挪威郵輪 (NCLH) 2013 Q1 法說會逐字稿

Good morning, and welcome could the Norwegian Cruise Lines first quarter 2013 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time.

早上好，歡迎挪威郵輪公司 2013 年第一季度財報電話會議。此時，所有參與者都處於只聽模式。稍後，我們將進行問答環節，屆時將進行說明。

(Operator Instructions)

（操作員說明）

This conference is being recorded. I would like now to turn the conference over to your host, Ms. Andrea DeMarco, Director of Investor Relations. Ms. DeMarco, please proceed.

正在錄製此會議。我現在想把會議轉交給你的主持人，投資者關係總監 Andrea DeMarco 女士。 DeMarco 女士，請繼續。

Thank you, Tyrone.

謝謝你，蒂龍。

Good morning and thank you all for joining us for our first quarter earnings call. I'm joined today by Kevin Sheehan, our President and Chief Executive Officer, and Wendy Beck, our Executive Vice President and Chief Financial Officer. Kevin will begin the call with opening commentary and Wendy will follow with more detail regarding the quarter. We will then open the call for your questions. As a reminder, this conference call is being simultaneously webcast on our Investor Relations website at www.investor.ncl.com and will be available for replay for 30 days following today's call.

早上好，感謝大家加入我們的第一季度財報電話會議。今天，我們的總裁兼首席執行官 Kevin Sheehan 和我們的執行副總裁兼首席財務官 Wendy Beck 也加入了我的行列。 Kevin 將以開場評論開始電話會議，Wendy 將隨後提供有關本季度的更多詳細信息。然後我們將打開您的問題的電話。提醒一下，本次電話會議正在我們的投資者關係網站 www.investor.ncl.com 上同時進行網絡直播，並將在今天的電話會議後 30 天內重播。

Before I discuss our results, I would like to cover a few items. First, our press release for our first quarter 2013 results was issued yesterday and is available on our Investor Relations website. Second, I would like to review information about forward-looking statements and the use of non-GAAP information as a part of this call. Some of our comments today may include forward-looking statements about our expectations for the future. Those expectations are subject to known and unknown risks, uncertainties, and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by these expectations.

在我討論我們的結果之前，我想介紹幾個項目。首先，我們昨天發布了 2013 年第一季度業績新聞稿，可在我們的投資者關係網站上獲取。其次，作為本次電話會議的一部分，我想回顧一下有關前瞻性陳述的信息和非 GAAP 信息的使用。我們今天的一些評論可能包括關於我們對未來預期的前瞻性陳述。這些預期受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致公司未來期間的實際結果和業績與這些預期所暗示的任何未來結果或業績存在重大差異。

We cannot guarantee the accuracy of any forecast or estimates and we undertake no obligation to update any forward-looking statements during the quarter. If you would like more information on the risks involved in forward-looking statements, please our SEC filings. In addition, some of our comments may reference non-GAAP financial measures. A reconciliation of the most directly comparable GAAP financial measures and other associated disclosures are contained in our earnings release and on our website.

我們無法保證任何預測或估計的準確性，並且我們不承擔在本季度更新任何前瞻性陳述的義務。如果您想了解有關前瞻性陳述所涉及風險的更多信息，請參閱我們向美國證券交易委員會提交的文件。此外，我們的一些評論可能會參考非 GAAP 財務指標。最直接可比的 GAAP 財務指標和其他相關披露的對賬包含在我們的收益發布和我們的網站上。

With that I'd like to turn the call over to Kevin Sheehan. Kevin?

有了這個，我想把電話轉給 Kevin Sheehan。凱文？

Thanks. Andrea.

謝謝。安德里亞。

Good morning, everyone. 2013 has already been, to say the least, an exciting year at Norwegian and we're not even halfway through. We kicked off the year with a successful IPO followed by a notes offerings. We reported a great results for 2012 and we come to you today to report the same for the first quarter of 2013. But while strong results are always a great story in and of themselves, today is a little different and it's very special to us. Not only are we reporting results for our first quarter as a publicly traded company, we've also gone to remote with this earnings calls. Today, instead of coming to you from our headquarters in Miami, we're here in New York City, welcoming our newest ship, Norwegian Breakaway, to her hometown.

大家，早安。至少可以說，2013 年對挪威航空來說是激動人心的一年，而我們甚至還沒有完成一半。我們以成功的首次公開募股開始了這一年，隨後進行了票據發行。我們報告了 2012 年的出色業績，今天我們來向您報告 2013 年第一季度的同樣情況。雖然出色的業績本身就是一個偉大的故事，但今天有點不同，對我們來說非常特別。作為一家上市公司，我們不僅報告了第一季度的業績，而且還遠程召開了本次財報電話會議。今天，我們不是從我們位於邁阿密的總部來找您，而是在紐約市，歡迎我們最新的遊輪 Norwegian Breakaway 來到她的家鄉。

I know there are many New Yorkers on the call today, and hopefully those of you that got to work bright and early witnessed the terrific sight of the Norwegian Breakaway sailing up the Hudson for the first time. In fact, many of you can probably look out your window and see her dock at the Manhattan Cruise Terminal. As the largest cruise ship to home port year-round in New York City, and with the distinctive hull art by Peter Max, she should be pretty easy to spot. She'll be sailing from New York to Bermuda throughout the summer and then switching to the Bahamas and Caribbean itineraries in the winter.

我知道今天有很多紐約人參加電話會議，希望你們中那些早早開始工作的人目睹了挪威脫離號首次駛上哈德遜河的壯麗景象。事實上，你們中的許多人可能可以從窗外看到她在曼哈頓郵輪碼頭的碼頭。作為紐約市全年最大的母港遊輪，加上 Peter Max 獨特的船體藝術，她應該很容易被發現。她將在整個夏天從紐約航行到百慕大，然後在冬天切換到巴哈馬和加勒比海的航線。

Norwegian Breakaway's arrival in New York is a moment every team member here at Norwegian has been look forward to since October of 2010, when we announced the order for the Breakaway and her sister ship, Norwegian Getaway. I have to say it's been an incredible experience to see the evolution of these ships from concept, to design, to construction, and finally to operation.

自 2010 年 10 月我們宣布 Breakaway 及其姊妹船 Norwegian Getaway 的訂單以來，Norwegian Breakaway 抵達紐約是挪威每位團隊成員都期待的時刻。我不得不說，親眼目睹這些船隻從概念、設計、建造到最終運營的演變過程，真是令人難以置信的經歷。

My thanks go out to everyone involved from the team members at Norwegian and especially our dedicated site team to, of course, our travel partners who were, and continue to be, instrumental in educating guests to the unique elements and experiences on board. But most importantly, my thanks go out to our officers and our crew of Norwegian Breakaway. While the ship may house the state-of-the-art accommodations and entertainment venues, it is our team members on board that give the ship her personality. I couldn't think of a better group to represent Norwegian year-round in my hometown. I'll talk a little bit more about Norwegian Breakaway and Getaway later in the call.

我要感謝所有參與其中的人，從 Norwegian 的團隊成員，尤其是我們敬業的現場團隊，當然還有我們的旅行合作夥伴，他們曾經並將繼續在向客人介紹船上的獨特元素和體驗方面發揮重要作用。但最重要的是，我要感謝我們的軍官和 Norwegian Breakaway 的船員。雖然這艘船可能擁有最先進的住宿和娛樂場所，但正是我們船上的團隊成員賦予了這艘船以個性。我想不出一個更好的團隊來代表我家鄉的挪威全年。我將在稍後的電話會議中更多地談論 Norwegian Breakaway 和 Getaway。

Today we're here to discuss a strong first quarter, one that marks our 19th consecutive quarter of adjusted EBITDA growth, which is made even more impressive, given this quarter was driven by organic growth and included a partial dry dock and elevated fuel costs. As in 2012, demand coming into 2013's wave season was robust, with strong pricing on the majority of the itineraries, which along with improved on board spend, resulted in a healthy increase in our net yield.

今天我們在這裡討論強勁的第一季度，這標誌著我們連續第 19 個季度實現調整後的 EBITDA 增長，這更加令人印象深刻，因為本季度是由有機增長推動的，包括部分乾船塢和燃料成本上漲。與 2012 年一樣，進入 2013 年浪潮季節的需求強勁，大部分行程的定價強勁，加上船上支出的改善，導致我們的淨收益健康增長。

Caribbean itineraries performed well in the quarter, as did our unique inter-island Hawaii product. Our European deployment for the first quarter of '13 increased from one to two ships, adding sailings from Rome in addition to Barcelona, giving both Europeans and other guest options to sail western and eastern itineraries during the winter months. Regarding costs, excluding those costs related to our IPO and notes offerings, our razor focus on optimizing every process, executing on every initiative, and managing every controllable expense resulted in improved performance and exceeded our guidance.

加勒比航線在本季度表現良好，我們獨特的島際夏威夷產品也是如此。我們在 13 年第一季度的歐洲部署從一艘增加到兩艘，除了巴塞羅那之外還增加了從羅馬出發的航行，為歐洲人和其他客人提供了在冬季月份航行西部和東部航線的選擇。關於成本，不包括與我們的 IPO 和票據發行相關的成本，我們的剃刀專注於優化每個流程、執行每個計劃以及管理每個可控費用，從而提高了性能並超出了我們的指導。

Now with that, let me turn the call over to Wendy.

現在，讓我把電話轉給溫迪。

Thanks, Kevin, and good morning, everyone.

謝謝，凱文，大家早上好。

Like Kevin, I'm very excited to welcome Norwegian Breakaway to New York. When I joined the Company in 2010, we were right on the cusp of ordering our Breakaway-class specials, and the excitement of everyone working on the project was contagious. It was an ideal time to join Norwegian as the Company prepared to make a giant leap in our journey from good to great. The years of planning, dedication, and hard work by literally thousands of team members are embodied in this incredible vessel and I'm proud to have been able to be part of the team that has brought this vision to fruition.

和凱文一樣，我很高興歡迎 Norwegian Breakaway 來到紐約。當我 2010 年加入公司時，我們正處於訂購 Breakaway 級特價商品的風口浪尖，參與該項目的每個人的興奮情緒都具有感染力。這是加入 Norwegian 的理想時機，因為公司準備在我們從優秀到卓越的旅程中實現巨大飛躍。數以千計的團隊成員多年的規劃、奉獻和辛勤工作體現在這艘令人難以置信的船隻上，我很自豪能夠成為實現這一願景的團隊的一員。

Before going into our results, I would like to take a moment to go over the note-worthy transactions in the first quarter. In January, we completed our successful initial public offering, raising net proceeds of $477.6 million. We followed in February with a notes offering, issuing $300 million in senior unsecured notes. The aggregate net proceeds of the IPO and notes offering were used to pre-pay certain credit facilities, repay amounts pursuant to the Norwegian Sky purchase agreement, fully redeem our $450 million 11.75% senior secured notes due 2016, and partially redeem our $350 million 9.5% senior notes due in 2018. These pre-payments and redemptions triggered redemption premium, the write-off of deferred financing fees, and other expenses totaling $90.5 million, which ran through the interest expense line items.

在討論我們的結果之前，我想花點時間回顧一下第一季度值得注意的交易。 1 月，我們成功完成了首次公開募股，募集資金淨額為 4.776 億美元。我們隨後在 2 月發行了票據，發行了 3 億美元的高級無抵押票據。 IPO 和票據發行的淨收益總額用於預付某些信貸額度、根據 Norwegian Sky 購買協議償還金額、完全贖回我們 4.5 億美元、利率為 11.75% 的 2016 年到期的優先擔保票據，以及部分贖回我們的 3.5 億美元 9.5 % 於 2018 年到期的優先票據。這些預付款和贖回觸發了贖回溢價、遞延融資費用的沖銷以及其他總計 9050 萬美元的費用，這些費用貫穿於利息費用項目。

These transactions also resulted in certain non-cash compensation expense and tax expense items which, when added to the aforementioned fees from debt pre-payments and redemptions, totaled $110.4 million in the period. Excluding the one-time expense impact of these resulted in adjusted net income for first quarter of 2013 of $12.9 million, with adjusted earnings per share of $0.06, compared to $3.3 million and $0.02 in the first quarter 2012, and above our first quarter guidance of $0.02 to $0.05.

這些交易還產生了某些非現金補償費用和稅收費用項目，加上上述債務預付和贖回費用，當期總計 1.104 億美元。排除這些一次性費用的影響，2013 年第一季度調整後淨收入為 1290 萬美元，調整後每股收益為 0.06 美元，而 2012 年第一季度為 330 萬美元和 0.02 美元，高於我們的第一季度指導值0.02 美元到 0.05 美元。

Now, looking at the top line, higher net yield in the quarter drove a 2.4% increase in revenue to $527.6 million, despite a slight decrease in capacity days, which included the planned dry dock of Pride of America. Coming in at the higher end of our guidance, the 3.3% increase in net yield can be attributed to improvements in both passenger tickets and on-board revenue. Net yield from passenger ticket revenue increased 3.4% from improved overall pricing that was a result of strong demand going into wave season. Net yield from on-board and other revenue grew 3.2%, from improved on-board spend, particularly in the bar and short excursion areas.

現在，從收入來看，本季度較高的淨收益率推動收入增長 2.4% 至 5.276 億美元，儘管產能天數略有下降，其中包括計劃中的美國驕傲號幹船塢。在我們指導的較高端，淨收益率增長 3.3% 可歸因於客票和機上收入的改善。由於旺季需求強勁，整體定價有所改善，客票收入的淨收益率增長了 3.4%。船上和其他收入的淨收益率增長了 3.2%，這得益於船上支出的增加，尤其是在酒吧和短途旅行領域。

Switching over to expenses, adjusted net cruise costs, excluding fuel, per capacity day decreased 1.5%. This compares to our first quarter guidance of flat to up 1%, with the difference attributable to the timing of certain expenses between quarters. Timing has a meaningful impact on the expense side of the Business and is thus best viewed on an annual basis. As anticipated in our guidance, fuel expense in the period increased from a 13% rise in the price of fuel, net of hedges, to $673 per metric ton from $598 in 2012.

轉換為費用後，調整後的郵輪淨成本（不包括燃料）每運力日下降 1.5%。這與我們第一季度持平至增長 1% 的指導相比有所不同，差異歸因於季度之間某些支出的時間安排。時間對業務的費用方面有重要影響，因此最好每年查看一次。正如我們在指南中所預期的那樣，該期間的燃料費用從 2012 年的每公噸 598 美元上漲 13%（扣除對沖）至每公噸 673 美元。

As mentioned earlier, the quarter included the first days of a dry dock for Pride of America, our US flagged vessel based in Honolulu, that sails exclusive seven-days inter-island itineraries in Hawaii. She's truly a unique ship and her itinerary is one of the a kind in the industry. As we do with all of our ships when planning for a dry dock, we took a detailed look from top to bottom and considered what we could do to enhance our offerings, enrich the guest experience, and increase returns. During her two-week dry dock, we commenced a project which converted the space previously housing an under-utilized conference center into 32 state rooms, including 24 luxury suites, and 4 studio state rooms, allowing more families, and now solo travellers, to experience this unique product. Completion of this project is expected to be in early September, if not sooner.

如前所述，本季度包括美國驕傲號幹船塢的第一天，我們的美國國旗船隻位於檀香山，在夏威夷獨家航行 7 天島際航線。她確實是一艘獨一無二的船，她的行程是業內獨一無二的。正如我們在規劃幹船塢時對所有船隻所做的那樣，我們從上到下進行了詳細考察，並考慮了我們可以做些什麼來增強我們的產品、豐富客人體驗並增加回報。在她為期兩週的干船塢期間，我們啟動了一個項目，將以前容納未充分利用的會議中心的空間改造成 32 間高級客房，包括 24 間豪華套房和 4 間工作室高級客房，讓更多的家庭和現在的獨行旅客能夠體驗這款獨特的產品。該項目預計將於 9 月初完成，甚至更早。

Behind the scenes, we undertook an even more ambitious project. As mention, Pride of America runs seven-day voyages in the Hawaii Islands, which puts her entire itinerary wholly within the North American Emission Control Area, or ECA. With ECA's own fuel standards at more stringent levels than those outside the zone, it was imperative that we look at ways to comply with the regulations in a cost-effective manner that would not affect the product offering. After much research and exploration, we opted to invest in the installation of exhaust gas scrubber technology which, in essence, allows vessels to burn lower grade fuel and filters the emissions to a level that complies with ECA requirements. Installation of the four scrubbers began during dry dock and should be operational by year-end.

在幕後，我們進行了一個更加雄心勃勃的項目。如前所述，美國驕傲號在夏威夷群島進行為期 7 天的航行，這使她的整個行程完全在北美排放控制區 (ECA) 內。由於 ECA 自己的燃料標準比區域外的燃料標準更嚴格，我們必須尋找在不影響產品供應的情況下以具有成本效益的方式遵守法規的方法。經過大量研究和探索，我們選擇投資安裝廢氣洗滌器技術，從本質上講，該技術允許船舶燃燒低等級燃料並將排放物過濾到符合 ECA 要求的水平。四個洗滌器的安裝在幹船塢期間開始，應該會在年底前投入使用。

These projects demonstrate our focus on maximizing returns on our vessels, while at the same time maintaining or even enhancing the guest experience. In this instance, both projects, the addition of the new suites and the installation of scrubbers, each have a payback of approximately two years or less.

這些項目表明我們專注於最大限度地提高船舶回報，同時保持甚至提升賓客體驗。在這種情況下，這兩個項目，即增加新套件和安裝洗滌器，每個項目的投資回收期都在大約兩年或更短的時間內。

Lastly, we continued our initiative bringing back successful learnings and concepts from Norwegian Epic and our other ships to the rest of the fleet. In the case of Pride of America, we brought over the successful studio state rooms, as well as one of our most popular signature dining venues, Moderno Churrascaria.

最後，我們繼續採取主動行動，將 Norwegian Epic 和我們其他船隻的成功經驗和概念帶回艦隊的其他船隻。就美國的驕傲而言，我們帶來了成功的工作室州廳，以及我們最受歡迎的標誌性餐飲場所之一，Moderno Churrascaria。

Looking below the line, interest expense net in the quarter increased due to the aforementioned premiums, writing off deferred financing fees, and other expenses related to pre-payment of certain facilities, and the redemption of certain senior notes. Excluding these costs, interest expense was lower than prior year, mainly due to reduced overall interest rates in the period. As Kevin mentioned earlier, the quarter marks our 19th consecutive quarter year-over-year growth in adjusted EBITDA. In the quarter, adjusted EBITDA rose 7% to $99.8 million from $93.5 million in 2012. The growth is even more impressive when taking into account the increase in fuel prices and the foregone revenue generating days due to our scheduled dry dock.

從線下看，由於上述保費、沖銷遞延融資費用以及與某些貸款的預付款相關的其他費用以及某些優先票據的贖回，本季度的利息支出淨額有所增加。剔除這些費用後，利息支出低於上年，主要是由於本期整體利率下降所致。正如凱文之前提到的，本季度標誌著我們調整後的 EBITDA 連續第 19 個季度實現同比增長。本季度，調整後的 EBITDA 從 2012 年的 9,350 萬美元增長 7% 至 9,980 萬美元。考慮到燃料價格的上漲以及由於我們預定的干船塢而放棄的創收天數，這一增長更加令人印象深刻。

So to summarize our results in the quarter, top-line revenue was strong, on both the passenger ticket and on-board revenue fronts. Net cruise costs, excluding fuel and one-time charges related to our IPO, were better than expected partially due to the timing of certain expense items, while below the line expenses, excluding expenses related to debt pre-payment and note redemptions, were lower than prior year. The ultimate result was strong improvements in adjusted EBITDA, adjusted net income, and adjusted EPS.

因此，總結我們本季度的業績，客票和機上收入方面的收入都很強勁。淨郵輪成本（不包括燃料和與我們的 IPO 相關的一次性費用）好於預期，部分原因是某些費用項目的時間安排，而線下費用（不包括與債務預付和票據贖回相關的費用）較低比上一年。最終結果是調整後的 EBITDA、調整後的淨收入和調整後的每股收益都有了很大的改善。

Looking ahead, we have provided guidance along with associated sensitivity for both the second quarter and full year 2013 in our earnings release. Of note in the second quarter, is the addition of Norwegian Breakaway to the fleet, whose benefit in the quarter is partially offset by the completion of the dry dock for Pride of America, as well as a planned dry dock for Norwegian Pearl, both occurring in April.

展望未來，我們在收益發布中提供了 2013 年第二季度和全年的指引以及相關的敏感性。第二季度值得注意的是 Norwegian Breakaway 加入船隊，其在本季度的收益部分被美國驕傲號幹船塢的完工以及挪威明珠計劃中的干船塢的完工所抵消，兩者均發生在四月份。

The following guidance metrics are both on an as-reported and constant-currency basis. For the second quarter, we anticipate net yield growth of 3% to 4%, adjusted net cruise cost excluding fuel per capacity day is expected to increase 5% to 6%, namely due to inaugural activities for Norwegian Breakaway and the timing of certain expenses, including dry dock expenses. Overall, we expect adjusted EPS to be in the range of $0.24 to $0.28. For the full year, we are reiterating our adjusted EPS guidance of $1.20 to $1.40. Net yield is expected to increase 3.5% to 5.5%, and adjusted net cruise cost excluding fuel per capacity day is expected to increase 4% to 6%.

以下指導指標均以報告和固定貨幣為基礎。對於第二季度，我們預計淨收益增長 3% 至 4%，調整後的淨郵輪成本（不包括每運力天的燃料）預計將增長 5% 至 6%，這是由於 Norwegian Breakaway 的首航活動和某些費用的時間安排，包括幹船塢費用。總體而言，我們預計調整後的每股收益將在 0.24 美元至 0.28 美元之間。對於全年，我們重申調整後的 EPS 指引為 1.20 美元至 1.40 美元。淨收益率預計將增長 3.5% 至 5.5%，調整後的淨郵輪成本（不包括每運力日燃料）預計將增長 4% 至 6%。

Lastly, regarding deployment, itineraries for the second quarter are as follows, 26% in the Caribbean, 23% in the Mediterranean, and 7% in Baltic and Canary Island itineraries, 7% in Hawaii, and approximately 12% each for Alaska, Bermuda, and other itineraries including repositioning cruises.

最後，關於部署，第二季度的行程如下，加勒比海26%，地中海23%，波羅的海和加那利群島7%，夏威夷7%，阿拉斯加、百慕大各約12% ，以及其他行程，包括重新定位遊輪。

With that, I'll turn the call over to Kevin for closing comments. Kevin?

有了這個，我將把電話轉給凱文以徵求意見。凱文？

Thanks, Wendy. While the first quarter was significant for Norwegian with a successful IPO and notes offerings, these are the things you can't really see and touch. The second quarter, however, we have a large and very tangible expression of our evolution. On our last call, we went over many initiatives that we have undertaken since my arrival here five years ago to get Norwegian back on the path to success, everything from rationalizing our capacity in Hawaii, to implementing a continuous improvement mindset across the Company. I want to highlight one of these initiatives because today we reached a very important chapter.

謝謝，溫迪。雖然第一季度對 Norwegian 來說意義重大，成功進行了 IPO 和票據發行，但這些是您真正看不到和摸不到的東西。然而，第二季度，我們對我們的發展有一個巨大而非常具體的表達。在我們的最後一次通話中，我們回顧了自五年前我來到這里以來為讓挪威人重回成功之路而採取的許多舉措，從合理化我們在夏威夷的產能到在整個公司實施持續改進的心態。我想強調其中一項舉措，因為今天我們進入了非常重要的一章。

As part of our disciplined new build program, we took delivery of the ground-breaking, Norwegian Epic in mid-2010. She was the most innovative ship Norwegian had ever designed and like every innovation there were successes and learnings. The successes were many, including Moderno Churrascaria, a Brazillian steakhouse concept, which proved so popular we have quickly taken it across the fleet. But the grand slam on the Norwegian Epic was her design where we took the freedom and flexibility of free-style cruising to next level. We expanded our entertainment offerings from one or two venues, to a number of smaller, more intimate ones and spread them throughout the ship. Whether they were specialized venues like Fat Cats jazz and blues clubs, to nightclubs like Bliss and Spice H2O, to shows like Cirque Dreams and Dinner, Epic's design encourages guests to stay out later and to get the most out of their vacation experience.

作為我們嚴格的新建造計劃的一部分，我們在 2010 年年中交付了開創性的 Norwegian Epic。她是挪威人設計過的最具創新性的船隻，並且像每一項創新一樣，都有成功和經驗教訓。成功案例很多，包括巴西牛排餐廳 Moderno Churrascaria 的概念，事實證明它非常受歡迎，我們很快就將其推廣到整個車隊。但挪威史詩級的大滿貫是她的設計，我們將自由式巡航的自由度和靈活性提升到了一個新的水平。我們將娛樂設施從一兩個場所擴展到一些更小、更私密的場所，並將它們分佈在整艘船上。無論是像 Fat Cats 爵士樂和藍調俱樂部這樣的專業場所，還是像 Bliss 和 Spice H2O 這樣的夜總會，再到像 Cirque Dreams 和 Dinner 這樣的演出，Epic 的設計都鼓勵客人晚些時候出去玩，並充分享受他們的假期體驗。

On the heels of the Norwegian Epic success, we took her incredible design and used it as the blueprint for our Breakaway class. The first of those vessels, the Norwegian Breakaway, is everything we imagined and more. A proven, successful design was elevated and enhanced to include new and exciting features and elements. One feature that makes Norwegian Breakaway unique was our decision to dedicate her to the New York market. Our committee to New York is long-standing and it only seems natural to create a ship whose persona was an extension of the Big Apple. From dining to entertainment, Breakaway will offer the best of New York while sailing to destinations like Bermuda and the Caribbean.

在 Norwegian Epic 成功之後，我們採用了她令人難以置信的設計並將其用作我們的 Breakaway 課程的藍圖。這些船隻中的第一艘，Norwegian Breakaway，是我們想像的一切，甚至更多。經過驗證的成功設計得到提升和增強，以包含新的和令人興奮的功能和元素。使 Norwegian Breakaway 獨一無二的一個特點是我們決定將她獻給紐約市場。我們的紐約委員會由來已久，創建一艘其角色是大蘋果的延伸的船似乎很自然。從餐飲到娛樂，Breakaway 將提供紐約最好的服務，同時航行至百慕大和加勒比海等目的地。

As a native of the City, I personally know how demanding New Yorkers can be, so it was critical that Breakaway deliver a premium experience. After inaugural activities in Europe and taking her across the Atlantic, I can personally attest that Norwegian Breakaway is ready to compete head on against any premium ship in the market.

作為土生土長的紐約人，我個人知道紐約人的要求有多麼苛刻，因此 Breakaway 提供優質體驗至關重要。在歐洲開展首航活動並帶她橫渡大西洋後，我可以親自證明 Norwegian Breakaway 已準備好與市場上的任何優質船舶正面競爭。

No other vessel offers elements like the Waterfront, a quarter-mile long promenade with restaurants and lounges that allow guests to feel an even greater connection with the ocean. No other ship has offerings by New York's own Iron Chef, Geoffrey Zakarian, and a branch of Buddy Valastro's world famous Carlo's Bakeshop. And no other ship can count three Broadway shows, Rock of Ages, Burn the Floor, Cirque Dreams Jungle Fantasy, performing on every cruise.

沒有其他船隻提供像 Waterfront 這樣的元素，這是一條四分之一英里長的長廊，設有餐廳和休息室，讓客人感受到與海洋更緊密的聯繫。紐約自己的鐵藝廚師 Geoffrey Zakarian 和 Buddy Valastro 舉世聞名的 Carlo's Bakeshop 分店提供的美食是其他任何遊輪都沒有的。沒有任何一艘遊輪能在每艘郵輪上表演三場百老匯演出，搖滾時代、燃燒地板、Cirque Dreams Jungle Fantasy。

Norwegian Breakaway's mix of innovative public areas, world class dining, and Broadway caliber entertainment immediately places her at the top of the premium cruise line category. Add to that The Haven, an all-suites enclave with private keycard access, dedicated concierge, private pool lounges, and Norwegian Breakaway becomes a luxury cruise experience for guests seeking an intimate ship feel combined with the amenities and activities only a large ship can deliver.

Norwegian Breakaway 結合了創新的公共區域、世界一流的餐飲和百老匯水準的娛樂活動，立即使她躋身高級郵輪類別之首。此外，The Haven 是一個帶私人鑰匙卡訪問權限的全套房飛地、專門的禮賓服務、私人泳池休息室和 Norwegian Breakaway 成為尋求親密船舶感覺的客人的豪華遊輪體驗，結合只有大型船舶才能提供的設施和活動.

So with nothing more I'd like to do than to get back to the ship and greet the Radio City Rockettes, who will open the call up for some questions. Operator?

所以我只想回到船上迎接無線電城火箭女郎，他們會打開電話問一些問題。操作員？

Thank you, Mr. Sheehan

謝謝你，希恩先生

(Operator Instructions)

（操作員說明）

Our first question is from Felicia Hendrix of Barclays.

我們的第一個問題來自巴克萊銀行的 Felicia Hendrix。

Good morning. And congratulations on the delivery of the Breakaway. Can you guys hear me?

早上好。並祝賀 Breakaway 的交付。你們能聽到我說話嗎？

Yes. Thanks a lot, Felicia. We're really excited. I can't tell you how successful it was, sailing across the Atlantic.

是的。非常感謝，費利西亞。我們真的很興奮。我無法告訴你它有多成功，橫渡大西洋。

Fantastic. I'm just remote so I didn't hear anything. I got nervous for a moment. Kevin, just wondering, could you just discuss if, at all, you saw any surprises in the quarter or, if anything in particular has changed since you gave your last guidance in February? I know you reiterated your prior guidance, but there's been some incidents in the industry which might have affected your business on the margin, specifically asking about any aftereffects of the Carnival Triumph, perhaps in the quarter, as you're thinking about the remainder of the year? And also, just how your ships in Europe have been fairing? Thank you.

極好的。我只是很遠，所以我沒有聽到任何聲音。我緊張了一會兒。凱文，只是想知道，你能否討論一下，你是否在本季度看到了任何驚喜，或者，自你在 2 月份給出上次指導以來，是否有任何特別的變化？我知道你重申了你之前的指導意見，但行業中發生了一些事件，可能對你的業務產生了一定的影響，特別是在考慮嘉年華勝利的任何後遺症時，可能在本季度，因為你正在考慮剩下的時間那一年？還有，你們在歐洲的船隻整流罩情況如何？謝謝你。

Sure. Of course, it would be unrealistic to say that there was no impact from all of the news that came out in the last couple of months. I was say it was on the margin, though, and just made us work a little bit harder. As you see, we came out with a solid quarter for quarter one. We're confident with our guidance in the second quarter and the full year. I think the affirmation of that tells you that, as a Company, and I believe as an industry, we've been able to work through that and hopefully get people more focused on the wonderful vacation experience that we offer in the cruise industry and what a value that is. What was the other part of the question?

當然。當然，說過去幾個月出現的所有消息都沒有影響是不現實的。不過，有人說它處於邊緣，只是讓我們更加努力地工作。如您所見，我們在第一季度取得了穩定的成績。我們對第二季度和全年的指導充滿信心。我認為對這一點的肯定告訴你，作為一家公司，我相信作為一個行業，我們已經能夠解決這個問題，並希望讓人們更加關注我們在郵輪行業提供的美妙假期體驗以及一個值是。問題的另一部分是什麼？

How your itineraries in Europe have been fairing?

您在歐洲的行程安排如何？

Yes, as you could imagine, the events from last year impacted the European, as well as the economic situation, as well as the high air fares in 2012. That seeped over a little bit into the beginning of 2013. As we look at it today, we're starting to see some real momentum going with our booking activity in Europe through the season, so we're pretty happy about that. The pricing has come back to be more moderate, to where we were hoping it would be. So check the box on that one. I would say, we're confident with the itineraries that we have around the globe. I guess confirmation of that is seeing our guidance for the rest of the year being right in the same sweet spot.

是的，正如您所想像的那樣，去年的事件影響了歐洲、經濟形勢以及 2012 年的高機票價格。這在 2013 年初略有影響。正如我們所看到的今天，我們開始看到我們整個賽季在歐洲的預訂活動出現了一些真正的勢頭，所以我們對此感到非常高興。定價已經恢復到更溫和的水平，達到我們希望的水平。所以選中那個框。我會說，我們對我們在全球範圍內的行程充滿信心。我想確認這一點是看到我們對今年剩餘時間的指導在同一個最佳點。

Great. Thank you.

偉大的。謝謝你。

The next question is from Robin Farley of UBS.

下一個問題來自瑞銀集團的 Robin Farley。

Great. Thanks. Two questions on the booking outlook. First is, I wonder if you could talk about, one of the other cruise operators talked about March Caribbean bookings being a little bit soft and then April, seeing a pick up. Did you see a similar pattern and what have you seen? That was a comment, I think, after the first two weeks of April. Did you see that as well? And what have you seen since then? Also, when you look out to the rest of the year, can you give us some color on your booking volume and price versus the same time same last year? You'd need to it look at it without Breakaway, on a same-ship basis?

偉大的。謝謝。關於預訂前景的兩個問題。首先，我想知道您是否可以談談，其他郵輪運營商之一談到 3 月份加勒比地區的預訂量有點疲軟，然後是 4 月份，看到回升。你有沒有看到類似的模式，你看到了什麼？我認為這是在 4 月的前兩週之後發表的評論。你也看到了嗎？從那以後你看到了什麼？此外，當您展望今年剩餘時間時，您能否告訴我們您的預訂量和價格與去年同期相比的一些顏色？您需要在沒有 Breakaway 的情況下，在同一艘船的基礎上查看它嗎？

Sure. So on the margin, the Caribbean, there was just a short period there that it wasn't as strong as we would have liked it. It's back to booking well. I would say that over the last 10 weeks, as an example, we've had very strong bookings, other than one week where it was still almost double-digit booking levels. I probably said too much there. The booking period has extended as well. So we're happy about all of those indications. We think now, with the Breakaway and all the excitement around the ship, which by the way is phenomenal, we expect to get a lot of eyes looking at the Norwegian product and we expect to see hopefully further acceleration from here.

當然。所以在邊緣地帶，加勒比地區，只有很短的一段時間，它並不像我們希望的那樣強大。回預訂好了。我想說的是，在過去的 10 周里，例如，我們的預訂量非常大，除了一周仍然幾乎是兩位數的預訂量。我可能在那裡說得太多了。預訂期也延長了。所以我們對所有這些跡象感到高興。我們現在認為，隨著 Breakaway 和船周圍的所有興奮，順便說一句，這是驚人的，我們希望有很多目光關注挪威的產品，我們希望從這裡看到進一步的加速。

Then as far as the bookings year-over-year, we're pretty much where we were hoping to be from a booking volume, excluding the Breakaway. The Breakaway is booking very well. I would say for the most part, the ships have booked a little bit different, according to the time of the year. But right now, we're right in the zone of where we were hoping to be, again, which is why we have the confidence with our guidance for the rest of the year. To be honest, I'm doing a lot of work right now to make sure that we roll into 2014 very strong and let's get through each of these quarters in '13 and make sure we're positioned really well for '14.

然後就同比預訂量而言，我們幾乎達到了預訂量的預期水平，不包括 Breakaway。 Breakaway 的預訂情況非常好。我想說的是，在大多數情況下，根據一年中的不同時間，船隻的預訂略有不同。但現在，我們再次處於我們希望達到的區域，這就是為什麼我們對今年剩餘時間的指導充滿信心。老實說，我現在正在做很多工作，以確保我們以強勁的勢頭進入 2014 年，讓我們在 13 年度過每個季度，並確保我們為 14 年做好準備。

When you said -- where you were hoping to be, you also mentioned people booking closer in, does that mean you're maybe behind, in terms of volume of bookings, but you're comfortable with that because pricing is up? I'm just trying to get a sense.

當你說——你希望到達的地方時，你還提到人們在更近的地方預訂，這是否意味著你可能在預訂量方面落後了，但你對此感到滿意，因為價格上漲了？我只是想了解一下。

No, I would say that we're very comfortable with the level of bookings right now. The way I would look at it, I look at the fourth quarter as being an important part of the equation here. When I go back two years, we had a fourth quarter that was pretty solidly booked at this particular point. Then, as you know, there was a hurricane, and then last year, we again were very solidly booked for the fourth quarter. Then we had the trifecta hurricane. We're in very solid position for the fourth quarter, vis-a-vis the history of the Company so I'm confident about that. The third quarter is looking well. I don't see anything in our way to worry us about any of the quarters through the rest of this year.

不，我會說我們對現在的預訂水平非常滿意。我看待它的方式是，我將第四季度視為這裡等式的重要組成部分。當我回到兩年前時，我們有一個第四季度，在這個特定的時間點，它的預訂量非常大。然後，如您所知，發生了颶風，然後去年，我們再次在第四季度獲得了非常穩定的預訂。然後我們遇到了三重颶風。相對於公司的歷史，我們在第四季度處於非常穩固的位置，所以我對此充滿信心。第三季度看起來不錯。在今年餘下的時間裡，我看不出有任何事情可以讓我們擔心任何一個季度。

Okay. Thank you.

好的。謝謝你。

Your next question is from Steven Kent of Goldman Sachs.

你的下一個問題來自高盛的史蒂文肯特。

Hi, good morning. A couple things. Kevin, when you said you had to work harder, given the Carnival incidents, could you give us a little bit of specifically what you're able to do, how you're able to market more effectively, or price more effectively, or whatever it was you were referring to. Then, I just want to understand it. You came in better on Q1 on net yield but you kept the estimates essentially the same for net yield. Does that imply a slowdown in the second half from what you were expecting, just because of the math?

早上好。幾件事。凱文，當你說你必須更加努力地工作時，考慮到嘉年華事件，你能不能具體地告訴我們你能做什麼，你如何能夠更有效地營銷，或者更有效地定價，或者其他什麼是你指的。然後，我只想了解它。你在第一季度的淨收益率方面表現更好，但你對淨收益率的估計基本保持不變。這是否意味著下半年比你預期的要放緩，僅僅是因為數學？

Yes, let me take the second part first. Yes, I've got to tell you, the Breakaway just landed in New York so I would like to see, as far as the yields and where we feel we are for the rest of the year, let's see how that performs. We're very confident based on the Transatlantic. We're exceeding the level we expected on-board. I think when we get into New York, it's going to be a very interesting situation, given the way I see the pulse of the ship. We've got three levels of public space. On the Epic, as an example, it got quiet on two of the decks toward the latter part of the evening and the way we've designed this ship, the activity just stays really intense throughout the evening. So we're expecting this to be a much more enriching on-board experience. Let's stay tuned and I think after we get through the second quarter, we'll be able to provide a little bit more color on the guidance. I've got to tell you, I would rather be comfortable and not misleading anybody. As we get further into the year, we'll be as clear with everybody as we possibly can. We're just in our first quarter as a public company and we want to be careful here.

是的，讓我先講第二部分。是的，我必須告訴你，Breakaway 剛剛登陸紐約，所以我想看看今年剩餘時間的收益率和我們的感受，讓我們看看它的表現如何。基於跨大西洋，我們非常有信心。我們超出了機上預期的水平。我認為當我們進入紐約時，這將是一個非常有趣的情況，因為我看到了這艘船的脈搏。我們有三層公共空間。例如，在 Epic 號上，在傍晚的後半段，它的兩個甲板上變得安靜，而我們設計這艘船的方式，整個晚上的活動都非常激烈。因此，我們期待這將是一次更加豐富的船上體驗。讓我們繼續關注，我認為在我們度過第二季度後，我們將能夠提供更多的指導色彩。我必須告訴你，我寧願感到舒服，也不要誤導任何人。隨著時間的推移，我們會盡可能地向每個人說明情況。作為一家上市公司，我們剛剛進入第一季度，我們希望在這裡保持謹慎。

As far as the working harder, with a little bit of rallying the troops and getting everybody to think about the opportunities, and which ships we need to put additional focus on. I would say we added a week of sail that we didn't intend to do, to just keep the momentum going. I would say it was quick. It was a couple of weeks and then went right back to the levels that we were hoping for. I would suggest that the last number of weeks, we've actually exceeded the booking levels of what we were expecting. I'd say we're on a very healthy pace right now. As I said, with the Breakaway and all the publicity around that ship, I think that's going to boost us a little bit better as we get further into the second quarter.

至於更加努力的工作，有點集結部隊並讓每個人都考慮機會，以及我們需要額外關注哪些船隻。我會說我們增加了一周的航行時間，但我們並不打算這麼做，只是為了保持勢頭。我會說這很快。過了幾週，然後又回到了我們希望的水平。我建議過去幾週，我們實際上已經超出了我們預期的預訂水平。我想說我們現在的步伐非常健康。正如我所說，隨著 Breakaway 和圍繞那艘船的所有宣傳，我認為隨著我們進入第二季度，這會讓我們變得更好一些。

Okay. Thanks.

好的。謝謝。

(Operator Instructions)

（操作員說明）

Our next question is from Tim Conder of Wells Fargo.

我們的下一個問題來自富國銀行的 Tim Conder。

Thank you. Kevin, just to stay on that vein of a question, could you give us anything at this point -- and I know it's out there and there's not a lot on the books at this point -- but early into '14 and especially with Getaway here, any color that you can give us there? Then at this point -- I apologize if I missed this -- but could you give us where you are as a percent of your available capacity booked, what you have booked now versus last year, on a year-to-date basis?

謝謝你。凱文，只是為了保持這個問題的脈絡，你現在能給我們任何東西嗎——我知道它在那裡，而且在這一點上沒有太多——但在 14 年初，尤其是在 Getaway 上在這裡，你能給我們什麼顏色嗎？然後在這一點上——如果我錯過了這一點，我深表歉意——但是你能告訴我們你在哪裡預訂的可用容量的百分比，你現在預訂的與去年相比，年初至今嗎？

Yes. I don't know if we'll get into that level of detail, but I can tell you that when we look at the booking volume for '14, the first quarter is booked. We have a higher booked position and at a higher price. Some of that is the benefit of the [six-man] transaction. One of the things that I think we were very smart about is the Pearl will be operating in Miami. A good chunk of that first quarter will be charters so that will take inventory away from the market as we bring in and launch the Getaway into the first quarter. I think it's performing exactly how we were hoping it would perform, when we acquired it. And it's accelerated from what it had done in the first quarter of 2013. So that's helping us as well. We actually have some pretty decent visibility on '14 and we're feeling pretty confident with it right now.

是的。我不知道我們是否會深入到那種程度的細節，但我可以告訴你，當我們查看 14 年的預訂量時，第一季度已經預訂完畢。我們有更高的預訂位置和更高的價格。其中一些是[六人]交易的好處。我認為我們非常聰明的一件事是 Pearl 將在邁阿密運營。第一季度的很大一部分將是包機，以便在我們將 Getaway 引入並在第一季度推出時將庫存從市場上帶走。當我們收購它時，我認為它的表現完全符合我們希望的表現。它比 2013 年第一季度的速度更快。所以這也對我們有幫助。實際上，我們對 14 年有相當不錯的了解，我們現在對此非常有信心。

Okay. The percent booked of available capacity, now year-to-date versus last year? Anything you can give us there?

好的。可用容量的預訂百分比，今年年初至今與去年相比？你有什麼可以給我們的嗎？

It's up, mid- to high-single digits, just as a percentage, without getting too specific.

它上升了，中高個位數，只是一個百分比，沒有太具體。

Okay. And then lastly, any color you can give us. You said in the prior question or so about you had to work a little bit harder and then you commented that the bookings have picked up and you feel pretty good about it. For what itineraries, would you say, was that due to the Triumph fallout, or what itineraries or source market? A little more expand on that color, where you had to run a little bit harder to get things caught up.

好的。最後，您可以給我們任何顏色。您在之前的問題中說過您必須更加努力地工作，然後您評論說預訂量有所增加，您對此感覺非常好。對於什麼行程，你會說，是由於 Triumph 的影響，還是什麼行程或來源市場？在該顏色上再擴展一點，您必須更加努力地奔跑才能趕上進度。

Yes. I think it was [call] volume throughout North America, was predominantly where it was. But as I said, it was a hiccup and just heightened our visibility to just really jump in to make sure we were continuing the pace well. And it doesn't last a long period.

是的。我認為這是整個北美的 [通話] 量，主要是它所在的地方。但正如我所說，這是一個小問題，只是提高了我們的知名度，讓我們真正投入進來，以確保我們繼續保持良好的步伐。而且它不會持續很長時間。

Okay. Great. We'll see you tomorrow, sir.

好的。偉大的。我們明天見，先生。

Okay. I'll see you walking the plank.

好的。我會看到你走木板。

Thank you, I guess.

謝謝你，我想。

Our next question is from Kelly Knybel of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Kelly Knybel。

Hi, guys, thanks for taking my call. I'll probably focus on a line item here. Great job on the expenses this is quarter. I know you guys talked about some shifting of the expenses between the quarters. Could you give a little bit more color on that? Was that related to some of the dry dock expenses, or are there other things moving around there?

嗨，伙計們，謝謝你接我的電話。我可能會在這裡專注於一個訂單項。這個季度的開支做得很好。我知道你們談到了季度之間的一些費用轉移。你能給它多一點顏色嗎？這與乾船塢的一些費用有關，還是那裡有其他東西在移動？

Yes, it was substantially the dry dock. You never know exactly how the work is going to get done. Actually, we don't normally have dry docks that go in between quarters, something that we learned a little bit about when we closed the books. It was two weeks. It was the last week of March and the first week of April. When we accumulated the cost, it was probably maybe $0.015 of costs that will swing into the second quarter. But when you look at the net cruise cost for the remainder of the year, I think it's important what Wendy had said earlier is that in 2012, we did not have any dry docks. We accelerated one into '11 and just because of the timing we didn't have any in '12.

是的，它基本上是乾船塢。你永遠不知道工作將如何完成。實際上，我們通常沒有在宿舍之間的干船塢，這是我們在合上賬簿時學到的一些知識。那是兩個星期。那是三月的最後一周和四月的第一周。當我們累計成本時，可能會在第二季度出現 0.015 美元的成本。但當你查看今年剩餘時間的淨郵輪成本時，我認為 Wendy 之前所說的很重要，即在 2012 年，我們沒有任何干船塢。我們在 11 年加速了一個，只是因為我們在 12 年沒有任何時間。

Now in '13, you've got three, the one that we had the first week with Pride of America. And then the second, in the first week of April, we have the Pearl. And then later in the year, we have the Sky. When you take those three dry docks and lay those into the cost structure, and then you add in the inaugural costs that we are having this quarter with the successful launch of the Breakaway, that gets us into that zone of what we have out there as the guidance. The important point, though, is that when you get past '13 and you go into '14 and '15, we have a very consistent number of dry docks each year. This is a one-time thing, which makes it look like the costs are going up, but they really aren't. When you pull out those incremental costs, we continue to do a fantastic job of process improvements.

現在在 13 年，你有三個，我們在美國的驕傲的第一周。然後是第二個，在四月的第一周，我們有珍珠號。然後在今年晚些時候，我們有了天空。當你把這三個乾船塢放在成本結構中，然後你加上我們本季度成功推出 Breakaway 時的初始成本，這讓我們進入了我們所擁有的那個區域指引。不過，重要的一點是，當你過了 13 年，進入 14 年和 15 年時，我們每年的干船塢數量非常穩定。這是一次性的事情，看起來成本在上升，但實際上並沒有。當您扣除這些增量成本時，我們將繼續出色地改進流程。

The interesting thing, too, and you can see so these people all over the ship, we have the entire Six Sigma team on the ship, on the Breakaway. They were working with the crew and in the dining venues, in the restaurants, making sure we come out of the box with this engineering the way that makes them so efficient, to enable the crew complement that we have, but also enable our crew to interact with the guests. Which is the reason why we have 38 straight months of record guest satisfaction.

有趣的是，你可以看到船上到處都是這些人，我們整個 Six Sigma 團隊都在船上，在 Breakaway 上。他們與船員一起工作，在用餐場所，在餐廳，確保我們以這種使他們如此高效的方式從這個工程中脫穎而出，使我們擁有的船員能夠補充，但也使我們的船員能夠與客人互動。這就是我們連續 38 個月保持客人滿意度記錄的原因。

Just one side bar, I got nailed because all the guests on the ship wanted to hear from me. They set up a meeting in the theater, which I thought was going to be a couple of people going into the theater to listen to Kevin pontificate. And I walk into the theater and it's completely packed. There was 300 or 400 people, on all of the steps going down to the front and the back, and we spent an hour. I can't tell you how nice the people were and how impressed they were with the ship and they noticed all of the nuances of this ship versus some of our older ships. It was very encouraging to me and I'm very excited for you guys to come on the ship and see it. It's just spectacular.

就在一邊，我被釘住了，因為船上的所有客人都想听聽我的消息。他們在劇院舉行了一次會議，我認為這將是幾個人進入劇院聽凱文的演講。我走進劇院，裡面座無虛席。從前到後的所有台階上都有 300 或 400 人，我們花了一個小時。我無法告訴你人們有多友善，他們對這艘船的印像有多深刻，他們注意到這艘船與我們的一些舊船相比的所有細微差別。這對我來說非常鼓舞人心，我很高興你們能登上這艘船觀看它。這真是太壯觀了。

Great. Maybe one last follow-up. Could you give a little bit of color, how are the booking trends on the same-store existing fleet trending, versus what your expectations were with the new Breakaway coming on board?

偉大的。也許是最後一次跟進。您能否給出一些顏色，同店現有機隊的預訂趨勢如何，以及您對新 Breakaway 的期望如何？

Of course, that's why our guidance is unchanged because we also don't have the Breakaway out through a couple of sailings. I would say everything is pretty much on the target of what we expected. When you look at individual ships, there's always things that someone, looking in a microscope may say, oh, this one's a little bit different. But it's consistent with the way we built our budget. I think we talked about we added a ship up in Alaska and that booking is a little bit different than the other two ships that had been there. We did that with the understanding that sometimes it takes a little bit longer for the travel agents to understand that you do have that ship up there. It's all going according to plan. We're happy with the first quarter.

當然，這就是我們的指導不變的原因，因為我們也沒有通過幾次航行就擺脫了 Breakaway。我會說一切都非常符合我們預期的目標。當你看單獨的船時，總有一些東西，有人在顯微鏡下看可能會說，哦，這艘有點不同。但這與我們制定預算的方式是一致的。我想我們談到了我們在阿拉斯加增加了一艘船，而且預訂與那裡的其他兩艘船有點不同。我們這樣做是因為了解有時旅行社需要更長的時間才能了解您確實有那艘船在那裡。一切都在按計劃進行。我們對第一季度感到滿意。

We really think we got through a quarter very solidly. We're well-positioned for the second quarter and excited about the prospects for the year. As I said, I'm really focused on '14. I want to make sure that I'm always at least a year out to make sure we continue to build the blocks for the great success that we're going to have with this Company.

我們真的認為我們非常穩固地度過了一個季度。我們為第二季度做好了準備，並對今年的前景感到興奮。正如我所說，我真的很專注於 14 年。我想確保我總是至少有一年的時間來確保我們繼續為我們將在這家公司取得的巨大成功奠定基礎。

Good. That's really good information. Thanks a lot guys.

好的。這真是很好的信息。非常感謝你們。

Your next question is from [Althea Jojiba] of Infiniti Research.

您的下一個問題來自 Infiniti Research 的 [Althea Jojiba]。

Good morning and congratulations as well on the quarter and the Breakaway. I had a couple of questions, more on Q3, where you have a lot of capacity in Europe. Again, we are experiencing still some macro head winds there. In addition to that, Kevin, you just briefly touched on this, but could you discuss Alaska pricing, given the almost 50% capacity addition there? It seems to have come down a little bit. Is it just the capacity coming in or are we going through the seasonality, where some years Alaska is not as strong? And we have had a couple of good years in the last two years, so maybe that's part of the reason?

早上好，祝賀本季度和 Breakaway。我有幾個問題，更多關於第三季度，你們在歐洲有很多容量。同樣，我們在那裡仍然遇到一些宏觀逆風。除此之外，凱文，你只是簡單地談到了這一點，但你能否討論一下阿拉斯加的定價，因為那裡的容量增加了近 50%？好像是降了一點點。僅僅是產能增加，還是我們正在經歷季節性，有些年份阿拉斯加沒有那麼強？在過去的兩年裡，我們度過了好幾年，所以也許這就是部分原因？

The Alaska market is very strong. And you're right, it's absorbing a lot of new capacities for the industry. But we understood what was happening when we went into it. It's pretty much operating the way we had expected it in our budget. The Europe market is interesting because the booking volume has really accelerated in the last number of weeks. We're very encouraged about where we are with Europe, vis-a-vis our budget anyway, for the rest of the season.

阿拉斯加市場非常強勁。你是對的，它正在為這個行業吸收很多新的能力。但是當我們進入它時，我們明白髮生了什麼。它幾乎按照我們在預算中預期的方式運作。歐洲市場很有趣，因為過去幾週的預訂量確實有所增加。在本賽季餘下的時間裡，我們對歐洲的情況感到非常鼓舞，無論如何相對於我們的預算。

Okay. Europe is probably a little bit of a highlight more recently? I would think that over the course of the next six weeks, you may have more visibility, given that the booking curve, especially for European-sourced passengers, is typically shorter.

好的。歐洲最近可能有點亮點？我認為在接下來的六週內，你可能會有更多的可見性，因為預訂曲線，尤其是歐洲乘客的預訂曲線通常更短。

You're spot on, on that. And the other point I would say, and I saw this in our numbers, when we went through the Rotterdam inaugural, which we did first once we took delivery of the ship. We had a big travel agent event in Rotterdam and we took them on a two-night sailing and we had another event in Southampton. It's interesting, you say, okay, Breakaway's going to takeoff from the inaugurals. But the reality was, for the European market, it just reminded everybody of how great a success the Norwegian Epic is, as you guys know, it won the Travel Weekly best ship in the industry for two years in a row. It just reminded people. The booking activity on the Epic started to take off, as we gotten through these inaugurals. I would suggest that now, with all of the focus on the Breakaway over here in New York, you're going to see the same take off for the Breakaway. We're pretty confident with that.

你說對了。我要說的另一點，我在我們的數字中看到了這一點，當我們通過鹿特丹的就職典禮時，我們在接收船舶後首先進行了。我們在鹿特丹舉辦了一場大型旅行社活動，我們帶他們進行了兩晚的航行，我們在南安普敦舉辦了另一場活動。這很有趣，你說，好吧，Breakaway 將從就職典禮開始起飛。但事實是，對於歐洲市場來說，它只是提醒大家Norwegian Epic是多麼的成功，你們知道，它連續兩年獲得Travel Weekly行業最佳船舶。這只是提醒人們。隨著我們完成這些就職典禮，Epic 的預訂活動開始起飛。我建議現在，所有的焦點都集中在紐約這裡的 Breakaway 上，你將看到 Breakaway 的同樣騰飛。我們對此非常有信心。

Great. Thank you, Kevin.

偉大的。謝謝你，凱文。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

The final question is from Robin Farley of UBS.

最後一個問題來自瑞銀集團的 Robin Farley。

Great. Thanks. Just a follow-up. Kevin, if I understood your comment earlier in the Q&A, it sounded like you were saying that booking volume's up mid-single digits or mid- to high-single digits, in terms of volume for the remainder of 2013. Can you give any color on where pricing is, if you can, excluding Breakaway, just thinking about the same-ship basis? So, volume up mid- to single-digits, but where pricing is? Just to clarify, you made a comment about how you'd know more after a few more Breakaway sailings. Are you specifically talking about the on-board levels?

偉大的。謝謝。只是一個跟進。凱文，如果我理解你在問答中早些時候的評論，聽起來你是在說 2013 年剩餘時間的預訂量上升了中個位數或中高個位數。你能給出任何顏色嗎如果可以的話，定價在哪裡，不包括 Breakaway，只是考慮同船的基礎？那麼，成交量增長到個位數，但定價在哪裡？澄清一下，您曾評論過幾次 Breakaway 航行後您會了解更多。您是在專門談論機載級別嗎？

Yes. As far as the Breakaway, we just want to make sure that the on-board plays. We're expecting it to be way ahead of what we were -- I shouldn't say this probably. I'm getting a dirty look. But we're expecting to see the on-board experience and I'm the guy that's confident about that. The financial team is looking at me like I shouldn't have said that. But let's go through a few sailings. You guys are going to see this when you come on the ship. I had to roll into bed at two o'clock in the morning and everybody was out. This is a Transatlantic. As you would know, it's typically an older crowd. I just can't wait to get into a couple of sailings in Bermuda.

是的。至於 Breakaway，我們只想確保機載播放。我們預計它會遠遠領先於我們——我可能不應該這麼說。我看起來很髒。但我們期待看到機上體驗，我是對此充滿信心的人。財務團隊看著我，好像我不應該那樣說。但是，讓我們通過一些航行。你們上船的時候會看到這個的。我不得不在凌晨兩點滾到床上，然後每個人都出去了。這是跨大西洋。如您所知，這通常是年齡較大的人群。我迫不及待地想在百慕大進行幾次航行。

As far as the organic side, we have extremely strong pricing on the Pride of America so we're very satisfied with that. I would say on the other itineraries, we're holding our own. Europe is starting to come back in the right direction. I would say it's still an environment where we want to keep driving for the load factor because we want to make sure we're in a great position. As we navigate through this important second and third quarter, you start to tweak the pricing.

就有機方面而言，我們對美國驕傲的定價非常高，所以我們對此非常滿意。我會說在其他行程中，我們有自己的行程。歐洲正開始朝著正確的方向回歸。我會說這仍然是一個我們希望繼續提高負載率的環境，因為我們想確保我們處於有利位置。當我們瀏覽這個重要的第二和第三季度時，您開始調整定價。

We have an art to the way we're doing it and we're pretty confident. Last year about this time, we started to reduce our prices, as I think I had mentioned on earlier calls. We had held our pricing very long after the incident in Italy last year, and probably a little bit too long, which hurt us a little bit toward the end of the year. We're feeling pretty confident now with the booked position that we have, there's going to be an interesting scenario because we're strengthening price as the prior year starts to weaken a bit.

我們對我們做事的方式有一種藝術，我們非常有信心。去年大約這個時候，我們開始降低價格，我想我在之前的電話中已經提到過。去年意大利事件發生後，我們一直保持定價，而且可能有點太久了，這在年底對我們造成了一些傷害。我們現在對我們擁有的預訂位置感到非常有信心，將會出現一個有趣的場景，因為我們正在加強價格，因為前一年開始有點疲軟。

Okay. Great. Thank you.

好的。偉大的。謝謝你。

So I hope we answered everybody's questions perfectly. And if we didn't, we're all around. Certainly Andrea and Wendy are available for your questions. And I will see you guys on the ship, if you're around.

所以我希望我們能完美地回答大家的問題。如果我們不這樣做，我們就無處不在。當然，Andrea 和 Wendy 可以回答您的問題。如果你們在附近，我會在船上見到你們。

And remember, we'll be preparing for the inaugural activities for Breakaway so your patience will be appreciated. We've got CNBC is coming over in about an hour and then CNN and a bunch of other things. In fact, tomorrow we'll be ringing the open bell at NASDAQ at 9.30 to celebrate the homecoming of Norwegian Breakaway. You can visit the NASDAQ website or the Investor Relations website for details. We look forward to seeing everyone tune in.

請記住，我們正在為 Breakaway 的開幕活動做準備，我們將不勝感激您的耐心等待。我們知道 CNBC 將在大約一個小時後過來，然後是 CNN 和其他一些事情。事實上，明天我們將在 9 點 30 分在納斯達克敲響開市鐘，以慶祝 Norwegian Breakaway 的回歸。您可以訪問納斯達克網站或投資者關係網站了解詳情。我們期待看到大家收看。

Thanks for your participation and support. We look forward to talking with you guys all, either on the inaugural or next quarter. Thanks.

感謝您的參與和支持。我們期待在就職典禮或下個季度與大家交談。謝謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Have a wonderful day.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。祝你有美好的一天。