挪威郵輪 (NCLH) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Norwegian Cruise Line Holdings Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is John, and I will be your operator. (Operator Instructions) And as a reminder to all participants, this conference call is being recorded.

早上好，歡迎來到 Norwegian Cruise Line Holdings 第四季度和 2022 年全年收益電話會議。我叫約翰，我將是你的接線員。 （操作員說明）作為對所有參與者的提醒，正在錄製此電話會議。

I would now like to turn the conference over to your host, Jessica John, Vice President of Investor Relations, ESG and Corporate Communications. Thank you, Ms. John. Please proceed.

我現在想將會議轉交給您的主持人 Jessica John，她是投資者關係、ESG 和企業傳播部的副總裁。謝謝你，約翰女士。請繼續。

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

謝謝約翰，大家早上好。感謝您加入我們的第四季度和 2022 年全年收益和業務更新電話會議。今天，挪威郵輪控股公司總裁兼首席執行官 Frank Del Rio 和我一起出席了會議；執行副總裁兼首席財務官 Mark Kempa；挪威郵輪公司總裁兼首席執行官 Harry Sommer。 Frank 將以開場評論開始電話會議，之後，Mark 將跟進討論我們的財務狀況，然後再將電話轉回給 Frank 作結束語。然後我們將打開您的問題的電話。

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 also 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，本次電話會議正在公司的投資者關係網站 www.nclhltd.com/investors 上同步進行網絡直播。我們還將在本次電話會議期間參考幻燈片演示，該演示文稿也可以在我們的投資者關係網站上找到。在今天的電話會議之後的 30 天內，電話會議和演示文稿都可以重播。

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

在我們開始之前，我想介紹幾個項目。我們今天上午發布了包含 2022 年第四季度和全年業績的新聞稿，可在我們的投資者關係網站上查閱。此電話會議包括前瞻性陳述，這些陳述涉及可能導致我們的實際結果與此類陳述存在重大差異的風險和不確定性。這些聲明應與我們的收益發布中包含的警告聲明一起考慮。

Our comments may also reference non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and presentation.

我們的評論也可能參考非 GAAP 財務措施。我們的收益發布和報告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 Frank Del Rio。坦率？

Thank you, Jessica, and good morning, everyone, and thank you for joining us today. 2022 was a year like no other in our company's 56-year history. As we successfully concluded our Great Cruise Comeback with the last vessel in our fleet reentering service midway through the year. Our team continually push forward to this challenging transition year, achieving several significant milestones on our road to recovery and preparing for the next chapter of our storied brands.

謝謝你，傑西卡，大家早上好，感謝你今天加入我們。 2022 年是我們公司 56 年曆史上與眾不同的一年。當我們成功結束我們的 Great Cruise Comeback 時，我們船隊中的最後一艘船在年中重新投入使用。我們的團隊不斷推進這個充滿挑戰的過渡年，在我們的複甦之路上實現了幾個重要的里程碑，並為我們傳奇品牌的下一章做準備。

With our full fleet back to the high seas, we significantly ramped up occupancy levels carrying nearly 1.7 million guests welcomed our newest ship, Norwegian Prima to our world-class fleet, reached several critical financial inflection points, maintained our industry-leading pricing and perhaps more telling, ended the year in a record booked position for 2023 and at record prices. These accomplishments are even more impressive when considering they were achieved against the backdrop of lingering COVID-19 impacts as well as ongoing macroeconomic and geopolitical uncertainty.

隨著我們的全部船隊返回公海，我們顯著提高了入住率，承載了近 170 萬名客人，歡迎我們最新的船舶 Norwegian Prima 加入我們的世界級船隊，達到了幾個關鍵的財務拐點，保持了我們行業領先的定價，也許更有說服力的是，以創紀錄的價格結束了 2023 年的預訂頭寸。考慮到這些成就是在揮之不去的 COVID-19 影響以及持續的宏觀經濟和地緣政治不確定性的背景下取得的，這些成就更令人印象深刻。

I want to take the opportunity to once again thank our entire team, both shoreside and shipboard for their hard work, dedication and tenacity, which has propelled us forward as we strive to be the vacation of choice for everyone around the world. I'm incredibly proud, honored and inspired to work alongside each and every one of you. And I also want to express our sincere thanks to our loyal guests, value travel partners, lenders, shipyards, investors and all of our stakeholders for their continued support and partnership.

我想藉此機會再次感謝我們整個團隊，包括岸上和船上的辛勤工作、奉獻精神和堅韌不拔的精神，這推動我們前進，努力成為世界各地每個人的首選假期。與你們每一個人一起工作，我感到無比自豪、榮幸和鼓舞。我還要向我們忠實的客人、重要的旅行合作夥伴、貸方、造船廠、投資者和我們所有的利益相關者表示衷心的感謝，感謝他們一直以來的支持和合作。

Shifting our attention to what is certainly a bright future for our company, let's turn to Slide 6, which outlines our current positioning and the key catalysts we have on the horizon. First, we are encouraged to see that our target consumer, which tends to skew more upmarket in the broader cruise industry, continues to be financially healthy and resilient and is prioritizing consumption of experiences over the purchase of physical goods. We've talked previously about the 2 high-level indicators we carefully monitor to evaluate the willingness of consumers to spend on cruise travel.

將我們的注意力轉移到我們公司肯定光明的未來，讓我們轉向幻燈片 6，它概述了我們目前的定位和我們在地平線上的關鍵催化劑。首先，我們很高興地看到，我們的目標消費者在更廣泛的郵輪行業中往往更偏向高端市場，他們的財務狀況繼續保持健康和彈性，並且將體驗消費置於購買實物商品之上。我們之前已經談到了我們仔細監測的 2 個高級指標，以評估消費者在郵輪旅行上的消費意願。

The first being the length of the booking curve, which is a forward-looking indicator and the second one being onboard revenue, a real-time indicator of a consumer's actual spending, both of which continue to hold strong with no signs of fading. In fact, the booking window in the fourth quarter was well elongated compared to the same quarter in 2019. Onboard revenue also continues to be a bright spot with gross onboard revenue per passenger cruise day in the quarter, approximately 25% higher than the comparable 2019 period.

第一個是預訂曲線的長度，這是一個前瞻性指標，第二個是船上收入，一個消費者實際支出的實時指標，兩者都繼續保持強勁，沒有消退的跡象。事實上，與 2019 年同季度相比，第四季度的預訂窗口大大延長。船上收入也繼續成為亮點，本季度每個乘客郵輪天的船上總收入比 2019 年同期高出約 25%時期。

The bottom line is our target consumer continues to be willing to spend on travel and experiences now and in the future. This gives us confidence that not only is the incredible value proposition for cruising resonating with consumers, but the unique and compelling offerings of our 3 brands are also appealing to their respective markets.

底線是我們的目標消費者現在和將來仍然願意在旅行和體驗上花錢。這讓我們相信，不僅令人難以置信的郵輪價值主張引起了消費者的共鳴，而且我們三個品牌獨特而引人注目的產品也對各自的市場具有吸引力。

Second, we are taking actions across our business to align with our strategic priorities and strengthen the foundation for sustained profitable growth. This includes a broad and ongoing initiative we began in the fourth quarter to improve operating efficiencies and to rightsize our cost base so that we can rebuild and enhance our margins.

其次，我們正在整個業務範圍內採取行動，以配合我們的戰略重點，並加強持續盈利增長的基礎。這包括我們在第四季度開始的一項廣泛而持續的舉措，旨在提高運營效率並調整我們的成本基礎，以便我們能夠重建和提高我們的利潤率。

You may ask why start this initiative now? While the past few years have been unlike anything we could have imagined. First, we were focused on taking the necessary measures to withstand a prolonged and unprecedented period of disruption by minimizing cash burn, raising capital, enhancing our health and safety programs to adapt to a rapidly evolving public health environment and advocating for the industry to restart cruise operations. We then shifted our focus to relaunching our operations while providing our discerning guests the same unparalleled vacation experience they expect from our leading brands. We also took this unique opportunity to raise the bar on pricing for the long term.

你可能會問為什麼現在開始這個倡議？雖然過去幾年與我們想像的不同。首先，我們專注於採取必要措施，通過最大限度地減少現金消耗、籌集資金、加強我們的健康和安全計劃以適應快速變化的公共衛生環境，以及倡導該行業重啟郵輪旅行，來抵禦長期且前所未有的中斷操作。然後，我們將重點轉移到重新啟動我們的業務，同時為我們挑剔的客人提供他們期望從我們的領先品牌獲得的同樣無與倫比的度假體驗。我們還利用這個獨特的機會提高了長期定價標準。

Now that our phased occupancy ramp is nearly complete, and our loyal guests know that cruising in our brands is back and even better than before, we are squarely focused on how to maximize profitability as we embark on a period of transformational growth. Every aspect of our business is being evaluated through the lens of how we can realize our full value potential for all stakeholders. We are exploring further opportunities, first and foremost, to reduce our cost profile and to maximize revenue generation.

現在我們的分階段入住率接近完成，而且我們的忠實客人知道我們品牌的遊輪迴來了，甚至比以前更好，我們正專注於如何在我們開始轉型增長期時最大限度地提高盈利能力。我們正在通過如何為所有利益相關者實現我們的全部價值潛力的視角來評估我們業務的各個方面。我們正在探索進一步的機會，首先是降低我們的成本狀況並最大限度地增加收入。

You've likely seen some of the actions we've already taken to improve our cost structure, including normalization of marketing spend, corporate overhead reductions, itinerary optimization, supply chain initiatives and thoughtful rationalization of product delivery. We will continue to leave no stone on turn as we identify and evaluate incremental opportunities. And of course, we will not lose sight of our guests, the very heart of our business, and we will continue to prioritize delivering an exceptional guest experience and superior service levels.

您可能已經看到我們為改善成本結構而採取的一些行動，包括營銷支出的正常化、公司管理費用的減少、行程優化、供應鏈計劃和產品交付的深思熟慮的合理化。在識別和評估增量機會時，我們將繼續不遺餘力。當然，我們不會忽視客人，這是我們業務的核心，我們將繼續優先考慮提供卓越的客人體驗和卓越的服務水平。

The last catalyst I want to touch on is our industry-leading new build pipeline. This year, for the first time in our history, we are gearing up to deliver 1 new build for each of our brands, as shown on Slide 7, adding over 5,000 additional births to our fleet including an over 20% increase in our upscale births. On a capacity day basis, this will result in approximately 19% growth in 2023 compared to 2019.

我想談的最後一個催化劑是我們行業領先的新建管道。今年，我們歷史上第一次準備為每個品牌交付 1 個新版本，如幻燈片 7 所示，為我們的車隊增加 5,000 多例分娩，其中高檔分娩增加了 20% 以上.按運力日計算，這將導致 2023 年與 2019 年相比增長約 19%。

As you can see on Slide 8, we have made some modifications to our newbuild pipeline primarily related to the last 2 shifts in the Prima Class. These ships have been lengthened in part to accommodate the future use of alternative fuels. We now expect gross tonnage for the third and fourth Prima Class to be approximately 10% larger and the fifth and sixth Prima Class ships to be approximately 20% larger than Norwegian Prima and Viva. As a result, delivery days have shifted a bit, and we now expect 1 larger Prima Class ship to be delivered each year from 2025 to 2028. We remain confident in our ability to profitably absorb this capacity with continued consumer demand for travel, our expansion into the many unserved and underserved markets around the world that our brands have not yet tapped into, and on the broader industry's vast underpenetration particularly when compared to land-based vacation alternatives.

正如您在幻燈片 8 中看到的那樣，我們對新建管道進行了一些修改，主要與 Prima Class 的最後 2 個班次有關。這些船已經加長，部分是為了適應未來使用替代燃料。我們現在預計第三和第四 Prima 級船舶的總噸位將比 Norwegian Prima 和 Viva 大約 10%，第五和第六 Prima 級船舶將大約 20%。因此，交付日期發生了一些變化，我們現在預計從 2025 年到 2028 年每年將交付 1 艘更大的 Prima 級船舶。我們仍然相信，隨著消費者對旅行的持續需求，我們的擴張，我們有能力吸收這一運力並從中獲利。進入我們的品牌尚未涉足的世界上許多未得到服務和服務不足的市場，以及更廣泛的行業的巨大滲透率，特別是與陸上度假選擇相比。

Shifting our discussion now to our booking demand and pricing trends. As you can see on Slide 9, in the fourth quarter, our load factor reached 87%, in line with guidance. This is approximately 20% below the comparable 2019 quarter, yet demonstrates another sequential improvement in closing the occupancy gap versus 2019. This ramp is continuing through the first quarter of 2023 as we have already achieved 100% occupancy in the quarter, leading to a return to historical levels beginning in the second quarter of 2023 and beyond.

現在將我們的討論轉移到我們的預訂需求和定價趨勢上。正如您在幻燈片 9 中看到的那樣，在第四季度，我們的載客率達到 87%，符合指導意見。這比 2019 年可比季度低約 20%，但表明與 2019 年相比，在縮小入住率差距方面又出現了連續改善。這種增長將持續到 2023 年第一季度，因為我們已經在本季度實現了 100% 的入住率，從而帶來回報從 2023 年第二季度及以後開始達到歷史水平。

In terms of pricing, Slide 10, illustrates another strong result in the pricing front with our net per diem growth in the fourth quarter of 2022, up approximately 14% on an as reported basis and up 15% in constant currency over 2019.

在定價方面，幻燈片 10 顯示了定價方面的另一個強勁結果，我們在 2022 年第四季度的每日津貼淨額增長，按報告基礎增長約 14%，按固定匯率計算比 2019 年增長 15%。

Turning to Slide 11. At year-end, our cumulative book position for 2023 was within our optimal range of approximately 60% to 65%. We continue to believe this is our sweet spot as it strikes the delicate balance of encouraging guests to book early while also optimizing pricing. Full year '23 book position is now ahead of 2019's record performance and at higher prices.

轉到幻燈片 11。年底時，我們 2023 年的累計賬面頭寸處於我們約 60% 至 65% 的最佳範圍內。我們仍然相信這是我們的最佳選擇，因為它在鼓勵客人提前預訂和優化定價之間取得了微妙的平衡。 23 年全年的賬面排名現在領先於 2019 年的創紀錄業績，而且價格更高。

Since we last spoke in November, we have been pleased to see positive booking momentum continue, including a very strong wave season that likely started 2 months earlier than usual. In fact, November was a record-breaking month for Norwegian Cruise Line as they celebrate a record day, record week and record month of sales boosted by Black Friday and Cyber Monday holiday push.

自從我們上次在 11 月發表講話以來，我們很高興看到積極的預訂勢頭持續存在，包括可能比平時提前 2 個月開始的非常強勁的浪潮季節。事實上，Norwegian Cruise Line 在 11 月是創紀錄的月份，因為他們慶祝黑色星期五和網絡星期一假期推動的創紀錄的一天、創紀錄的一周和創紀錄的銷售月份。

Subsequently, in January, a strong start to traditional wave led the line of setting another record booking month. Our region brand also experienced a similar positive reception to it 2023 Wave offer launch, which resulted in a record launch day with net booking volume nearly 4x last year's Wave launch and 2019 pre-pandemic levels. Our current cumulative book position and the strong demand dynamics that we continue to experience across our brands gives us further confidence that we can achieve our 2023 guidance, which Mark will discuss shortly in more detail.

隨後，在 1 月份，傳統浪潮的強勁開局帶動了該行再創預訂月記錄。我們的地區品牌也經歷了與 2023 Wave 優惠發布類似的積極反響，這導致發布當天的淨預訂量創下了創紀錄的水平，幾乎是去年 Wave 發布和 2019 年大流行前水平的 4 倍。我們目前的累積賬面狀況和我們在各個品牌中持續經歷的強勁需求動態讓我們更有信心實現我們的 2023 年指導，馬克將在稍後更詳細地討論這一點。

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 and outlook. Mark?

我稍後會回來發表結束評論。但現在，我會把電話轉給馬克，聽取他對我們財務狀況和前景的評論。標記？

Thank you, Frank, and good morning, everyone. My commentary today will focus on our fourth quarter 2022 financial results, 2023 guidance and the progress on our financial recovery. Unless otherwise noted, my commentary on net per diem, net yield and adjusted net cruise cost, excluding fuel per capacity day metrics is on a constant currency basis.

謝謝你，弗蘭克，大家早上好。我今天的評論將重點關注我們 2022 年第四季度的財務業績、2023 年的指導方針以及我們的財務復甦進展。除非另有說明，否則我對淨每日津貼、淨收益和調整後的淨郵輪成本的評論，不包括每運力日燃料指標，均以固定貨幣為基礎。

Slide 12 outlines key metrics highlighting our fourth quarter results, nearly all of which met or exceeded guidance. Focusing on the top line, strong ticket pricing and onboard revenue generation drove total revenue per passenger cruise day in the quarter, up approximately 24% versus 2019, with net per diems increasing approximately 15%, continuing the strong pricing performance we have achieved since our relaunch.

幻燈片 12 概述了突出我們第四季度業績的關鍵指標，幾乎所有指標都達到或超過了指導。專注於收入，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比 2019 年增長約 24%，每日淨津貼增長約 15%，延續了我們自推出以來取得的強勁定價表現重新啟動。

Turning to costs. Adjusted net cruise costs, excluding fuel per capacity today was in line with expectations with the second half 2022 decreasing approximately 10% versus the first half as our operations continue to ramp up. As our 2023 guidance indicates, second half 2022 is not representative of a go-forward run rate. For the second half of 2022, adjusted EBITDA was nearly breakeven.

轉向成本。調整後的郵輪淨成本（不包括今天的每運力燃料）符合預期，隨著我們的運營繼續增加，2022 年下半年將比上半年下降約 10%。正如我們的 2023 年指南所示，2022 年下半年並不代表前進率。 2022 年下半年，調整後的 EBITDA 接近盈虧平衡。

We did, however, achieve another significant milestone in the fourth quarter, generating positive adjusted free cash flow for the first time in 3 years. This represents another stepping stone as we return to a normalized operating environment.

然而，我們確實在第四季度實現了另一個重要里程碑，三年來首次產生正的調整後自由現金流。這是我們返回正常運營環境的又一墊腳石。

Looking at expectations for the full year 2023 on Slide 14. We are pleased to return to our normal cadence of providing annual and quarterly guidance. Adjusted EBITDA is expected to be in the range of $1.8 billion to $1.95 billion with the high end of our targeted range, representing record adjusted EBITDA for the company. This is expected to translate to adjusted EPS of approximately $0.70 at the midpoint of our guidance.

在幻燈片 14 上查看對 2023 年全年的預期。我們很高興回到提供年度和季度指導的正常節奏。調整後的 EBITDA 預計在 18 億美元至 19.5 億美元之間，處於我們目標範圍的高端，代表公司調整後的 EBITDA 創紀錄。預計這將轉化為調整後每股收益約為 0.70 美元，處於我們指導的中點。

Taking a closer look at the components of this outlook, net per diem growth is expected in the range of approximately 9% to 10.5% as compared to 2019. This translates to net yield for the year expected to increase in the range of 5% to 6.5%. This stellar top line performance is reflective of our go-to-market strategy and emphasis on price discipline.

仔細研究這一前景的組成部分，預計與 2019 年相比，每日淨津貼增長率約為 9% 至 10.5%。這意味著今年的淨收益率預計將增長 5% 至 10.5%。 6.5%。這種出色的收入表現反映了我們的上市戰略和對價格紀律的重視。

Moving to costs. Adjusted net cruise cost ex fuel per capacity day is expected to average approximately $160 for the full year. This represents a nearly 15% decrease as compared to the average of $187 in the second half of 2022. The key drivers of this expected decrease includes the scaling back and normalization of marketing investments, ,which were elevated in the second half of 2022 as we focused on resetting expectations and raising the bar on pricing during our relaunch, moderation in hyperinflationary pressures in certain areas, including food and logistics, normalization of capacity days as a result of the elimination of previously acquired protocols, timing and optimization of scheduled drydocks. And finally, the results of our operating efficiency and cost minimization efforts as part of our broad and ongoing margin enhancement initiative that Frank touched on.

轉向成本。調整後的淨遊輪成本不包括每運力日的燃料，預計全年平均約為 160 美元。與 2022 年下半年 187 美元的平均水平相比，這意味著下降了近 15%。這一預期下降的主要驅動因素包括營銷投資的縮減和正常化，這些投資在 2022 年下半年有所增加，因為我們專注於重新啟動期間重新設定預期並提高定價標準，緩和某些領域的惡性通貨膨脹壓力，包括食品和物流，由於取消先前獲得的協議而使產能天數正常化，安排和優化預定的干船塢。最後，我們的運營效率和成本最小化努力的結果是弗蘭克談到的我們廣泛和持續的利潤率提高計劃的一部分。

Keep in mind that costs are expected to sequentially trend lower over the course of the year as occupancy increases and reduction initiatives are realized, which is expected to lead to a lower cost run rate as we exit 2023 as compared to our full year guidance. As we have consistently communicated, our costs will be elevated when compared to 2019 baseline, both due to normal and hyperinflation over the past 3 to 4 years as well as a mixed headwind as we add higher operating cost capacity, which we do expect will gain a premium on the top line.

請記住，隨著入住率的增加和削減計劃的實施，預計成本在一年中將依次下降，與我們的全年指導相比，這預計將導致我們在 2023 年退出時的成本運行率較低。正如我們一直在傳達的那樣，與 2019 年的基線相比，我們的成本將有所上升，這既是由於過去 3 至 4 年的正常和惡性通貨膨脹，也是由於我們增加了更高的運營成本產能而帶來的混合逆風，我們確實預計這會增加頂線溢價。

I want to reiterate that we are committed to rightsizing our cost base and are taking deliberate actions across our business to best position us for the future as a stronger and leaner organization. There is no silver bullet, but we will continue to evaluate all opportunities to accelerate revenue and improve operating efficiencies while continuing to deliver an exceptional guest experience. Our goal is not only to rebuild our margins, but over time, continue to enhance them, and we look forward to demonstrating this improvement over the coming quarters.

我想重申，我們致力於合理調整我們的成本基礎，並在我們的業務中採取深思熟慮的行動，以使我們在未來成為一個更強大、更精簡的組織。沒有靈丹妙藥，但我們將繼續評估所有機會，以加速收入和提高運營效率，同時繼續提供卓越的賓客體驗。我們的目標不僅是重建我們的利潤率，而且隨著時間的推移，繼續提高利潤率，我們期待在未來幾個季度展示這種改善。

Now let's take a look at our expectations for the first quarter. Compared to 2019 levels, net per diem is expected to increase approximately 6.75% to 7.75%, while net yield is expected to increase approximately 1.25% to 2.25%, primarily as a result of our continued occupancy ramp and with pricing expected to be higher for the remaining quarters of 2023. Adjusted net cruise costs excluding fuel per capacity day is expected to be approximately $165 or approximately 12% below the second half of 2022.

現在讓我們來看看我們對第一季度的預期。與 2019 年的水平相比，淨每日津貼預計將增長約 6.75% 至 7.75%，而淨收益率預計將增長約 1.25% 至 2.25%，這主要是由於我們持續的入住率上升以及定價預計會更高2023 年剩餘季度。不包括每運力日燃料的調整後淨郵輪成本預計將比 2022 年下半年低約 165 美元或約 12%。

First quarter is expected to be the highest cost quarter due to lower occupancy and as actions taken in recent months to reduce costs will not yet be fully realized. When looking at our implied guidance for the remaining quarters of 2023, the expected decrease in cost is approximately 16% compared to the same period in 2022. Taking all of this into account, adjusted EBITDA for the first quarter is expected to be approximately $195 million and adjusted EPS is expected to be a loss of approximately $0.45.

由於入住率較低，而且最近幾個月為降低成本而採取的行動尚未完全實現，預計第一季度將成為成本最高的季度。在查看我們對 2023 年剩餘季度的隱含指引時，預計成本將比 2022 年同期下降約 16%。考慮到所有這些因素，第一季度調整後的 EBITDA 預計約為 1.95 億美元調整後的每股收益預計將虧損約 0.45 美元。

Moving to our balance sheet. Slide 15 demonstrates the results of our deliberate and opportunistic measures to optimize our debt maturity profile. In 2023, we have approximately $1 billion of scheduled debt service, the vast majority of which are related to our export credit agency-backed ship financing.

轉到我們的資產負債表。幻燈片 15 展示了我們為優化債務到期狀況而採取的有意和機會主義措施的結果。 2023 年，我們有大約 10 億美元的定期償債，其中絕大多數與我們的出口信貸機構支持的船舶融資有關。

In recent months, we also addressed a large portion of our 2024 maturities. First, we completed an amendment of our operating credit facility and extended approximately $1.4 billion of this facility by 1 year to January 2025. Earlier this month, we took advantage of significant improvements in the bond markets to complete a refinancing transaction of the remaining nonextended term loans under the operating credit facility. We issued $600 million of new 8.375% senior secured notes due 2028 and use the proceeds to repay these term loans, allowing us to derisk and replace near-term debt maturities with longer-dated debt at only a marginally higher cost.

最近幾個月，我們還解決了 2024 年到期的大部分問題。首先，我們完成了對運營信貸額度的修訂，並將該額度的約 14 億美元延長一年至 2025 年 1 月。本月早些時候，我們利用債券市場的顯著改善完成了剩餘未延長期限的再融資交易經營信貸安排下的貸款。我們發行了 6 億美元的 8.375% 的新優先擔保票據，將於 2028 年到期，並將所得款項用於償還這些定期貸款，從而使我們能夠以稍高的成本降低風險，並用較長期的債務取代近期到期的債務。

As you can see, with these actions, we have a manageable maturity profile over the course of the next few years. When you look at the totality of our debt, approximately 40% is ECA back debt. This is a unique differentiator of the cruise industry, which is part of a broader connected ecosystem, which includes, among others, the operators, the shipyards and the governments and export credit agencies, all of which rely on shipyards and suppliers for significant economic and employment related benefits. As all of our interests closely align, these partners are incredibly supportive as demonstrated by the very efficient financing we are able to secure for our new builds as well as the support they provided during the pandemic. For additional detail on the breakdown of upcoming debt payments, we also provide a detailed schedule on our Investor Relations website.

正如您所看到的，通過這些行動，我們在未來幾年內擁有一個可管理的成熟度概況。當您查看我們的債務總額時，大約 40% 是 ECA 償還債務。這是遊輪業的獨特差異化因素，它是更廣泛的互聯生態系統的一部分，其中包括運營商、造船廠以及政府和出口信貸機構，所有這些都依賴造船廠和供應商來實現重要的經濟和與就業相關的福利。由於我們所有的利益緊密一致，這些合作夥伴提供了難以置信的支持，我們能夠為我們的新建築獲得非常有效的融資以及他們在大流行期間提供的支持就證明了這一點。有關即將到來的債務支付明細的更多詳細信息，我們還在我們的投資者關係網站上提供了詳細的時間表。

Turning to liquidity. Our overall liquidity position remains strong. And just last night, we announced 2 transactions, which further enhance our liquidity and outlined on page -- on Slide 16. First, we revised and extend our existing $1 billion undrawn backstop commitment. As part of the agreement to secure a second year extension option on the commitment, the company issued $250 million of 9.75% notes due 2028. At the same time, we revised the undrawn commitment to reduce the amount to $650 million, with the agreement now extending through February 2024 with the option at our sole election to extend through 2025. We do not currently intend to draw on this commitment. And in total, the combination of these 2 actions provides the company approximately $900 million of liquidity to the bottom line.

轉向流動性。我們的整體流動性狀況依然強勁。就在昨晚，我們宣布了 2 項交易，這進一步增強了我們的流動性，並在第 16 頁上進行了概述。首先，我們修改並延長了現有的 10 億美元未提取支持承諾。作為獲得承諾第二年延期選擇權的協議的一部分，公司發行了 2.5 億美元的 9.75% 票據，將於 2028 年到期。同時，我們修改了未提取的承諾，將金額減少到 6.5 億美元，現在達成協議延長至 2024 年 2 月，我們可以選擇延長至 2025 年。我們目前不打算利用這一承諾。總的來說，這兩項行動的結合為公司提供了大約 9 億美元的流動資金。

Second, we also entered into a new $300 million unsecured and undrawn backstop commitment. This facility will be available to draw beginning in the fourth quarter of 2023. Securing this facility provides a backstop for the remaining portion of the non-extending operating credit facility, which matures in January 2024. Pro forma for these recent transactions, our liquidity position at year-end is approximately $1.8 billion, which includes approximately $650 million under the available commitment. For housekeeping, this does not include the enhancement to future liquidity, we obtained with the $300 million undrawn commitment as it is currently not available to draw.

其次，我們還簽訂了一項新的 3 億美元的無擔保和未提取支持承諾。該貸款將於 2023 年第四季度開始提款。確保該貸款為 2024 年 1 月到期的非延期經營信貸貸款的剩餘部分提供支持。這些近期交易的形式，我們的流動性狀況年底約為 18 億美元，其中包括現有承諾項下的約 6.5 億美元。對於內務處理，這不包括對未來流動性的增強，我們獲得了 3 億美元的未提取承諾，因為目前無法提取。

Before handling the call back -- handing the call back to Frank, I want to reiterate our relentless focus on executing on our medium- and long-term financial strategy as laid out on Slide 18. We will continue to be opportunistic and are committed to delivering value for all stakeholders. But most of all, we are excited to be back in full operation and once again delivering incredible vacation experiences on our 3 brands to all corners of the globe.

在處理回電之前——將電話轉回給弗蘭克，我想重申我們將不懈地專注於執行幻燈片 18 中列出的我們的中長期財務戰略。我們將繼續投機取巧，並致力於為所有利益相關者創造價值。但最重要的是，我們很高興能夠恢復全面運營，並再次通過我們的 3 個品牌向全球各個角落提供令人難以置信的假期體驗。

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

有了這個，我會把它轉回弗蘭克結束評論。

Thank you, Mark. Before we wrap up our prepared remarks, I'd like to provide an update on our global sustainability program, Sail & Sustain, which Slide 19 outlines a few key highlights. Since we last spoke, we have made meaningful progress to advance our commitment to pursue net-zero greenhouse gas emissions. We successfully completed the testing of biodiesel fuel blends on 3 additional ships in our fleet, a promising potential lever to help reduce emissions on our existing fleet.

謝謝你，馬克。在我們結束準備好的發言之前，我想介紹一下我們全球可持續發展計劃 Sail & Sustain 的最新情況，幻燈片 19 概述了幾個關鍵亮點。自我們上次發言以來，我們在推進實現溫室氣體淨零排放的承諾方面取得了有意義的進展。我們在船隊的另外 3 艘船上成功完成了生物柴油混合燃料的測試，這是一個很有希望的潛在槓桿，可以幫助我們現有船隊減少排放。

In addition, we recently modified our contracts to the final 2 Prima Class ships for Norwegian Cruise Line scheduled for delivery in 2027 and '28 to reconfigure these ships to accommodate green methanol and as an alternative fuel source in the future. While additional modifications will be needed in the future to fully enable the use of dual fuel, both methanol and diesel, this action reinforces our commitment to decarbonization and represents an important and exciting step forward in our pursuit of net zero.

此外，我們最近將合同修改為挪威郵輪公司的最後 2 艘 Prima 級船舶，計劃於 2027 年和 28 年交付，以重新配置這些船舶以容納綠色甲醇並作為未來的替代燃料來源。雖然未來需要進行額外的修改才能完全使用甲醇和柴油雙燃料，但這一行動加強了我們對脫碳的承諾，代表了我們在追求淨零排放方面向前邁出了重要而令人興奮的一步。

Before turning the call over to Q&A, I'd like to leave you with some key takeaways, which you can find on Slide 20. First, we believe we are well positioned in the current economic environment and our target upmarket consumer remains resilient. This is especially true for the all-import North American consumer from we enjoy an outsized benefit, given our strategic sourcing mix and focus on global versus national brands.

在將電話轉為問答環節之前，我想給您留下一些要點，您可以在幻燈片 20 上找到。首先，我們相信我們在當前的經濟環境中處於有利地位，我們的目標高端消費者仍然具有彈性。考慮到我們的戰略採購組合以及對全球品牌和國內品牌的關注，對於全進口的北美消費者來說尤其如此，因為我們享有巨大的利益。

Second, booking momentum is positive, buoyed by a strong start to the year with wave season, and we are pleased with our book position and pricing for 2023. Third, we are focused on strengthening the foundation for sustained profitable growth, and we will continue to take strategic measures to best position the company for its next era. And lastly, our cash generation engine continues to rev up which, along with our transformational new build pipeline provides a path to meet our liquidity needs and to restore our balance sheet in the coming years.

其次，預訂勢頭是積極的，得益於今年旺季的強勁開局，我們對 2023 年的預訂狀況和定價感到滿意。第三，我們專注於鞏固持續盈利增長的基礎，我們將繼續採取戰略措施，使公司在下一個時代處於最佳位置。最後，我們的現金生成引擎繼續加速，連同我們的轉型新建管道提供了一條途徑來滿足我們的流動性需求並在未來幾年恢復我們的資產負債表。

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

我們今天已經討論了很多，所以我將在這裡結束我們的評論，並開始徵求您的問題。操作員？

(Operator Instructions)

（操作員說明）

Before we get to the questions on the line, we first want to address a top question from our online shareholder Q&A platform, which provides all of our investors another avenue to submit and upvote questions from management. The top question this quarter was what are our plans to bring in new customers and also reward brand loyalists to entice them to cruise. Frank, do you want to take that one?

在開始在線提問之前，我們首先要解決在線股東問答平台上的一個熱門問題，該平台為我們所有的投資者提供了另一種提交和支持管理層問題的途徑。本季度的首要問題是我們計劃如何吸引新客戶並獎勵品牌忠誠者以吸引他們乘坐郵輪。弗蘭克，你要拿那個嗎？

Sure. I think both past guests and new guests are absolutely critical for our continued growth. We have a great base of loyal guests who love our product because each of our brands have incredibly high repeat rates running anywhere from 45% for the Norwegian brand to as high as 55% for region. And we're always looking for new ways to engage with them, including through our popular loyalty programs that each brand operates. We also have a robust new build pipeline as we just finished discussing. One new build being introduced for each brand this year alone and we all know new ships and above surrounding new ships have historically brought outsized attention to the brand.

當然。我認為過去的客人和新客人都對我們的持續發展至關重要。我們擁有大量熱愛我們產品的忠實客人，因為我們每個品牌的重複率都非常高，從挪威品牌的 45% 到地區品牌的 55% 不等。我們一直在尋找與他們互動的新方式，包括通過每個品牌運營的流行忠誠度計劃。正如我們剛剛討論的那樣，我們還有一個強大的新構建管道。僅今年一年，每個品牌就推出了一艘新船，我們都知道新船和周圍的新船在歷史上給品牌帶來了極大的關注。

Just consider the buzz when Katy Perry performed as godmother of Norwegian Prima this past summer. And just recently, Giada De Laurentiis was named godmother of Oceania's upcoming Vista, which highlights the brand's focus on having the fun is to (inaudible) . These announcements create excitement, not just among loyal guests, but also to new brand and even new to cruise guests. You've heard us say many times that the cruise industry as a whole is vastly underpenetrated, and we have significantly -- have a significant runway ahead to attract new to cruise guests, creating awareness, drawing buzz, partnering with a travel agent community and even having investors such as yourselves, deliver the message, of the value and unique experiences that cruises offer is a large part of what we do every single day, and we'll continue to do so to drive that message to as many possible guess as we possibly can.

想想去年夏天凱蒂·佩里 (Katy Perry) 作為 Norwegian Prima 的教母演出時引起的轟動。就在最近，Giada De Laurentiis 被任命為大洋洲即將推出的 Vista 的教母，這凸顯了該品牌對享受樂趣的關注是（聽不清）。這些公告不僅在忠實客人中，而且在新品牌甚至郵輪客人中都引起了興奮。您已經多次聽到我們說過郵輪業作為一個整體還遠未被充分滲透，而我們已經取得了顯著的成功——有一條重要的跑道可以吸引新的郵輪客人、提高知名度、引起轟動、與旅行社社區合作以及即使有像你們這樣的投資者，傳遞郵輪所提供的價值和獨特體驗的信息，也是我們每天所做工作的很大一部分，我們將繼續這樣做，以推動盡可能多的猜測我們可能可以。

Our first question comes from the line of Dan Politzer with Wells Fargo.

我們的第一個問題來自富國銀行的 Dan Politzer。

I wanted to touch first on the balance sheet. Obviously, there's a lot of work that you guys have been doing there. How do you think about leverage this year, next year? And to what extent is your appetite to issue equity relative to debt?

我想先談談資產負債表。顯然，你們在那裡做了很多工作。你如何看待今年、明年的槓桿？相對於債務，您發行股票的意願有多大？

Well, first and foremost, the discussion of issuing equity is a Board decision. So I will leave it there, but what I can tell you is that, that has not been in discussion in any of our Board meetings. We've said time and time and again, we do not believe that it is prudent to issue more equity to delever the company.

那麼，首先，關於發行股票的討論是董事會的決定。所以我會把它留在那裡，但我可以告訴你的是，我們的任何董事會會議都沒有討論過這個問題。我們一再說過，我們認為發行更多股票來去槓桿化公司是不明智的。

As we look forward and we look at our balance sheet, we have said that our internal goal here is we want to turn the year with a 5x handle. And for clarification, that does include an adjustment for the new builds that we take delivery of in this year since we do not have the full earnings potential. But that's what the company has rallied around, and that's what we're focused on. We've said before, it's not an easy task, but we're rallying against that, and that's what we're using as our stake in the sand.

當我們展望未來並查看我們的資產負債表時，我們已經說過我們的內部目標是我們希望以 5 倍的速度扭轉這一年。需要澄清的是，這確實包括對我們今年交付的新建築的調整，因為我們沒有充分的盈利潛力。但這正是公司團結一致的目標，也是我們關注的重點。我們之前說過，這不是一件容易的事，但我們正在集會反對這一點，這就是我們在沙灘上使用的股份。

So there's a lot of opportunity ahead in the industry and especially for our company for the year. We are in a dynamic environment, all signs that we see are looking good, and that's evidenced by our pricing power and our Q4 results as well as our guidance for the year. But nevertheless, there is some unknowns out there. So we're feeling pretty good right now. We continue on our path of hitting our guidance that we've just issued, and we feel good about our overall liquidity and balance sheet position where it stands today, but there's a lot of work to do.

所以這個行業有很多機會，尤其是對我們公司來說。我們處在一個充滿活力的環境中，我們看到的所有跡像都看起來不錯，我們的定價能力和我們的第四季度業績以及我們今年的指導就證明了這一點。但是，儘管如此，那裡還是有一些未知數。所以我們現在感覺很好。我們繼續朝著我們剛剛發布的指引前進，我們對今天的整體流動性和資產負債表狀況感到滿意，但還有很多工作要做。

Understood. And then just for a follow-up, bookings are obviously positive. You're putting through all these cost efficiencies. Do you have any expectation as bookings progress and you guys continue to recover when you can get back to that $100 EBITDA per APCD level. And also, along with that, if you could just maybe give a little bit more color on the cost efficiencies, total amount, the time that they're going to be achieved? And to what extent there could be further room in coming years?

明白了。然後只是為了跟進，預訂顯然是積極的。您正在實現所有這些成本效益。當您可以回到每個 APCD 水平 100 美元的 EBITDA 時，您是否有任何期望隨著預訂的進展和你們繼續恢復。而且，除此之外，您是否可以在成本效率、總量、實現時間上多說一點？未來幾年還有多大的空間？

Great. That's a lot to unpack there. So let me start with the EBITDA per capacity day. Look, this is going to take time, right? If we look at where this industry was not so long ago, we -- it was only last May of 2022 where we started operating all of our vessels. So we are progressing. We are hitting our milestones that we've laid out for several quarters now. It is a progression. Bookings are doing well. Onboard revenue spend is trending well, but it will take time. It's not an overnight process. And so as we think about that, part of that is enhancing our revenue, enhancing margins, obviously, and rightsizing our cost base. We've said that our strategy coming out of the pandemic was we wanted to reset the bar on pricing. We believe we've done that, which we believe will be a longer-term benefit for all our constituents. And now we are squarely focused on rightsizing our cost base.

偉大的。在那裡打開很多東西。因此，讓我從每產能日的 EBITDA 開始。看，這需要時間，對吧？如果我們看看這個行業不久前的位置，我們——直到 2022 年的最後 5 月，我們才開始運營我們所有的船隻。所以我們在進步。我們正在實現我們已經制定了幾個季度的里程碑。這是一個進步。預訂情況良好。船上收入支出趨勢良好，但這需要時間。這不是一夜之間的過程。因此，當我們考慮這一點時，其中一部分是增加我們的收入，顯然提高利潤率，並調整我們的成本基礎。我們已經說過，我們從大流行中走出來的策略是我們想重新設定定價標準。我們相信我們已經做到了，我們相信這將為我們所有的選民帶來長期利益。現在我們正專注於調整我們的成本基礎。

As we look to the future, we're on a period of transformational growth. We have almost 50% growth between now and 2028, with our scheduled pipeline of deliveries. So we have to do better, and we are going to do better on leveraging our scale, and that's what we're focused on. So it's going to come from a lot of different places. But we focused on the top line. Now we're squarely focused on the cost, and that's going to translate to improved margins, which again will then translate ultimately into achieving that pre-pandemic EBITDA per capacity day.

展望未來，我們正處於轉型增長時期。從現在到 2028 年，我們的交付計劃實現了近 50% 的增長。所以我們必須做得更好，我們將在利用我們的規模方面做得更好，這就是我們關注的重點。所以它會來自很多不同的地方。但我們專注於頂線。現在我們正視成本，這將轉化為利潤率的提高，然後最終又將轉化為每產能日實現大流行前的 EBITDA。

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

下一個問題來自 Stifel 的 Steve Wieczynski。

I want to ask -- Frank, this is probably for you. I want to ask about how you guys think about cutting costs versus balancing the customer experience? And I guess what I'm getting at is we've read out there, you guys have taken some action on board, whether that's cutting things like entertainment or servicing cabins, things like that, which I assume is being done to reduce costs. But do you worry about the customer experience that starts to be impacted and you eventually start to hurt the long-term perception of your product? Just trying to figure out how you balance those 2 things?

我想問——弗蘭克，這可能是給你的。我想問問你們如何看待削減成本與平衡客戶體驗？我想我的意思是我們已經在那裡讀到，你們已經在船上採取了一些行動，無論是削減娛樂設施還是服務艙等，我認為這樣做是為了降低成本。但是您是否擔心客戶體驗開始受到影響並最終開始損害您對產品的長期認知？只是想弄清楚你如何平衡這兩件事？

Steve, it is a balance. Obviously, you don't want to kill the goose that lays the golden egg, which is the customer. We believe that the -- we're trying to balance what customers pay, what they actually pay for and what they receive. So for example, we did not cut the turndown service that you mentioned across all brands or across all cabin categories. It's only in the lower cabin categories that equate to a lower per diem. So look, it's management's responsibility to optimize revenue and minimize costs. That's economics 101, and that's what we're doing.

史蒂夫，這是一種平衡。顯然，你不想殺了下金蛋的鵝，也就是客戶。我們相信——我們正在努力平衡客戶支付的費用、他們實際支付的費用以及他們收到的費用。因此，例如，我們沒有削減您提到的所有品牌或所有客艙類別的夜床服務。只有較低的機艙類別等同於較低的每日津貼。所以看，管理層有責任優化收入和最小化成本。這就是經濟學 101，這就是我們正在做的。

Steve, I think the other way to think about it is we're simply aligning ourselves to what others in the hospitality sector have done as well. So this is nothing new. I think customers in today's society are used to getting a different level of service. We're not degrading the product. We're squarely focused on making sure that the guest experience is wholly intact, but we're going to align ourselves to what is the new normal for the hospitality sector. I think it's the right thing to do.

史蒂夫，我認為另一種思考方式是我們只是讓自己與酒店業其他人所做的保持一致。所以這不是什麼新鮮事。我認為當今社會的客戶習慣於獲得不同級別的服務。我們沒有貶低產品。我們專注於確保客人體驗完好無損，但我們將讓自己與酒店業的新常態保持一致。我認為這是正確的做法。

Okay. That makes sense. And then second question, Mark, this is probably going to be for you, and it's kind of a quasi accounting question, which I'm not an expert in. But we've seen you guys also -- at least I think I've seen you guys kind of increase your service fees or your gratuities by a pretty decent amount. And I would assume that some portion of that has to -- does that hit your -- half of it hits your yields and then the other half hit cost? I'm just trying to figure out if you guys could help us think about what that impact is on that yield side? And I guess what I'm trying to get at here is I don't want to -- I'm hoping that expectations for yields don't get too ahead of themselves, if all that kind of makes sense.

好的。這就說得通了。然後是第二個問題，馬克，這可能是給你的，這是一個準會計問題，我不是這方面的專家。但我們也見過你們——至少我認為我是我已經看到你們將服務費或小費增加了相當可觀的數額。而且我假設其中的一部分必須 - 這會影響你的 - 它的一半會影響你的收益率，然後另一半會影響成本嗎？我只是想弄清楚你們是否可以幫助我們考慮對收益方面的影響是什麼？我想我想在這裡表達的意思是我不想——我希望對收益率的預期不要太超前，如果這一切都有意義的話。

Well, Steve, you're taking a big chance asking me an accounting question, but I think I'm going to go for it. Look, absolutely, when we increase the service fees, it does get rolled up as part of our gross revenue, but there's also a cost to that. And there's obviously some direct cost to that, but there's also the employment costs, which go against that, which hit in our net cruise cost. So service fees, again, the vast majority of that all goes to our dedicated crew and employees, who are working on the ship, but there is a revenue component to it and there is a cost component to it. But again, that's something that's been consistent for us over the years. No change in the accounting or no change in the comparability.

好吧，史蒂夫，你問我一個會計問題是在冒很大的機會，但我想我會去做的。看，當然，當我們增加服務費時，它確實會作為我們總收入的一部分累積起來，但這也有成本。這顯然有一些直接成本，但也有就業成本，這與我們的淨郵輪成本相抵觸。因此，服務費中的絕大部分都支付給了我們在船上工作的敬業船員和員工，但其中有收入部分，也有成本部分。但同樣，多年來，這對我們來說一直是一致的。會計沒有變化或可比性沒有變化。

The next question comes from the line of Conor Cunningham with Melius Research.

下一個問題來自 Conor Cunningham 與 Melius Research 的合作。

Just in terms of the cost initiatives that you're talking about, can you just frame up the buckets and where you're expecting the biggest improvement and maybe like a potential upside there? And then maybe just unpack a little bit about when it's going to hit? I would assume that a lot of it is second half weighted, but if you could just give a little bit more detail, that would be helpful.

就您正在談論的成本計劃而言，您能否只是構建桶以及您期望最大改進的地方，也許就像那裡的潛在優勢？然後也許只是解開一些關於它什麼時候會出現的問題？我假設其中很多是後半部分加權的，但如果你能提供更多細節，那將會很有幫助。

Yes, certainly. So on the cost, as I said in my prepared remarks, Q1 will be the highest cost quarter. And then as we look forward sequentially, we expect those costs to decrease each quarter as some of our initiatives gain hold and take place. And I think the way to think about it is as you look toward the back half of 2023, that's going to be a little bit more representative of what our exit rate would be as well on a go-forward basis.

是的，當然了。因此，在成本方面，正如我在準備好的發言中所說，第一季度將是成本最高的季度。然後，當我們依次向前看時，我們預計這些成本會隨著我們的一些舉措的實施而每個季度都在減少。而且我認為考慮它的方式是當你展望 2023 年下半年時，這將更能代表我們的退出率以及前進的基礎。

There is one thing I want to remind you as well as we are taking on a more -- we have a more pronounced mix effect with the operating capacity that we're bringing online as well. As you guys know, we are bringing on an Oceania class vessel in May of this year and a Regent vessel at the tail end of the year. Those, by default, have a much higher operating cost than the NCLH average. So there is some impact in that overall cost guidance as a result of the mix. So keep that in mind.

我想提醒你一件事，我們正在採取更多行動——我們對在線運營能力產生了更明顯的混合效應。正如你們所知，我們將在今年 5 月引進一艘大洋洲級艦艇，並在今年年底引進一艘攝政級艦艇。默認情況下，它們的運營成本遠高於 NCLH 的平均水平。因此，由於混合，整體成本指導有一些影響。所以記住這一點。

And then when you think about the overall buckets on the cost, it's everything you can think of. We've said before, we spent a lot on marketing in 2022 going after the customer, creating that demand, elevating pricing. We believe we've been successful there. So we're going to scale start scaling that back. But it's everyday things -- everything we do on our corporate side, on our ship side, whether it's optimizing our supply chain initiatives, optimizing our itineraries, so that we're getting the best fuel consumption. There is no silver bullet in this industry, but it's a lot of little things that can add up and that's what we're squarely focused on going forward.

然後，當您考慮成本的總體情況時，這就是您能想到的一切。我們之前說過，我們在 2022 年的營銷上投入了大量資金來追逐客戶，創造需求，提高定價。我們相信我們在那裡取得了成功。所以我們要開始縮減規模。但這是日常事務——我們在公司方面、在船舶方面所做的一切，無論是優化我們的供應鏈計劃、優化我們的行程，以便我們獲得最佳的燃料消耗。這個行業沒有靈丹妙藥，但很多小事可以累積起來，這就是我們未來的重點。

Okay. And then to follow up maybe on pricing. There's still some -- I mean, you guys still sound great on pricing, but there's still some concerns of weakening consumer overall. So I was just curious if you could unpack your current bookings a little bit? The only reason why I ask is deployments have shifted a little bit, and I don't know if there's been something on the margin that implies weakness somewhere. So any help there would be helpful.

好的。然後跟進定價。還有一些 - 我的意思是，你們在定價方面仍然聽起來不錯，但仍然存在對整體消費者疲軟的擔憂。所以我很好奇您是否可以稍微拆開您當前的預訂？我問的唯一原因是部署發生了一點變化，我不知道邊緣是否有什麼暗示某處存在弱點。所以任何幫助都會有幫助。

Yes. This is Frank. We simply don't see any weakness. As I mentioned in my prepared remarks, we've seen very, very strong record -- new record booking levels dating back to November. And it's our view that as long as consumers have a job and the labor markets remain strong, that they'll continue spending on the things they normally spend their money on, including vacations. So we simply don't see a weakening consumer.

是的。這是弗蘭克。我們根本看不到任何弱點。正如我在準備好的發言中提到的那樣，我們已經看到了非常非常強勁的記錄——可追溯到 11 月的新記錄預訂水平。我們認為，只要消費者有工作並且勞動力市場保持強勁，他們就會繼續在他們通常花錢的事情上花錢，包括度假。因此，我們根本看不到消費者疲軟。

If you look at our forward bookings, each quarter in '23 is better booked than the comparable quarter in 2019. And even if you start looking into '24, it's never too early to talk about next year. 2024 bookings are running ahead at higher prices than they were at the same time in 2019 for 2020, which before the pandemic. So we simply haven't seen any indication that the consumer is shying away from taking cruise vacations, at least not with our 3 brands.

如果您查看我們的遠期預訂，就會發現 23 年每個季度的預訂都比 2019 年的同期更好。即使您開始研究 24 年，談論明年也永遠不會太早。 2024 年的預訂價格比大流行之前的 2019 年同期和 2020 年的價格更高。因此，我們根本沒有看到任何跡象表明消費者正在迴避郵輪度假，至少我們的 3 個品牌沒有。

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

下一個問題來自 Truist Securities 的 Patrick Scholes。

Going back to some comments from last -- I believe last summer and last fall, you had talked about expectations or you seem pretty confident in record EBITDA for this year. However, when I look at the range, certainly at the midpoint and below, if I'm comparing apples-to-apples would not imply a record EBITDA. And then additionally, it looks like if I'm getting this correctly, your expectation since last earnings for bookings are now ahead, I think previously it was in line. Kind of what's changed in how you think about hitting that record EBITDA target as it relates to the guided range? And I hope that makes sense, what I just asked.

回到去年的一些評論——我相信去年夏天和去年秋天，你談到了期望，或者你似乎對今年創紀錄的 EBITDA 很有信心。然而，當我查看範圍時，當然是在中點和以下，如果我比較蘋果對蘋果並不意味著創紀錄的 EBITDA。此外，如果我沒弄錯的話，你的預期是因為上次的預訂收入現在領先了，我認為之前是一致的。在與指導範圍相關的情況下，您對達到創紀錄的 EBITDA 目標有何改變？我希望這是有道理的，我剛才問的是什麼。

Yes. We think we got it. So Patrick, nothing has changed. I think if there's anything we've learned as a management team and society over the last year or 2 is that the we're in a unique environment. On one hand, we have a very strong consumer. We have very strong wage growth and employment. And on the other hand, we have economists telling us that we're -- there's a high chance of recession. So you take your pick. We're -- I like into this is we're in uncharted territory in the world. So nothing has changed. But we think by being -- we want to be conservative. We want to make sure we're hitting putting out reasonable targets, but nothing should be implied from that. We're confident of where we are, but we think a range is the most appropriate way to go at this point, given all the factors in front of the world as a whole.

是的。我們認為我們明白了。所以帕特里克，一切都沒有改變。我認為，如果我們作為一個管理團隊和社會在過去一兩年中學到了什麼，那就是我們處於一個獨特的環境中。一方面，我們有非常強大的消費者。我們的工資增長和就業非常強勁。另一方面，我們有經濟學家告訴我們，我們 - 經濟衰退的可能性很高。所以你選擇。我們 - 我喜歡這個是我們在世界上未知的領域。所以什麼都沒有改變。但我們認為——我們想要保守。我們想確保我們正在實現合理的目標，但不應從中暗示任何內容。我們對自己所處的位置充滿信心，但考慮到整個世界面臨的所有因素，我們認為區間是目前最合適的方式。

Okay. Okay. I just have a couple of, hopefully, quick follow-up questions. Can you just explain again why you dipped into the Apollo financing? It sounded like last summer or last fall, that would not have been the intention at that time, but that's changed. Can you just review with us the rationale there?

好的。好的。我有幾個希望快速跟進的問題。你能再解釋一下你為什麼涉足阿波羅融資嗎？聽起來像是去年夏天或去年秋天，那不是當時的意圖，但現在已經改變了。你能和我們一起回顧一下那裡的理由嗎？

Certainly. So first and foremost, it was $250 million, which when you look at our overall debt structure, it's really minimal. But the most important reason we did that is we wanted flexibility on the facility. And as you recall and if you look in the past, we were getting -- we had 6 months options, we had 8-month options, 12-month options. We wanted a 2-year option. And the price to do that was our counterparty wanted a small draw on the overall facility. So when you look at the totality of that draw, which is relatively minor in the broader scope of our debt, versus having a 2-year flexible backstop, we thought that was the prudent course of action to take at a relatively reasonable cost on the overall facility.

當然。所以首先，它是 2.5 億美元，當你看看我們的整體債務結構時，它真的很小。但我們這樣做的最重要原因是我們希望設施具有靈活性。正如你所記得的那樣，如果你回顧過去，我們得到了——我們有 6 個月的選擇權，我們有 8 個月的選擇權，12 個月的選擇權。我們想要一個 2 年的選擇。這樣做的代價是我們的交易對手希望對整體設施進行小幅抽取。因此，當您查看抽籤的總體情況時，這在我們更廣泛的債務範圍內相對較小，而不是有 2 年的靈活支持，我們認為這是以相對合理的成本採取的謹慎行動整體設施。

Okay. And then last one, this question actually might save Mark, you and Jessica a number of callbacks later. Just I do see your share count is going up for the full year to 460 million. Is -- I assume that's from the convert or exchangeable notes converting sometime in the year. Can you just remind us which -- I think it's the May '24 and August '25 and how many if that's correct? And what -- how many shares are added from each of those, if those are the correct ones and roughly at what quarter might you expect that to occur?

好的。最後一個問題，這個問題實際上可能會在以後為馬克、你和傑西卡省去很多回電話。我確實看到你的股票數量全年都在增加，達到 4.6 億股。是——我假設這是來自一年中某個時候轉換的轉換票據或可交換票據。您能否提醒我們，我認為是 24 日 5 月和 25 日 8 月，如果正確的話有多少？還有什麼——如果這些是正確的，那麼每個人增加了多少股？您預計大概在哪個季度發生？

Yes, Patrick, I think we'll take some of those details offline on our post call. But what I can tell you is that we've been telegraphing that expect our average fully diluted share count to be approximately about 470 million, which I think believe we have in our slide deck for a couple of calls now. And that assumes that the 2027 convertibles are converted in cash, which we've been saying from the get-go. But it really is just a reflection of where the convertibles, the 2024 and '25 convertibles, which will be equitized. We do not have a choice there, but that is really just the accounting for it. So on average, I would use about 460 million for the fully diluted share count for the year.

是的，帕特里克，我想我們會在我們的郵寄電話中將其中一些細節脫機。但我可以告訴你的是，我們一直在發出電報，預計我們的平均完全稀釋後股票數量約為 4.7 億股，我認為我們現在已經在我們的幻燈片中進行了幾次通話。並且假設 2027 年可轉換債券以現金形式轉換，這是我們從一開始就一直在說的。但這實際上只是對可轉換債券、2024 年和 25 年可轉換債券將被證券化的地方的反映。我們在那裡別無選擇，但這實際上只是對它的解釋。因此，平均而言，我將使用約 4.6 億股來計算當年的完全稀釋股數。

I'll check out the slide deck on that.

我會檢查一下幻燈片。

The next question comes from the line of Fred Wightman with Wolfe Research.

下一個問題來自 Fred Wightman 與 Wolfe Research 的合作。

Can you just touch on the plans or changes to the premium class. Sounds like those are going to be a little bit bigger than the first few iterations. I know that you guys were excited about offering a smaller ship size initially when that was introduced. So what exactly changed? Was it the cost, the guest experience, something else?

你能談談高級艙位的計劃或變化嗎？聽起來這些會比前幾次迭代大一點。我知道你們很高興最初推出時提供更小的船尺寸。那麼到底發生了什麼變化呢？是成本、客人體驗還是其他什麼？

Yes. This is Harry Sommer. Listen, we were really excited about the performance of Prima. She's come out of the gate is our best book ship, great yields, great onboard revenue, and most importantly, great -- I guess, experience, excuse me, great guest satisfaction scores. When we looked at the platform now that it's in operation, we think we can take that great guest experience, great financial performance and get slightly better economies of scale by driving the ships a little bit bigger, hence, the slight increase for Prima 3 and 4, which will be delivered in '25 and '26.

是的。這是哈里·薩默。聽著，我們對 Prima 的表現感到非常興奮。她走出大門是我們最好的書船，高收益，高船上收入，最重要的是，很棒 - 我想，經驗，對不起，客人滿意度很高。當我們審視這個已經投入運營的平台時，我們認為我們可以通過將船舶開得更大一點來獲得出色的客戶體驗、出色的財務業績並獲得更好的規模經濟，因此，Prima 3 和4，將在 25 年和 26 年交付。

The last 2 is really a combination, as Mark mentioned in the prepared comments, making them methanol ready, which we think is very important for our decarbonization goals over time. We're very excited about the technology. We work with a lot of different experts in the field to hold in on ethanol being the future for ships being built in the later part of the 2020s. But in addition to having to ship larger at the house, the methanol tanks, we're able to get more scale on those as well, more passenger counts. So again, the key is to deliver a fantastic guest experience and see what we can do to leverage scale and become more decarbonized along the way.

正如 Mark 在準備好的評論中提到的那樣，最後 2 個實際上是一個組合，使它們準備好甲醇，我們認為這對於我們的脫碳目標來說非常重要。我們對這項技術感到非常興奮。我們與該領域的許多不同專家合作，堅持乙醇是 2020 年代後期建造船舶的未來。但是除了必須在房子裡運送更大的甲醇罐之外，我們還能夠在這些罐上獲得更大的規模，更多的乘客數量。因此，關鍵是要提供出色的客戶體驗，看看我們可以做些什麼來利用規模並在此過程中變得更加脫碳。

Makes sense. And then just on the marketing spend that you guys had talked about for a while in the back half 2022, could you maybe give some qualitative feedback on whether that met your expectations? Did you get the pricing benefit that you had expected? Was the consumer feedback in line with sort of what you were hoping for when you earmark that spend or not?

說得通。然後就你們在 2022 年下半年討論了一段時間的營銷支出，你們能否就這是否符合你們的預期給出一些定性反饋？您是否獲得了預期的定價優勢？消費者的反饋是否符合您在指定支出時所希望的？

Our basic go-to-market philosophy as we market to fill, we don't discount to fill throughout the pandemic period and coming out of the pandemic period. Being able to keep our industry-leading net per diems and yields was of utmost importance. We've seen what happened to others when the discounting goes too far, it takes years, if not decades to be able to climb back up that slippery hill. So if marketing was the cost of maintaining our industry-leading yields and it was well worth it. And we turned the year in our best book position ever. Mean to be able to say that at the end of '22, we were better booked than at any time in our history, given what this industry has just gone through, where the full fleet was not in operation until the mid-year is an incredible statement to make and at higher prices. So yes, unquestionably, it was the right strategic decision to make for our company.

我們的基本上市理念是，在我們進行市場營銷時，我們不會在整個大流行時期和大流行時期結束時打折填補。能夠保持我們行業領先的每日淨津貼和收益至關重要。我們已經看到其他人在折扣過高時發生的事情，需要數年，甚至數十年才能爬回那座濕滑的山坡。因此，如果營銷是維持我們行業領先的收益率的成本，那麼這是非常值得的。我們把這一年變成了有史以來最好的圖書位置。意思是說，在 22 年底，我們的預訂比我們歷史上的任何時候都好，因為這個行業剛剛經歷了什麼，整個機隊直到年中才投入運營以更高的價格做出令人難以置信的聲明。所以，是的，毫無疑問，這是為我們公司做出的正確戰略決策。

Now we believe that we've got momentum back. We had to create momentum. The industry was on its knees. We hadn't operated the full fleet in 2 years, 0 revenue for 500 days. So we had to stimulate the market. And you can do it 1 of 2 ways in my estimation, you can discount and you can give away the product or you can market and we choose to market. And now that we've done so and have regained momentum and bookings continue to be strong and we're better booked today than we were a year ago over 2019 at the same period. We think we can now start paring back on that marketing spend.

現在我們相信我們已經恢復了勢頭。我們必須創造動力。該行業陷入困境。我們已經有 2 年沒有運營完整的機隊了，500 天的收入為 0。所以我們必須刺激市場。根據我的估計，您可以通過兩種方式中的一種來做到這一點，您可以打折，也可以贈送產品，或者您可以營銷，我們選擇營銷。現在我們已經這樣做了，並且已經恢復了勢頭，預訂量繼續保持強勁，我們今天的預訂量比一年前 2019 年同期的預訂量要好。我們認為我們現在可以開始削減營銷支出。

Now at the same time, we're adding 3 new ships and those have to be filled. So on a per capacity day basis, I think marketing costs will come down. On a gross basis, I'm not sure the exact number, maybe Mark knows that number. But on a PCD basis, marketing costs will come down as a result of the dynamics that just laid out.

現在與此同時，我們正在添加 3 艘新船，這些船必須被填滿。因此，在每容量天的基礎上，我認為營銷成本會下降。總的來說，我不確定確切的數字，也許馬克知道那個數字。但在 PCD 的基礎上，營銷成本將由於剛剛制定的動態而下降。

And this is Harry again. It's not just a theoretical comment. When we look at in the metric that Frank described, marketing costs divided by capacity days sold, which I think is the right metric for marketing, we've seen decreases, material decreases in Q4 versus Q3. So we're already starting to realize that. But as Frank mentioned, we have more capacity days to sell with 3 new ships coming across the brands this year.

這又是哈利。這不僅僅是理論上的評論。當我們查看弗蘭克描述的指標時，營銷成本除以售出的產能天數，我認為這是營銷的正確指標，我們看到第四季度與第三季度相比有所下降，實質性下降。所以我們已經開始意識到這一點。但正如 Frank 所提到的，我們有更多的運力天數來銷售，今年有 3 艘新船橫跨這些品牌。

And our next question comes from the line of James Hardiman with Citi.

我們的下一個問題來自花旗銀行的 James Hardiman。

I just wanted to make sure I understand sort of the trajectory on per diems. Really strong rebound here in the fourth quarter. I think we went from on a net basis from plus 5% to about 14% to 15% growth range versus 2019. I guess as I think about the first quarter, it's going to be up 6.5% and for the year in that 9.5% range. I guess, why the detail, I'm assuming there's some mix involved here, but I know that you're launching an Oceania ship and a Regent ship, which I would think would be accretive to per diems. So maybe just walk us through sort of the undulations of that per diem number.

我只是想確保我了解每日津貼的軌跡。第四季度這裡的反彈真的很強勁。我認為與 2019 年相比，我們的淨增長率從 5% 增長到 14% 到 15% 左右。我想第一季度將增長 6.5%，全年將增長 9.5%範圍。我想，為什麼是細節，我假設這裡涉及一些混合，但我知道你正在發射一艘大洋洲船和一艘攝政船，我認為這會增加每日津貼。因此，也許只是讓我們了解一下每日津貼數字的波動。

James, it's Mark. So look, I wouldn't classify anything as a deceleration. And I think when you look at our yield growth for the full year, you were spot on 9% to 10.5% pretty strong number given the value proposition of where the cruise industry vis-a-vis the broader vacation market. But when you look at Q1, you go from Q4 to Q1, it's really a mix impact of where our fleet is operating. We have a much higher weighting of exotic itineraries in Q1, which were slightly impacted on the slower restart or the slower opening of the world.

詹姆斯，是馬克。所以看，我不會將任何東西歸類為減速。而且我認為，當您查看我們全年的收益率增長時，考慮到郵輪業相對於更廣泛的度假市場的價值主張，您發現 9% 至 10.5% 的數字非常強勁。但是當你看第一季度時，你會從第四季度到第一季度，這確實是我們機隊運營地點的混合影響。我們在第一季度對異國情調的行程有更高的權重，這受到較慢的重啟或較慢的世界開放的輕微影響。

So whether it was cruises in Japan or Australia or that area of the world, there was a little bit more hurdles than we anticipated getting those back to operation, and there was a little more hesitation on the consumer. So Q1 was really just impacted by that. I would characterize it as the last normalization quarter, so to speak. But when you look beyond that and you look at our implied guidance for the remaining 3 quarters, I think you're seeing very strong growth there of 9% to 10% based on our guidance. So we're feeling good where the pricing is today.

因此，無論是在日本、澳大利亞還是世界那個地區的遊輪，要讓它們恢復運營，遇到的障礙比我們預期的要多一些，消費者也會有更多的猶豫。所以第一季度真的只是受到了影響。我會把它描述為最後一個正常化季度，可以這麼說。但當你超越這一點，看看我們對剩餘 3 個季度的隱含指導時，我認為根據我們的指導，你會看到 9% 到 10% 的非常強勁的增長。所以我們對今天的定價感覺很好。

Okay. And just maybe a point of clarification. You talked for the fourth quarter, you talked about how revenues and net cruise cost ex fuel or in line with your expectations that EBITDA was a bit short. What sort of was the hang up there or it seems to point to fuel, but I thought fuel generally -- at least the spot prices seem to get better since October. So what led to that miss on the EBITDA line?

好的。也許只是一個澄清點。你談到了第四季度，你談到了收入和淨郵輪成本（不包括燃料）或符合你對 EBITDA 有點短的預期。那裡的掛斷是什麼原因，或者它似乎指向燃料，但我認為總體上是燃料——至少自 10 月以來現貨價格似乎有所好轉。那麼是什麼導致了 EBITDA 線上的失誤？

Yes. It was very slight, James. And it was really just truing up some of our year-end accruals and making sure that going into the year, we were fully stock, so to speak, to ensure that we had no lagging issues affecting our 2023 performance. So nothing material. It was just all items on the margin.

是的。這是非常輕微的，詹姆斯。這實際上只是調整了我們的一些年終應計利潤，並確保進入今年，我們有充足的庫存，可以這麼說，以確保我們沒有影響 2023 年業績的滯後問題。所以沒什麼實質性的。這只是邊緣上的所有項目。

And our next question comes from the line of Paul Golding with Macquarie.

我們的下一個問題來自 Paul Golding 與 Macquarie 的對話。

My first question is around just a comment. I think Mark, you just made around the exotic destination. So could you give us any qualitative background on how the destination mix right now compares to last year given the geopolitical disruptions last year? In other words, from just a Baltics and Eastern Med disruption last year, how the timing of these more exotic higher-yielding destinations line up to fill that gap on a year-over-year basis?

我的第一個問題只是評論。我想馬克，你剛剛繞過異國情調的目的地。那麼，考慮到去年的地緣政治動盪，您能否給我們提供一些定性背景，說明目前的目的地組合與去年相比如何？換句話說，從去年波羅的海和東方地中海的中斷來看，這些更具異國情調的高收益目的地的時機如何排列以逐年填補這一缺口？

Yes, certainly. So I think when we look at the year overall, we do have more -- we are leading to a more exotic deployment mix. But that's not really concerning to us, because as we cycle through Q1 and we look toward the latter part of third quarter and fourth quarter, we see accelerating demand for those products. We do have more European capacity this year. We have slightly less Caribbean capacity and more Alaska capacity. So overall, we are trending to a, again, a bit more exotic or longer itinerary based deployments, but that's shaping up well for us, absent this what we would call a onetime Q1 anomaly with the overall restart.

是的，當然了。所以我認為，當我們回顧這一年的總體情況時，我們確實有更多 - 我們正在導致更加奇特的部署組合。但這對我們來說並不真正令人擔憂，因為當我們在第一季度循環並展望第三季度和第四季度的後半部分時，我們看到對這些產品的需求正在加速增長。今年我們確實有更多的歐洲產能。我們的加勒比運力略少，而阿拉斯加的運力更多。所以總的來說，我們再次傾向於更加奇特或更長的基於行程的部署，但這對我們來說很好，沒有我們稱之為一次性 Q1 異常的整體重啟。

Okay. We have time for 1 more question, operator.

好的。我們還有時間再問 1 個問題，接線員。

And the final question comes from the line of Robin Farley with UBS.

最後一個問題來自瑞銀的 Robin Farley。

I have 2 expense questions. One is you talked about how the exit rate by Q4 for expense would look a little bit more normalized. With the full year kind of up 18% and Q1, up 22%, does that imply the exit rate sort of going forward would still be in kind of the low to mid-teens increase versus 2019? Is that kind of what we should think of as sort of a normalized run rate for you?

我有 2 個費用問題。一是你談到了第四季度的費用退出率看起來如何更加正常化。全年增長 18%，第一季度增長 22%，這是否意味著未來的退出率與 2019 年相比仍將處於低至中等的增長水平？我們應該將這種情況視為您的標準化運行率嗎？

And then my other expense question is on the $1.3 billion in higher new build CapEx. And I know you talked about upsizing a number of the Prima ships and adding some alternative fuel to 2 of them. It seems like maybe there are some other things contributing to that $1.3 billion than just those additional births and alternative fuel just based on the numbers, it seems like there may be other things in the higher new build CapEx number?

然後我的另一個費用問題是關於 13 億美元的更高的新建資本支出。我知道你談到了擴大一些 Prima 船的尺寸並為其中的 2 艘添加一些替代燃料。看起來可能還有其他一些因素促成了這 13 億美元，而不僅僅是基於這些數字的額外出生和替代燃料，似乎在更高的新建資本支出數字中可能還有其他因素？

Robin, I'll take -- I think there was 2 questions in there. So I'll start with the last one, because that's the one I can remember. Regarding new builds, look, the -- we're increasing the size of 4 vessels pretty significantly by, I think, it's more than 10% on 3 and 4 and almost more than 20%. So there is a cost to that. There's -- it's not just adding cabins, it's lengthening the vessels, widening the vessels, but also more importantly, on 5 and 6, we are getting them -- those vessels to be methanol ready. I always say, going green is not free. There is a cost to it, but we think this is a good cost. We think it's the right cost. I would hesitate or caution you to just simply take the additional births and look at it as costing $1.2 billion, because there is a lot of technical aspects behind that in relation to making the vessels bigger. So I would just caution you on that note.

羅賓，我會——我認為其中有 2 個問題。所以我將從最後一個開始，因為這是我記得的那個。關於新建造，看，我們正在顯著增加 4 艘船的尺寸，我認為，在 3 艘和 4 艘船上增加了 10% 以上，幾乎超過 20%。所以這是有代價的。不僅是增加艙室，它還加長了船隻，加寬了船隻，但更重要的是，在 5 號和 6 號，我們正在讓它們——那些船隻準備好使用甲醇。我總是說，走向綠色不是免費的。這是有代價的，但我們認為這是一個很好的代價。我們認為這是正確的成本。我會猶豫或提醒你只是簡單地考慮額外的出生並將其視為花費 12 億美元，因為這背後有很多與使容器更大有關的技術方面。所以我只是提醒你注意這一點。

And I think the -- your first part of the question was on the exit rate of our costs. I think you're thinking about it correctly, somewhere in the low teens is probably where we would look vis-a-vis 19%, but again, we are squarely focused on. We have to do a better job of leveraging our scale. And I think as we continue to prove that quarter after quarter this year, you're going to see improvements on that front.

而且我認為 - 你問題的第一部分是關於我們成本的退出率。我認為您的思考是正確的，相對於 19%，我們可能會考慮低十幾歲的某個地方，但同樣，我們正視這一點。我們必須更好地利用我們的規模。我認為，隨著我們今年一個季度又一個季度地繼續證明這一點，你會看到這方面的改進。

As always, thank you, everyone, for your time and support today. We will be available to answer any of your questions throughout the day and we wish you a good day, and please stay safe. Thank you.

一如既往，感謝大家今天的時間和支持。我們將全天回答您的任何問題，祝您有美好的一天，請注意安全。謝謝。

And this concludes today's conference call. You may now disconnect your lines. Thank you, and have a great day.

今天的電話會議到此結束。您現在可以斷開線路。謝謝你，祝你有美好的一天。