪班，並提供我們認為最符合公司長期利益的價格。

And so we made the decision. It doesn't impact Costa's capacity when it comes to its main markets of Europe because it's going to be taking the one ship that it had that was doing a lot of charter business in Asia and Korea and Taiwan and Japan, and we're going to be moving that back to Europe, which is slightly bigger, so it's actually going to be increasing its capacity in Europe, which is a great time for cost as well.

因此我們做出了這個決定。這不會影響 Costa 在其歐洲主要市場的運力，因為它將把在亞洲、韓國、台灣和日本從事大量租船業務的一艘船遷回規模稍大的歐洲，因此它實際上將增加在歐洲的運力，這對於成本來說也是一個好時機。

Sorry for cutting in, but I wanted to see if we might be able to get some color on the multiples, or evaluations or, any perspective at all on what those ships sold for.

抱歉打斷我，但我想看看我們是否可以了解這些船的倍數、估價或任何關於這些船的售價的看法。

Well, it was nicely overbooked value and we'll just leave it at that.

好吧，這已經是超出預訂的價值了，我們就到此為止。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

I wanted to ask more about the loyalty program so I understand the deferral of revenue, but I'm also curious. It seems as if this would also kind of goose onboard spending quite a bit if if passengers are getting rewarded for total spend. So how do we think about kind of a partial offset there in terms of onboard spend potentially accelerating and will passengers actually have kind of real-time tracking of their spending on board towards points and how are you going to use data to kind of facilitate all of that on board?

我想詢問更多有關忠誠度計劃的問題，以便我了解收入的延期，但我也很好奇。如果乘客根據總消費獲得獎勵，似乎也會大大增加機上消費。那麼，我們如何看待機上消費可能加速的部分抵消，乘客是否真的可以即時追蹤他們在機上的消費以獲取積分，以及如何使用數據來促進機上的所有這些？

Yeah, so that's a great question. So as far as will it cannibalize onboard spending? No, the answer is no. We do not believe that that was. Oh no.

是的，這是一個很好的問題。那麼它會蠶食船上消費嗎？不，答案是否定的。我們不相信那是事實。哦不。

I thought I thought maybe it would boost onboard spending.

我認為它也許會增加船上消費。

Yeah, so you know we think the engagement and the ability to earn points through spend is a great thing. So you know it's kind of like Celebration Key. This doesn't start for a year, so we'll talk a lot more once the program is in place and we can talk about, what what it is that we're seeing.

是的，所以你知道我們認為參與度和透過消費賺取積分的能力是一件很棒的事情。所以你知道它有點像慶典鑰匙。這項工作要一年後才開始，因此，一旦專案到位，我們就可以進行更多討論，討論我們所看到的情況。

But the whole goal of this look. At the end of the day, Carnival Cruise Line is an incredibly successful brand that's got a great base of loyal gass and so much so that it's just hard. It's hard to be able to provide operationally all the things that we'd like to provide because it's just too many folks with the loyalty tiers on our ships, and that's that's a good problem to have, but it is a problem.

但整個外觀的目標都是如此。總而言之，嘉年華郵輪公司是一個非常成功的品牌，擁有大量忠實的郵輪乘客，因此很難做到這一點。我們很難在營運上提供我們想要提供的所有東西，因為我們船上有太多忠誠度等級的人，這是一個好問題，但這確實是一個問題。

We want to make sure that we're delivering great experiences. For our loyal guests. So this is a way to be able to address that, stay engaged with our guests, and hopefully they'll see the benefits as the program gets rolled out and really lean into it.

我們希望確保提供出色的體驗。獻給我們忠實的客人。因此，這是一種解決這個問題的方法，與我們的客人保持聯繫，希望他們能夠在計劃推出時看到好處並真正傾向於它。

Can I ask a follow up, Josh? I think about a year ago, you talked about about 35% of onboard being pre-booked. Can you give us an update on where that stands today?

我可以問一個後續問題嗎，喬希？我記得大約一年前，您談到大約 35% 的機上座位是預訂的。能向我們介紹一下目前的情況嗎？

Yeah, it's more or less the same. It's a little bit higher, but it's more or less there. We don't, and I've said this before, we don't have a particular target in mind. What we're looking to do is provide our guests with lots of different ways and alternatives to be able to spend on their vacation with us.

是的，差不多一樣。雖然稍微高了一點，但差不多就在那裡。我們沒有，我之前就說過，我們心中沒有特定的目標。我們希望為客人提供多種不同的方式和選擇，讓他們能夠與我們一起度假。

And we're doing that through. Bundles we're doing that through packages we're doing that through targeted offers and of course spending on board in real time while you're there. So as long as we keep seeing progress, it's obviously all flowing into the onboard spending numbers that we talk about and report on which are consistently going up quarter over quarter, and we expect that to continue.

我們正在這樣做。我們透過套餐來實現捆綁服務，我們透過有針對性的優惠來實現捆綁服務，當然，您還可以在船上即時消費。因此，只要我們繼續看到進展，顯然所有這些都會流入我們所談論和報告的機上支出數字，而這些數字正在逐季度持續上升，我們預計這種情況將持續下去。

[Jian Xu, BNP Paribas]

[徐健，法國巴黎銀行]

I wanted to ask a little bit more about RelaxAway and Ela Tropicana. I think Half Moon at about 900,000 visitors in Mahogany Bay, about 500,000 previously. Can you talk about maybe the opportunity you see for those islands and how big they could get with the expansion?

我想進一步詢問有關 RelaxAway 和 Ela Tropicana 的問題。我認為半月節期間 Mahogany Bay 的遊客數量約為 90 萬，之前約為 50 萬。您能否談談這些島嶼可能帶來的機會以及擴張後它們可以變得多大？

Well, with respect to with respect to relax away, the output can be significantly higher than the 900,000 can certainly double and more because in today's world there's one shift that tenders and that's pretty much the extent of the operations.

好吧，就放鬆而言，產量可以大大高於 900,000，肯定可以翻一番甚至更多，因為在當今世界，只有一個班次可以招標，而這幾乎就是整個運營的範圍。

And we're going to be able to berth two shifts and still have the ability to. Tender in the existing location and because we're building up the infrastructure on the island, we feel good that we can still accommodate all those folks and have them enjoy an amazing experience, as you heard me talk about in my notes at the beginning of this call.

我們將能夠停泊兩班船，並且仍然有能力停泊。在現有位置進行招標，並且因為我們正在島上建設基礎設施，我們很高興我們仍然可以容納所有這些人，並讓他們享受令人驚嘆的體驗，正如您在本次通話開始時聽到我在筆記中所說的那樣。

With respect to the tropical, we're going to be able to enhance the experience there. We're not talking about doing. Anything on the marine side to be able to accommodate more ships, but we can accommodate two ships at a time, so we feel real good that we'll have the ability to maximize that that destination as well over time. I don't have a number for you on isotropical, but we'll, I'm sure we'll be able to talk more about that as we get those developments where we want them to be.

關於熱帶地區，我們將能夠增強那裡的體驗。我們不是在談論做什麼。海運方面，我們可以容納更多的船隻，但我們一次可以容納兩艘船，因此我們感到非常高興，隨著時間的推移，我們將有能力最大限度地實現這一目的地。我沒有關於各向同性的具體數字，但我相信，當我們取得我們想要的發展時，我們將能夠就此進行更多討論。

And good luck.

祝你好運。

Thank you. We have time for one more.

謝謝。我們還有時間再做一件事。

Chris Stathoulopoulos, Susquehanna.

克里斯·斯塔索洛普洛斯，薩斯奎哈納。

I'll keep it to one. Josh, we, we've spoken in the past on the loyalty program, obviously, it is, a big piece of the story with respect to airlines. But I understand why the change now, is this contemplated back at your Investor day, I think it was two years ago, and feedback so far and then part B. David, the half point impact for next year, any color that you can give with respect to what's assumed with acquisitions and existing users.

我會將其保留為一個。喬希，我們過去曾談論過忠誠度計劃，顯然，它是航空公司故事的重要組成部分。但我明白為什麼現在會改變，這是在你們的投資者日考慮過的嗎，我想那是兩年前了，到目前為止的反饋以及 B 部分。大衛，明年的半點影響，您可以根據收購和現有用戶的假設給出任何說明。

So with respect to the loyalty program, no, it wasn't something that that we, two years ago we, we're kind of, focused on I wasn't focused on it. So, I guess that's the answer to the question.

因此，就忠誠度計劃而言，不，這不是我們兩年前關注的事情，我們並沒有關注它。所以，我想這就是問題的答案。

Yeah, and the half a point really just comes from the fact that once the program starts, we do have to initially defer a portion of the ticket price that's associated with the benefits that people will earn. From the program, so there's, as I said, they, we don't expect incremental costs associated with the new program versus the existing program, and it's just a deferral, because, initially when this first starts, you're not going to see the redemption of any benefits immediately and therefore you're not getting revenue from the redemption, so it'll take some time for it to normalize itself, as I indicated.

是的，這半點實際上只是因為，一旦該計劃啟動，我們確實必須先推遲與人們將獲得的福利相關的部分票價。從計劃來看，正如我所說，我們預計新計劃相對於現有計劃不會產生增量成本，這只是一個延期，因為最初啟動時，您不會立即看到任何福利的兌換，因此您不會從兌換中獲得收入，所以它需要一些時間來使其正常化，正如我所指出的。

So I just say thank you everybody for joining us for another earnings call from my team. I'd say take a bow. Congratulations on exceeding sea change targets 18 months in advance. That is an amazing job. Well done.

因此，我只想說，感謝大家參加我們團隊的另一次收益電話會議。我想說鞠躬。恭喜您提前18個月超額完成了海改目標。這是一份了不起的工作。做得好。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。