挪威郵輪 (NCLH) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Norwegian Cruise Line Holdings First Quarter 2023 Earnings Conference Call. My name is Paul, and I will be your operator. (Operator Instructions) As a reminder to all participants, this conference is being recorded.

早上好，歡迎來到挪威郵輪控股公司 2023 年第一季度收益電話會議。我叫保羅，我將是你的接線員。 （操作員說明）提醒所有與會者，正在錄製此會議。

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

我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。約翰女士，請繼續。

Thank you, Paul, and good morning, everyone. Thank you for joining us for our First Quarter 2023 Earnings and Business Update Call. I'm joined today by Frank Del Rio, President and Chief Executive Officer of Norwegian Cruise Line Holdings; Harry Sommer, President and CEO elect of Norwegian Cruise Line Holdings; and Mark Kempa, Executive Vice President and Chief Financial Officer.

謝謝你，保羅，大家早上好。感謝您加入我們的 2023 年第一季度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；挪威郵輪控股公司當選總裁兼首席執行官Harry Sommer；執行副總裁兼首席財務官 Mark Kempa。

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'd like to cover a few items. Our press release with first quarter 2023 results was issued this morning and is available on our Investor Relations website.

在我們開始之前，我想介紹幾個項目。我們的 2023 年第一季度業績新聞稿於今天上午發布，可在我們的投資者關係網站上獲取。

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.

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 財務指標。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. Thank you for joining us. Today marks a significant milestone for me as it is my 34th and final earnings call as President and CEO of this incredible company before my upcoming retirement, which was announced just over a month ago.

謝謝你，傑西卡，大家早上好。感謝您加入我們。今天對我來說是一個重要的里程碑，因為這是我作為這家了不起的公司的總裁兼首席執行官的第 34 次也是最後一次財報電話會議，在我即將退休之前，這是一個多月前宣布的。

In 2015, I was given the opportunity to lead Norwegian Cruise Line Holdings into its next chapter, one where we brought together 3 of the industry's leading brands Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises to form the best cruise operator in the industry. After 8 incredible years, it is now time for me to make way for the next generation of leaders who are ready and energized to take this company on to greater heights.

2015 年，我有機會帶領諾唯真郵輪公司進入下一個篇章，我們匯集了諾唯真郵輪、大洋洲郵輪和攝政七洋郵輪這三個行業領先品牌，組成了業內最好的郵輪運營商.在令人難以置信的 8 年之後，現在是我為下一代領導人讓路的時候了，他們已經準備好並充滿活力地帶領這家公司更上一層樓。

Before getting to the crux of the call, I want to take a moment to thank all of Norwegian's team members around the globe, shipboard and shoreside who are the backbone of this company and who are the main driver of its success. I also want to express my sincere appreciation to our loyal guest, value travel partners, lenders, shipyards, investors, analysts and all of our stakeholders for your continued support and partnership over the years.

在談到電話會議的關鍵之前，我想花點時間感謝 Norwegian 在全球、船上和岸上的所有團隊成員，他們是這家公司的骨幹，也是公司成功的主要推動力。我還想對我們忠實的客人、有價值的旅行合作夥伴、貸方、造船廠、投資者、分析師和我們所有的利益相關者多年來一直以來的支持和合作表示衷心的感謝。

I'm incredibly proud of what we have been able to collectively achieve especially over the past few extremely challenging years, but I know that the best days for this company still lie ahead, and I look forward to seeing what you all accomplish together.

我為我們共同取得的成就感到無比自豪，尤其是在過去極具挑戰性的幾年裡，但我知道這家公司最好的日子還在後面，我期待看到你們共同取得的成就。

With Harry Sommer at the helm, I leave this company the most capable of hands. As Slide 5 shows, Harry has a broad range and depth of experience that makes him one of the premier executives in the industry. I have worked with Harry in various capacities over the course of 3 decades, and I can assure you that he is a strategic and innovative leader who has the right talent, skill set and energy to lead the company at this pivotal time in its history.

在 Harry Sommer 的掌舵下，我離開了這家公司最有能力的人手。正如幻燈片 5 所示，Harry 擁有廣泛而深入的經驗，這使他成為業內首屈一指的高管之一。在 3 年的時間裡，我以各種身份與 Harry 共事，我可以向你保證，他是一位戰略性和創新性的領導者，擁有合適的才能、技能和精力，可以在公司歷史上的這個關鍵時刻領導公司。

As a long-standing cruise industry and company veteran, he brings both continuity and a fresh perspective to this seat. We have been working together along with our Board of Directors and the rest of the senior management team for some time now to ensure a seamless transition, and I am confident that NCLH will not skip a beat as we continue to push forward and capitalize on the momentum we are experiencing today.

作為郵輪行業和公司的資深人士，他為這個席位帶來了連續性和全新的視角。一段時間以來，我們一直在與我們的董事會和其他高級管理團隊合作，以確保無縫過渡，我相信 NCLH 在我們繼續推進和利用我們今天正在經歷的勢頭。

Now there are times when state makes circumstances and this happens to be one of those times as my departure coincide, not only with the 20th anniversary of the founding of Oceania Cruises, but also the delivery of the seventh ship in the Oceania fleet, the incomparable Vista, which you can see details about on Slide 6.

現在有因勢利導的時候，這恰好是我離開的時候之一，不僅是大洋郵輪成立20週年，也是大洋郵輪第7艘船的交付，無與倫比的Vista，您可以在幻燈片 6 上看到詳細信息。

With great pride, we took delivery of this amazing shift just last week, bringing NCLH's total fleet to 30 vessels with over 60,000 births. We are heading over to Europe this week where Vista will be christened in Malta by her Godmother, Emmy award-winning food personality Giada De Laurentiis. At 1,200 guests Vista is the first of 2 Allura Class ship for the line with the second ship named Allura expected in 2025.

上週，我們非常自豪地完成了這一驚人的轉變，使 NCLH 的船隊總數達到 30 艘，新生兒超過 60,000 人。本週我們將前往歐洲，Vista 將在馬耳他接受她的教母、艾美獎獲獎美食名人 Giada De Laurentiis 的洗禮。在 1,200 名客人中，Vista 是該航線的 2 艘 Allura 級船中的第一艘，第二艘名為 Allura 的船預計將於 2025 年推出。

These ships will further elevate and cement Oceanics Cruises' leading position in the upper premium crew space. I have to thank our partners Fincantieri once again for bringing our vision to life and delivering a truly magnificent ship.

這些船隻將進一步提升和鞏固 Oceanics Cruises 在高端船員空間的領先地位。我必須再次感謝我們的合作夥伴 Fincantieri 將我們的願景變為現實並交付了一艘真正宏偉的船。

What is even more exciting is that Vista is just the first of 3 newbuilds that we have in the pipeline this year with Norwegian Viva and Regent Seven Seas Grandeur joining the fleet later this year.

更令人興奮的是，Vista 只是我們今年正在籌備的 3 艘新造船中的第一艘，今年晚些時候挪威 Viva 和 Regent Seven Seas Grandeur 也將加入艦隊。

New hardware introductions generate excitement from those new to cruise and new to brand as well as with our loyal pass guests. So 3 ships in 1 year will mean that much more of a halo effect for our company to leverage, given their very efficient financing structures made possible to the unique nature of the industry's interconnected financing ecosystem, new ships are able to contribute immediately and are expected to be meaningful drivers of the company's future earnings growth and margin expansion.

新硬件的推出讓那些新接觸郵輪和新接觸品牌的人以及我們忠實的通行證客人興奮不已。因此，1 年 3 艘船將意味著我們公司可以利用更多的光環效應，鑑於其非常高效的融資結構使得行業相互關聯的融資生態系統的獨特性成為可能，新船能夠立即做出貢獻並有望成為公司未來盈利增長和利潤率擴張的重要推動力。

So now I'll turn the call over to Harry, who will be tasked with delivering on the significant potential upside we see ahead to provide an update on the current environment and the key catalysts we have on the horizon. Harry?

因此，現在我將把電話轉給哈里，他的任務是實現我們未來看到的巨大潛在優勢，以提供有關當前環境和我們即將出現的關鍵催化劑的最新信息。哈利？

Thank you, Frank. And before I get started, I have to say that I am honored and grateful to be given the opportunity to lead this iconic company. Growing up to integrate working-class parents in the Bronx I could never have dreamed to be at the helm of such a storied brand. But Frank, you took me under your wings early in my career and it taught me so much over the last 3 decades. I know I speak on behalf of the entire NCLH team when I say thank you, Frank, for your countless contributions not only to our company but also to the broader cruise industry. I look forward to building on this remarkable legacy, and I am committed to doing everything I can to best position this company for continued success.

謝謝你，弗蘭克。在開始之前，我不得不說，我很榮幸也很感激有機會領導這家標誌性公司。我長大後融入了布朗克斯區的工薪階層父母，我做夢也想不到能掌舵這樣一個傳奇品牌。但是弗蘭克，你在我職業生涯的早期就把我置於你的羽翼之下，這在過去的 3 年裡教會了我很多東西。我知道我代表整個 NCLH 團隊發言，感謝您，弗蘭克，您不僅為我們公司而且為更廣泛的郵輪行業做出了無數貢獻。我期待著在這一非凡的遺產的基礎上再接再厲，我致力於盡我所能使這家公司處於最佳地位，以取得持續的成功。

Over the next few months, I will be speaking with travel partners, team members, destination representatives, the investment community and a whole host of constituents while working closely with our executive team to fine tune our plan and vision for the future, and I look forward to sharing details with you.

在接下來的幾個月裡，我將與旅遊合作夥伴、團隊成員、目的地代表、投資界和眾多選民進行交流，同時與我們的執行團隊密切合作，以微調我們對未來的計劃和願景，我期待期待與您分享細節。

Shifting our attention to the backdrop that makes me so optimistic for what lies ahead. Slide 7 outlines our current positioning and the key catalysts we see now and on the horizon. We cover our leadership transition already, which could not have gone smoother. So I will skip ahead to what continues to be a healthy demand environment. Our target consumer remains resilient with a persistent desire for travel and experiences. Our booking window, which is our best forward-looking indicator remains strong. In fact, we were encouraged to see that even with the banking sector driven financial market volatility in March, we did not experience any unusual booking or cancellation activity across any of our brands.

將我們的注意力轉移到讓我對未來如此樂觀的背景上。幻燈片 7 概述了我們目前的定位以及我們現在和即將看到的關鍵催化劑。我們已經介紹了我們的領導層交接，這再順利不過了。因此，我將跳到繼續健康的需求環境。我們的目標消費者保持彈性，對旅行和體驗有著持久的渴望。我們的預訂窗口，這是我們最好的前瞻性指標，仍然很強勁。事實上，令我們感到鼓舞的是，即使在 3 月份銀行業推動金融市場波動的情況下，我們的任何品牌都沒有遇到任何異常的預訂或取消活動。

Our onboard revenue generation, which is our best real-time indicator of how consumers are feeling financially is also performing exceptionally well and we are even more pleased with the depth and breadth of the strength across revenue streams, ships and regions.

我們的船上創收能力是我們衡量消費者財務狀況的最佳實時指標，其表現也非常出色，我們對收入流、船舶和地區實力的深度和廣度更加滿意。

During the quarter, gross onboard revenue per passenger cruise day was nearly 30% higher than the comparable 2019 period. This is driven in part by our focus on attracting the best guests and enhancing our market-leading bundled offering. We are also increasing quality touch points with our guests, starting with the time of booking to capture even more revenue and prepayment prior to cruise.

本季度，每個乘客郵輪日的船上總收入比 2019 年同期高出近 30%。這在一定程度上是由於我們專注於吸引最好的客人和增強我們市場領先的捆綁產品。我們還增加了與客人的質量接觸點，從預訂時間開始，以在遊輪之前獲得更多收入和預付款。

Our presold revenue on a per passenger day basis for the first quarter of 2023 is approximately double the level in 2019, an important contributor to our onboard revenue strength as guests who make pre-cruise purchases tend to spend significantly more than guests who do not pre-book onboard activities.

我們在 2023 年第一季度按乘客日計算的預售收入約為 2019 年水平的兩倍，這是我們船上收入強勁的重要貢獻者，因為進行遊輪前購買的客人往往比不進行遊輪前購買的客人花費更多-預訂船上活動。

Turning to our next catalyst. We continue to take strategic actions across our business to improve operating efficiencies and rightsize our cost base to rebuild and enhance margins. The results of this initiative are ready to getting to bear fruit as demonstrated by our first quarter adjusted net cruise cost, excluding fuel per Capacity Day, which was not only 14% below the run rate in the second half of 2022, but also outperformed our guidance by $4 as certain savings were realized earlier than anticipated.

轉向我們的下一個催化劑。我們繼續在我們的業務中採取戰略行動，以提高運營效率並調整我們的成本基礎，以重建和提高利潤率。這一舉措的結果已準備好結出碩果，我們第一季度調整後的淨郵輪成本（不包括每運力日燃料）不僅比 2022 年下半年的運行率低 14%，而且表現優於我們的4 美元的指導，因為比預期更早實現了某些節省。

We expect this metric to continue to show modest sequential improvement each quarter for the remainder of 2023 as seen on Slide 8. I want to stress that we recognize and acknowledge while this is a great start, we still have more work to do. This initiative is very much ongoing and will continue to be a top priority under my leadership. We are committed to identifying and evaluating incremental opportunities across every area of the business to help accelerate our margin recovery.

正如幻燈片 8 所示，我們預計該指標在 2023 年剩餘時間內每個季度都將繼續呈現適度的連續改善。我想強調的是，我們認識到並承認，雖然這是一個良好的開端，但我們還有更多工作要做。這項倡議正在進行中，並將繼續成為我領導下的重中之重。我們致力於識別和評估業務各個領域的增量機會，以幫助加快我們的利潤率恢復。

This does not mean, however, that we will not continue to invest in our product or service offering to enhance our guest experience. But rather that we will be even more strategic and data-driven when making these decisions to ensure we are investing where we see the highest return and most impact.

然而，這並不意味著我們不會繼續投資於我們的產品或服務以提升我們的客戶體驗。而是我們在做出這些決策時將更具戰略性和數據驅動性，以確保我們在我們看到最高回報和最大影響的地方進行投資。

A good example of this is our recent announcement regarding the rollout of the Starlink low-latency broadband Internet system in a phased manner across our fleet. This was a strategic and cost-effective initiative to help address the consistent pain point we hear from guests regarding the reliability and speed of Internet connectivity at sea.

一個很好的例子是我們最近宣佈在我們的車隊中分階段推出 Starlink 低延遲寬帶互聯網系統。這是一項具有戰略意義且具有成本效益的舉措，旨在幫助解決我們從客人那裡聽到的關於海上互聯網連接的可靠性和速度的一貫痛點。

This is one example of our focus on finding the right balance, which is critical to keeping our brands value propositions intact, maintain our incredibly loyal pass guest base and continually attract new cruisers to sail on a world-class fleet for what we believe is the best vacation experience in the world.

這是我們專注於找到正確平衡的一個例子，這對於保持我們品牌價值主張的完整性、維持我們令人難以置信的忠誠客戶群以及不斷吸引新郵輪加入我們認為的世界級船隊航行至關重要世界上最好的度假體驗。

The last catalyst to highlight is our industry-leading newbuild pipeline shown on Slide 9, which Frank already touched on briefly. Capacity growth in 2023 is expected to be just shy of 20% compared to 2019 as we add over 5,000 births to our world-class fleet. And as we look out over the next 5 years, this increases to approximately 50% growth versus 2019. All 3 of our brands are well poised to profitably absorb this elevated capacity growth given our relative size and under penetration in many markets around the world.

最後要強調的催化劑是我們在幻燈片 9 上展示的行業領先的新建管道，Frank 已經簡要地談到了這一點。與 2019 年相比，2023 年的運力增長預計將略低於 20%，因為我們的世界級機隊新增了 5,000 多名新生兒。我們展望未來 5 年，與 2019 年相比增長約 50%。考慮到我們的相對規模和在全球許多市場的滲透率，我們的所有 3 個品牌都準備好吸收這種產能增長帶來的盈利。

We are focused on better leveraging our scale as we embark on this period of transformational growth and translating this capacity growth into outside benefits to both the top and bottom line. This makes for an attractive entry point for investors as the newbuild pipeline adds significant potential future earnings power compared to today's levels.

隨著我們進入這一轉型增長時期，並將這種產能增長轉化為最高和最低利潤的外部收益，我們專注於更好地利用我們的規模。這對投資者來說是一個有吸引力的切入點，因為與今天的水平相比，新建管道增加了顯著的潛在未來盈利能力。

When combined with our ongoing efforts to maximize profitability on our existing fleet, including by delivering consistent year-over-year moderate yield growth, we view this as a winning formula.

結合我們為最大限度地提高現有機隊盈利能力所做的持續努力，包括通過實現持續的同比適度收益率增長，我們認為這是一個成功的公式。

Shifting our discussion now to our booking demand and pricing trends. You can see on Slide 10, we reached load factors of 101.5% in the first quarter, exceeding our guidance and breaking triple-digit levels for the first time in 3 years with some voyages exceeding occupancy of 115%. With this significant achievement, we have also nearly closed the occupancy gap versus 2019 levels.

現在將我們的討論轉移到我們的預訂需求和定價趨勢上。您可以在幻燈片 10 上看到，我們在第一季度達到了 101.5% 的載客率，超過了我們的指導，並在 3 年內首次突破三位數水平，一些航次的載客率超過了 115%。憑藉這一重大成就，我們也幾乎縮小了與 2019 年水平的入住率差距。

In the second quarter, we expect to average 105% occupancy, a return to normalized levels with cabins fully sold. This average is slightly below 2019 levels as a result of our strategic shift to longer, more immersive itineraries at the Norwegian Cruise Line brand naturally resulting in less thirds and fourths, which is what historically pushes passenger occupancy above the 100% mark, all while enhancing margin over time.

在第二季度，我們預計平均入住率為 105%，回到正常水平，客艙已售罄。這一平均值略低於 2019 年的水平，這是由於我們的戰略轉變為挪威郵輪品牌更長、更身臨其境的行程，自然導致三分之一和四分之一的行程減少，這在歷史上將乘客入住率推高至 100% 以上，同時增強隨著時間的推移保證金。

Turning to Slide 11. After a very strong wave season, our cumulative book position for the balance of 2023 remains ahead of 2019's record performance and at higher prices. Demand and pricing continues to be strong, not only for 2023, but also as we look further out to sailings in 2024 and beyond. To give you an example, bookings for Regent's 2026 World Cruise were nearly 70% higher than its 2022 World Cruise, which was the last World Cruise launch pre-pandemic at an average price point of over $230,000 per suite.

轉到幻燈片 11。在經歷了一個非常強勁的波浪季節之後，我們 2023 年剩餘時間的累計賬面頭寸仍然領先於 2019 年的創紀錄表現，而且價格更高。不僅在 2023 年，而且在我們進一步展望 2024 年及以後的航行時，需求和定價仍然強勁。舉個例子，Regent 的 2026 World Cruise 的預訂量比其 2022 World Cruise 高出近 70%，這是大流行前最後一次推出的 World Cruise，平均價格超過 230,000 美元每間套房。

Another strong indicator that our product continues to resonate with our guests is the performance of NHCL's CruiseNext program, an onboard program in which we sell nonrefundable future cruise certificates.

NHCL 的 CruiseNext 計劃的表現是我們產品繼續引起客人共鳴的另一個有力指標，這是一項船上計劃，我們在該計劃中出售不可退還的未來郵輪證書。

In the first quarter, CruiseNext achieved its highest quarterly results in the program's history surpassing the previous record.

第一季度，CruiseNext 取得了項目歷史上最高的季度業績，超越了之前的記錄。

As we look to the remainder of the year, our substantial book position, coupled with the continued healthy demand metrics we are experiencing gives us confidence in achieving our 2023 Net Per Diem and net yield guidance, which Mark will touch on in more detail momentarily.

展望今年剩餘時間，我們大量的賬面狀況，加上我們正在經歷的持續健康的需求指標，使我們有信心實現我們的 2023 年淨每日津貼和淨收益率指導，馬克將在稍後詳細介紹。

Before I turn the call over, I'd like to provide an update on our decarbonization efforts as part of our global sustainability program, Sail & Sustain, something that I'm very passionate about and committed to advancing.

在我結束電話會議之前，我想介紹一下我們的脫碳工作的最新情況，這是我們全球可持續發展計劃 Sail & Sustain 的一部分，這是我非常熱衷並致力於推進的事情。

As shown on Slide 12, coinciding with Earth Day last week, we announced new short- and near-term greenhouse gas emission intensity reduction targets to help guide us on our pursuit of net zero by 2050. We are targeting a 10% reduction in GHG intensity by 2026 and 25% by 2030. The scope of these targets cover our direct emissions as well as the full well to wake impact of our fuel consumption. As we execute on this plan, we expect to see a dual benefit of not only emission reductions, but also cost savings from reduced fuel consumption. We also revamped our climate action strategy, which is now centered on 3 key pillars: efficiency, innovation and collaboration.

如幻燈片 12 所示，恰逢上週地球日，我們宣布了新的短期和近期溫室氣體排放強度降低目標，以幫助指導我們到 2050 年實現淨零排放。我們的目標是將溫室氣體排放量減少 10%強度到 2026 年和 25% 到 2030 年。這些目標的範圍涵蓋我們的直接排放以及我們的燃料消耗對整個油井的影響。當我們執行這個計劃時，我們希望看到雙重好處，不僅是減排，還有通過減少燃料消耗來節省成本。我們還修改了我們的氣候行動戰略，該戰略現在以 3 個關鍵支柱為中心：效率、創新和協作。

We are implementing solutions for efficiency today, innovating for future solutions, including with our investments to modify 2 of our future newbuilds to create methanol ready configurations and are committed to collaborating with our stakeholders and partners along the way.

我們今天正在實施提高效率的解決方案，為未來的解決方案進行創新，包括我們投資修改我們未來的 2 艘新船以創建甲醇就緒配置，並致力於與我們的利益相關者和合作夥伴一起合作。

With that, I will now turn the call over to Mark for his commentary on our financial position and outlook. Mark?

有了這個，我現在將把電話轉給馬克，讓他對我們的財務狀況和前景發表評論。標記？

Thank you, Harry, and good morning, everyone. Before I dive into the financial results and outlook, I want to also thank Frank for all that he has done to propel this company forward as well as his outstanding leadership. I look forward to continuing to partner with Harry in his new role as we work to capitalize on the momentum we are experiencing in order to maximize value for all of our stakeholders.

謝謝你，哈利，大家早上好。在深入探討財務業績和前景之前，我還要感謝弗蘭克為推動公司前進所做的一切以及他出色的領導能力。我期待著繼續與 Harry 在他的新角色中合作，因為我們正在努力利用我們正在經歷的勢頭，以便為我們所有的利益相關者實現價值最大化。

My commentary today will focus on our first quarter 2023 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.

我今天的評論將重點關注我們 2023 年第一季度的財務業績、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（不包括每運力日燃料指標）的評論均以固定貨幣為基礎。

Slide 13 highlights our first quarter results in which we are pleased to report that we met or exceeded guidance for all key metrics. Focusing on the top line, total revenue per passenger cruise day in the quarter was up approximately 18% versus 2019. Net Per Diems increased approximately 7.7%, achieving the high end of guidance while net yield of 3.6% was a healthy beat versus our expectations as load factor of 101.5% came in well ahead of projections.

幻燈片 13 重點介紹了我們第一季度的業績，我們很高興地報告我們達到或超過了所有關鍵指標的指導。專注於收入，本季度每個乘客遊輪日的總收入比 2019 年增長約 18%。淨每日津貼增長約 7.7%，達到指導的高端，而 3.6% 的淨收益率比我們的預期好得多101.5% 的載客率遠超預期。

With significantly higher participation as a result of enhancements to our bundled offerings today when compared to '19, the accounting allocation between ticket and onboard revenue has also changed, which can skew the comparison. Therefore, we focus on total Net Per Diem and net yield as a better holistic representation of our pricing power.

與 19 年相比，由於我們今天捆綁產品的增強，參與度顯著提高，機票和船上收入之間的會計分配也發生了變化，這可能會扭曲比較。因此，我們專注於總淨每日津貼和淨收益率，以更好地全面體現我們的定價能力。

Turning to costs. Adjusted net cruise costs, excluding fuel per Capacity Day averaged $161 in the quarter, better than expected and approximately 14% lower than the run rate in the second half of 2022.

轉向成本。調整後的郵輪淨成本（不包括每運力日的燃料）在本季度平均為 161 美元，好於預期，比 2022 年下半年的運行率低約 14%。

This reflects the rapid execution of cost savings initiatives identified and implemented last year, some of which were realized earlier than anticipated. This includes improvements in areas such as supply chain initiatives, back-office optimization as well as crew costs and travel expenses.

這反映了去年確定和實施的成本節約計劃的快速執行，其中一些計劃比預期更早實現。這包括供應鏈計劃、後台優化以及船員成本和差旅費用等領域的改進。

Adjusted EBITDA was nearly $40 million higher than our guidance at approximately $234 million in the quarter. In addition, adjusted EPS loss of $0.30 also beat our guidance.

本季度調整後的 EBITDA 比我們的指導高出近 4000 萬美元，約為 2.34 億美元。此外，調整後的 EPS 虧損 0.30 美元也超出了我們的指導。

Shifting our attention to guidance. Our outlook for the second quarter can be found on Slide 14. As we have stated previously, the second quarter will complete our occupancy ramp up. In addition, comparisons to 2019 includes certain premium priced Baltic and Cuba voyages in that year which we did not operate in 2023. As a result, growth is in line with our expectations with Net Per Diem increasing approximately 5.5% to 6.25% net yield expected to increase approximately 2.5% to 3.25%.

將注意力轉移到指導上。我們對第二季度的展望可以在幻燈片 14 上找到。正如我們之前所說，第二季度將完成我們的入住率上升。此外，與 2019 年的比較包括當年我們在 2023 年沒有運營的某些溢價波羅的海和古巴航行。因此，增長符合我們的預期，淨每日津貼增加約 5.5% 至 6.25% 預期淨收益率增加約 2.5% 至 3.25%。

Pricing and yields are both expected to increase in the second half of the year with the fourth quarter exhibiting the strongest growth versus 2019. This is driven by our organic pricing power and in part by a favorable comp as the second half of 2019 included various headwinds like the rapid exit from Cuba, and the close-in resale of those sailings.

定價和收益率預計將在今年下半年增加，與 2019 年相比，第四季度的增長最為強勁。這是由我們的有機定價能力推動的，部分原因是有利的競爭，因為 2019 年下半年包括各種不利因素比如從古巴迅速撤離，以及這些航行的近距離轉售。

Fourth quarter is also expected to benefit from our strategic shift to premium deployments with extended Alaska and European seasons this year as well as a mix shift with more capacity operating for our Regent and Oceania brands.

預計第四季度也將受益於我們向優質部署的戰略轉變，今年阿拉斯加和歐洲季節延長，以及為我們的 Regent 和大洋洲品牌運營更多產能的混合轉變。

Given our robust book position for the second half of 2023, which is ahead of 2019, we have good visibility into the balance of the year, which gives us confidence that we can achieve the sequential improvement in year-over-year growth.

鑑於我們在 2019 年之前的 2023 年下半年的強勁賬面狀況，我們對今年的餘額有很好的了解，這使我們有信心實現同比增長的環比改善。

Adjusted net cruise cost excluding fuel per Capacity Day is expected to be approximately $159 in the second quarter. A further improvement versus the prior quarter as additional savings initiatives are realized.

調整後的郵輪淨成本（不包括每運力日燃料）預計在第二季度約為 159 美元。由於實現了額外的節省計劃，與上一季度相比有了進一步的改善。

We continue to expect modest sequential improvement each quarter in 2023 as occupancy increases and as a result of initiatives, which have already been identified and implemented. This should result in a lower run rate cost level exiting 2023 than our full year reported results.

隨著入住率的增加以及已經確定和實施的舉措，我們繼續預計 2023 年每個季度都會出現適度的連續改善。這應該會導致 2023 年運行成本水平低於我們全年報告的結果。

Taking all of this into account, adjusted EBITDA for the second quarter is expected to be approximately $485 million, which is roughly the same level as EBITDA in the same quarter of 2019. Another stepping stone to closing the gap versus pre-pandemic levels.

考慮到所有這些因素，第二季度調整後的 EBITDA 預計約為 4.85 億美元，與 2019 年同季度的 EBITDA 大致持平。這是縮小與大流行前水平差距的又一墊腳石。

I am also pleased to report that we expect to achieve another significant milestone in the quarter with adjusted EPS turning positive for the first time since the pandemic at approximately $0.25 per share.

我也很高興地報告，我們預計本季度將實現另一個重要的里程碑，調整後的每股收益自大流行以來首次轉正，約為每股 0.25 美元。

Now shifting our focus to our outlook for the full year 2023. Adjusted EBITDA is still 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 $0.75 or $0.05 above our prior guidance, reflecting the first quarter outperformance partially offset by higher anticipated fuel costs and FX for the remainder of the year.

現在將我們的注意力轉移到 2023 年全年的展望上。調整後的 EBITDA 預計仍將在 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的每股收益，比我們先前的指導高出約 0.75 美元或 0.05 美元，反映出第一季度的優異表現部分被今年剩餘時間更高的預期燃料成本和外匯所抵消。

Taking a closer look at the components of the full year outlook, Net Per Diem growth of approximately 9% to 10.5% as compared to 2019 and net yield growth guidance of approximately 5% to 6.5% are unchanged versus our prior guidance.

仔細觀察全年展望的組成部分，與 2019 年相比，每日淨津貼增長率約為 9% 至 10.5%，淨收益率增長指引約為 5% 至 6.5%，與我們之前的指引相比沒有變化。

Moving on to costs. Adjusted net cruise cost, excluding fuel per Capacity Day is expected to average approximately $159 for the full year, slightly better than our prior guidance and reflecting lower-than-expected costs in the first quarter. This represents a 15% decrease as compared to the average of $187 in the second half of 2022.

繼續成本。調整後的郵輪淨成本（不包括每運力日的燃料）預計全年平均約為 159 美元，略好於我們之前的指導，反映出第一季度的成本低於預期。與 2022 年下半年的平均 187 美元相比，下降了 15%。

As Harry noted, we continue to evaluate all opportunities to accelerate revenue and improve operating efficiencies and are taking deliberate actions to improve our margins, while maintaining the exceptional guest experience and superior service levels our brands are known for. We look forward to continuing to demonstrate this improvement over the coming quarters.

正如 Harry 指出的那樣，我們繼續評估所有機會以加速收入和提高運營效率，並正在採取慎重的行動來提高我們的利潤率，同時保持我們品牌眾所周知的卓越客戶體驗和卓越服務水平。我們期待在未來幾個季度繼續展示這種改進。

Turning our attention to the balance sheet. Slide 15 provides our debt maturity profile, which includes approximately $800 million of scheduled debt service for the remainder of the year, the vast majority of which is related to our export credit agency-backed ship financing. We've talked previously about the actions taken earlier this year to address a large portion of our 2024 maturities so I won't go into further details today, but a summary is provided on Slide 16 for your reference.

將注意力轉向資產負債表。幻燈片 15 提供了我們的債務到期概況，其中包括今年剩餘時間約 8 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。我們之前已經討論過今年早些時候為解決我們 2024 年到期的大部分問題而採取的行動，所以今天我不會詳細介紹，但幻燈片 16 上提供了摘要供您參考。

Since we last spoke, we also signed agreements to increase our ECA-backed commitments by approximately EUR 1.7 billion. This was primarily to finance improvements and modifications to newbuilds currently on order across our 3 brands. This includes the previously communicated changes to the last 4 Prima Class ships to make them up to 20% larger than the first generation ships as well as the addition of the methanol-ready configuration to the last 2 ships to increase optionality and help future-proof these long-life assets and reach our decarbonization goals.

自我們上次發言以來，我們還簽署了協議，將 ECA 支持的承諾增加約 17 億歐元。這主要是為了資助我們 3 個品牌目前訂購的新造船的改進和修改。這包括之前通報的對最後 4 艘 Prima 級船舶的更改，使其比第一代船舶大 20%，以及為最後 2 艘船舶增加甲醇就緒配置以增加可選性和幫助面向未來這些長壽命資產並實現我們的脫碳目標。

The financing also covers odor supplies associated with preparing certain newbuild center service as well as related financing premiums. While we originally plan to fund this with our organic cash flow generation when the ships were originally ordered, given the very efficient and supportive financing we received from export credit agencies and the continued uncertainty in the macro and financial markets, we felt financing this was a prudent action to minimize cash outflows for the next few years.

融資還包括與準備某些新建中心服務相關的氣味供應以及相關的融資溢價。雖然我們最初計劃在最初訂購船舶時通過我們的有機現金流產生來為此提供資金，但鑑於我們從出口信貸機構獲得的非常有效和支持性的融資以及宏觀和金融市場的持續不確定性，我們認為融資是一個採取謹慎行動以盡量減少未來幾年的現金流出。

Turning to liquidity. Our overall liquidity position remains strong at approximately $1.9 billion, as outlined on Slide 17. This consists of approximately $700 million of cash and cash equivalents, nearly $600 million of availability under our revolver and our $650 million undrawn commitment. This does not include the separate $300 million undrawn backstop commitment, which enhances our future liquidity, but is not currently available to drop.

轉向流動性。如幻燈片 17 所述，我們的整體流動性狀況仍然強勁，約為 19 億美元。這包括約 7 億美元的現金和現金等價物、近 6 億美元的循環可用資金和 6.5 億美元的未提取承諾。這不包括單獨的 3 億美元未提取支持承諾，該承諾增強了我們未來的流動性，但目前無法取消。

I want to reiterate our commitment and relentless focus on delivering value from all of our key stakeholders. We will continually evaluate options to accelerate our recovery, while maintaining adequate financial flexibility to adapt to different macroeconomic backdrops.

我想重申我們的承諾和不懈的專注於從我們所有的主要利益相關者那裡創造價值。我們將不斷評估加速復甦的方案，同時保持足夠的財務靈活性以適應不同的宏觀經濟背景。

Overall, we feel optimistic about the direction of our business, and we believe we are taking the right steps today to create a more nimble and resilient organization for the future.

總的來說，我們對我們的業務方向感到樂觀，我們相信我們今天正在採取正確的步驟來為未來創建一個更加靈活和有彈性的組織。

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 turning the call over to Q&A, I'd like to leave you with some key takeaways, which you can find on Slide 18. First, we continue to see healthy and resilient demand from our target markets who remain willing and eager to spend on cruise vacation travel. Our brands continue to resonate with consumers as demonstrated by our book position and pricing for the remainder of '23. Our record book position also gives us high visibility into the back half of the year and beyond.

謝謝馬克。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 18 上找到這些內容。首先，我們繼續看到來自我們目標市場的健康和有彈性的需求，他們仍然願意並渴望在郵輪度假旅行。我們的品牌繼續與消費者產生共鳴，正如我們在 23 年剩餘時間的賬面定位和定價所證明的那樣。我們的記錄簿位置也讓我們對今年下半年及以後的情況有很高的了解。

Second, we are already starting to see the benefits of our margin enhancement efforts and we'll continue to take strategic measures to best position the company for its next chapter while ensuring that we keep the secret sauce that makes our brand so special fully intact.

其次，我們已經開始看到我們提高利潤率的努力的好處，我們將繼續採取戰略措施，為公司的下一章做好準備，同時確保我們保持讓我們的品牌如此特別的秘訣完好無損。

Third, we are excited to deliver on our industry-leading growth profile, which we are confident we can profitably absorb providing a meaningful boost to our future earnings power. And lastly, we feel comfortable with our liquidity position and are committed to prioritizing restoration of our balance sheet in the coming years.

第三，我們很高興能夠實現我們行業領先的增長模式，我們相信我們可以從中獲利，為我們未來的盈利能力提供有意義的提升。最後，我們對我們的流動性狀況感到滿意，並致力於在未來幾年優先恢復我們的資產負債表。

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

我們今天討論了很多內容，所以我將在這裡結束我們的評論並開始徵求您的問題。

(Operator Instructions)

（操作員說明）

Before we get to the questions on the line, we first want to address the top question from our online shareholder Q&A platform, which provides all of our investors another avenue to submit and ask those questions from management. The top loaded question we received this quarter was what are the 3 main action points the company will take to ensure growth in the year ahead. Harry, do you want to take that one?

在我們開始在線提問之前，我們首先要解決在線股東問答平台上的首要問題，該平台為我們所有的投資者提供了另一種提交和向管理層提出這些問題的途徑。本季度我們收到的最多的問題是公司將採取哪些 3 個主要行動點來確保來年的增長。哈利，你要拿那個嗎？

Sure, yes. Happy to, and that's a great question. We touched on this already in our prepared remarks, but we are laser-focused on delivering our '23 guidance and financial goals. One of the drivers of growth this year is going to be our robust newbuild platform with us taking delivery of 3 new and I might be biased, but I'm going to add absolutely magnificent ships this year, including the incredible Vista would start sailing tomorrow.

當然，是的。很高興，這是一個很好的問題。我們已經在準備好的評論中提到了這一點，但我們非常專注於實現我們的 23 年指導方針和財務目標。今年增長的驅動力之一將是我們強大的新建平台，我們交付了 3 艘新船，我可能有偏見，但我今年將增加絕對壯觀的船隻，包括將於明天開始航行的令人難以置信的 Vista .

Those ships, along with some of our other recent additions, translate to a nearly 20% growth in capacity when compared to 2019. So that's expected to provide a meaningful boost to our current and future earnings power.

與 2019 年相比，這些船舶以及我們最近新增的一些船舶意味著運力增長了近 20%。因此，這有望顯著提升我們當前和未來的盈利能力。

We're also hard at work at our ongoing margin enhancement initiative and are continuing to identify new and innovative ways to get more efficient while also delivering best-in-class product and service offerings for our guests.

我們還在努力實施我們正在進行的提高利潤的計劃，並繼續尋找新的創新方法來提高效率，同時為我們的客人提供一流的產品和服務。

We're pleased with the results so far, but we're not stopping there, and we'll continue to leave no stone unturned.

到目前為止，我們對結果很滿意，但我們不會就此止步，我們將繼續不遺餘力。

And lastly, we're going to continue to capitalize on the robust consumer demand we're experiencing, which is translating into our record book position and strong pricing, including very robust onboard revenue generation. So we feel good about our position over the next year, and we're going to do everything in our power to deliver on all our goals.

最後，我們將繼續利用我們正在經歷的強勁的消費者需求，這正在轉化為我們的記錄簿位置和強勁的定價，包括非常強勁的船上創收。因此，我們對明年的狀況感到滿意，我們將竭盡全力實現我們的所有目標。

Operator, we can take the questions from the line now.

接線員，我們現在可以接受在線提問。

Our first question is from Dan Politzer with Wells Fargo.

我們的第一個問題來自富國銀行的 Dan Politzer。

First question on the second quarter, the yields. I mean, I think they were a little bit lower than we were expecting. So just any more detail there between maybe the gross and the net -- was there any noise in the quarter on the Free at Sea program? Also, I guess that would relate to the first quarter, but just trying to zoom in a little bit on first quarter versus second quarter and the change there.

第二季度的第一個問題，收益率。我的意思是，我認為它們比我們預期的要低一點。那麼，在毛額和淨額之間還有更多細節——在海上自由計劃的季度中是否有任何噪音？另外，我想這與第一季度有關，但只是想稍微放大一下第一季度與第二季度的對比以及那裡的變化。

Yes. Dan, this is Mark. So first and foremost, there is no change. Q2 pricing and yields are exactly in line with where we thought they were going to be. Of course, as your occupancy ramps up, you do see a little bit less of pricing power on your lower meta, i.e. inside cabins -- but overall, our NPDs remain very healthy and strong.

是的。丹，這是馬克。所以首先，沒有變化。第二季度的定價和收益率與我們預期的完全一致。當然，隨著入住率的上升，您確實會看到較低元（即機艙內部）的定價能力有所減弱——但總的來說，我們的 NPD 仍然非常健康和強勁。

And then secondly, I think the other piece to look at is when you do the comparison versus a very strong second quarter 2019 we're comping over some difficult comps with Cuba that we had back in 2019 as well as the full benefit of Baltic itinerary. So while on the surface, it may appear that there is -- it is a bit softer than Q1, I assure you it is exactly where we expect it to be. And as I said in my prepared remarks, the second half of 2023 is expected continue -- and we continue to expect very strong pricing and yield growth.

其次，我認為另一件要看的事情是，當你與非常強勁的 2019 年第二季度進行比較時，我們正在與 2019 年的古巴進行一些艱難的比較，以及波羅的海行程的全部好處.因此，雖然從表面上看，它可能比 Q1 軟一點，但我向你保證，這正是我們所期望的。正如我在準備好的發言中所說，預計 2023 年下半年將繼續——我們將繼續預期非常強勁的定價和收益率增長。

Got it. And then on the cost side, the cost guidance, obviously, the first quarter was better. I guess to what extent should we accept that to continue to step down throughout the year? And how much is your guidance reflecting some conservatism there? I know that was a big part of the commentary last quarter just on the uncertain macro.

知道了。然後在成本方面，成本指導，顯然，第一季度更好。我想我們應該在多大程度上接受這一點才能全年繼續下台？您的指導在多大程度上反映了那裡的一些保守主義？我知道這是上個季度關於不確定宏觀經濟的評論的很大一部分。

Yes. Sure. So let's address the cost side first. So we did overachieve in Q1. And as I had communicated and we had communicated on our last call, we were steadfastly going into a lot of our onboard -- our margin enhancement initiatives. And we simply executed some of those initiatives quicker than we had anticipated. So while we did get a benefit in Q1, it doesn't necessarily translate to a benefit in the outer quarters simply because we already had that baked into our guidance.

是的。當然。因此，讓我們首先解決成本方面的問題。所以我們在第一季度確實超額完成了。正如我和我們在上次電話會議上進行的溝通一樣，我們堅定不移地進行了很多船上 - 我們的利潤率提高計劃。我們只是比預期更快地執行了其中一些舉措。因此，雖然我們確實在第一季度獲得了好處，但它並不一定會轉化為外部季度的好處，因為我們已經將其納入了我們的指導方針。

That said, we have not stopped, and we continue to look at opportunities to improve our cost structure. So -- but it's a bit early for us to give additional color on that. All I can tell you is that we are razor-focused on that. And I think we'll continue to have a sequential improvement quarter-over-quarter. And I think I'm very confident. I think quite a bit of you were nervous last quarter, whether or not we could achieve our cost savings. And I think we've demonstrated that in Q1, we've demonstrated that in our full year updated guidance, and we will continue to push hard on that.

也就是說，我們沒有停止，我們繼續尋找機會來改善我們的成本結構。所以 - 但我們現在對此提供更多顏色還為時過早。我只能告訴你的是，我們非常專注於此。而且我認為我們將繼續按季度進行連續改進。而且我認為我非常有信心。我認為上個季度你們中的很多人都對我們是否能夠實現成本節約感到緊張。我認為我們已經在第一季度證明了這一點，我們已經在全年更新的指南中證明了這一點，我們將繼續努力推動這一點。

Our next question is from Steve Wieczynski with Stifel.

我們的下一個問題來自 Stifel 的 Steve Wieczynski。

So I'm going to kind of ask Dan's question maybe a little bit differently. But Mark, if we look at Slide 13, I mean, look, you basically destroyed every guidance target that you laid out back in February for the first quarter. So if we think about that beat and the fact that you didn't really flow that through -- that full beat through to your full year EBITDA guidance. And look, I understand there's a fuel headwind there. But I guess what I'm just getting at here is, if your customer base stays pretty much status quo from here, it would seem to us that it would be tough not to get to the high end of your full year guidance and maybe even exceed the top end of your guidance. So what am I missing there, Mark?

所以我要問 Dan 的問題可能有點不同。但是馬克，如果我們看一下幻燈片 13，我的意思是，你基本上破壞了你在 2 月份為第一季度製定的每一個指導目標。因此，如果我們考慮到這一節拍以及您並沒有真正實現這一目標的事實——那就是您全年 EBITDA 指導的完整節拍。看，我知道那裡有燃料逆風。但我想我要說的是，如果你的客戶群從這裡開始幾乎保持現狀，在我們看來，很難不達到全年指導的高端，甚至可能超出您指導的上限。那我錯過了什麼，馬克？

Well, Steve, first of all, I appreciate the adjective you used of destroyed our guidance, but I would like to say we healthily beat our guidance. Look, Steve, I think, first and foremost, we have to look at the underlying fundamentals of the business. Our NPD and yields continue to be strong, continue to be in line with our expectations. The consumer is still strong. The consumer is buying cruise tickets. The consumer is spending more on board. The consumer is prebuying more before they get on board and we're very pleased with that.

好吧，史蒂夫，首先，我很欣賞你使用的形容詞破壞了我們的指導，但我想說我們健康地擊敗了我們的指導。看，史蒂夫，我認為，首先，我們必須看看業務的基本面。我們的 NPD 和收益率繼續保持強勁，繼續符合我們的預期。消費依然強勁。消費者正在購買遊輪票。消費者在船上花費更多。消費者在上船之前會預購更多，我們對此感到非常滿意。

So -- but if you just took Q1 in isolation and you said, okay, we beat the quarter by $0.15 and you look at the rest of the year, almost half of that is being eroded by fuel and FX headwinds. So the remainder of it, we are carrying through. So while we're not ready to necessarily change the rest of our guidance metrics, I think we're trending well, and we're trending healthy. And I think our guidance reflects that. So we said last quarter that we wanted to be prudent in terms of our guidance. We want to deliver and hopefully, beat. We'll continue down that path, but things are looking very, very healthy from our perspective in terms of the overall consumer demand for cruise.

所以 - 但如果你只是孤立地看待第一季度並且你說，好吧，我們比這個季度多了 0.15 美元，你看看今年剩下的時間，其中幾乎一半被燃料和外匯逆風侵蝕。所以它的其餘部分，我們正在執行。因此，雖然我們還沒有準備好改變我們其他的指導指標，但我認為我們的趨勢很好，而且我們的趨勢是健康的。我認為我們的指南反映了這一點。因此，我們在上個季度表示，我們希望在指導方面保持謹慎。我們希望交付並希望擊敗。我們將繼續沿著這條路走下去，但從我們的角度來看，就消費者對遊輪的整體需求而言，情況看起來非常、非常健康。

And then, Mark, probably for you as well. If we go back to your initial guidance back in February, you noted that you turned the year, I think it was around 62% booked, which was in your historical range. And now as we've essentially exited Wave, can you maybe help us think about where you are booked now for '23 and then maybe also kind of give us a look at '24. And if you don't want to give exact numbers, I understand that, but maybe some qualitative commentary would be helpful there.

然後，馬克，可能也適合你。如果我們回到你在 2 月份的初始指導，你注意到你已經翻過了這一年，我認為預訂率約為 62%，這在你的歷史範圍內。現在我們基本上已經退出 Wave，你能不能幫我們想想你現在在哪裡預訂了 23 年，然後也可以讓我們看看 24 年。如果你不想給出確切的數字，我理解這一點，但也許一些定性評論會有所幫助。

Sure. I'll take that one. And Steve, thank you for the kind words at the initial start of your question. We've stated before that our goal is to be between 60% and 65% booked at year-end for the following 12 months. I think that range applies to the end of Wave as well that we like to be between 60% to 65% booked for the following 12 months at the end of Wave.

當然。我會拿那個。史蒂夫，謝謝你在問題開始時的客氣話。我們之前已經說過，我們的目標是在接下來的 12 個月中，在年底時預訂率在 60% 到 65% 之間。我認為這個範圍也適用於 Wave 的結束，我們希望在 Wave 結束時為接下來的 12 個月預訂 60% 到 65% 之間。

And I can say that we are hardly within that range pretty much exactly where we want to be. So we were very happy with the way Wave turned out and our book position both on the basis of itself and compared to 2019 is doing very well.

我可以說我們幾乎不在我們想要的範圍內。因此，我們對 Wave 的結果感到非常滿意，並且我們的圖書定位無論是基於自身還是與 2019 年相比都做得很好。

Our next question is from Vince Ciepiel with Cleveland Research Company.

我們的下一個問題來自克利夫蘭研究公司的 Vince Ciepiel。

I wanted to dig a little bit more into the regional setup. Can you discuss what you're seeing? I think first half of the year, your weighted a little heavier Caribbean, how pricing and close-in demand is looking for the region? And now that you've kind of moved through Wave and have more of Alaska in Europe for this summer filled out, kind of talk about how you're feeling about pricing for the summer?

我想更深入地了解區域設置。你能談談你所看到的嗎？我認為今年上半年，您在加勒比地區的權重略高，該地區的定價和近距離需求如何？既然您已經通過 Wave 了解了今年夏天在歐洲的更多阿拉斯加，請談談您對夏季定價的看法？

Sure, Vince. It's Harry. I'll take that one, too. Listen, we were very pleased with the results in Q1. We're trying with our new premium itineraries to be booked a little further in advance so that close-in bookings does not represent such as large a percentage of our overall business as it used to.

當然，文斯。是哈利。我也要那個聽著，我們對第一季度的結果感到非常滿意。我們正在嘗試將我們的新高級行程提前一點預訂，這樣近距離預訂就不會像過去那樣占我們整體業務的很大一部分。

That being said, we were very pleasantly surprised with flows in demand for Caribbean in Q1. Of course, Caribbean doesn't matter all that much for us in Q2 and beyond as we shift our deployment to Europe and Alaska. So a little less close-in demand there as we are booked further in advance. But we're happy with both occupancy and price especially for the key summer period.

話雖如此，我們對第一季度對加勒比地區的需求流量感到非常驚喜。當然，隨著我們將部署轉移到歐洲和阿拉斯加，加勒比地區在第二季度及以後對我們來說並不重要。因此，由於我們提前預訂得更遠，因此那裡的近距離需求會少一些。但我們對入住率和價格都很滿意，尤其是在關鍵的夏季。

Great. And any color just on the cadence of bookings that you've seen year-to-date maybe relative to pre-COVID levels, I think that there was kind of the wave of pent-up demand following some change in COVID restrictions at the mid- to late part of last year. Obviously, it sounds like Wave has been healthy, but would you say things are stable, accelerating or decelerating kind of on a core basis when you adjust for those factors?

偉大的。任何顏色都與您今年迄今看到的預訂節奏有關，可能與 COVID 之前的水平有關，我認為在中期 COVID 限制發生一些變化後，出現了一種被壓抑的需求浪潮- 到去年年底。顯然，Wave 聽起來很健康，但是當您針對這些因素進行調整時，您會說事情在核心基礎上是穩定的、加速的還是減速的？

Look, we have about a 20% increase in capacity for 2023 versus 2019. So of course, our bookings need to be 20% higher. And we've absolutely seen or exceeded those levels during Q1 booking period compared to Q1 of 2019. So I think the best indicator for us is our advanced passenger ticket sale revenue on our balance sheet is up, I think, 60% compared to the end of Q1 '19, which I think gives you a very robust indicator of how our book position looks.

看，與 2019 年相比，我們 2023 年的運力增加了約 20%。因此，當然，我們的預訂量需要增加 20%。與 2019 年第一季度相比，我們在第一季度預訂期間絕對看到或超過了這些水平。所以我認為對我們來說最好的指標是我們資產負債表上的高級客票銷售收入增長了 60% 19 年第一季度末，我認為這為您提供了一個非常有力的指標，表明我們的賬面狀況如何。

Our next question is from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的 Brandt Montour。

My first question is on the cost side. Mark, you sort of gave us a quick update and sort of sequential improvement on a dollar basis throughout the year. And I'm just trying to -- and obviously, if we try and back into what's implied for the full year, it would seem like it's very modest improvement, almost flattish from a pretty high level. And I'm just trying to reconcile that with the seasonality that we used to see in your business with the 3Q costs usually being pretty elevated given more exotic itineraries. Can you kind of help us understand why that's different now?

我的第一個問題是關於成本方面的。馬克，你給了我們一個快速的更新和全年以美元為基礎的連續改進。我只是想——顯然，如果我們嘗試回到全年的隱含情況，這似乎是非常適度的改善，從相當高的水平來看幾乎持平。而且我只是試圖將其與我們過去在您的業務中看到的季節性相協調，考慮到更多異國情調的行程，第三季度的成本通常會相當高。你能幫我們理解為什麼現在不一樣了嗎？

Yes, Brandt. So I think what you have to think about is look at our newbuild deliveries that we're taking this year as well. So we are taking deliveries of ships obviously now in the second quarter. We'll be taking delivery of a ship in the third quarter and fourth quarter. And what's unique about that in the third and fourth quarter, obviously, we're taking -- we have a higher -- we have the higher operating cost brands of Oceania and Regent. So that does somewhat elevate your unit cost, although we do receive benefit on both the top and bottom lines from that. So I wouldn't skew too much that the premium itineraries are going to be a big driver of cost.

是的，勃蘭特。所以我認為你必須考慮的是看看我們今年也將交付的新船。因此，我們現在顯然在第二季度接收船舶交付。我們將在第三季度和第四季度接收一艘船。顯然，第三季度和第四季度的獨特之處在於，我們擁有更高的運營成本品牌 Oceania 和 Regent。所以這確實在一定程度上提高了你的單位成本，儘管我們確實從中獲得了頂線和底線的好處。因此，我不會過多地認為高級行程將成為成本的主要驅動因素。

Overall, our cost levels tend to remain the same. It's really around our promotions and advertising variable costs that would have a need to sort of influence.

總體而言，我們的成本水平往往保持不變。它真的圍繞著我們的促銷和廣告可變成本，需要產生某種影響。

So Look, I think bottom line, we continue to sequentially improve our cost structure. I said last quarter, we need to do a better job of leveraging our scale. We're on that journey. We've hopefully demonstrated confidence to the market that we've achieved step 1 of that, and we'll continue to optimize around that. And hopefully, over the next few quarters, we can continue to prove that and further build confidence that we're leveraging our scale to the best of our ability.

所以看，我認為最重要的是，我們繼續按順序改善我們的成本結構。我在上個季度說過，我們需要更好地利用我們的規模。我們正在那個旅程中。我們希望向市場展示我們已經實現了第一步的信心，我們將繼續圍繞這一點進行優化。希望在接下來的幾個季度裡，我們可以繼續證明這一點，並進一步樹立信心，相信我們正在盡最大努力利用我們的規模。

And then just as a follow-up, great to hear that you guys are happy with your book for the all-important sort of summer in the Mediterranean. I'm just curious if flight prices broadly is acting as a headwind? And if you think about your book or your strategy this year for the summer, is it -- is flight prices being bundled in for the consumer? Is that sort of more -- is that more of a factor now than it was in '19? And how should we think about that?

然後作為後續行動，很高興聽到你們對地中海最重要的夏天的書感到滿意。我只是很好奇航班價格是否普遍成為不利因素？如果你想想你今年夏天的書或你的策略，是不是 - 航班價格是否為消費者捆綁在一起？是不是比 19 年更重要了？我們應該如何考慮？

Yes. Brandt, I think you've hit it, right? We've all experienced whether it's traveling for business or consumers traveling, flight prices are elevated. And of course, with our bundling strategy that we've embarked on over the last few years, and that's really taking full throttle in 2023, that does have some headwinds to our overall net yield.

是的。布蘭特，我想你已經成功了，對吧？我們都經歷過，無論是商務旅行還是消費者旅行，機票價格都在上漲。當然，我們在過去幾年開始實施的捆綁策略在 2023 年真正發揮了最大作用，這確實對我們的整體淨收益率產生了一些不利影響。

And that simply is a matter of when we sell the ticket to the consumer, we sell the air at what we believe are going to be the best projected prices. And our consumers are booking very far out in advance, which is a good thing.

這只是我們何時向消費者出售機票的問題，我們以我們認為將是最佳預計價格的價格出售空氣。我們的消費者提前很長時間預訂，這是一件好事。

So there's always going to be some puts and takes until when you actually purchase the flight where you may have some variability in there. But overall, we believe that our air strategy is the right thing to do given our strategic itinerary deployment. And there's always going to be some variability in there, but nothing that overly concerns us.

因此，在您實際購買可能會有一些可變性的航班之前，總會有一些看跌期權。但總的來說，我們認為，鑑於我們的戰略行程部署，我們的空中戰略是正確的做法。那裡總會有一些變化，但沒有什麼讓我們過分擔心的。

Yes. I just want to add to Mark's comment that our guests have to fly to get to a cruise. And there's 2 choices. They either make their own air agents or they make our air agents through us -- and of course, as we buy air tickets for over 1 million guests a year, we have some really good systems and efficiencies to leverage the best prices out there.

是的。我只想補充一下 Mark 的評論，即我們的客人必須乘坐飛機才能乘坐遊輪。並且有 2 個選擇。他們要么建立自己的航空代理，要么通過我們建立我們的航空代理——當然，當我們每年為超過 100 萬客人購買機票時，我們有一些非常好的系統和效率來利用那裡最好的價格。

We use all types of tools in terms of automation, even AI to predict when the best time to book a flight is. And with those tools, we think bundling actually provides us in this uncertain future environment, a competitive advantage. So something that absolutely it impacts us. But if we do it right, we can turn it to our benefit.

我們在自動化方面使用各種類型的工具，甚至 AI 來預測預訂航班的最佳時間。有了這些工具，我們認為捆綁實際上為我們在這個不確定的未來環境中提供了競爭優勢。所以這絕對會影響我們。但如果我們做得對，我們可以將其轉化為我們的利益。

Our next question is from Conor Cunningham with Melius Research.

我們的下一個問題來自 Melius Research 的 Conor Cunningham。

Just on the second half, Net Per Diem, it's implied a decent step-up in the second half. Just trying to get comfortable with how you get there. So are you basically booked above that right now? And then as you get closer in the trends kind of softened a little bit? And just any color on how you're expecting onboard trends in the second half would be helpful.

就在下半場，Net Per Diem，這意味著下半場有不錯的進步。只是試著適應你如何到達那裡。那麼你現在基本上是在那個以上預訂了嗎？然後當你接近趨勢時，趨勢會有所緩和嗎？任何關於你對下半年船上趨勢的預期的顏色都會有所幫助。

Yes. So regarding our second half NPDs, I think we labeled that on our slide. We're expecting roughly 11% or 12%, if I recall correctly. And number one, that's on the back of very strong just good old-fashioned core growth. It's also on the back of bringing on some of our premium brand vessels. But more importantly, when you look at the comparisons in the back half of 2019 we're rolling over much easier comparisons. It's the inverse of what's happening in the first half versus 2019.

是的。因此，關於我們下半年的 NPD，我認為我們在幻燈片上做了標記。如果我沒記錯的話，我們預計大約有 11% 或 12%。第一，這是在非常強勁的老式核心增長的支持下。這也是在引進我們的一些優質品牌船隻的支持下。但更重要的是，當你查看 2019 年下半年的比較時，我們正在滾動更容易的比較。這與上半年與 2019 年的情況相反。

Again, we had to rapidly exit Cuba in, I believe, June or July 2019. And we had to sell those voyages close-in for very efficient pricing. And then, of course, as you look at the brand mix, that's also a tailwind. But also in Q4 where we expect quite a substantial amount of our pricing power. We are actually in the Alaska season longer this year as well as in the European season longer this year. And I think -- it's somewhere in the neighborhood of we have 3% more deployment in Q4 of Alaska and I believe, 7% deployment -- more deployment in Europe for Q4.

同樣，我相信，我們必須在 2019 年 6 月或 7 月迅速退出古巴。我們必須以非常有效的定價出售這些近距離航行。然後，當然，當您查看品牌組合時，這也是順風。但也在第四季度，我們預計我們的定價能力相當大。實際上，今年我們在阿拉斯加產季的時間更長，歐洲產季的時間也更長。而且我認為 - 它在附近的某個地方，我們在阿拉斯加第四季度的部署增加了 3%，我相信，部署增加了 7% - 第四季度在歐洲的部署增加了。

So when you combine all those factors together, that's what gives us good -- great confidence in where our pricing is.

因此，當您將所有這些因素結合在一起時，這就是給我們帶來好處的原因——對我們的定價充滿信心。

And I think the tail end of your question was whether or not we're booked there currently. Look, we're on our book position. Harry touched on it earlier. We're exactly where we need to be to hit our goals and our guidance. So I won't give too much color on that, but other than we're exactly in a position where we need to be.

我認為你問題的最後是我們目前是否在那裡預訂。看，我們在我們的書位置上。 Harry早些時候談到了它。我們正是實現我們的目標和指導所需要的地方。所以我不會對此給出太多的顏色，但除了我們正處於我們需要的位置之外。

Okay. That's helpful. And then on the shift to longer cruises and more immersive cruises, the 3-point gap in overall occupancy, is that basically reflective of that change in the second quarter? And then I'm just trying to figure out the limits to a rebuild in occupancy into 2024, assuming no change to your footprint overall?

好的。這很有幫助。然後轉向更長的遊輪和更身臨其境的遊輪，整體入住率的 3 分差距，是否基本上反映了第二季度的變化？然後我只是想弄清楚到 2024 年重建入住率的限制，假設您的總體足跡沒有變化？

So in terms of 2024, I'll take the second part of your question first. Listen, I think there's still a little rebuilding that can be done in Q1. So I think Q2 to Q4 basically represents what we're going to see in future periods as well. But Q1 finished up at 101.5%. We can do better than that. Going forward, when we have the more advanced lead time we need with some of our exotic itineraries and also have the fully over the -- overhang of the difficult years that we talked about before end.

因此，就 2024 年而言，我將首先回答您問題的第二部分。聽著，我認為第一季度仍然可以進行一些重建。所以我認為第二季度到第四季度基本上也代表了我們將在未來時期看到的情況。但第一季度完成了 101.5%。我們可以做得更好。展望未來，當我們有更提前的準備時間時，我們需要一些異國情調的行程，並且也完全克服了我們在結束前談到的困難歲月的懸念。

In terms of this gap of 3%, does that reflect what we're going forward pretty much close to that after the Q1 commentary I gave you already. we think this shift to premium itineraries primarily Europe and Alaska, but a little bit in Asia as well, allows us to get the type of customer that we need to get to support our revenue goals and our revenue growth for the future.

就這個 3% 的差距而言，這是否反映了在我已經給你的第一季度評論之後我們的進展非常接近。我們認為，這種轉向主要是歐洲和阿拉斯加的優質行程，但也有一點在亞洲，這使我們能夠獲得支持我們的收入目標和未來收入增長所需的客戶類型。

Our next question is from Stephen Grambling with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Stephen Grambling。

Following up on the strategic shift to longer, more immersive itineraries, should we be thinking about any other financial ramifications of this shift other than the occupancy. I mean is there any net cruise cost changes or net yield changes that we should be thinking through?

在向更長、更身臨其境的行程的戰略轉變之後，我們是否應該考慮這種轉變的任何其他財務影響，而不是入住率。我的意思是，是否有任何我們應該考慮的淨遊輪成本變化或淨收益變化？

I just want to comment that when Frank goes on cruises in retirement, he doesn't pay, so he won't be contributing to that cruise number you saw earlier, but I'll turn it over to Mark to talk about financial ramifications.

我只想說，當弗蘭克退休後去遊輪時，他不付錢，所以他不會為你之前看到的那個遊輪號碼做出貢獻，但我會把它交給馬克來談談財務影響。

Steve. So I would actually rephrase that as financial benefits. Obviously, while there is a slight impact to load factor, the whole reason we're going to more longer premium itinerary intensive destinations is, number one, to get a better guest, to get higher pricing and to maximize the value that we're getting out of each of our assets.

史蒂夫。所以我實際上將其改寫為經濟利益。顯然，雖然對載客率有輕微影響，但我們選擇更多更長的高級行程密集型目的地的全部原因是，第一，為了獲得更好的客人，獲得更高的價格並最大化我們的價值擺脫我們的每一項資產。

So while there's always a both sides of the coin. Overall, the economics on going to those itineraries obviously favors the company or we would not be doing that. But so I wouldn't get caught up too much on the slight impact to occupancy.

因此，雖然總是存在硬幣的兩面。總體而言，參加這些行程的經濟效益顯然對公司有利，否則我們不會這樣做。但是，我不會過多地關注對入住率的輕微影響。

Got it. That's helpful. And then changing gears a little bit. Can you just remind us of how much of your new ship spend is already financed and locked in as we think about rates? And have you seen any impact to export credit rates given the broader credit crunch?

知道了。這很有幫助。然後稍微改變一下齒輪。在我們考慮費率時，您能否提醒我們您的新船支出中有多少已經融資並鎖定？鑑於更廣泛的信貸緊縮，您是否看到出口信貸利率受到任何影響？

So all of our newbuild orders, I'll remind everybody that we do not execute any newbuild orders without committed financing. That is just a complete no-no in our organization. So we have very efficient fixed rate financing for all of our newbuilds that are on schedule to delivery through 2028 at an average rate of anywhere from 2% to 2.5%.

所以我們所有的新訂單，我會提醒大家，我們不會在沒有承諾融資的情況下執行任何新訂單。在我們的組織中，這完全是禁忌。因此，我們為所有按計劃交付到 2028 年的新造船提供非常有效的固定利率融資，平均利率在 2% 到 2.5% 之間。

There is no opportunity for the export credit agencies to change those rates. As I said, those are fixed. So we have very efficient financing going forward. And I see no risk around that because there's just simply not an opportunity for the (inaudible) to do that.

出口信貸機構沒有機會改變這些利率。正如我所說，那些是固定的。因此，我們未來的融資效率非常高。我認為這沒有風險，因為（聽不清）根本沒有機會這樣做。

Our next question is from Robin Farley with UBS.

我們的下一個問題來自瑞銀的 Robin Farley。

I had a question if we could circle back just for a moment to the occupancy in Q2. A quarter ago, you talked about it returning to historic occupancy levels and you're talking today about some of the shoulder period itineraries are being expanded. And so with the change since last reported, was it just sort of a decision to say, hey, we're happy with the pricing that we're getting?

我有一個問題，我們是否可以暫時回到第二季度的入住率。一個季度前，您談到它恢復到歷史上的入住率水平，而您今天談論的是一些平淡時期的行程正在擴大。因此，隨著上次報告以來的變化，這是否只是一種決定，嘿，我們對我們得到的定價感到滿意？

And so we're going to -- occupancy may not be coming in exactly what we thought, but it makes more sense to hold price for those? Just trying to think about because I think the itineraries themselves didn't change since you last reported. So just kind of wondering if it was -- what it was in the yield management that approach has changed?

所以我們要 - 入住率可能不會完全按照我們的想法來，但為那些人保持價格更有意義？只是想想想，因為我認為自您上次報告以來，行程本身沒有改變。所以只是想知道它是否 - 這種方法在收益管理中發生了什麼變化？

And then my other question is just on the $1.7 billion in additional ECA financing. I know the $1.2 billion are for those ships that are a couple of years out. Is the additional EUR 500 million, is that for 2023 specifically? Or is that spread out over different years?

然後我的另一個問題是關於額外的 ECA 融資的 17 億美元。我知道這 12 億美元用於購買幾年後的那些船隻。額外的 5 億歐元，是專門針對 2023 年的嗎？還是分佈在不同的年份？

So Robin, this is Harry. I'll take the first half, and I'll let Mark discuss the ECA financing. Listen, in Q2, in all future quarters, our focus now is in having our cabins as close to 100% full as possible. So I can definitively say that in Q2, we will be at or ahead of our Q2 cabin load occupancy across the entire fleet to get the passenger load occupancy is a function of what we talked before, having less third and fourth guests on board. But as Mark just discussed, we believe over time, this actually is going to be EBITDA and margin accretive. So we're very happy with that strategy.

羅賓，這是哈利。我將負責上半場，讓馬克討論 ECA 融資。聽著，在第二季度，在未來的所有季度，我們現在的重點是讓我們的客艙盡可能接近 100% 滿員。所以我可以肯定地說，在第二季度，我們將在整個機隊中達到或超過我們第二季度的機艙載客率，以獲得載客率是我們之前談過的功能，船上的第三和第四位客人較少。但正如馬克剛才所討論的那樣，我們相信隨著時間的推移，這實際上將是 EBITDA 和利潤增長。所以我們對這個策略非常滿意。

Yes. And Robin, just to add to that, we did try to communicate last quarter and over the course of many investor meetings that when we said historical occupancies, we didn't say that they were going to be exactly the same. We said we expected them to be within a couple of points, especially on the overall year run rate. So I just want to point out that, that's not necessarily a change from last quarter.

是的。羅賓，補充一點，我們在上個季度和許多投資者會議上確實嘗試過溝通，當我們說歷史入住率時，我們並沒有說它們會完全相同。我們說過我們預計它們會在幾個點之內，尤其是在整體年運行率方面。所以我只想指出，這不一定是上個季度的變化。

In terms of the export credit agency financing, yes, so we obtained financing for EUR 1.7 billion. And in our last earnings release, we had called out that we had increased our contractual commitments by EUR 1.2 billion. And the differential simply is, as I said in my prepared remarks, we've now included certain things, financing for owner supply and other related items that are required as part of the ship delivery. And the thought process there was, it is very efficient and very extremely beneficial financing.

在出口信貸機構融資方面，是的，所以我們獲得了 17 億歐元的融資。在我們上次發布的財報中，我們曾表示我們已將合同承諾增加 12 億歐元。正如我在準備好的發言中所說，不同之處在於，我們現在已經包括了某些東西，即船東供應的融資以及作為船舶交付一部分所需的其他相關項目。那裡的思維過程是非常有效且非常有益的融資。

So in order to preserve cash for the long term at very -- and given the very efficient rates, we simply decided to finance more. So it does not represent a further $0.5 billion increase in the overall ship cost. It is simply a different mechanism for financing some of the existing costs that were already expected. And I think that's why when you look at our capital commitments on our newbuilds for the next 3 years, it's actually decreased overall in terms of cash out of the system.

因此，為了長期保持現金 - 並且考慮到非常有效的利率，我們只是決定提供更多資金。因此，這並不代表船舶總成本又增加了 5 億美元。它只是為一些已經預期的現有成本提供資金的不同機制。我認為這就是為什麼當你看一下我們未來 3 年對新造船的資本承諾時，它實際上在系統現金方面整體下降了。

Out of the -- it's definitely favorable terms and the fact that they're willing to finance that additional EUR 500 million, absolutely a positive. I was just wondering if that $500 million was for 2023? Or is that for the later deliveries that the $1.2 billion applies to? Or is it spread out over a number of deliveries between the...

出於 - 這絕對是有利的條件，而且他們願意為額外的 5 億歐元提供資金，這絕對是積極的。我只是想知道這 5 億美元是否用於 2023 年？還是 12 億美元適用於以後的交付？或者它是否分散在...之間的許多交付中？

It's really spread out over the course of the next 3 to 5 -- it's spread out -- I don't want to say ratably, but relatively ratably across all of the remaining newbuilds excluding Norwegian Viva and Vista, which we just took delivery of, of course.

它真的分佈在接下來的 3 到 5 個過程中——它分佈了——我不想說是合理的，但在所有剩餘的新建項目中相對合理，不包括我們剛剛交付的 Norwegian Viva 和 Vista ， 當然。

Paul, I think we have time for one more question.

保羅，我想我們還有時間再問一個問題。

Our next question is from Patrick Scholes with Truist Securities.

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

My questions are for Mark. The last time we spoke regarding the debt maturities, the intention was to use cash flow from operations this year to pay off the ECA -- the existing ECA loans? And then secondly, if I had my notes correctly, for the $1.4 billion term loan, it's going to be either pushed out or amend and extended -- is that still the intention? And did I get that correct?

我的問題是給馬克的。上次我們談到債務到期時，目的是利用今年運營產生的現金流來償還 ECA——現有的 ECA 貸款？其次，如果我沒有記錯的話，對於 14 億美元的定期貸款，它要么被推遲，要么被修改和延期——這仍然是我們的意圖嗎？我做對了嗎？

So definitely, we are funding all of our existing debt maturities this year from cash on hand and organic cash flow. So you're spot on there. And then the $1.4 billion of term loan and revolver that was extended to January 2025, we will address that -- start addressing that later this year.

所以可以肯定的是，我們今年將通過手頭現金和有機現金流為我們所有現有的到期債務提供資金。所以你就在那裡。然後是延長至 2025 年 1 月的 14 億美元定期貸款和循環貸款，我們將解決這個問題——今年晚些時候開始解決這個問題。

And whether or not we refinance that on a more holistic approach or we do another amend and extend. Obviously, we'll look at what the markets are doing, what the what the environment looks like, but we'll do the most -- obviously, the most economically feasible option out there. So that's something that you'll see us out in the marketplace in the latter part of this year.

以及我們是否以更全面的方法對其進行再融資，或者我們是否進行另一次修改和擴展。顯然，我們會看看市場在做什麼，環境是什麼樣的，但我們會做最多的——顯然，最經濟可行的選擇。所以這就是你會在今年下半年在市場上看到我們的東西。

And then just a related follow-up question. Mark, over the past year, you've given some longer-term net debt-to-EBITDA target ratios for various years. Are you still -- do you see yourself still on track to hit those targets?

然後只是一個相關的後續問題。馬克，在過去的一年裡，你給出了一些不同年份的長期淨債務與 EBITDA 目標比率。您是否仍然——您認為自己仍在實現這些目標的軌道上嗎？

Yes, Patrick, we're firing on all cylinders. As I've said internally, our target is to turn 2023 with a very high 5 handle on a pro forma run rate leverage basis. Now that's not a necessarily easy task, but that's one of the things we're marching to as a management team and, of course, with our Board of Directors.

是的，帕特里克，我們全力以赴。正如我在內部所說，我們的目標是到 2023 年在備考運行率槓桿基礎上實現非常高的 5 處理。現在這不一定是一項容易的任務，但這是我們作為一個管理團隊，當然還有我們的董事會正在努力的事情之一。

And that's going to come on the back of, again, strong pricing and yield growth, which we've talked about as well as rightsizing our cost base and leveraging our scale. So we are marching towards that. There's never a guarantee, but that is what we're rallying around. And we hope to deliver on that, and we're feeling good with what the outlook looks like today.

這將再次出現在強勁的定價和收益率增長的支持下，我們已經討論過這一點，以及調整我們的成本基礎和利用我們的規模。所以我們正在朝著那個方向前進。永遠無法保證，但這就是我們團結一致的目標。我們希望實現這一目標，我們對今天的前景感到滿意。

Well, ladies and gentlemen, once again, I want to thank everyone on this call, whether you're a travel partner, a vendor, a lender or an analyst you've supported us, you've challenged us, but most of all, you've made us better. Personally, I couldn't have asked for a more fulfilling and more successful career in this incredible industry and everyone here contributed to that.

好吧，女士們先生們，我要再次感謝這次電話會議的每一個人，無論您是旅行合作夥伴、供應商、貸方還是分析師，您都支持我們，挑戰我們，但最重要的是，你讓我們變得更好。就個人而言，我無法要求在這個令人難以置信的行業中獲得更充實、更成功的職業，這裡的每個人都為此做出了貢獻。

Now for one last time, thank you for your interest and your support. I have full confidence in the management team and their ability to take this company on to its next chapter. Harry, Mark and Jessica and the team will be available to answer any questions you may have once this call is over. Have a great day. Stay safe and all the best. Thank you once again. Bye-bye.

現在最後一次，感謝您的關注和支持。我對管理團隊充滿信心，相信他們有能力帶領這家公司進入下一個篇章。本次電話會議結束後，Harry、Mark 和 Jessica 以及團隊將可以回答您可能提出的任何問題。祝你有美好的一天。保持安全，一切順利。再一次感謝你。再見。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。