挪威郵輪 (NCLH) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Norwegian Cruise Line Holdings Business Update and Second Quarter 2022 Earnings Conference Call. My name is Darryl, and I will be your operator. (Operator Instructions)

早上好，歡迎來到挪威郵輪控股公司業務更新和 2022 年第二季度收益電話會議。我的名字是達里爾，我將成為你的接線員。 （操作員說明）

As a reminder to all participants, this conference call is being recorded. I would now like to turn the conference over to your host, Jessica John, Vice President of Investor Relations, ESG and Corporate Communications.

作為對所有參與者的提醒，本次電話會議正在錄音中。我現在想將會議轉交給您的主持人，投資者關係、ESG 和企業傳播副總裁 Jessica John。

Ms. John, please proceed.

約翰女士，請繼續。

Thank you, Darryl, and good morning, everyone. Thank you for joining us for our second quarter 2022 earnings and business update call. I'm joined today by Frank Del Rio, President and Chief Executive Officer of Norwegian Cruise Line Holdings; and Mark Kempa, Executive Vice President and Chief Financial Officer.

謝謝你，達里爾，大家早上好。感謝您加入我們的 2022 年第二季度收益和業務更新電話會議。挪威郵輪控股公司總裁兼首席執行官弗蘭克德爾里奧今天加入了我的行列；和執行副總裁兼首席財務官 Mark Kempa。

Frank will begin the call with opening commentary. After which, Mark will follow to discuss our financials before handing the call back to Frank for closing remarks. We will then open the call for your questions.

弗蘭克將以開場評論開始電話會議。之後，馬克將跟進討論我們的財務狀況，然後再將電話轉回弗蘭克以進行結束髮言。然後，我們將打開電話詢問您的問題。

As a reminder, this conference call is being simultaneously webcast on the company's Investor Relations website at www.nclhltd.com/investors. We will also make reference to a slide presentation during this call, which may be found on our Investor Relations website. Both the conference call and presentation will be available for replay for 30 days following today's call.

提醒一下，本次電話會議同時在公司的投資者關係網站 www.nclhltd.com/investors 上進行網絡直播。我們還將在本次電話會議期間參考幻燈片演示，該幻燈片可在我們的投資者關係網站上找到。電話會議和演示文稿都將在今天電話會議後的 30 天內進行重播。

Before we begin, I would like to cover a few items. Our press release with second quarter 2022 results was issued this morning and is available on our Investor Relations website.

在開始之前，我想介紹一些項目。我們今天上午發布了關於 2022 年第二季度業績的新聞稿，可在我們的投資者關係網站上查閱。

This call includes forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements. These statements should be considered in conjunction with the cautionary statement contained in our earnings release. Our comments may also reference non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measures and other associated disclosures are contained in our earnings release and presentation.

本次電話會議包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致我們的實際結果與此類陳述存在重大差異。這些聲明應與我們收益發布中包含的警示聲明一起考慮。我們的評論也可能參考非公認會計準則財務指標。我們的收益發布和演示文稿中包含與最直接可比的 GAAP 財務指標和其他相關披露的對賬。

With that, I'd like to turn the call over to Frank Del Rio. Frank?

有了這個，我想把電話轉給弗蘭克德爾里奧。坦率？

Thank you, Jessica, and good morning, everyone, and thank you for joining us today.

謝謝你，傑西卡，大家早上好，謝謝你今天加入我們。

Over the past several quarters, we have reached many pivotal milestones as we continue the steady march of our post-pandemic recovery. On our last call, we had just welcomed the last ship in our fleet back to service, becoming the first major cruise operator to be fully operational. This quarter, we are pleased to report that we have reached another key milestone with operating cash flow turning positive for the second quarter. While our focus is on our profitable future, when I take a moment to reflect on the tremendous progress we have made since launching our Great Cruise Comeback just over a year ago, I can't help but be immensely proud of the entire team in Norwegian for rising to the occasion time and again and delivering impressive results.

在過去幾個季度中，隨著我們繼續穩步推進大流行後復蘇，我們已經達到了許多關鍵的里程碑。在我們的最後一次通話中，我們剛剛迎來了我們船隊中的最後一艘船恢復服務，成為第一家全面運營的主要郵輪運營商。本季度，我們很高興地報告，我們已經達到了另一個關鍵里程碑，第二季度的經營現金流轉為正數。雖然我們專注於盈利的未來，但當我花點時間回顧自一年多前推出 Great Cruise Comeback 以來所取得的巨大進步時，我不禁為挪威的整個團隊感到無比自豪一次又一次地適應這個場合併取得令人印象深刻的結果。

Working well alongside us has been the travel agent community who more than anyone can appreciate the challenges that we as an industry have overcome, and more importantly, can also see the tremendous opportunities that lie ahead. We thank them for their unyielding support throughout this journey.

與我們一起工作的旅行社社區比任何人都更能理解我們作為一個行業已經克服的挑戰，更重要的是，他們也能看到未來的巨大機遇。我們感謝他們在整個旅程中的不屈不撓的支持。

We have been disciplined and methodical in our ramp-up and have maintained a clear and consistent mindset focused on our core market strategy of market to fill and emphasizing value over price by continuing to expand and refine our bundling strategy. Our guiding principle has been a focus on the long-term profitability of the company, particularly for 2023 and beyond, by protecting our long-term brand equity and building on our industry-leading pricing. This means making intentional tactical sacrifices in the short term in favor of long-term sustainable results.

我們在增長過程中一直有紀律和有條不紊，並保持清晰和一致的心態，專注於我們的核心市場戰略，通過繼續擴大和完善我們的捆綁戰略來填補和強調價值而不是價格。我們的指導原則是通過保護我們的長期品牌資產和建立我們行業領先的定價，專注於公司的長期盈利能力，特別是在 2023 年及以後。這意味著在短期內做出有意識的戰術犧牲，以換取長期可持續的結果。

With this ethos at the forefront of our business plan, we also continue to be opportunistic, exploring all options to accelerate our recovery. As I serve in the current landscape, I see several tailwinds and catalysts for our company, which are outlined on Slide 4. First, since we last spoke, we have seen further improvement in the public health and regulatory environments, which has allowed us to relax COVID-related protocols and align us more to the rest of the hospitality industry. Last month, the CDC discontinued its voluntary COVID-19 program for cruise ships. This was a strong signal of confidence by the CDC that the industry's COVID-19 mitigation and management plans are robust and effective. This very positive development has paved the way for us to begin removing barriers for our guests. We're committed by local regulations, bringing us not quite an equal footing with land-based vacation and leisure alternatives, but significantly closer.

將這種精神放在我們商業計劃的最前沿，我們也將繼續投機取巧，探索所有選擇以加速我們的複蘇。當我在當前環境中任職時，我看到了我們公司的一些順風和催化劑，這些在幻燈片 4 中進行了概述。首先，自從我們上次發言以來，我們看到了公共衛生和監管環境的進一步改善，這使我們能夠放寬與 COVID 相關的協議，讓我們更加適應酒店業的其他部門。上個月，疾病預防控制中心停止了其針對遊輪的自願 COVID-19 計劃。這是 CDC 的一個強烈信號，表明該行業的 COVID-19 緩解和管理計劃是穩健有效的。這一非常積極的發展為我們開始為客人消除障礙鋪平了道路。我們遵守當地法規，使我們無法與陸上度假和休閒選擇完全平等，但更接近。

Just yesterday, we announced a number of changes to our own health and safety protocols, which are effective September 3, and as always, are subject to local regulations. We will no longer have a mandatory vaccination requirement in any of our ships and have relaxed testing protocols regardless of sailing length. To put it simply, vaccinated individuals, including those embarking on NCLH ships from U.S. ports, will no longer have any pre-cruise-related protocols. And those who are unvaccinated or choose not to provide proof of vaccination will be required to test negative within 72 hours prior to embarkation.

就在昨天，我們宣布了對我們自己的健康和安全協議的一些更改，這些更改自 9 月 3 日起生效，並且一如既往地受當地法規的約束。我們將不再對我們的任何船隻進行強制性疫苗接種要求，並且無論航行長度如何，都將放寬測試協議。簡而言之，接種疫苗的個人，包括那些從美國港口登上 NCLH 船隻的人，將不再有任何與巡航前相關的協議。而那些未接種疫苗或選擇不提供疫苗接種證明的人，將被要求在登船前 72 小時內檢測為陰性。

In addition, all guests 11 years old and younger will be exempt from vaccination and testing requirements of any kind. There remain a few jurisdictions with strict requirements, including Canada, Greece and Bermuda where we will continue to comply with local mandates. These modifications or protocols are meaningful and give us additional flexibility to reach a wider cruising population, reduce friction and travel-related hassles for our guests and bring greater variety to our itineraries. In fact, yesterday's announcement was an instant catalyst, resulting in 1 of our top 3 best booking days of the year.

此外，所有 11 歲及以下的客人將免於任何類型的疫苗接種和檢測要求。仍有一些司法管轄區有嚴格的要求，包括加拿大、希臘和百慕大，我們將繼續遵守當地的規定。這些修改或協議是有意義的，並為我們提供了更大的靈活性，以覆蓋更廣泛的巡航人群，為我們的客人減少摩擦和與旅行相關的麻煩，並為我們的行程帶來更多的多樣性。事實上，昨天的公告是一個即時催化劑，導致了我們一年中前 3 個最佳預訂日中的一個。

Our top priority remains the health, safety and well-being of our guests, crew and communities we visit. And this commitment to -- is unwavering even as we are evolving our SailSAFE protocols to adapt to the changing public health environment.

我們的首要任務仍然是我們訪問的客人、船員和社區的健康、安全和福祉。即使我們正在發展我們的 SailSAFE 協議以適應不斷變化的公共衛生環境，這一承諾仍然堅定不移。

Across the globe, we continue to see the easing of travel restrictions and reopening of ports to cruise, bringing us closer to a normal operating environment. One significant example of this easing is the lifting in June of the onerous 1-day testing requirement to enter the U.S. While the decision was too late to have a meaningful impact on ship sailing in a second, and to a lesser degree, third quarters of this year. The change resulted in an immediate and sustained boost in booking volumes for future periods in the weeks following the announcement. Second, and despite recession and economic slowdown fears abounding in the broad marketplace, we continue to see a strong upmarket consumer, with booking trends continuing to show steady improvement week-over-week, which I will touch on in more detail later in the call.

在全球範圍內，我們繼續看到旅行限制的放鬆和港口重新開放，使我們更接近正常的運營環境。這種放寬的一個重要例子是在 6 月取消了進入美國的繁重的 1 天測試要求。雖然該決定為時已晚，無法在第二個和較小程度上對船舶航行產生有意義的影響，但第三季度今年。這一變化導致公告發布後幾週內未來期間的預訂量立即持續增長。其次，儘管市場普遍存在對經濟衰退和經濟放緩的擔憂，但我們繼續看到強勁的高端消費者，預訂趨勢繼續顯示出每週穩步改善的趨勢，我將在電話會議的稍後部分詳細討論.

But at a high level, to evaluate the extent and willingness of consumers to spend on cruise travel, we typically monitor 2 key indicators. First is the booking window, which provides a peek into the consumer psyche about the future, given that cruise is a long lead time and relatively high ticket purchase. To be clear, we have not seen any cracks emerge in the dynamics of the booking window. And it remains both within historical range and our own expectations. Second is our onboard revenue generation, which is a real-time now indicator of how our guests are feeling about their financial situation right now and while onboard our ships.

但在高層次上，為了評估消費者在郵輪旅行上的消費程度和意願，我們通常會監控兩個關鍵指標。首先是預訂窗口，它可以窺探消費者對未來的心理，因為遊輪的交貨時間長且購票量相對較高。需要明確的是，我們沒有看到預訂窗口的動態出現任何裂縫。它仍然在歷史範圍和我們自己的預期之內。其次是我們在船上的創收，這是一個實時指標，可以反映我們的客人現在和在船上時對他們的財務狀況的感受。

Onboard revenue generation has continued to be impressive, even as we continue to ramp up occupancy carrying more guests across all ships and cabin classes. In the second quarter, onboard revenue per passenger cruise day was approximately 30% higher than during the comparable 2019 period. We continue to focus on enhancing our market-leading bundled offerings and increasing quality touch points with our guests starting from the time of booking to capture even more revenue pre-cruise, allowing guests to arrive on board with an ever fresher wallet, which ultimately results in higher overall spend. In fact, our pre-cruise revenue on a per passenger day basis for second quarter '22 is up over 50% versus 2019 levels. At a high level, guests who make pre-cruise purchases tend to spend approximately double that of guests who do not pre-book onboard activities.

船上創收繼續令人印象深刻，儘管我們繼續增加所有船舶和艙等艙位的載客量。第二季度，每位乘客遊輪日的船上收入比 2019 年同期高出約 30%。我們將繼續專注於增強我們市場領先的捆綁產品，並從預訂時開始增加與客人的質量接觸點，以在遊輪前獲得更多收入，讓客人帶著更新鮮的錢包登機，最終結果總體支出較高。事實上，我們在 22 年第二季度按每位乘客日計算的郵輪前收入與 2019 年的水平相比增長了 50% 以上。在較高的水平上，進行遊輪前購買的客人往往會花費大約兩倍於未預訂船上活動的客人。

And while the broader economy has experienced a pullback in consumer spending for physical goods, we continue to see strong propensity for spending on travel and experiences, particularly from the affluent consumer. Hotel average daily rates and airline fares remain at or near record levels, with occupancies reaching pandemic peaks.

雖然更廣泛的經濟經歷了實物商品消費支出的回落，但我們繼續看到旅行和體驗支出的強烈傾向，特別是來自富裕消費者的支出。酒店平均每日房價和機票價格保持在或接近創紀錄水平，入住率達到大流行高峰。

Consumers want a vacation even during economic downturns. And we believe cruises are much better positioned than land-based alternatives to capture the strong demand given our unmatched value proposition.

即使在經濟低迷時期，消費者也想要一個假期。鑑於我們無與倫比的價值主張，我們相信郵輪比陸上替代品更能抓住強勁的需求。

While consumer appetite for experiences bodes well to the entire cruise industry, we believe our company in particular is best positioned to outperform in this environment. Our 3 brands focus on providing upscale experiences relative to their respective industry categories, and therefore, skewed towards the higher-end consumer, which while not immune, have proven more resilient than other cohorts in previous downturns. And all indications are that the intent to travel for this demographic has not abated.

雖然消費者對體驗的需求對整個郵輪行業來說都是好兆頭，但我們相信我們的公司尤其處於最佳位置，可以在這種環境下表現出色。我們的 3 個品牌專注於提供相對於各自行業類別的高檔體驗，因此偏向於高端消費者，雖然不能倖免，但在之前的低迷時期已證明比其他群體更具彈性。所有跡像都表明，這一人群的旅行意願並未減弱。

The last and arguably most exciting catalyst I want to touch on is our attractive pipeline of new builds, outlined on Slide 5, which will greatly enhance our already world-class fleet and drive significant contributions to the top and bottom line. I just came back from Italy last week where we took delivery of Norwegian Prima, the first of 6 next-generation Norwegian Cruise Line ships, bringing our total fleet to 29 vessels with approximately 62,000 berths. We are excited to celebrate her christening ceremony later this month in Reykjavik, Iceland. And I encourage all of you to experience her firsthand as she is truly incredible. In fact, our shipbuilding partners, Fincantieri, has said Prima is the clients' most demanding and most complex vessel they have ever built. The Prima Class marks an evolution for Norwegian Cruise Line as every aspect of the design and guests' experience has been elevated.

我想談的最後一個也可以說是最令人興奮的催化劑是我們有吸引力的新建造管道，在幻燈片 5 中進行了概述，這將大大增強我們已經世界級的機隊，並為頂線和底線做出重大貢獻。我上周剛從意大利回來，在那裡我們接收了挪威郵輪公司 6 艘下一代挪威郵輪公司中的第一艘挪威 Prima，使我們的船隊總數達到 29 艘，擁有約 62,000 個泊位。我們很高興本月晚些時候在冰島雷克雅未克慶祝她的洗禮。我鼓勵你們所有人親身體驗她，因為她真的很不可思議。事實上，我們的造船合作夥伴 Fincantieri 曾表示，Prima 是客戶建造的最苛刻和最複雜的船舶。 Prima Class 標誌著挪威郵輪公司的一次進化，因為設計和客人體驗的各個方面都得到了提升。

Last week, we also celebrate the float-out Norwegian Viva, the second vessel in this groundbreaking new class, which is expected to debut in summer of 2023, as seen on Slide 6. The Prima Class will further differentiate Norwegian Cruise Lines compared to our cruise peers and reinforce the positioning of our brands as the leaders in providing upscale experiences in each of the major cruise categories.

上週，我們還慶祝了漂浮的挪威 Viva，這是這個開創性的新級別的第二艘船，預計將於 2023 年夏季首次亮相，如幻燈片 6 所示。Prima Class 將進一步區分挪威郵輪公司與我們的郵輪同行，並加強我們品牌作為在每個主要郵輪類別提供高檔體驗的領導者的定位。

In addition to the new Norwegian vessels, we are also gearing up for the delivery of Oceania Vista in spring of '23 and Regent Seven Seas Grandeur later that year. These new additions will further add to our dominance in the flourishing upper premium and luxury segments.

除了新的挪威船隻外，我們還準備在 23 年春季交付 Oceania Vista 以及當年晚些時候交付 Regent Seven Seas Grandeur。這些新增功能將進一步加強我們在蓬勃發展的高端和奢侈品領域的主導地位。

I often get asked whether we are confident that we can profitably absorb the capacity growth we are expecting for the next few years. And the answer is a resounding yes. Given our relatively small base of only 29 ships, we still have many unserved and underserved markets around the world. We are continually innovating and enhancing our product offerings through our new builds and refurbishment upgrades to our existing fleet and making enhancements to our bundled offering to provide even more value and attract even more high-paying guests to our brands.

經常有人問我，我們是否有信心在未來幾年內以盈利的方式吸收我們預期的產能增長。答案是肯定的。鑑於我們只有 29 艘船舶的相對較小的基地，我們在全球仍有許多未服務和服務不足的市場。我們通過新建和翻新升級現有機隊，不斷創新和增強我們的產品供應，並增強我們的捆綁產品，以提供更多價值並吸引更多高薪客人加入我們的品牌。

I can't emphasize this enough. So I will show you once again on Slide 7, how we've proven our ability over the years to absorb capacity and deliver outsized revenue, adjusted EBITDA and operating cash flow contributions relative to our capacity growth, and we fully expect to continue this trend.

我怎麼強調都不過分。因此，我將在幻燈片 7 上再次向您展示，多年來我們如何證明我們有能力吸收產能並提供超額收入、調整後的 EBITDA 和相對於我們產能增長的運營現金流貢獻，我們完全期望繼續這一趨勢.

Turning now to our booking demand and pricing trends summarized on Slide 8. We continue to see sequential improvement as we remain disciplined and focused on laying the foundation for a record 2023 and beyond. In the second quarter, our load factor was approximately 65%, in line with our expectations and a significant improvement versus the prior quarter of 48%. We expect load factors to increase to the low 80% range in the third quarter, with July already coming in at 85%. This steady sequential ramp is expected to continue until we reach historical 100%-plus levels beginning for the second quarter of 2023.

現在轉向幻燈片 8 中總結的我們的預訂需求和定價趨勢。我們繼續看到連續改善，因為我們保持紀律並專注於為 2023 年及以後的創紀錄奠定基礎。第二季度，我們的載客率約為 65%，符合我們的預期，與上一季度的 48% 相比有了顯著改善。我們預計第三季度的客座率將增加到 80% 的低位，而 7 月的客座率已經達到 85%。這種穩定的連續增長預計將持續到我們從 2023 年第二季度開始達到 100% 以上的歷史水平。

In terms of pricing, as you can see on Slide 9, our Net Per Diem growth in the first half of 2022 over the first half of 2019 pricing was significant at 18%.

在定價方面，正如您在幻燈片 9 中看到的那樣，我們在 2022 年上半年的每日淨每日津貼比 2019 年上半年的定價顯著增長了 18%。

These results are consistent with our strategy of holding firm on our go-to-market strategy, outlined on Slide 10, of market to fill versus discount to fill and maintaining pricing integrity by emphasizing high value over low price. We absolutely believe this is the optimal path to continually deliver high-quality and sustainable profitability once we return to a fully normalized environment post-pandemic.

這些結果與我們在幻燈片 10 中概述的進入市場戰略的戰略一致，即市場填補與折扣填補，並通過強調高價值而不是低價來維持定價完整性。我們絕對相信，一旦我們在大流行後恢復到完全正常化的環境，這是持續提供高質量和可持續盈利能力的最佳途徑。

As expected, our second half 2022 book position remains below, an extraordinarily strong 2019, driven primarily by the lasting impacts of Omicron and the Russia-Ukraine conflict. That said, pricing for the second half of 2022 continues to be higher when compared to 2019, even when taking into consideration of the dilutive effect of future cruise credits and the impact of premium priced Baltic itineraries from the Ukraine conflict, which is primarily concentrated in the third quarter. As we move beyond this transition year and focus on 2023, our full year book position is in line with 2019's record performance. And our booking pace in recent weeks has reached the level needed to consistently sail full.

正如預期的那樣，我們 2022 年下半年的賬面頭寸仍然低於 2019 年的異常強勁，這主要受 Omicron 和俄羅斯-烏克蘭衝突的持久影響的推動。也就是說，與 2019 年相比，2022 年下半年的定價繼續較高，即使考慮到未來郵輪積分的稀釋效應以及烏克蘭衝突造成的高價波羅的海航線的影響，這主要集中在第三季度。隨著我們超越這一過渡年並專注於 2023 年，我們的全年賬面狀況與 2019 年的創紀錄表現一致。最近幾週我們的預訂速度已達到持續滿載所需的水平。

Pricing is also significantly higher for 2023. And while we typically would not provide this level of detail, our performance in this area is so extraordinary that I just had to share it with you this one time. Pricing for 2023 is currently running in excess of 20% above 2019's record pricing and is higher by double digits across all 3 brands. And while pricing will naturally tend to level off as we continue to build our book for 2023, it is nevertheless a testament that our steadfast strategy of focusing on long-term price increases over short-term load factors is indeed working as intended.

2023 年的定價也顯著提高。雖然我們通常不會提供這種級別的詳細信息，但我們在這方面的表現非常出色，以至於我不得不與您分享一次。 2023 年的定價目前比 2019 年的創紀錄定價高出 20% 以上，並且在所有 3 個品牌中均高出兩位數。雖然隨著我們繼續為 2023 年制定計劃，定價自然會趨於平穩，但這證明了我們專注於長期價格上漲而不是短期載客率的堅定戰略確實在按預期工作。

Another onetime proof point that I will provide is ticket sales already on the books for 2023 sailings. When compared to the same time in 2018 for 2019 sailings and taking into account capacity growth of approximately 20%, 2023 sales are a whopping 40% higher. In addition, the quality and stickiness of our ticket sales for '23 sailings is also expected to improve, as a significantly higher proportion of bookings, 4x the level seen in 2019, include air travel booked through our own air program, which in the past has proven to be indeed stickier.

我將提供的另一個一次性證明點是 2023 年航行的票務銷售已經記錄在案。與 2018 年同期相比，2019 年的航行並考慮到約 20% 的運力增長，2023 年的銷售額高出 40% 之多。此外，我們 '23 航次的機票銷售質量和粘性也有望提高，因為預訂比例顯著提高，是 2019 年水平的 4 倍，其中包括通過我們自己的航空計劃預訂的航空旅行，在過去事實證明確實更粘。

Another positive indicator demonstrating strong consumer demand is our advanced ticket sales bill. As you can see on Slide 11, our advanced ticket sales balance stood at $2.5 billion as of the end of the second quarter, up over $300 million versus the prior quarter despite approximately $1 billion of revenue recognized. This represents an all-time record-high ATS balance for the company. On a gross basis, advanced ticket sales build increased by over 40% to $1.5 billion in the quarter, the highest level in 3 years. In addition, approximately $1.5 billion of the total ATS balance at quarter end is associated with bookings that are already within the final payment window, and therefore, subject to cancellation penalties.

另一個顯示強勁消費者需求的積極指標是我們的提前售票賬單。正如您在幻燈片 11 上看到的那樣，截至第二季度末，我們的預售票銷售餘額為 25 億美元，儘管確認了大約 10 億美元的收入，但與上一季度相比增加了 3 億多美元。這代表了該公司創紀錄的 ATS 餘額。在總票房基礎上，本季度預售票銷售額增長了 40% 以上，達到 15 億美元，為 3 年來的最高水平。此外，在季度末的 ATS 總餘額中，約有 15 億美元與已經在最終付款窗口內的預訂相關，因此會受到取消處罰。

The bottom line is that our entire team is more energized now than ever before. We are striving to reach our goal of record net yields and record adjusted EBITDA in 2023, welcoming 8 additional ships to our fleet through 2027 after Prima this year and leveraging all opportunities to maximize value for our stakeholders. This will not be an easy feat, especially as we continue to navigate an uncertain macroeconomic, but an increasingly encouraging public health and regulatory environment. We are prepared for all scenarios. And I'm confident that we are taking the right steps today to set us up for future success.

最重要的是，我們整個團隊現在比以往任何時候都更有活力。我們正在努力實現我們在 2023 年創紀錄的淨收益率和創紀錄的調整後 EBITDA 的目標，在今年 Prima 之後到 2027 年歡迎另外 8 艘船加入我們的船隊，並利用一切機會為我們的利益相關者實現價值最大化。這將不是一件容易的事，尤其是在我們繼續應對不確定的宏觀經濟，但越來越令人鼓舞的公共衛生和監管環境的情況下。我們為所有情況做好了準備。我相信我們今天正在採取正確的步驟，為未來的成功做好準備。

I'll be back with closing comments a little later. But for now, I'll turn the call over to Mark for his commentary on our financial position. Mark?

稍後我會帶著結束評論回來。但現在，我將把電話轉給馬克，讓他對我們的財務狀況發表評論。標記？

Thank you, Frank, and good morning, everyone.

謝謝你，弗蘭克，大家早上好。

Before I begin my commentary on our financial results and outlook, I would be remiss if I did not take a moment to thank our team of nearly 35,000 team members across the globe for their continued dedication, passion and commitment to excellence. Their collective efforts are propelling us forward as we continue to execute on our operational and financial recovery plan. We have made tremendous progress to date, which has led to the significant financial inflection point of generating positive operating cash flow in the quarter for the first time since the start of the pandemic.

在我開始對我們的財務業績和前景發表評論之前，如果我不花一點時間感謝我們由全球近 35,000 名團隊成員組成的團隊，感謝他們持續的奉獻精神、熱情和對卓越的承諾，我將是失職的。隨著我們繼續執行我們的運營和財務復甦計劃，他們的集體努力正在推動我們前進。迄今為止，我們取得了巨大進展，這導致了自大流行開始以來首次在本季度產生正運營現金流的重大財務拐點。

Turning to our second quarter results. During the quarter, we returned our full fleet back to service with the relaunch of Norwegian Spirit in early May. Our load factor for the quarter was 65%, in line with our prior guidance, which reflects our methodical approach to ramping up occupancy while maximizing pricing.

轉向我們的第二季度業績。在本季度，隨著 5 月初挪威精神號的重新啟動，我們的全部機隊重新投入使用。我們本季度的載客率為 65%，與我們之前的指導一致，這反映了我們在提高入住率的同時最大限度地提高定價的有條不紊的方法。

Numerous sailings across key regions and markets achieved over 90% and 100% occupancy, with particular strength in recent months in the Caribbean and Bermuda markets. We continue to expect sequential quarterly increases in occupancies, with load factors returning to historical levels for the second quarter of 2023.

跨越主要地區和市場的眾多航行實現了超過 90% 和 100% 的入住率，最近幾個月在加勒比和百慕大市場尤為強勁。我們繼續預計入住率將連續季度增加，載客率將在 2023 年第二季度恢復到歷史水平。

Strong ticket pricing and onboard revenue generation drove total revenue per passenger cruise day in the quarter up approximately 20% versus 2019. As we look to the third quarter, we expect this metric to increase by high single digits compared to 2019 levels. This is impressive considering the impact in 2022 of the Russia-Ukraine conflict on premium-priced European, in particular, Baltic, itineraries, which are heavily weighted to the third quarter. As a reminder, 3 ships were redeployed entirely as a result of the conflict, including one for each brand, and a total of 60 sailings across our fleet were canceled or modified. In addition, crew-related capacity constraints on the high-yielding Pride of America are a further headwind to overcome.

強勁的票價和船上創收推動本季度每個乘客遊輪日的總收入與 2019 年相比增長了約 20%。展望第三季度，我們預計該指標將比 2019 年高個位數增長。考慮到 2022 年俄羅斯-烏克蘭衝突對高價歐洲航線（尤其是波羅的海航線）的影響，這令人印象深刻，這些航線在第三季度佔很大比重。提醒一下，由於衝突，有 3 艘船完全重新部署，其中每個品牌各一艘，我們船隊共有 60 次航行被取消或修改。此外，高收益的“美國驕傲號”上與船員相關的運力限制是需要克服的進一步不利因素。

Turning to costs. Like every company across the globe, we continue to experience pressures from inflation and global supply chain constraints. Fuel prices remain a headwind, but our hedge program, as seen on Slide 12, provides partial protection. And more recently, we have also seen prices beginning to moderate. We have opportunistically added to our hedge position during the quarter and are now approximately 40% hedged for the remainder of '22 and approximately 30% for 2023.

轉向成本。與全球每家公司一樣，我們繼續承受來自通貨膨脹和全球供應鏈限制的壓力。燃油價格仍然是不利因素，但我們的對沖計劃（如幻燈片 12 所示）提供了部分保護。最近，我們還看到價格開始放緩。我們在本季度機會主義地增加了我們的對沖頭寸，現在在 22 年剩餘時間內對沖了大約 40%，到 2023 年對沖了大約 30%。

We are also experiencing pressure on food costs, although we have recently seen green shoots, prices moderating for certain commodities, such as beef and pork. In addition, we are starting to see shipping and logistical costs moderating from their highs experienced in 2021 and early '22. Our supply chain and logistics teams continue to work around the clock to find measures to minimize this impact.

我們也面臨食品成本的壓力，儘管我們最近看到了萌芽，牛肉和豬肉等某些商品的價格正在放緩。此外，我們開始看到航運和物流成本從 2021 年和 22 年初的高點開始放緩。我們的供應鍊和物流團隊將繼續夜以繼日地工作，以尋找將這種影響降至最低的措施。

Lastly, in the first half of 2022, we continued to incur additional costs associated with our COVID-19 health and safety protocols, primarily related to testing. As the industry continues to align its protocols with the broader travel and leisure space, we expect these costs to ramp down in the future.

最後，在 2022 年上半年，我們繼續產生與 COVID-19 健康和安全協議相關的額外費用，主要與測試相關。隨著該行業繼續使其協議與更廣泛的旅行和休閒空間保持一致，我們預計這些成本將在未來逐漸下降。

Taken together, we expect adjusted net cruise cost, excluding fuel per capacity day, to decrease approximately 10% in the second half of 2022 compared to the first half. Guided by our core market to fill strategy, we will continue to make disciplined demand-generating investments in marketing in the near term, with a focus on laying the foundation for a strong 2023.

綜上所述，我們預計 2022 年下半年調整後的淨郵輪成本（不包括每載運量日的燃料）將比上半年下降約 10%。在我們的核心市場填充戰略的指導下，我們將在短期內繼續在營銷方面進行有紀律的需求產生投資，重點是為強勁的 2023 年奠定基礎。

Looking ahead, while it is still too early to provide concrete guidance, we expect net cruise costs, excluding fuel per capacity day, in 2023 to exceed 2019 levels. Aside from the fact of 3 or 4 years of both normal and now hyperinflation, remember that we have the youngest fleet of the major operators. We have not disposed of any ships during the pandemic, and therefore, will not receive the unit cost benefit from the removal of less efficient capacity. To help with modeling, we have also provided additional guidance on key metrics, like capacity days, revenue expectations depreciation and amortization, interest expense, fuel consumption and capital expenditures. All of which can be found on Slide 13.

展望未來，雖然現在提供具體指導還為時過早，但我們預計 2023 年淨郵輪成本（不包括每運力日的燃料）將超過 2019 年的水平。除了 3 年或 4 年的正常通脹和現在的惡性通脹，請記住，我們擁有主要運營商中最年輕的機隊。在大流行期間，我們沒有處置任何船舶，因此不會從移除效率較低的運力中獲得單位成本收益。為了幫助建模，我們還提供了有關關鍵指標的額外指導，例如產能天數、收入預期折舊和攤銷、利息支出、燃料消耗和資本支出。所有這些都可以在幻燈片 13 上找到。

Shifting to our financial performance. Slide 14 lays out the key financial milestones already achieved as well as our expectations for the upcoming quarters. As previously stated, we generated approximately $260 million of operating cash flow for the second quarter after first turning positive for the month of March. Given that just over a year ago, we were just beginning the herculean task of returning our ships to service after 500 days on the sidelines, this is no small accomplishment. The next milestone we are aiming to achieve is slightly positive adjusted EBITDA for the second half of 2022, leading to positive adjusted free cash flow for the fourth quarter. All of these stepping stones are consistent with our return to service plan and position us extremely well for 2023, where a return to a more normal operating environment, along with our focus on pricing discipline, is expected to lead to record net yields and record adjusted EBITDA for the full year.

轉向我們的財務業績。幻燈片 14 列出了已經實現的關鍵財務里程碑以及我們對未來幾個季度的預期。如前所述，在 3 月份首次轉正後，我們在第二季度產生了約 2.6 億美元的運營現金流。鑑於僅僅一年多前，我們才剛剛開始在休戰 500 天后讓我們的船隻恢復服務的艱鉅任務，這是不小的成就。我們要實現的下一個里程碑是 2022 年下半年調整後的 EBITDA 略微為正，從而導致第四季度調整後的自由現金流為正。所有這些墊腳石都與我們的重返服務計劃相一致，並使我們在 2023 年處於非常有利的地位，屆時將恢復更正常的運營環境以及我們對定價紀律的關注，預計將導致創紀錄的淨收益率和創紀錄的調整後收益全年 EBITDA。

Moving to liquidity and our balance sheet. Our overall liquidity position remains strong, totaling approximately $2.9 billion at quarter end, which consisted of cash of approximately $1.9 billion and an undrawn $1 billion commitment. This existing $1 billion commitment, originally entered into in November 2021, was recently extended through March 2023. We have been clear that we view this facility as a backstop, and we currently do not intend to draw on it. However, given the volatility in the capital markets in recent months, we felt extending the facility was the prudent choice to enhance our financial flexibility. Based on our current projections and trajectory, we continue to believe we will be able to meet our liquidity needs organically.

轉向流動性和我們的資產負債表。我們的整體流動性狀況依然強勁，截至季度末總計約 29 億美元，其中包括約 19 億美元的現金和未提取的 10 億美元承諾。這項現有的 10 億美元承諾最初於 2021 年 11 月簽訂，最近延長至 2023 年 3 月。我們明確表示，我們將此設施視為支持，我們目前不打算利用它。然而，鑑於近幾個月資本市場的波動，我們認為擴大融資額度是提高我們財務靈活性的審慎選擇。根據我們目前的預測和軌跡，我們仍然相信我們將能夠有機地滿足我們的流動性需求。

Slide 15 demonstrates the result of the proactive and deliberate measures we undertook throughout the pandemic to optimize our debt maturity profile. We resumed debt amortization payments in April, which were previously deferred during the pandemic. For the remainder of 2022 and for full year 2023, we have approximately $500 million and $900 million of debt payments coming due, respectively. The vast majority of which is related to our export credit agency-backed ship financing. While on the surface, 2024 maturities appear high, approximately $2.4 billion is related to our operating credit facility, consisting of our revolver and Term Loan A. Both of which we expect to refinance well prior to maturity. This positions us well as we continue to ramp up and return to a more normal operating environment. For additional detail on the breakdown of our upcoming debt payments through 2027, we also provide a detailed schedule on our Investor Relations website.

幻燈片 15 展示了我們在整個大流行期間為優化我們的債務到期狀況而採取的積極和深思熟慮的措施的結果。我們在 4 月份恢復了債務攤銷付款，而這些付款之前在大流行期間被推遲了。在 2022 年剩餘時間和 2023 年全年，我們分別有大約 5 億美元和 9 億美元的債務到期。其中絕大多數與我們出口信貸機構支持的船舶融資有關。雖然從表面上看，2024 年的到期日似乎很高，但大約 24 億美元與我們的運營信貸融通有關，包括我們的循環貸款和定期貸款 A。我們預計這兩者都將在到期前進行再融資。這使我們處於有利地位，因為我們將繼續擴大規模並恢復到更正常的運營環境。有關我們到 2027 年即將到來的債務支付細目的更多詳細信息，我們還在我們的投資者關係網站上提供了詳細的時間表。

After taking delivery of Prima less than 2 weeks ago, with fixed rate financing that was secured back in 2017, our debt portfolio is approximately 75% fixed rate today. This fixed rate -- fixed ratio is expected to increase to approximately 80% by year-end 2023, with the addition of 3 new builds next year, positioning us well in a rising rate environment. The weighted average cost of debt for the portfolio is approximately 5%. We took out, as a reminder, all of the high-cost double-digit debt we incurred during the pandemic at an opportune time prior to the current dislocation we are seeing in the markets by completing balance sheet optimization transactions in November '21 and February 2022.

在不到 2 週前收到 Prima 後，我們在 2017 年獲得了固定利率融資，如今我們的債務組合約為 75% 的固定利率。這一固定利率——預計到 2023 年底，固定利率將增加到約 80%，明年將增加 3 座新建築，使我們在利率上升的環境中處於有利地位。投資組合的加權平均債務成本約為 5%。提醒一下，我們通過在 21 年 11 月和 2 月完成資產負債表優化交易，在當前市場錯位之前的適當時機，在大流行期間承擔了所有高成本的兩位數債務2022 年。

Turning to Slide 16. As I've said this before and will repeat it today, we believe the transformational growth we have in the pipeline over the next few years, representing 50% growth in capacity by 2027 as compared to 2019, is an underappreciated component of our company's investment thesis. Our new ships have very favorable and efficient financing structures, resulting in an expected and immediate boost to profitability. For all new builds on order, our financing is committed at fixed rates averaging approximately 2.5% over the portfolio.

轉到幻燈片 16。正如我之前說過並將在今天重複的那樣，我們認為未來幾年我們正在醞釀的轉型增長，即到 2027 年與 2019 年相比，產能增長 50%，這是一個未被充分認識的我們公司投資論文的組成部分。我們的新船擁有非常有利和高效的融資結構，可預期並立即提高盈利能力。對於所有新訂單，我們的融資以固定利率承諾，平均約為投資組合的 2.5%。

To help you better understand the mechanics of the cash inflows and outflows associated with the new ship, Slide 17 lays out an illustrative scenario demonstrating the typical timeline. In general, approximately 20% of the ships cost is due in 4 installments tied to various milestones preconstruction beginning at contract signing. Typically, 80% of the cost is then due upon taking delivery of the ship. However, while this looks like a large capital expenditure outlay in the financial statements, we also received very efficient export credit agency-backed financing at the same time.

為了幫助您更好地了解與新船相關的現金流入和流出機制，幻燈片 17 展示了一個說明性場景，展示了典型的時間表。一般來說，大約 20% 的船舶成本分 4 期支付，這些費用與從合同簽訂開始的各種里程碑預建相關。通常，80% 的費用在收貨時支付。然而，雖然這在財務報表中看起來像是一筆巨大的資本支出支出，但我們同時也獲得了非常有效的出口信貸機構支持的融資。

This ECA-backed financing covers approximately 80% of the ship cost, which, as I mentioned earlier, is committed prior to contract signing and at extremely attractive rates. In certain cases, we also structure predelivery financing in order to better map the timing of cash flows. Amortization payments on this deck began 6 months after delivery of each vessel and continue over 12 years.

這種由 ECA 支持的融資涵蓋了大約 80% 的船舶成本，正如我之前提到的，這些成本是在合同簽署之前以極具吸引力的價格承諾的。在某些情況下，我們還會構建交付前融資，以便更好地繪製現金流的時間安排。該甲板上的攤銷付款從每艘船交付後 6 個月開始，並持續 12 年以上。

An often overlooked but incredibly important facet in the cash flow mechanics of a new build time line is that well prior to a delivery of a vessel, we are already receiving significant cash inflows in the form of advanced ticket sales and onboard presales. Given that final payments from our guests are typically due 120 days prior to a sailing, this is when the cash engine begins to come to life.

在新建造時間線的現金流機制中，一個經常被忽視但非常重要的方面是，在交付船舶之前，我們已經以提前售票和船上預售的形式獲得了大量現金流入。鑑於我們客人的最終付款通常在航行前 120 天到期，這就是現金引擎開始發揮作用的時候。

As a rough estimate, we typically receive in the range of $100 million to $150 million of cash inflow from future bookings prior to a vessel's first revenue sailing, resulting in a cash infusion into the business that continues to build over time as final payments for future voyages also become due. So while we often hear concerns surrounding the industry's capacity growth, we welcome and are excited for new capacity we have coming online. We have a high degree of visibility into the supply chain, supply pipeline for the industry, with only 4 major shipyards globally who can build cruise ships of scale. This, coupled with the incredibly efficient cost and financing structure of the new builds are a unique differentiator for us and the industry at large.

粗略估計，我們通常會在船舶首次收入航行之前從未來預訂中獲得 1 億至 1.5 億美元的現金流入，從而為業務注入現金，並隨著時間的推移繼續發展，作為未來的最終付款航程也到期了。因此，雖然我們經常聽到有關該行業產能增長的擔憂，但我們歡迎並為我們上線的新產能感到興奮。我們對行業的供應鍊和供應管道有高度的了解，全球只有 4 家主要造船廠可以建造大型遊輪。再加上新建築的成本和融資結構非常高效，這對我們和整個行業來說都是一個獨特的差異化因素。

So in summary, I am pleased with the progress we have made so far, but more importantly, how we have positioned our company for the future. While there continue to be challenges facing our business and we are keeping a close eye on how the macroeconomic environment evolves, we also have significant tailwinds, including a continued post-pandemic return to normalcy and the industry-leading capacity growth that I just discussed. All of which bode well for our future prospects.

總而言之，我對我們迄今為止取得的進展感到滿意，但更重要的是，我們如何為公司的未來定位。儘管我們的業務繼續面臨挑戰，並且我們密切關注宏觀經濟環境的演變，但我們也有重大的順風，包括大流行後持續恢復正常以及我剛才討論的行業領先的產能增長。所有這些都預示著我們未來的前景。

With that, I'll turn it back over to Frank for closing comments.

有了這個，我會把它交還給弗蘭克以結束評論。

Thank you, Mark.

謝謝你，馬克。

And before we wrap up our prepared remarks, I'd like to provide an update on our global sustainability program, Sail & Sustain, which Slide 18 outlines key accomplishments and milestones. Since we last spoke, we published our second annual comprehensive ESG report and SASB align disclosure on World Oceans Day in June. The report highlights our progress and commitments on our top ESG priorities. As we strive to provide critical transparency to our stakeholders this year, we focused on expanding and improving the data disclosed in our report, including expanding Scope 3 greenhouse gas emissions reporting, providing climate risk and resiliency data through our TCFD assessment, and strengthening human capital disclosure, including with data related to diversity as well as training and development. We also increased the scope of our third-party assurance to include many of these new data points.

在我們結束準備好的評論之前，我想提供有關我們全球可持續發展計劃 Sail & Sustain 的最新信息，幻燈片 18 概述了關鍵成就和里程碑。自我們上次發言以來，我們在 6 月的世界海洋日發布了第二份年度綜合 ESG 報告和 SASB 調整披露。該報告強調了我們在 ESG 首要任務方面的進展和承諾。今年我們努力為利益相關者提供關鍵的透明度，我們專注於擴大和改進我們報告中披露的數據，包括擴大範圍 3 溫室氣體排放報告，通過我們的 TCFD 評估提供氣候風險和彈性數據，以及加強人力資本披露，包括與多樣性以及培訓和發展相關的數據。我們還擴大了第三方保證的範圍，以包括許多這些新數據點。

Earlier this year, we also announced that we are pursuing net zero greenhouse gas emissions by 2050. This ambition spans our entire operation and value chain as we aim to bring all of our key partners along with us on this important journey. As we have said previously, a key driver to achieve our net zero ambition is the development of alternative fuels along with the associated critical infrastructure at destinations globally to support the creation, distribution, storage and usage of these fuels. Methanol is one of the fuels we are actively exploring. And we recently joined the Methanol Institute to collaborate, share and adapt solutions alongside the institute's members of methanol producers, distributors and technology providers. We will continue to evaluate a variety of alternative fuels and share learnings with other companies as we collectively try to find a viable long-term solution.

今年早些時候，我們還宣布，我們將在 2050 年實現溫室氣體淨零排放。這一雄心跨越了我們的整個運營和價值鏈，因為我們的目標是讓所有主要合作夥伴與我們一起踏上這一重要的旅程。正如我們之前所說，實現我們的淨零目標的一個關鍵驅動力是開發替代燃料以及全球目的地的相關關鍵基礎設施，以支持這些燃料的創造、分銷、儲存和使用。甲醇是我們正在積極探索的燃料之一。我們最近加入了甲醇研究所，與該研究所的甲醇生產商、分銷商和技術提供商成員合作、共享和調整解決方案。我們將繼續評估各種替代燃料，並與其他公司分享經驗，共同努力尋找可行的長期解決方案。

And before I turn the call over to Q&A, I'd like to leave you with some key takeaways that you can find on Slide 19.

在我將電話轉至問答環節之前，我想為您提供一些您可以在幻燈片 19 上找到的關鍵要點。

First, we continue to execute on our return to service plan and are achieving key milestones as a return to normalcy. The improving public health and regulatory environment, including our recent relaxation of testing and vaccination protocols, are a tailwind. And our entire team is focused on setting the stage for long-term sustainable profitability in '23 and beyond.

首先，我們繼續執行我們的恢復服務計劃，並正在實現關鍵的里程碑，以恢復正常狀態。公共衛生和監管環境的改善，包括我們最近放寬了檢測和疫苗接種協議，是一個順風。我們的整個團隊都專注於為 23 年及以後的長期可持續盈利能力奠定基礎。

Second, we are seeing a strong consumer with a healthy desire to spend on travel and experiences, particularly in the upscale demographics, our brands' target. This strength is demonstrated by our improving booking trends, robust pricing and strong onboard revenue generation.

其次，我們看到了一個強烈的消費者，他們對旅行和體驗有著健康的消費慾望，特別是在我們品牌的目標高端人群中。這種優勢體現在我們不斷改善的預訂趨勢、穩健的定價和強勁的機上創收中。

Lastly, we are excited for the transformational and highly profitable growth we have in store over the next 5 years as we welcome 8 additional ships to our fleet after Norwegian Prima.

最後，我們對未來 5 年的轉型和高利潤增長感到興奮，因為在挪威 Prima 之後，我們迎來了另外 8 艘船加入我們的船隊。

We've covered a lot today, so I'll conclude our commentary here and open up the call for your questions. Operator?

今天我們已經介紹了很多，所以我將在這裡結束我們的評論，並打開電話詢問您的問題。操作員？

(Operator Instructions) Our first question comes from the line of Dan Politzer with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Dan Politzer。

So you guys certainly had some positive commentary on 2023. I think, Frank, you gave the first time -- the sales are pacing 40% higher than this time historically. I'm just trying to bridge to 2023 EBITDA, which you said is going to be a record. Does that assume pricing is going to continue to accelerate? Or is that more of a function of cruise costs moderating from that second-half pace which you guys have set?

所以你們肯定對 2023 年有一些積極的評論。我想，弗蘭克，你第一次給出了 - 銷售額比歷史上這次高出 40%。我只是想過渡到 2023 年 EBITDA，你說這將是一個記錄。這是否假設定價將繼續加速？或者這更多的是巡航成本從你們設定的下半年速度緩和的功能？

Dan, and welcome to the cruise industry. Look, I think it's everything. I think we're going to see occupancies return to normal levels. We expect that to begin certainly by second quarter of '23. We expect pricing to be higher in '23 than 2019. We have more capacity -- more high price capacity. Remember, in 2019, we took delivery of Encore literally in the last few weeks of the year. We had no contribution from the Regent Splendor, which was delivered in February of 2020. Both of those vessels will have a full year in '23. We'll have a full year of Prima. We'll have roughly 7 months of Vista, 6 months or so of Viva and a little bit of grandeur towards the end. So we've got new ship deliveries that are extraordinary, high-priced. We have -- as of today and trending better every day. I really think that our announcement yesterday of relaxing protocols is really going to be a tailwind. We saw it instantly yesterday, and it accelerated throughout the day. Today is also gangbusters compared to a typical Tuesday.

丹，歡迎來到郵輪行業。看，我認為這就是一切。我認為我們將看到入住率恢復到正常水平。我們預計這肯定會在 23 年第二季度開始。我們預計 23 年的定價將高於 2019 年。我們有更多的產能——更高的價格產能。請記住，在 2019 年，我們實際上是在一年的最後幾週交付了 Encore。 Regent Splendor 於 2020 年 2 月交付，我們沒有任何貢獻。這兩艘船都將在 23 年全年運行。我們將度過一整年的 Prima。我們將擁有大約 7 個月的 Vista、6 個月左右的 Viva 和一點點的宏偉。因此，我們交付了非同尋常的高價新船。我們有 - 截至今天，並且每天都在變得更好。我真的認為我們昨天宣布放寬協議真的會順風順水。我們昨天立即看到了它，並且它在一整天都在加速。與典型的星期二相比，今天也是大放異彩。

The last thing we have control over is overall inflation. But if you believe the experts, and we are seeing, as Mark mentioned in his prepared remarks, some green shoots, where costs are already coming down, including fuel, including food costs, that's strong. And so today, we sit here telling you that we have record load, record pricing, record capacity days that we're absorbing very easily. And therefore, we strongly believe that we will have a record net yield in '23, which results in record EBITDA.

我們控制的最後一件事是總體通脹。但是，如果您相信專家，並且我們看到，正如馬克在他準備好的講話中提到的那樣，一些萌芽，其中包括燃料，包括食品成本在內的成本已經下降，那是強大的。所以今天，我們坐在這裡告訴你，我們有創紀錄的負載、創紀錄的定價、創紀錄的容量天數，我們很容易吸收。因此，我們堅信我們將在 23 年實現創紀錄的淨收益率，從而實現創紀錄的 EBITDA。

And Dan, just to highlight, further to what Frank's saying, it's not only the top line growth and the profitability of the new ships we have coming online, we are focused on costs. Obviously, 2022 has been a very lumpy year. It will continue to be a bit lumpy for the second half given where our load factors are expected to be. You have to remember that a lot of our costs are fixed in nature. So when you look at it on a unit basis, yes, they are a little bit higher in the second half in -- for 2022. But, again, we expect normalization of that as we go into 2023. And we've stated very clearly, we are spending dollars on demand-generating initiatives, i.e., marketing, building a very strong 2023 book across the board. So we're making the investment today. We're not chasing the incremental load factor for next quarter. We are focused on a very profitable, high-yielding, lower cost 2023, which we believe will result in a record EBITDA year next year.

丹，只是為了強調弗蘭克所說的，這不僅是我們上線新船的收入增長和盈利能力，我們還關注成本。顯然，2022 年是非常坎坷的一年。考慮到我們預期的負載率，下半年將繼續有點起伏。您必須記住，我們的許多成本本質上是固定的。所以當你從單位來看，是的，在 2022 年下半年，它們會稍微高一些。但是，我們再次預計，隨著我們進入 2023 年，這種情況會正常化。我們已經說過非常顯然，我們正在將美元用於產生需求的舉措，即營銷，全面打造一本非常強大的 2023 年書籍。所以我們今天進行投資。我們不會追逐下個季度的增量負載係數。我們專注於 2023 年非常有利可圖、高收益、低成本的目標，我們相信這將在明年創造創紀錄的 EBITDA。

Got it. And then just for my follow-up. For the third quarter, I know you guys have talked about pricing tracking up high single digits. Any additional color, or if you could unpack that, just given, obviously, Europe, I would assume is a headwind this year. So to the extent you've seen strength in other regions, just kind of a lay of the land would be helpful.

知道了。然後只是為了我的後續行動。對於第三季度，我知道你們已經談到了跟踪高個位數的定價。任何額外的顏色，或者如果你可以打開它，顯然，歐洲，我認為今年是逆風。因此，就您在其他地區看到的實力而言，只是一塊土地會有所幫助。

Yes. Look, Alaska is very, very strong. Our Caribbean product is also selling well. We took a large vessel out of the Baltic, very last minute, repositioned to Port Everglades, which she's doing very, very well. Bermuda is doing great. Europe isn't doing all that back considering what's going on over there with the Ukraine conflict. We are leaning more on European source business, which typically underperforms in terms of both ticket price and onboard revenue. And still, overall, our yields are better in Q3. So I think we're going through, like Mark mentioned, some lumpiness. We've had protocol situations that are improving.

是的。看，阿拉斯加非常非常強大。我們的加勒比海產品也很暢銷。我們在最後一刻從波羅的海撤出了一艘大船，重新定位到大沼澤地港，她做得非常非常好。百慕大做得很好。考慮到烏克蘭衝突正在發生的事情，歐洲並沒有做所有的事情。我們更傾向於歐洲貨源業務，該業務在票價和機上收入方面通常表現不佳。而且，總體而言，我們在第三季度的收益率更好。所以我認為我們正在經歷，就像馬克提到的那樣，有些混亂。我們的協議情況正在改善。

The elimination of the testing requirement to get back into the country was huge. Americans simply didn't want to take the chance to be stuck in Europe should they contact COVID. That's had an impact over the short, medium term. Remember, one of the wonderful things about the cruise industry is you have great visibility because of the booking curve, people book way in advance. So when these things occur, it impact the short term, which is why we simply don't want to chase short-term occupancy at the expense of long-term pricing. Pricing has a long tail. The occupancy, the load factor of any given sailing, once it's -- that sailing is finished, it's finished. It has no impact on the long run or no cumulative impact. But pricing does. So for us, it's incredibly important, especially since we target that high-quality, high-paying consumer to maintain pricing discipline, as you can see, across the board to be up in pricing, 20% for 2023 is truly extraordinary.

取消返回該國的測試要求是巨大的。如果美國人接觸 COVID，他們根本不想抓住機會被困在歐洲。這對短期和中期產生了影響。請記住，郵輪行業的一大優點是由於預訂曲線，您具有很高的知名度，人們提前預訂。所以當這些事情發生時，它會影響短期，這就是為什麼我們根本不想以犧牲長期定價為代價來追逐短期入住率。定價有一條長尾。任何給定航行的佔用率，負載係數，一旦航行結束，它就結束了。它對長期沒有影響或沒有累積影響。但定價確實如此。因此，對我們來說，這非常重要，特別是因為我們以高質量、高收入的消費者為目標，以維持定價紀律，正如你所見，全面提高定價，2023 年 20% 確實非同尋常。

Our next question comes from the line of Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的 Brandt Montour。

So maybe just on the back of that, and apologies for the -- to the near-term question. I feel like I'm splitting hairs a little bit here. But when I look in your deck now versus last quarter, it looks like the back half in terms of when you sort of were looking for positive adjusted EBITDA, may have down shifted a little bit. And I think maybe you just covered it, Frank, in talking about not giving up occupancy for price. But I want to know if there was anything else in there that you just weren't really expecting 3 months ago that maybe impacted that?

因此，也許只是在此基礎上，並為近期問題道歉。我覺得我在這裡有點毛骨悚然。但是，當我現在與上一季度相比時，當我查看您的套牌時，就您尋找調整後 EBITDA 的時間而言，看起來後半部分可能已經向下移動了一點。我想，弗蘭克，你可能只是在談論不為價格放棄入住時提到了它。但我想知道，3 個月前您是否真的沒有預料到那裡是否還有其他可能會影響它的東西？

No, I don't think so. It's just the cumulative sustained lasting issues on -- related around Omicron. It's only been in the last 6 weeks that, number 1, the Biden Administration took down the requirement to test negative to get back into the U.S., number 1. Number 2, the CDC dropping the cruise guidelines, which occurred about 3 weeks ago. And just yesterday, us announcing the relaxation of our own protocol. I think those 3 items, each one of them had a positive impact on bookings. And as we said in our prepared remarks, each one of those events triggered an improvement in booking volumes. But remember, booking -- the booking curve on average is about 7 months out. So when you say that all this happened around midyear, whether it was late June, mid-July, now early August and you look 7 months into the future, that's where you get, you get to 2023.

不，我不這麼認為。這只是與 Omicron 相關的累積持續持久問題。僅在過去 6 週內，第 1 號，拜登政府取消了返回美國的檢測呈陰性的要求，第 1 號。第 2 號，CDC 放棄了大約 3 週前發生的巡航指南。就在昨天，我們宣布放寬我們自己的協議。我認為這 3 項，每一項都對預訂產生了積極影響。正如我們在準備好的評論中所說，這些事件中的每一個都引發了預訂量的提高。但請記住，預訂——平均預訂曲線大約需要 7 個月。所以當你說這一切都發生在年中左右時，無論是 6 月下旬、7 月中旬，還是現在的 8 月初，然後你展望未來 7 個月，這就是你得到的，你會到 2023 年。

We could -- we could like others chase short-term occupancy and sell cruises for crazy prices, but we don't want to do that. We never have done that. That is not our strategy. I remind you what happened back in '08 and '09, when the Great Recession, certain cruise companies did drop their prices to ridiculous levels. And it took them, in some cases, 10-plus years, and in some cases, they've not yet reached those pre-Great Recession yields. I'm not willing to mortgage the company for 10-plus years in order to window dress the next quarter results, just won't do it. We're here for the long term.

我們可以——我們可以像其他人一樣追逐短期入住並以瘋狂的價格出售遊輪，但我們不想這樣做。我們從來沒有這樣做過。這不是我們的策略。我提醒你 08 年和 09 年發生的事情，當經濟大蕭條時，某些郵輪公司確實將價格降至荒謬的水平。在某些情況下，他們花了 10 多年的時間，在某些情況下，他們還沒有達到大衰退前的產量。我不願意抵押公司 10 年以上來裝飾下一季度的業績，只是不會這樣做。我們在這裡是長期的。

We're managing the business on a long-term basis. COVID had a major impact. We were shut down for 18 months or so. And the recovery is not instant mash potatoes. If you want instant mash potatoes, you got to go elsewhere because we're here for the long run. And our pricing strategy, how disciplined it is proof of that. To be -- to have 40% more ticket sales on the books right now compared to 2018 despite a 20% increase in capacity is formidable. And I've been doing this for 30 years. I've managed cruise companies in good times and in bad times, that I am convinced, beyond a shadow of a doubt, that you don't sacrifice the long-term pricing power of your brand in order to achieve short-term load factor gains.

我們正在長期管理業務。 COVID產生了重大影響。我們被關閉了 18 個月左右。而且複蘇不是即食土豆泥。如果你想要速溶土豆泥，你必須去其他地方，因為我們長期在這裡。而我們的定價策略，它的紀律性就是證明。儘管容量增加了 20%，但與 2018 年相比，現在的票務銷售額增加了 40%，這是令人生畏的。我已經這樣做了 30 年。我曾在順境和逆境中管理過郵輪公司，我堅信，毫無疑問，您不會為了實現短期載客率而犧牲品牌的長期定價能力收益。

Thanks for that, Frank. We don't like instant mash potatoes either. And maybe just a quick modeling question on -- from -- in terms of gross revenue, you gave us a little bit of guidance for the 3Q. And I was just curious if you could just walk us through that to sort of net revenue per PCD. And the only reason I bring that up is because it looks like the commission in transportation line in the 2Q was a little bit elevated. I don't know if that was a higher flight costs that you guys are passing through or whatnot. But maybe you can unpack that a little bit for us?

謝謝你，弗蘭克。我們也不喜歡速溶土豆泥。也許只是一個關於總收入的快速建模問題，你給了我們一些關於第三季度的指導。我只是好奇你是否可以引導我們了解每 PCD 的淨收入。我提出這個的唯一原因是因為看起來第二季度運輸線的佣金有點高。我不知道這是你們途經的更高的飛行費用還是其他什麼。但也許你可以為我們解開一點？

Brandt, it's Mark. So yes, when you compare our gross in Q2 versus Q1, you will see -- gross to net, you will see a slightly elevated cost structure. And that's going to be representative of more of the ongoing cost structure. I think Q1, given all the dynamics where we had many sailings, many cancellations, we had quite a bit of ancillary revenue coming through in the gross line, which may have bumped up the next, so to speak. But as we stated in our prepared remarks, we have now embarked on our air program that we've been working on for many years. So you are starting to see the costs of that come through. And so I think you're going to see these more -- these are going to be the more norm level, so to speak. But it's coming through in both the gross. And obviously, when you look at the net, and again, considering the fact that in Q3, we were heavily weighted, particularly in Europe, and we're still having very strong pricing, I think it's a pretty impressive result.

布蘭特，是馬克。所以是的，當你比較我們在第二季度和第一季度的總收入時，你會看到——總收入與淨收入相比，你會看到成本結構略有上升。這將更多地代表正在進行的成本結構。我認為第一季度，考慮到我們有許多航行、許多取消的所有動態，我們有相當多的輔助收入來自總收入，可以這麼說，這可能會增加下一個收入。但正如我們在準備好的評論中所說，我們現在已經開始了我們多年來一直在努力的空中計劃。因此，您開始看到這樣做的成本。所以我認為你會看到更多——可以這麼說，這些將成為更規範的水平。但它在兩個方面都得到了體現。顯然，當您查看網絡時，再次考慮到第三季度我們的權重很大，尤其是在歐洲，而且我們仍然擁有非常強勁的定價，我認為這是一個非常令人印象深刻的結果。

Our next question comes from the line of Steve Wieczynski with Stifel.

我們的下一個問題來自Stifel 的Stif Wieczynski。

So one of the questions we've gotten a bunch this morning, and Frank, you've already talked a little bit about this, but it's the change in the '23 book position today versus kind of where you were back in May. And obviously, pricing has actually improved a good bit, but the level of bookings have potentially flowed a bit. And I would assume this is all going to stem from your go-to-market strategy, which you've already discussed a lot.

所以今天早上我們收到了很多問題，弗蘭克，你已經談了一點，但這是今天 23 本書位置的變化，而不是你五月份的位置。顯然，定價實際上已經提高了一點，但預訂水平可能會有所增加。我會假設這一切都源於你已經討論過很多的市場戰略。

So I guess the question here is, should we expect moving forward that pricing should continue to basically push north, but we, us, investors have to be prepared that the book position could get moved around more than what we've been accustomed to in the past? And then the second part of this question also, if you guys could -- I don't know if you will give this or not, but give us a sense of where you think you'll turn the calendar year in terms of being booked for '23 versus where you would be historically?

所以我想這裡的問題是，我們是否應該期待定價應該繼續向北推，但我們，我們，投資者必須做好準備，賬面頭寸可能會比我們習慣的移動更多過去？然後這個問題的第二部分也是，如果你們可以 - 我不知道你們是否會給出這個，但請讓我們了解一下你們認為日曆年的預訂情況'23 與你在歷史上的位置？

Steve, there was a lot there in your question, so I'll try to remember it all, remind me if I miss something. You can't be ahead significantly forever, because at some point, the timelines converge. So we're very, very pleased where we are today for 2023 in terms of cumulative book position. As the calendar goes forward and we get closer to '23, I would expect us to stay more or less where we are today. Because if you recall, back in 2018, I think it was -- this very call in early August, where I said we had now reached the optimal balance between advanced bookings and pricing.

史蒂夫，你的問題有很多，所以我會盡量記住這一切，如果我錯過了什麼，請提醒我。你不可能永遠遙遙領先，因為在某個時刻，時間線會匯合。因此，我們對 2023 年的累計圖書排名感到非常非常高興。隨著日曆的推進，我們越來越接近 23 年，我希望我們或多或少地保持在今天的位置。因為如果你回想一下，早在 2018 年，我認為是——就在 8 月初的電話會議上，我說我們現在已經在提前預訂和定價之間達到了最佳平衡。

If you book too fast, you leave money on the table. If you book too slow, you'll pay the price later by having to discount to fill, and we don't want to go there. So we're very happy with the pace that we're at. We don't want to accelerate it much more than we have. We're instead focusing on price. We think that the tailwinds that I described so far this morning is going to help. But we don't want to be ahead any more than we are today because we had reached that point in '18 where we thought we were optimum, and we want to maintain it. It all has to do with the booking curve and different itineraries. So I'm pleased where we are today. Not looking to push load factors, to accelerate load factors, although, again, I do believe that 2 or 3 tailwinds that we discussed this morning are going to have a natural tailwind to bookings. Did I miss one of your questions, Steve?

如果你預訂得太快，你會把錢留在桌子上。如果您預訂太慢，您將不得不通過折扣來填充稍後支付價格，我們不想去那裡。所以我們對我們現在的速度感到非常滿意。我們不想讓它加速太多。相反，我們專注於價格。我們認為我今天早上到目前為止所描述的順風將會有所幫助。但是我們不想比今天更領先，因為我們已經達到了 18 年的那個點，我們認為我們是最佳的，我們想保持它。這一切都與預訂曲線和不同的行程有關。所以我很高興我們今天所處的位置。不希望推動載客率，以加快載客率，儘管我再次相信我們今天早上討論的 2 或 3 個順風將對預訂產生自然順風。史蒂夫，我錯過了你的一個問題嗎？

No. That pretty much covers it all, Frank. And then the second question actually is going to be probably for Mark here, and it's going to be a liquidity question, which I'm sure you're tired of talking about. But Mark, I fully understand your comments you made in your prepared remarks, that we've seen some -- but at this point, we've seen some of your competitors say their liquidity profile was fine. And the next thing you know, we turn around and see them raise equity or do some kind of debt deal. So I just -- I want to be clear here that -- and I know we can never say that -- we shouldn't expect any type of dilutive raise over the near term given I think you said your cash flows at this point should be able to take care of pretty much all your near-term maturities.

不，這幾乎涵蓋了一切，弗蘭克。然後第二個問題實際上可能是針對馬克的，這將是一個流動性問題，我相信你已經厭倦了談論這個問題。但是馬克，我完全理解你在準備好的評論中發表的評論，我們已經看到了一些 - 但在這一點上，我們已經看到你的一些競爭對手說他們的流動性狀況很好。接下來你知道，我們轉身看到他們籌集股本或進行某種債務交易。所以我只是 - 我想在這裡明確一點 - 我知道我們永遠不能這麼說 - 我們不應該期望在短期內出現任何類型的稀釋性加薪，因為我認為你說你的現金流應該在這一點上能夠照顧你幾乎所有的近期到期。

Steve, yes. So look, based on everything we see today, and I'll repeat it again, we believe we can meet all of our liquidity needs organically. What you've seen from some of the competitors and more recently was really around refinancings of more near-term maturities. And specifically, what I called out in my prepared remarks is that was something we were focused on over the course of the pandemic. So as you look at our maturity power and if you put aside the -- our normal operating facilities, our revolver and our term loan A, which we plan to amend and extend by the end of this year, we have a very clean path during our recovery. So with that, we still have debt capacity should we need to go to the markets. We have no plans on raising liquidity via equity. We've said that before. We've diluted our shareholders enough through this pandemic. So we feel good where we are, and we'll continue to watch that. But more importantly, we have a relatively clean path going forward. So we feel good today.

史蒂夫，是的。所以看，根據我們今天看到的一切，我會再重複一遍，我們相信我們可以有機地滿足我們所有的流動性需求。您從一些競爭對手以及最近看到的情況實際上是圍繞更近期到期的再融資。具體來說，我在準備好的講話中呼籲的是，這是我們在大流行過程中關注的事情。因此，當您查看我們的到期能力時，如果您將我們的正常運營設施、左輪手槍和我們計劃在今年年底之前修改和延長的定期貸款 A 放在一邊，我們有一條非常乾淨的道路我們的恢復。因此，如果我們需要進入市場，我們仍然有債務能力。我們沒有通過股權提高流動性的計劃。我們以前說過。通過這次大流行，我們已經充分稀釋了我們的股東。所以我們現在感覺很好，我們會繼續觀察。但更重要的是，我們有一條相對乾淨的前進道路。所以我們今天感覺很好。

Our next questions come from the line of Patrick Scholes with Truist.

我們的下一個問題來自 Patrick Scholes 與 Truist 的對話。

With your pricing strategy, and I completely understand the rationale for that, but I wonder how much does the current staffing market play into perhaps giving up some occupancy but holding pricing. And I relate this to some news that just came out with Diamond Princess canceling some itineraries due to not enough staffing. So again, how much does -- possible issues with staffing play into that strategy? And also maybe just some -- if you could give us just an update on the general staffing environment for you folks?

有了你的定價策略，我完全理解這樣做的理由，但我想知道當前的人員配備市場在可能放棄一些入住但保持定價方面發揮了多大作用。我將此與鑽石公主號因人員不足而取消一些行程的消息聯繫起來。再說一次，人員配備的可能問題對該戰略有多大影響？也可能只是一些 - 如果你能給我們提供關於你們的一般人員配置環境的最新信息？

Yes. Patrick, this is Frank. Look, the internationally sourced crew that makes up the abundance of our staffing on board, it's pretty back to normal. Quite frankly, I was surprised to see what you mentioned happen to another company. But we're not immune to it. We have challenges in that area that -- but it's not keeping us from filling the vessels, except for one, and that's Pride of America, which as you know is the only American flag vessel that requires us to have 75% of our crew to be American citizens. And we are having issues sourcing labor and crew for that vessel. And that vessel, which unfortunately is also our highest yielding vessel at the Norwegian brand.

是的。帕特里克，這是弗蘭克。看，國際採購的船員構成了我們船上人員的豐富，這已經恢復正常了。坦率地說，我很驚訝你提到的事情發生在另一家公司。但我們也不能倖免。我們在這方面面臨挑戰——但這並不能阻止我們裝滿船隻，除了一艘，那就是美國的驕傲號，正如你所知，這是唯一一艘需要我們 75% 的船員才能完成的美國國旗船隻成為美國公民。我們在為那艘船尋找勞動力和船員時遇到了問題。還有那艘船，不幸的是，這也是我們在挪威品牌中產量最高的船。

We've purposely kept the load factor since she's returned to service at 40%. So would our overall load factors be higher in Q3 and Q4? Yes. And pricing would be higher. But we're purposely keeping it at that lower level because of labor shortages. We believe we have a road which, by year-end, we should see that vessel return to full occupancy. Certainly, the demand is there. It's disheartening every time we have to go and cancel and -- people who are booked and expect to go, and we have to keep that load factor in the 40% range. But that's around the edges. And like I said, we expect to be back at 100% occupancy on that vessel by year-end.

自從她重新投入使用以來，我們特意將載客率保持在 40%。那麼第三季度和第四季度我們的整體負載率會更高嗎？是的。而且定價會更高。但由於勞動力短缺，我們故意將其保持在較低水平。我們相信我們有一條道路，到年底，我們應該看到這艘船恢復滿載。當然，需求是存在的。每次我們不得不去取消時，這令人沮喪 - 預訂並期望去的人，我們必須將載客率保持在 40% 的範圍內。但那是在邊緣。就像我說的那樣，我們預計到年底該船的入住率將恢復到 100%。

Our next questions come from the line of Vince Ciepiel with Cleveland Research.

我們的下一個問題來自克利夫蘭研究中心的 Vince Ciepiel。

Great. I wanted to -- kind of the cost perspective from maybe a different angle. Obviously, a lot of puts and takes here, with restart costs, maybe some pull forward of marketing, and you have elevated fuel prices to deal with as well. You go back to pre-COVID, the business was pretty well dialed in with EBITDA margins in the low 30s. And as you're thinking about the business longer term and planning for years ahead, and maybe you just assume that fuel prices at some point get back to what I'll call more normal range, is there any reason to think that margins don't get back to the neighborhood that they were before? I guess another way of asking it is, has something changed in the relationship between operating costs and the pricing that you're seeing out in the market today?

偉大的。我想從一個不同的角度來考慮成本。顯然，這裡有很多的投入和投入，包括重啟成本，可能還有一些營銷的推進，而且你還需要應對高昂的燃料價格。您回到 COVID 之前，該業務的 EBITDA 利潤率在 30 年代的低位時表現得非常好。當您考慮長期業務併計劃未來幾年時，也許您只是假設燃料價格在某個時候會回到我所說的更正常範圍，是否有任何理由認為利潤率不會？不能回到他們以前的社區嗎？我想另一種提問方式是，運營成本與您今天在市場上看到的定價之間的關係是否發生了變化？

Vince, so the short answer to your question is no. While we are seeing some near-term headwinds with the cost pressures like every other business is seeing, longer term, we still believe that we have a very strong operating leverage. And the simplest example of that is it's almost a 2 for 1 relationship. Every point of yield is generally 2x a point of cost in terms of monetary value. So we still believe that to be intact as we look out into 2023.

文斯，所以對你的問題的簡短回答是否定的。雖然我們看到了一些近期的不利因素，其中包括所有其他業務所面臨的成本壓力，但從長期來看，我們仍然相信我們擁有非常強大的運營槓桿。最簡單的例子是它幾乎是 2 對 1 的關係。就貨幣價值而言，每個收益點通常是成本點的 2 倍。所以我們仍然相信，在我們展望 2023 年時，它會保持原樣。

Obviously, it's very early to give any sort of concrete guidance around that. But apart from taking -- when we look at 2022, and internally, we try to normalize what the cost structure is, you have to remember that we have the full burden of cost today, yet we don't have the full complement of passengers on board. We're doing that purposely. So when you look at the metrics, like I said earlier, it's lumpy. But as you look into '23 and then beyond, that operating leverage is fully intact, setting aside fuel, which we think we've mitigated reasonably with our hedge program. But we think there's a very, very real near-term path to getting back to historical margins. We just have to be able to operate consistently, operate our vessels at historical load factors, which we said we expect to be doing for second quarter of 2023. And I think you're going to start to see the normalcy appear very quickly.

顯然，現在給出任何具體的指導還為時過早。但是，除了考慮 2022 年，我們在內部嘗試使成本結構正常化，你必須記住，我們今天有全部的成本負擔，但我們沒有全部的乘客在船上。我們是故意這樣做的。因此，當您查看指標時，就像我之前所說的那樣，它很混亂。但是，當您查看 23 年及以後的情況時，該運營槓桿完全完好無損，將燃料放在一邊，我們認為我們已經通過我們的對沖計劃合理地減輕了燃料。但我們認為，有一條非常、非常真實的近期路徑可以恢復到歷史利潤率。我們只需要能夠始終如一地運營，以歷史負載率運營我們的船舶，我們說我們預計將在 2023 年第二季度做到這一點。我認為你將開始很快看到常態出現。

That's really helpful. And maybe separately, on the bookings commentary, it sounded really encouraging with sequential improvement, a record day yesterday, a strong morning. And just thinking about the occupancy guide for the third quarter. And I guess less short-term focus, but maybe more of an update on where the booking curve is at. Can you help us understand where close-in bookings are versus where they are historically and where the booking curve is at from a length perspective?

這真的很有幫助。也許另外，在預訂評論中，連續改善聽起來真的令人鼓舞，昨天創紀錄的一天，一個強勁的早晨。想想第三季度的入住指南。而且我猜短期關注較少，但可能更多的是關於預訂曲線的更新。您能否幫助我們從長度的角度了解近距離預訂的位置與歷史上的位置以及預訂曲線的位置？

There's a lot there as well, Vince. Look, historically, the booking curve at the [age] level, knowing that each brand has slightly different nuances, it's about 7 months. And today, it's slightly more elongated than that, I would say, closer to 9 months, primarily because of our focus on 2023 bookings versus 2022. If you gave me a choice of selling a cabin or a booking for a '22 departure versus a '23 departure, I'll take a '23 departure.

那裡也有很多，文斯。從歷史上看，[年齡] 級別的預訂曲線，知道每個品牌的細微差別略有不同，大約是 7 個月。而今天，它比那更長一些，我想說，接近 9 個月，主要是因為我們專注於 2023 年與 2022 年的預訂。如果您讓我選擇出售客艙或預訂 22 年出發而不是'23 出發，我將乘坐 '23 出發。

So our marketing is all geared towards 2023. We'll take '22 bookings, of course. But we're not pushing it. And certainly, we're not discounting to attract that kind of business. We believe investors are focused on '23 and beyond and not necessarily '22. So for us, '22 is a transition year. We're very pleased that we got the entire fleet operating. We're very pleased we took delivery of Prima. We're very pleased that we've now turned cash positive. But in terms of pedal-to-the-metal focus, getting back to normal on margin, on yields, on EBITDA, on profitability, it's all about 2023 and beyond.

所以我們的營銷都是面向 2023 年的。當然，我們會接受 22 次預訂。但我們不會推動它。當然，我們不會為了吸引這類業務而打折。我們認為投資者關注的是 23 年及以後，而不一定是 22 年。所以對我們來說，22 年是一個過渡年。我們很高興我們讓整個機隊投入運營。我們很高興收到 Prima。我們很高興我們現在已經轉為正現金。但就踏板到金屬的關注而言，在利潤率、收益率、EBITDA、盈利能力方面恢復正常，這一切都與 2023 年及以後有關。

Our next questions come from the line of Robin Farley with UBS.

我們的下一個問題來自瑞銀的 Robin Farley。

Most of my questions have been addressed already. Just one on -- so much of your maturities in the next 18 months look like they're ECA-related. And I wonder if you could talk about the potential there for those to be extended or pushed back in some way without you having to go to the capital markets and borrow for that?

我的大部分問題已經得到解決。僅此而已-您在接下來的 18 個月中的大部分到期日看起來都與 ECA 相關。我想知道您是否可以談論以某種方式延長或推遲這些計劃的潛力，而您不必去資本市場並為此借款？

Robin. Look, our ECA and all of our lenders have been phenomenal over the pandemic and really -- have been really flexible. But they too are commercial organizations, right? So while we're going to work -- continue to work closely with them, first and foremost, as I've said, we believe that we can meet all of our needs -- liquidity needs organically. We have 20% more capacity coming online next year, which is driving significant growth. But -- and so as we'll look -- as we look forward, if there are any near-term significant headwinds, we're going to look at all the options that are available out there.

羅賓。看，我們的 ECA 和我們所有的貸方在大流行期間都表現出色，而且真的 - 非常靈活。但他們也是商業組織，對吧？因此，儘管我們將繼續工作——首先，正如我所說，繼續與他們密切合作，我們相信我們可以滿足我們所有的需求——有機地滿足流動性需求。明年我們將有 20% 以上的容量上線，這將推動顯著增長。但是——正如我們所看到的——正如我們展望的那樣，如果近期有任何重大不利因素，我們將研究所有可用的選項。

I would not want to point specifically to the ECAs or any other lender, but we're going to look at all options. And as we've seen in the past, I think there's a strong tailwind, so to speak, to make sure that the industry is thriving. So -- but more importantly, we don't think we need to do that. We don't think the industry needs to do that. And the industry is recovering. Let's keep in mind where we were this time last year. We were just starting to operate. And a year later, over the course of time, we are now turning positive cash flow. We're generating positive EBITDA. So the machine has started and the flywheel is going. We just have to let it keep percolating, so to speak. So we feel good. But look, we're going to look at all options should the need ever arise.

我不想特別指出 ECA 或任何其他貸方，但我們將研究所有選項。正如我們過去所看到的，我認為有一股強大的順風，可以這麼說，以確保該行業蓬勃發展。所以——但更重要的是，我們認為我們不需要這樣做。我們認為該行業不需要這樣做。該行業正在復蘇。讓我們記住去年這個時候我們在哪裡。我們剛剛開始運作。一年後，隨著時間的推移，我們現在正在轉向正現金流。我們正在產生正的 EBITDA。所以機器已經啟動，飛輪正在運轉。我們只需要讓它繼續滲透，可以這麼說。所以我們感覺很好。但是看，如果需要，我們將考慮所有選項。

Okay. No. Great. That's helpful. And then just one clarification as a follow-up. You talked about onboard revenue being 30% higher, I think, it was compared to Q2 '19, which is a remarkable increase. Can you talk about how that's bundling? Do you have a higher percent of bundling in than you did in Q2? Or kind of what adjustment is in there for the fact that -- some of that, I guess, is like in ticket price that you kind of allocate to onboard revenue for accounting purposes versus -- or is that 30% increase just purely what is spent once people get on board?

好的。不，太好了。這很有幫助。然後只是一個澄清作為後續行動。你談到機上收入增加了 30%，我認為，與 19 年第二季度相比，這是一個顯著的增長。你能談談這是如何捆綁的嗎？與第二季度相比，您的捆綁百分比是否更高？或者有什麼調整是因為 - 我猜，其中一些就像你為了會計目的而分配給機上收入的機票價格 - 或者只是增加了 30% 純粹是什麼人們一上船就花了？

Well, it's certainly generating from what we're seeing on today's consumer, what they're spending on board. I will remind everybody on the call that we have been bundling now probably since late 2016, 2017. We started that in the industry. So our numbers on a comparable basis are relatively clean. There's always some nuances between the 2 buckets. But we are not having any sort of any apples and oranges comparison in our '22 versus 2019 results. So we raised -- as we've said, we've raised prices. In terms of all of our offerings on board, consumers are spending. We've gotten smarter in the pre-marketing of our products, creating that sense of urgency before the consumer steps on board. We talked about the consumer who -- those consumers who have a stronger propensity for presales, they also spend more, about 30% or 40% more once they're on board. So it's a combination of all those. But the numbers are strong. We're seeing a strong consumer today, spending today's dollars. And we feel that bodes well for ourselves and the industry.

嗯，它肯定是從我們在今天的消費者身上看到的，他們在船上的消費產生的。我會在電話會議上提醒大家，我們現在可能從 2016 年底、2017 年開始捆綁銷售。我們是在行業中開始的。因此，我們在可比基礎上的數字相對乾淨。兩個桶之間總是存在一些細微差別。但在 22 年與 2019 年的結果中，我們沒有任何形式的蘋果和橙子比較。所以我們提高了——正如我們所說，我們提高了價格。就我們所有的機上產品而言，消費者正在消費。我們在產品的預營銷方面變得更加聰明，在消費者上車之前創造了這種緊迫感。我們談到了那些有更強預售傾向的消費者，一旦他們加入，他們也會花費更多，大約增加 30% 或 40%。所以它是所有這些的組合。但數字很強勁。我們今天看到了一個強大的消費者，消費著今天的美元。我們認為這對我們自己和行業來說都是好兆頭。

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

我們的下一個問題來自晨星的 Jaime Katz。

I guess my question primarily is around sourcing strategy and maybe how you guys have altered that given the weakness that we've been hearing in European consumers and how you're using that as a competitive advantage. And then just any details you have on marketing plans ahead of the Wave season given the strong demand that you're seeing?

我想我的問題主要是圍繞採購策略，也許你們是如何改變這一點的，因為我們在歐洲消費者中聽到了弱點，以及你們如何將其用作競爭優勢。然後，鑑於您看到的強勁需求，您在 Wave 季節之前的營銷計劃中是否有任何詳細信息？

Yes. We're not going to share with you our marketing plans for Wave. I do believe that this coming Q1 will be the first true Wave since 2020, which was cut short by the beginning of the pandemic.

是的。我們不會與您分享 Wave 的營銷計劃。我確實相信即將到來的第一季度將是自 2020 年以來的第一個真正的浪潮，這一浪潮在大流行開始時被打斷。

In terms of sourcing, look, we prefer an American consumer onboard all our vessels regardless of where the itinerary is operating. Americans book earlier, book a higher cabin category, and as Mark mentioned, spend more money on board. And that is still our basic go-to-market strategy. But for European sailings, partly because of the hesitancy by many Americans to travel to Europe until the mandate to test negative to come back to the U.S. is lifted, we leaned a little heavier on our European sourcing. Our European sales and marketing team did a fantastic job of accelerating demand from European marketplaces. But pricing suffered a bit. And in spite of that overall pricing suffering a bit, we still posted higher pricing in Q2, expect higher pricing in Q3, going forward.

在採購方面，無論行程在哪裡運營，我們都更喜歡美國消費者登上我們所有的船隻。美國人更早預訂，預訂更高的艙位類別，正如馬克所說，在船上花更多的錢。這仍然是我們的基本上市策略。但是對於歐洲航行，部分原因是許多美國人在取消檢測陰性返回美國的授權之前猶豫是否前往歐洲，我們更加傾向於歐洲採購。我們的歐洲銷售和營銷團隊在加速歐洲市場需求方面做得非常出色。但定價受到了一些影響。儘管整體定價受到了一些影響，但我們仍然在第二季度發布了更高的定價，預計第三季度的定價會更高。

So I think overall, the European consumer has improved a bit or we've done a better job of sourcing those high-quality consumers out of Europe like we do in the States. But make no mistake, we rely on the American consumer perhaps more so than others, because at the end of the day, we think they're the most resilient, certainly the wealthiest, understand our product best, and we'll continue to do that.

所以我認為總體而言，歐洲消費者有所改善，或者我們在從歐洲採購高質量消費者方面做得更好，就像我們在美國所做的那樣。但請不要誤會，我們可能比其他人更依賴美國消費者，因為歸根結底，我們認為他們是最有彈性的，當然也是最富有的，最了解我們的產品，我們將繼續這樣做那。

Okay. Well, as always, thank you so much for your time this morning and for your support. The entire team here at Norwegian Cruise Line Holdings will be available today to answer any of your questions. Have a great day, and stay safe, everyone.

好的。好吧，一如既往，非常感謝您今天早上的時間和您的支持。挪威郵輪控股公司的整個團隊今天將可以回答您的任何問題。祝大家有美好的一天，並保持安全。

Thank you. That does conclude today's conference call. We appreciate your participation. You can now disconnect your lines. Enjoy the rest of your day.

謝謝你。這確實結束了今天的電話會議。我們感謝您的參與。您現在可以斷開線路。享受剩下的一天。