挪威郵輪 (NCLH) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Norwegian Cruise Line Holdings Second Quarter 2023 Earnings Conference Call. My name is Maria, and I will be your operator. (Operator Instructions) As a reminder, all participants of this conference is being recorded. I would now like to turn the conference over to your host, Jessica John, Vice President of Investor Relations, ESG and Corporate Communications. Ms. John, please proceed.

早上好，歡迎參加挪威郵輪控股公司 2023 年第二季度收益電話會議。我叫瑪麗亞，我將是您的接線員。 （操作員說明）謹此提醒，本次會議的所有參與者都將被錄音。現在我想將會議交給主持人傑西卡·約翰 (Jessica John)，她是投資者關係、ESG 和企業傳播副總裁。約翰女士，請繼續。

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

謝謝你，瑪麗亞，大家早上好。感謝您參加我們的 2023 年第二季度收益和業務更新電話會議。今天與我一起出席的還有挪威郵輪控股公司總裁兼首席執行官 Harry Sommer 和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.

謹此提醒，本次電話會議同時在公司投資者關係網站 www.nclhltd.com/investors 上進行網絡直播。我們還將在本次電話會議期間參考幻燈片演示，該演示也可以在我們的投資者關係網站上找到。電話會議和演示文稿均可在今天電話會議後 30 天內重播。

Before we begin, I would like to cover a few items. Our press release with second quarter 2023 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. 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. With that, I'd like to turn the call over to Harry Sommer. Harry?

在開始之前，我想先介紹一些內容。我們的 2023 年第二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查看。本次電話會議包括前瞻性陳述，這些陳述涉及風險和不確定性，可能導致我們的實際結果與此類陳述存在重大差異。這些聲明應與我們的收益發布中包含的警告聲明結合起來考慮。我們的評論也可能參考非公認會計準則財務指標。我們的收益發布和演示中包含了與最直接可比的公認會計準則財務指標和其他相關披露的調節。說到這裡，我想把電話轉給 Harry Sommer。哈利？

Well, thank you, Jessica, and good morning, everyone. Thank you all for joining us here today. So today marks exactly 1 month since I began my new role as President and CEO of Norwegian Cruise Line Holdings. I'm humbled and honored to have been trusted to lead this incredible company, and I'm excited about the significant opportunities I see at. The responsibility they have to our best network of stakeholders, including our 40,000 team members worldwide, our guests, our travel adviser partners, suppliers, lenders, shipyards, the over 700 communities we visit and all of you in the investment community is not something I take likely.

好的，謝謝你，傑西卡，大家早上好。感謝大家今天加入我們。今天是我開始擔任挪威郵輪控股公司總裁兼首席執行官的新職務整整一個月。我很榮幸能夠被信任來領導這家令人難以置信的公司，我對看到的重大機會感到興奮。他們對我們最好的利益相關者網絡負有的責任，包括我們全球40,000 名團隊成員、我們的客人、我們的旅行顧問合作夥伴、供應商、貸款人、造船廠、我們訪問的700 多個社區以及投資界的所有人，這不是我的責任。採取可能。

Rest assured, my leadership team, the Board of Directors and I are committed to best positioning Norwegian Cruise Line Holdings for success. My focus now is squarely on the future and how we can refine and enhance our strategy: To optimize our existing fleet of high-quality assets, further differentiate our business model, build resiliency, advance our efforts to drive a positive impact on society in the environment and ultimately drive more value to our shareholders and broader stakeholders.

請放心，我的領導團隊、董事會和我致力於為挪威郵輪控股公司的成功做好最佳定位。我現在的重點是未來以及我們如何完善和加強我們的戰略：優化我們現有的優質資產，進一步差異化我們的商業模式，建立彈性，推進我們的努力，為社會帶來積極影響。環境，並最終為我們的股東和更廣泛的利益相關者帶來更多價值。

With new leadership not only in my seat, but in all 3 of our award-winning brands and most recently for our vessel operation function, there is a probable feeling of reinvigoration and excitement about the future across the entire company. We are approaching every decision with fresh perspective and new energy, challenging the status quo at every level and encouraging our entire team to think outside of the box and come to the table with new ideas, however big or small. Along with these changes, you can see for yourself on Slide 5 that while many of the senior leaders are new to their roles, there is still continuity and extensive experience among all of the leaders allowing for smooth transition without skipping a beat.

新的領導層不僅出現在我的席位上，而且出現在我們所有 3 個獲獎品牌以及最近的船舶運營職能部門中，整個公司可能會對未來充滿活力和興奮。我們以全新的視角和新的活力做出每一個決定，在各個層面挑戰現狀，並鼓勵整個團隊跳出框框思考，提出新的想法，無論大小。除了這些變化之外，您還可以在幻燈片5 中親眼看到，雖然許多高級領導者都是新角色，但所有領導者之間仍然具有連續性和豐富的經驗，可以順利過渡，不會有任何停頓。

Our executive team has an average of over 20 years in the cruise industry and nearly all has been with NCLH for a decade plus. I have the utmost confidence that this team is the right one to take the company to even greater heights. As we are fine-tuning our longer-term strategic vision and priorities, we are also focused on execution today, and Slide 6 outlines my near-term priorities.

我們的管理團隊平均在郵輪行業擁有超過 20 年的經驗，幾乎所有人都在 NCLH 工作了十多年。我堅信這個團隊是帶領公司走向更高高度的正確團隊。在我們微調長期戰略願景和優先事項的同時，我們今天也專注於執行，幻燈片 6 概述了我的近期優先事項。

First, we are focused on capitalizing on the healthy demand environment for cruise, which I will talk about in more detail a little later in my commentary. At a high level, this means remaining within a booked position of approximately 60% to 65% on a 12-month forward basis while increasing pricing and maximizing onboard revenue generation. After years of experience, we believe this level will be the sweet spot based on our current deployment mix, and I am pleased to say we are comfortably in this range today. Our revenue management process is dynamic and we carefully monitor on a granular level how each ship itinerary and voyage is tracking against its optimal booking curve and adjust marketing spend, promotional construct and pricing as needed depending on the market environment to maximize each voyage's contribution to the bottom line.

首先，我們專注於利用郵輪的健康需求環境，我將在稍後的評論中更詳細地討論這一點。從較高層面來看，這意味著在 12 個月的遠期基礎上保持約 60% 至 65% 的預訂量，同時提高定價並最大限度地提高船上收入。經過多年的經驗，我們相信這個級別將是基於我們當前部署組合的最佳點，我很高興地說我們今天已經輕鬆地處於這個範圍內。我們的收入管理流程是動態的，我們仔細監控每個船舶行程和航次如何跟踪其最佳預訂曲線，並根據市場環境根據需要調整營銷支出、促銷結構和定價，以最大限度地提高每個航次對市場的貢獻。底線。

The next priority is rightsizing our cost base through our ongoing margin enhancement initiatives. Mark will dive into more detail on the great progress we've already made on this critical effort but I want to emphasize that we have many additional opportunities in the pipeline to do even more, and we are not shying away from this challenge. The reality is we are operating against the different backdrop today than we were in 2019 requiring an even keener focus on balancing the top line with the cost structure that supports our unique business model and allows us to accelerate our margin recovery and help build resilience to vary external and macroeconomic environments.

下一個優先事項是通過我們持續的利潤提高計劃來調整我們的成本基礎。馬克將更詳細地介紹我們在這項關鍵工作中已經取得的巨大進展，但我想強調的是，我們還有許多額外的機會可以做更多的事情，而且我們不會迴避這一挑戰。現實情況是，我們今天的運營背景與 2019 年不同，需要更加註重平衡營收與成本結構，以支持我們獨特的業務模式，使我們能夠加速利潤率恢復並幫助建立適應變化的彈性外部和宏觀經濟環境。

We are undertaking this effort with a strategic and data-driven approach that allows us to identify additional opportunities for efficiencies, sets, monitor and maintain accountability against concrete KPIs and increased agility to adapt quickly as market or consumer preferences evolve. I'm pleased to report that we're already seeing a change in the core culture of the company at every level of the organization to emphasize efficiency, cost mindfulness and results without impacting the guest experience. We built significant momentum in recent months with this initiative, and we look forward to demonstrating continued improvement in the coming quarters.

我們正在採用戰略和數據驅動的方法來開展這項工作，這使我們能夠識別更多提高效率的機會，根據具體的KPI 制定、監控和維護責任，並提高敏捷性，以便隨著市場或消費者偏好的變化而快速適應。我很高興地向大家報告，我們已經看到公司各個層面的核心文化發生了變化，強調效率、成本意識和結果，而不影響客戶體驗。近幾個月來，我們通過這一舉措建立了巨大的勢頭，我們期待在未來幾個季度繼續取得進步。

This [does tells] nicely into our next priority, which is to make strategic and intentional modifications to enhance our offerings and better align them to our guests' needs and wants. There is no question that investment in our product and service offerings are critical to keeping our brand value propositions intact. However, we are refocusing the business on making smart investments in areas that generate the highest return and maximize guest satisfaction over the course of their entire cruise journey starting from the time they book.

這[確實告訴]我們的下一個優先事項，即進行戰略性和有意的修改，以增強我們的產品並更好地滿足客人的需求和願望。毫無疑問，對我們的產品和服務的投資對於保持我們品牌價值主張的完整性至關重要。然而，我們正在重新將業務重點轉移到在從預訂之日起的整個郵輪旅程中產生最高回報並最大限度提高客人滿意度的領域進行明智投資。

For example, we are deep in the development of a streamlined booking process at the Norwegian Cruise Line brand which uses generative AI technology to personalize the experience for guests, while also simplifying and reducing the number of considerations required to book by orders of magnitude. This, along with several other initiatives underway, should translate to more satisfied guests who spend more on board and return to sale with us more frequently, resulting in a win-win of higher yields and stronger loyalty.

例如，我們正在深入開發挪威郵輪品牌的簡化預訂流程，該流程使用生成式人工智能技術為客人提供個性化體驗，同時也將預訂所需考慮的因素簡化並減少了幾個數量級。這一舉措，再加上正在進行的其他幾項舉措，應該會轉化為更加滿意的乘客，他們在船上花費更多，並更頻繁地回到我們這裡進行銷售，從而實現更高收益和更強忠誠度的雙贏。

Turning to the fourth priority on the list. The entire team is hard at work preparing for the delivery of Norwegian Viva on Thursday as well as Regent's Seven Seas Grandeur in November, which you can see on Slide 7. I just came back from Italy where I visited the shipyards to check on their progress and I left even more excited than I was previously to welcome these new additions to our already guest and class slate. Both are sister ships to existing vessels that have been elevated even further so we have a high degree of confidence that there will be an overwhelmingly positive reception for these ships from our guests and travel partners, which we are already seeing in their incredible advanced booked position.

轉向列表中的第四個優先事項。整個團隊正在努力準備週四交付的挪威 Viva 號以及 11 月 Regent 的七海宏偉號的交付，您可以在幻燈片 7 中看到。我剛從意大利回來，參觀了造船廠以檢查他們的進度我離開時比以前更加興奮地歡迎這些新成員加入到我們已經的嘉賓和班級名單中。這兩艘船都是現有船舶的姊妹船，並且已進一步提升，因此我們非常有信心，我們的客人和旅行合作夥伴將對這些船舶給予壓倒性的積極接待，我們已經在其令人難以置信的提前預訂位置中看到了這一點。

I'm also pleased that both are on schedule and on time for delivery despite supply chain and other challenges, a testament to our great working relationship we have developed with our partners at Fincantieri. In June, we announced that global music sensation and Latin music icon, Luis Fonsi, will serve as Godfather to Norwegian Viva. The announcement alone generated a reach of over 200 million globally, including new audiences in the targeted Spanish-language demographic.

我還很高興的是，儘管存在供應鍊和其他挑戰，兩者仍按計劃按時交付，這證明了我們與芬坎蒂尼合作夥伴建立的良好工作關係。六月，我們宣布全球音樂界的轟動人物和拉丁音樂偶像路易斯·豐西 (Luis Fonsi) 將擔任挪威 Viva 的教父。僅這一公告就在全球範圍內吸引了超過 2 億受眾，其中包括目標西班牙語人群中的新受眾。

The ship will be christened in Miami later this year and home port in San Juan, Puerto Rico starting in December for a season of Caribbean itineraries. We also recently announced Seven Seas Grandeur's Godmother Sarah Faberge, the great granddaughter of Peter Carl Faberge, the legendary artist jeweler and creative and entrepreneurial genius to find a world renowned company that bears his name. This is a natural choice and celebration of Regent's partnership with Faberge.

該船將於今年晚些時候在邁阿密命名，母港位於波多黎各聖胡安，從 12 月開始進行加勒比海航線。我們最近還宣布了七大洋壯麗號的教母莎拉·法貝熱(Sarah Faberge)，她是彼得·卡爾·法貝熱(Peter Carl Faberge) 的曾孫女。彼得·卡爾·法貝熱(Peter Carl Faberge) 是傳奇藝術家珠寶商、創意和創業天才，找到了一家以他的名字命名的世界知名公司。這是麗晶與法貝熱合作的自然選擇和慶祝。

The disciplined addition of new build is a key component to our strategy, and we have said consistently in the past, we welcome new hardware introductions as they not only generate excitement and bring more attention and awareness to our brand but they are expected to be meaningful drivers of the company's future earnings growth and margin expansion. As the smallest of the 3 large public cruise operators, we continue to believe that we have outsized opportunity to grow our footprint and meaningfully drive the bottom line. Our new build pipeline, which you can see on Slide 8, represents approximately 50% capacity growth by 2028 versus 2019, a CAGR of approximately 5%. After the delivery of 3 new builds in 2023, a record for the company, we have no additional ship delivery scheduled until spring of '25. In the interim, we expect to benefit from both organic growth as well as the annualization of the 2023 new builds next year.

嚴格地增加新的構建是我們戰略的關鍵組成部分，我們過去一直表示，我們歡迎新硬件的推出，因為它們不僅會帶來興奮並為我們的品牌帶來更多關注和認知，而且預計它們會有意義公司未來盈利增長和利潤率擴張的驅動因素。作為三大公共郵輪運營商中最小的一家，我們仍然相信我們有巨大的機會來擴大我們的足跡並有意義地提高利潤。您可以在幻燈片 8 中看到，我們的新建管道預計到 2028 年產能將比 2019 年增長約 50%，複合年增長率約為 5%。在 2023 年交付 3 艘新船（創公司紀錄）之後，我們在 2025 年春季之前沒有安排額外的船舶交付。在此期間，我們預計將從有機增長以及明年 2023 年新建項目的年化中受益。

And lastly, the final priority on the list, but arguably the most important is starting the path to reduce leverage and derisk the balance sheet. Given the necessary actions we took to navigate the past few challenging years, our leverage ratios are currently not at optimal levels. Our goal remains to evaluate all options available and then clearly define a multiyear pathway to return to an investment-grade like financial position. This won't happen overnight, but as you can see on Slide 9, the company has successfully reduced leverage in the past, and I am confident we will do so again.

最後，清單上的最後一個優先事項，但可以說是最重要的是開始降低杠桿率和消除資產負債表風險。鑑於我們為應對過去幾年充滿挑戰而採取的必要行動，我們的槓桿率目前尚未達到最佳水平。我們的目標仍然是評估所有可用的選擇，然後明確定義恢復投資級財務狀況的多年途徑。這不會在一夜之間發生，但正如您在幻燈片 9 中看到的那樣，該公司過去已經成功降低了槓桿率，我相信我們會再次這樣做。

In the interim term, our expected cash flow generation boosted by our robust new build pipeline, along with normal course debt installment payments are expected to result in significant organic improvement in our net leverage. Over the next several months, we are focused on the successful execution of our near-term priorities while fine-tuning the future vision and strategy for the company with 3 strong brands, a world-class [C] and best team in the industry, we are starting from a strong foundation and a position of strength. And I can say without a doubt that we have a bright future ahead with significant potential to unlock incremental value for our stakeholders.

中期而言，我們強勁的新建管道將推動我們預期的現金流產生，加上正常的債務分期付款，預計將導致我們的淨槓桿率顯著有機改善。在接下來的幾個月裡，我們將專注於成功執行我們的近期優先事項，同時通過 3 個強大的品牌、世界級的 [C] 和業內最好的團隊來微調公司的未來願景和戰略，我們有著堅實的基礎和強大的地位。我可以毫無疑問地說，我們擁有光明的未來，擁有為利益相關者釋放增量價值的巨大潛力。

Shifting our discussion now to our current bookings demand and pricing trends. We achieved rental revenue of $2.2 billion in the second quarter, an increase of 33% over the same period in 2019. We have been able to tap into strong consumer demand environment, achieving the right balance of underlying revenue growth with net per diems up 6%, while at the same time materially growing our fleet with capacity of 19% for the quarter. We also kept our ships full, reaching a load factor of 105% in the second quarter, in line with guidance and a long awaited milestone as we return to normalized levels, which you can see on Slide 10.

現在將我們的討論轉向當前的預訂需求和定價趨勢。我們第二季度實現了 22 億美元的租金收入，比 2019 年同期增長了 33%。我們能夠利用強勁的消費者需求環境，實現基本收入增長的適當平衡，每日淨收入增長 6 %，同時我們的機隊大幅增長，本季度運力達到19%。我們還保持船舶滿載，第二季度的載客率達到 105%，這符合指導方針，也是我們恢復正常水平時期待已久的里程碑，您可以在幻燈片 10 中看到。

As previously mentioned and as illustrated on Slide 11, several years ago, we strategically shifted our deployment to longer, more immersive itineraries at the Norwegian Cruise Line brand and increased our concentration of premium destinations while reducing our Caribbean deployment. This was designed to attract a higher quality guest and maximize our competitive position. A natural bright product of this new deployment mix is left third and fourth passengers in the cabin, which is what historically pushed passenger occupancy above the 100% mark. As a result, we expect full year occupancy going forward to be roughly 200 basis points lower than 2019 levels. This shift also resulted in an elongation of our booking window which was 255 days in the second quarter, an increase of 51 days or 20% compared to the same quarter in 2019 and meaningfully enhancing our future visibility and reducing our exposure to volatile and less predictable close-in bookings.

正如前面提到的以及幻燈片11 所示，幾年前，我們戰略性地將我們的部署轉移到挪威郵輪品牌的更長、更身臨其境的行程上，並增加了我們對優質目的地的集中度，同時減少了我們在加勒比地區的部署。這樣做的目的是為了吸引更高質量的客人並最大限度地提高我們的競爭地位。這種新的部署組合的一個自然亮點是讓第三和第四名乘客留在機艙內，這在歷史上推動了乘客入住率超過 100%。因此，我們預計全年入住率將比 2019 年的水平低約 200 個基點。這一轉變還導致我們的預訂窗口延長，第二季度為255 天，與2019 年同一季度相比增加了51 天或20%，有意義地提高了我們未來的可見性，並減少了我們面臨的波動性和不可預測性風險近距離預訂。

Thinking together, we believe this strategy will drive higher yields, higher guest satisfaction and higher guest repeat rates with longer runway to optimize our pricing and marketing strategy as macro environment evolved over time.

綜合考慮，我們相信這一戰略將帶來更高的收益、更高的賓客滿意度和更高的賓客重複率，並隨著宏觀環境隨著時間的推移而演變，並通過更長的跑道來優化我們的定價和營銷策略。

Turning to Slide 12. Our cumulative book position for the second half of 2023 remains ahead of 2019's record performance and at higher prices another indication of continued healthy demand environment and the resilience of our target consumer. This strength continues past this year to sailings in 2024 and beyond, which at this point in the booking curve is our primary focus. In fact, over the past 90 days, over 70% of our ticket sales were for 2024 and '25 sailings, considerably higher than in 2019. Onboard revenue generation, our best real-time indicator of how consumers are feeling financially today also continues to perform exceptionally well. During the quarter, gross onboard revenue for passive Cruise Day was approximately 30% higher than the comparable 2019 period. Our efforts to enhance our market-leading bundled offerings and increase quality touch points with our guests starting from the time of booking and continuing throughout their cruise journey are clearly bearing fruit.

轉向幻燈片 12。我們 2023 年下半年的累計賬面狀況仍然領先於 2019 年創紀錄的業績，並且價格較高，這再次表明持續健康的需求環境和我們目標消費者的彈性。今年以來，這種優勢一直持續到 2024 年及以後的航班，目前預訂曲線上的這一點是我們的主要關注點。事實上，在過去90 天裡，我們超過70% 的機票銷售來自2024 年和25 年的航班，遠高於2019 年。船上創收，我們衡量當今消費者財務狀況的最佳實時指標，也持續增長。表現異常出色。本季度，被動郵輪日的船上總收入比 2019 年同期高出約 30%。我們為增強市場領先的捆綁產品和增加與客人的優質接觸點而做出的努力，從預訂時開始一直持續到整個郵輪旅程，顯然已經取得了成果。

In fact, presold revenue on a per passenger day basis for the second quarter of 2023 was over 75% higher than in 2019. An important contributor to our onboard revenue strength as these guests tend to spend more overall throughout their journey than guests who do not pre-book onboard activities. Before I turn the call over to Mark, I'd like to provide an update on our global sustainability program, Sail & Sustain, in which Slide 14 outlines key accomplishments and milestones.

事實上，2023 年第二季度每乘客日的預售收入比2019 年高出75% 以上。這是我們機上收入實力的重要貢獻者，因為這些乘客在整個旅程中的總體支出往往比不這樣做的乘客更多提前預訂船上活動。在將電話轉給 Mark 之前，我想介紹一下我們的全球可持續發展計劃“Sail & Sustain”的最新情況，其中幻燈片 14 概述了主要成就和里程碑。

Since we last spoke, we published our annual Sail & Sustain report and [SAD Valine] disclosure on World Environmental Day in June. The report provides transparency in our progress and initiatives on top ESG priorities. Some of the highlights this year for more detail on our new climate action strategy and enhanced data and disclosures on community impact, human capital and greenhouse gas emission reported. In addition, we demonstrated progress against several of our environmental goals, including targets to equip our ships with short power capabilities and reduced bunkering of freshwater. I encourage all of you to take some time to explore the report and welcome -- I'm sorry, to explore the report and visit our website for more information.

自上次發言以來，我們在 6 月的世界環境日發布了年度 Sail & Sustain 報告和 [SAD Valine] 披露。該報告提供了我們在 ESG 優先事項方面的進展和舉措的透明度。今年的一些亮點是關於我們新的氣候行動戰略的更多細節，以及報告的社區影響、人力資本和溫室氣體排放的增強數據和披露。此外，我們在幾個環境目標方面取得了進展，包括為我們的船舶配備短動力能力和減少淡水加油的目標。我鼓勵大家花一些時間來瀏覽該報告，並歡迎——抱歉，瀏覽該報告並訪問我們的網站以獲取更多信息。

I'm also proud to share that just last week, we announced the winners of our annual Giving Joy recognition program that has been celebrating teachers across North America since 2019 for their hard work and relentless dedication. Each of the 20 winning educators want a free 7-day voyage for 2 and the top 3 grand prize winners were invited to attend the exclusive christening voyage for Norwegian Viva. This year's content drew support from over 3,400 teachers across the U.S. and Canada and garnered hundreds of thousands of votes. With that, I will now turn the call over to Mark for his commentary on our financial position and outlook. Mark?

我還很自豪地與大家分享，就在上週，我們宣布了年度“給予歡樂”表彰計劃的獲獎者，該計劃自 2019 年以來一直在表彰北美各地教師的辛勤工作和不懈奉獻。 20 名獲獎教育工作者每人都希望獲得 2 名 7 天的免費航行，而前 3 名大獎獲得者則受邀參加挪威 Viva 號的獨家洗禮航行。今年的內容得到了美國和加拿大 3,400 多名教師的支持，並獲得了數十萬張選票。現在，我將把電話轉給馬克，請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. My commentary today will focus on our second quarter 2023 financial results, 2023 guidance and our financial position. Unless otherwise noted, my commentary on net per diem, net yield and adjusted net cruise cost, excluding fuel per capacity day metrics are on a constant currency basis and comparisons are to the same period in 2019.

謝謝你，哈利，大家早上好。我今天的評論將重點關注我們 2023 年第二季度的財務業績、2023 年指導和我們的財務狀況。除非另有說明，我對淨日均津貼、淨收益和調整後的淨遊輪成本（不包括每運力日燃油指標）的評論均以固定匯率為基礎，並與 2019 年同期進行比較。

Slide 15 highlights our second quarter results in which we are very pleased to report that we've met or exceeded guidance for all key metrics. Focusing on the top line, results were strong with revenue per up 33% and net per diems increasing approximately 6.5%, surpassing the high end of guidance, while net yield was in line with guidance at 2.9%. Keep in mind that comparisons to 2019 includes certain premium-priced Baltic and Cuba voyages in that year, which did not operate in 2023.

幻燈片 15 重點介紹了我們第二季度的業績，我們非常高興地報告，我們已達到或超過了所有關鍵指標的指導。就營收而言，業績強勁，收入增長 33%，每日淨津貼增長約 6.5%，超過指導上限，而淨收益率與指導一致，為 2.9%。請記住，與 2019 年的比較包括當年某些高價波羅的海和古巴航線，這些航線在 2023 年沒有運營。

Turning to costs. Adjusted net cruise costs, excluding fuel per capacity day, came in below $156 in the quarter, demonstrating further improvement from the prior quarter and the high watermarks seen in the second half of 2022. The reduction in cost this quarter was primarily driven by lower food costs and crew optimization efforts as we continue to realize the benefits of cost savings initiatives identified and implemented during the first phase of this initiative. I will note that across all 3 brands, our guest satisfaction scores remain strong, reflecting our continued focus on cost rationalization without impacting the guest experience.

轉向成本。本季度調整後的遊輪淨成本（不包括每運力日的燃料）低於156 美元，表明較上一季度進一步改善以及2022 年下半年出現的高水位線。本季度成本的下降主要是由於食品價格下降隨著我們繼續認識到在該舉措第一階段確定和實施的成本節約舉措的好處，成本和船員優化工作。我要指出的是，在所有 3 個品牌中，我們的賓客滿意度得分仍然很高，這反映出我們在不影響賓客體驗的情況下持續關注成本合理化。

Adjusted EBITDA was approximately $30 million higher than our guidance at approximately $515 million in the quarter. In addition, adjusted EPS of $0.30 also beat our projection by $0.05, and was the first time we generated positive EPS since 2019 as well as the first time that our quarterly adjusted EBITDA exceeded the same quarter in 2019. Shifting our attention to guidance. Our outlook for the third quarter can be found on Slide 16. We are projecting net per diem growth of approximately 7% to 8% and net yield growth of approximately 2.25% to 3.25%.

本季度調整後 EBITDA 比我們的指引（約 5.15 億美元）高出約 3000 萬美元。此外，調整後每股收益0.30 美元也比我們的預測高出0.05 美元，這是我們自2019 年以來首次實現正每股收益，也是我們的季度調整後EBITDA 首次超過2019 年同季度。我們將注意力轉向指引。我們對第三季度的展望可以在幻燈片 16 中找到。我們預計日均淨增長率約為 7% 至 8%，淨收益率增長率約為 2.25% 至 3.25%。

Similar to the second quarter, the loss of certain premium priced Baltic itineraries will continue to impact the comparison versus 2019. In the fourth quarter, pricing and yield are both expected to exhibit mid-teens growth compared to 2019. There are several other factors contributing to the exceptionally strong growth we are expecting for the fourth quarter which include more luxury and upper premium capacity operating with the new Regent and Oceania ships as well as a favorable comp from the rapid exit from Cuba in 2019 and the close in resale of those sailings.

與第二季度類似，某些高價波羅的海航線的流失將繼續影響與2019 年的比較。第四季度，與2019 年相比，定價和收益預計將呈現十幾歲左右的增長。還有其他幾個因素促成我們預計第四季度將出現異常強勁的增長，其中包括新麗晶號和大洋洲號郵輪運營的更多豪華和高端運力，以及 2019 年古巴快速退出和這些航線轉售結束帶來的有利補償。

Adjusting for these factors, net per diem growth is still expected to be up approximately 10%, which reflects our organic pricing power and strong consumer demand that Harry referred to as well as the benefit of our shift to premium deployments with extended Alaska and Europe seasons this year.

調整這些因素後，每日淨增長預計仍將增長約10%，這反映了我們的有機定價能力和哈利提到的強勁消費者需求，以及隨著阿拉斯加和歐洲季節延長，我們轉向高級部署的好處今年。

Given that we have already -- we already have a substantial booked position and our pace of bookings is on track with our optimal booking curves. This gives us confidence in our ability to deliver on this top line outlook for the fourth quarter. Adjusted net cruise cost excluding fuel per capacity day is expected to be approximately $152 in the third quarter which includes approximately $3 of certain nonrecurring benefits realized in the quarter.

鑑於我們已經擁有大量預訂位置，並且我們的預訂速度符合最佳預訂曲線。這讓我們對實現第四季度營收前景的能力充滿信心。調整後的遊輪淨成本（不包括每運力日的燃油）預計第三季度約為 152 美元，其中包括本季度實現的某些非經常性收益約 3 美元。

Looking ahead, there are also onetime expenses associated with new capacity additions in the fourth quarter. Adjusting for these items, this metric is expected to slightly decrease quarter-over-quarter, which is noted on Slide 17. Taking all of this into account, adjusted EBITDA for the third quarter is expected to be approximately $730 million, and adjusted EPS is expected to be approximately $0.70 on a projected diluted share count of approximately 510 million shares. Keep in mind that we have our 4 outstanding exchangeable notes, which will cause variability in the diluted weighted average shares outstanding used to calculate EPS when we follow the if-converted method. It is also important to note that despite our ability to settle our 2 2027 exchangeable notes in cash rather than its shares, these notes would still be included in our diluted weighted average shares outstanding for GAAP reporting purposes, if they are dilutive in the quarter. We've included an additional slide in our earnings deck, Page -- Slide 24, with more information to help with modeling.

展望未來，第四季度還會產生與新增產能相關的一次性費用。對這些項目進行調整後，該指標預計將環比略有下降，幻燈片17 中已指出這一點。考慮到所有這些，第三季度調整後的EBITDA 預計約為7.3 億美元，調整後的每股收益為預計攤薄後的股數約為 5.1 億股，預計約為 0.70 美元。請記住，我們有 4 份未償還的可交換票據，當我們遵循 if-converted 方法時，這將導致用於計算 EPS 的稀釋加權平均已發行股票發生變化。同樣重要的是要注意，儘管我們能夠以現金而非股票結算2027 年2 期可交換票據，但如果這些票據在本季度具有稀釋性，則它們仍將包含在我們出於GAAP 報告目的而已發行的稀釋加權平均股中。我們在收益表中添加了一張額外的幻燈片，即第 24 頁，其中包含更多有助於建模的信息。

Now shifting our focus to our outlook for the full year 2023, we are raising the floor of our adjusted EBITDA guidance to a range of $1.85 billion to $1.95 billion despite approximately $30 million of headwinds for our interest and fuel expense in the back half of the year. This is expected to translate to adjusted EPS of approximately $0.80 or $0.05 above our prior guidance, reflecting the second quarter outperformance. As you can see on Slide 18, since we first guided for the year in February, we have increased our adjusted EPS guidance by $0.10 or 14% on strong results in the underlying business which overcame headwinds from higher fuel, FX and interest rates. Excluding these headwinds, adjusted EPS growth versus initial guidance would have been approximately 20 percentage points higher.

現在，我們將重點轉向2023 年全年展望，儘管下半年我們的利息和燃料費用面臨約3000 萬美元的不利因素，但我們仍將調整後EBITDA 指導的下限提高至18.5 億美元至19.5 億美元的範圍。年。預計調整後每股收益將比我們之前的指導高出約 0.80 美元或 0.05 美元，反映了第二季度的優異表現。正如您在幻燈片18 中所看到的，自我們2 月份首次公佈全年業績指引以來，我們將調整後每股收益指引上調了0.10 美元，即14%，因為基礎業務取得了強勁業績，克服了燃料、外彙和利率上漲帶來的不利影響。排除這些不利因素，調整後每股收益增長與最初指導相比將高出約 20 個百分點。

Taking a closer look at the components of the full year outlook, our healthy 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 with capacity up 18%.

仔細研究全年展望的組成部分，與2019 年相比，我們的健康日均淨增長約為9% 至10.5%，淨收益率增長指導約為5% 至6.5%，與我們之前的產能指導相比沒有變化上漲18%。

Turning to costs. Adjusted net cruise costs, excluding fuel first capacity date is expected to average approximately $156 for the full year better than the prior guidance of $159, reflecting lower-than-expected costs in the second quarter. As we have previously mentioned, when comparing this metric to 2019, please note that we do not have the benefit from the disposal of older, less efficient tonnage that some of our peers have. And we have also added capacity at our high-end Oceania and Regent brands, which while accretive to margins do have higher operating costs.

轉向成本。調整後的淨郵輪成本（不包括首次運力日期的燃料）預計全年平均約為 156 美元，好於之前指導的 159 美元，反映出第二季度成本低於預期。正如我們之前提到的，在將該指標與 2019 年進行比較時，請注意，我們並沒有像一些同行那樣從處置舊的、效率較低的噸位中受益。我們還增加了高端大洋洲和麗晶品牌的產能，這些品牌雖然能增加利潤，但運營成本卻更高。

Another thing to keep in mind is that the timing of expenses such as dry docks can cause variability in these metrics when comparing different periods. For example, in 2023, we have limited dry docks as we took the opportunity during the pandemic to optimize the schedule while ships were already out of service. As Harry noted earlier, this improvement is the result of the deliberate actions we have taken to enhance margins and rightsize our cost base. To further supplement our internal efforts, which have been in full force since we kicked off this initiative last fall. We have also more recently engaged a third-party consultant to benchmark best practices across sectors and identify incremental areas of opportunity.

另一件需要記住的事情是，在比較不同時期時，幹船塢等費用的時間安排可能會導致這些指標發生變化。例如，到 2023 年，我們的干船塢有限，因為我們在大流行期間趁船舶已經停運的情況下優化了時間表。正如哈利之前指出的那樣，這種改善是我們為提高利潤率和調整成本基礎而採取的刻意行動的結果。為了進一步補充我們自去年秋天啟動這一舉措以來一直在全力進行的內部努力。我們最近還聘請了一位第三方顧問來對跨行業的最佳實踐進行基準測試並確定增量機會領域。

Our entire team is working around the clock to find ways to accelerate our margin recovery, and we are leaving no stone unturned in the process. To date, the savings we have identified in the broad-based have been broad-based, touching every aspect of the business with the largest buckets consisting of fuel, food and consumables and marketing, as shown on Slide 19.

我們的整個團隊正在夜以繼日地尋找加速利潤恢復的方法，並且我們在此過程中不遺餘力。迄今為止，我們在廣泛的基礎上確定的節省基礎廣泛，涉及業務的各個方面，其中最大的部分包括燃料、食品和消耗品以及營銷，如幻燈片 19 所示。

To give you an example of one of the initiatives we are undertaking, we are optimizing crew movements and reducing ship crew transfers, which we expect to result in multimillion dollars savings. To put this into context, each year, we have approximately 90,000 crew movements including 6,000 or so between ships. This is just one example, but it demonstrates how incremental changes can add up to a larger impact on the bottom line. We recognize that we still have more work to do, and we are committed to doing so in a way that preserves the exceptional guest experience and superior service levels that our target higher-end guests expect from our brands all while setting us up well for continued margin improvement in the next few years.

舉一個我們正在採取的舉措之一的例子，我們正在優化船員流動並減少船員調動，我們預計這將節省數百萬美元。結合實際情況來看，我們每年約有 90,000 名船員調動，其中約 6,000 名船員在船與船之間調動。這只是一個例子，但它展示了增量變化如何對利潤產生更大的影響。我們認識到，我們還有更多的工作要做，我們致力於保持卓越的賓客體驗和卓越的服務水平，滿足我們的目標高端賓客對我們品牌的期望，同時為我們的持續發展做好準備。未來幾年利潤率將有所改善。

Turning our attention to the balance sheet and our debt maturity profile on Slide 20. In the first half of the year, we generated over $1.5 billion of cash flow from operations, including over $1 billion in the second quarter. This allowed us to repay approximately $1.4 billion of debt including the full paydown of our $875 million revolving credit facility. In addition, we have approximately $475 million of scheduled debt payments for the back half of the year, the vast majority of which are related to our export credit agency-backed ship financing.

將我們的注意力轉向幻燈片 20 上的資產負債表和債務到期狀況。今年上半年，我們的運營現金流超過 15 億美元，其中第二季度超過 10 億美元。這使我們能夠償還約 14 億美元的債務，包括全額償還 8.75 億美元的循環信貸額度。此外，今年下半年我們還有約 4.75 億美元的預定債務償還，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。

As we have previously stated, we intend to refinance our operating credit facility in the normal course of business before year-end. As mentioned earlier, we expect our net leverage to improve significantly, driven by our organic cash flow generation and payment of scheduled debt installments. Excluding debt associated with ships on order for future delivery, trailing 12 months net leverage is expected to meaningfully reduce versus current elevated levels dropping below 6x over the course of the first half of 2024. This does not adjust for ships that were delivered in 2023 which would have the full debt load in the numerator without a full year of contribution included in adjusted EBITDA.

正如我們之前所說，我們打算在年底前在正​​常業務過程中對我們的運營信貸額度進行再融資。如前所述，在我們的有機現金流產生和定期債務分期付款的推動下，我們預計我們的淨槓桿率將顯著改善。不包括與未來交付的訂單船舶相關的債務，預計過去12 個月的淨槓桿率將大幅下降，而目前的高水平將在2024 年上半年降至6 倍以下。這不會對2023 年交付的船舶進行調整。分子中將包含全部債務負擔，而無需將全年貢獻納入調整後的 EBITDA 中。

Turning to liquidity. Our overall liquidity position remains strong at approximately $2.4 billion at quarter end, as outlined on Slide 21. This consists of approximately $900 million of cash and cash equivalents, $875 million under our revolver and a $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 draw. During the quarter, we received approximately $500 million of cash collateral back from a credit card processor. This collateral release not only provided a meaningful increase to liquidity but was also a very strong signal that our external partners have increased confidence in our financial position and future outlook.

轉向流動性。正如幻燈片21 所示，我們的整體流動性頭寸在季度末保持強勁，約為24 億美元。這包括約9 億美元的現金和現金等價物、我們的循環資金下的8.75 億美元以及未提取的6.5 億美元承諾。這不包括單獨的 3 億美元未提取擔保承諾，該承諾增強了我們未來的流動性，但目前無法提取。本季度，我們從信用卡處理機構處收到了約 5 億美元的現金抵押品。此次抵押品的釋放不僅顯著增加了流動性，而且也是一個非常強烈的信號，表明我們的外部合作夥伴對我們的財務狀況和未來前景增強了信心。

Overall, I feel the same optimism about the direction of our business. I want to echo Harry's comments that our entire management team is reinvigorated and focused on delivering on our business and strategic goals while also pursuing all opportunities to maximize value creation and create a more nimble and resilient organization for the future. With that, I'll turn it back to Harry for closing comments.

總的來說，我對我們業務的方向也感到同樣樂觀。我想贊同哈利的評論，即我們的整個管理團隊煥發了活力，專注於實現我們的業務和戰略目標，同時也尋求一切機會，最大限度地創造價值，並為未來創建一個更加靈活和有彈性的組織。至此，我將把它轉回給哈利以供結束評論。

Well, thank you, Mark. So before turning it over to Q&A, I'd love to leave you with some key takeaways, which you can also see on Slide 22. First, we are focused on execution of the near-term priorities outlined today, including the delivery of 2 new builds in the coming months, while simultaneously fine-tuning our vision of the future. With new leadership in many functions, including my own, we are approaching this exercise of open minds and a fresh perspective as we work to best position the company for success.

嗯，謝謝你，馬克。因此，在進行問答之前，我想先向您介紹一些關鍵要點，您也可以在幻燈片 22 中看到這些要點。首先，我們專注於執行今天概述的近期優先事項，包括交付 2我們將在未來幾個月內建造新的建築，同時微調我們對未來的願景。在包括我自己在內的許多職能部門的新領導層的帶領下，我們正在以開放的心態和全新的視角來開展這項工作，努力為公司的成功做好最佳定位。

Second, our target higher-end demographic continues to be healthy and resilient with strong demand for travel and experiences. This is demonstrated by our strong revenue performance, a record up 33% in the quarter with our strong book position, which when looking over the next 12 months is within our sweet spot range of approximately 60% to 65% booked and at higher prices and advanced customer deposits of $3.5 billion, 52% over Q2 2019. Third, we are demonstrating the results of our margin enhancement initiatives, including through our efforts to maximize revenue, improve efficiencies and right size costs. We now have 2 straight quarters of sequential improvement in our key cost metrics and we'll continue to identify and implement additional measures to accelerate our margin recovery while still delivering the exceptional product and service offerings that our guests desire.

其次，我們的目標高端人群仍然健康且有彈性，對旅行和體驗的需求強勁。我們強勁的收入表現證明了這一點，本季度創紀錄地增長了33%，我們的預訂狀況強勁，展望未來12 個月，處於我們的最佳範圍內，預訂率約為60% 至65%，且價格較高，預付客戶存款為35 億美元，比2019 年第二季度增長52%。第三，我們正在展示利潤提高計劃的成果，包括通過努力實現收入最大化、提高效率和適當規模的成本。現在，我們的關鍵成本指標已連續兩個季度連續改善，我們將繼續確定並實施其他措施，以加速我們的利潤恢復，同時仍然提供客人所需的卓越產品和服務。

Lastly, our liquidity position is solid and we are committed to prioritizing restoration of our balance sheet and reducing leverage in the coming years. We've covered a lot today. So I'll conclude our commentary here and open up the call for your questions.

最後，我們的流動性狀況穩固，我們致力於在未來幾年優先恢復資產負債表並降低杠桿率。今天我們已經討論了很多內容。因此，我將在這裡結束我們的評論，並開始徵求大家的問題。

(Operator Instructions)

（操作員說明）

Before we get to the questions on the line, we first want to address the top questions from our online shareholder Q&A platform, which provides all of our investors another avenue to submit and upvote questions for management. One of the top voted questions we received this quarter was, what do you consider the biggest challenge for growth over the next 18 to 24 months? And how do you plan to attack that challenge? Harry, do you want to take that one?

在回答在線問題之前，我們首先要解決在線股東問答平台上的熱門問題，該平台為我們所有投資者提供了另一個向管理層提交問題並投票的途徑。本季度我們收到的投票最多的問題之一是，您認為未來 18 至 24 個月增長面臨的最大挑戰是什麼？您打算如何應對這一挑戰？哈利，你想拿那個嗎？

Sure, Jessica. I'm happy to, and that's really a great question. I wouldn't say there are big challenges for growth. If anything, what we have is a huge opportunity. While we're always keeping a keen eye on growing revenue on our existing fleet while tempering costs, growth in the cruise industry is mainly predicated on capacity. And this year, we had 3 vessels entering the fleet, one for each of our award-winning brands, which is the first for our company. This growth allows us to take more guests to more destinations and offer them more varied experiences while contributing to the top and bottom line right off the bat. In addition, with no scheduled shift deliveries in 2024, we have ample opportunity to divest its capacity at high sizes while preparing for new capacity entering our fleet in 2025.

當然，傑西卡。我很高興，這確實是一個很好的問題。我不會說增長面臨巨大挑戰。如果說有什麼不同的話，那就是我們擁有一個巨大的機會。雖然我們始終密切關注現有船隊收入的增長，同時控製成本，但郵輪行業的增長主要取決於運力。今年，我們有3艘船入隊，每個獲獎品牌各一艘，這是我們公司的第一艘。這種增長使我們能夠帶更多的客人去更多的目的地，為他們提供更多樣的體驗，同時立即為收入和利潤做出貢獻。此外，由於 2024 年沒有計劃的輪班交付，我們有充分的機會剝離其大尺寸產能，同時為 2025 年進入我們船隊的新產能做好準備。

So to me, it's not about challenges of growth. It's optimizing the opportunity we have for our new capacity and doing what we have consistently done in the past, which has translated that to outsized impact to our bottom line.

所以對我來說，這與成長的挑戰無關。它正在優化我們新產能的機會，並做我們過去一直在做的事情，這對我們的利潤產生了巨大的影響。

Operator, we can take the first question from the line now.

接線員，我們現在可以回答第一個問題了。

Our first question from the line comes from Vince Ciepiel with Cleveland Research Company.

我們的第一個問題來自克利夫蘭研究公司的 Vince Ciepiel。

I wanted to talk about kind of the path for organic price growth. I think that was really helpful the way you broke out 4Q, obviously, anticipated to step up a lot. But even comparisons and new hardware, net per diems up 10% points to sequential acceleration through the course of this year. So curious kind of how you're thinking about that into next year? I know you get a lift from full year contribution of the 2023 deliveries. But how are you feeling on organic price today versus 90 days ago?

我想談談有機價格增長的路徑。我認為這對你突破第四季度的方式非常有幫助，顯然，預計會取得很大進展。但即使與新硬件進行比較，每日淨津貼也增長了 10%，表明今年的增速將持續加速。很好奇你在明年會如何考慮這個問題？我知道您會從 2023 年全年交付量的貢獻中得到提升。但與 90 天前相比，您對今天的有機價格有何感受？

Sure. I'm happy to take that one. Thanks for the question. I think I can sort of break this up into 3 periods, Q4, 2024 and 2025 and beyond. Q4 still has some comparable distinctions between this year and the past but we are super excited that we're going to see an 18% net per diem growth in '23 versus '19, sort of fully hitting our strides there, and we're pretty well booked for Q4. So we have great confidence in that number. You turn to 2024, we get to a more normalized environment, but we still had some tailwinds on when we compare '24 to '23 because in Q1 of 2023, we were 100% back up in service. So I think we can expect some outsized growth in '24 relative to '23.

當然。我很高興接受那個。謝謝你的提問。我認為我可以將其分為 3 個時期：第四季度、2024 年和 2025 年及以後。今年第四季度與過去相比仍然存在一些可比較的區別，但我們非常興奮，我們將看到23 年與19 年相比每日每日淨增長18％，這在某種程度上完全實現了我們的進步，我們正在第四季度的預訂非常好。所以我們對這個數字很有信心。轉向 2024 年，我們將進入一個更加正常化的環境，但當我們將 24 年與 23 年進行比較時，我們仍然有一些順風，因為在 2023 年第一季度，我們的服務已 100% 恢復。因此，我認為我們可以預期 24 年相對於 23 年會有大幅增長。

On a more long-term basis, return back to norm. We've consistently talked about having low to mid-single-digit yield increases year-over-year with moderate and disciplined capacity growth, strong cost control while maintaining high guest satisfaction all leading to the type of oversight dividend earnings growth you saw during our run from '14 to '19. So I think once we get back to '25, that's exactly the path we'll be on again.

從更長遠的角度來看，回歸正常。我們一直在談論低到中個位數的收益率同比增長，適度而有紀律的產能增長，強有力的成本控制，同時保持較高的客戶滿意度，所有這些都導致了您在我們的報告中看到的監督股息收益增長。從'14運行到'19。所以我認為一旦我們回到 25 年，這正是我們將再次走上的道路。

Great. And then maybe on the cost side, obviously, a lot of effort that is visible based on the guide that looks like net cruise revenue is going to be up $2.5 billion plus this year whereas costs certainly up about $100 million. So it's clear that you guys have been focused. Curious, you mentioned guest satisfaction score remaining strong, kind of along this flex down path. But curious maybe what you're seeing within rebooking behavior as more of that 2024 business is coming on the books? How you're feeling about the guests coming back to you?

偉大的。然後，也許在成本方面，顯然，根據指南可以看到，今年郵輪淨收入將增加 25 億美元以上，而成本肯定會增加約 1 億美元。所以很明顯你們已經很專注了。好奇的是，您提到賓客滿意度得分仍然很高，有點沿著這條靈活的下降路徑。但也許您好奇，隨著 2024 年更多業務出現在預訂中，您在重新預訂行為中看到了什麼？您對客人回到您身邊感覺如何？

So it's a great question. I think there were 2 parts, so I'll try to address both of them. On the cost side, we are really excited about the efforts that we make and you continue to see the sequential modest improvements in costs, Q1 to Q2 to Q3 and Q4 despite the fact that inflation is still out there for the fact that we continue to reduce our cost structure each quarter, it's not just a reduction in the base but also fighting against inflation. So we're really excited when you can see that number come down.

所以這是一個很好的問題。我認為有兩個部分，所以我會嘗試解決這兩部分。在成本方面，我們對我們所做的努力感到非常興奮，並且您將繼續看到成本連續小幅改善，第一季度到第二季度到第三季度和第四季度，儘管通貨膨脹仍然存在，因為我們繼續每個季度降低我們的成本結構，這不僅僅是基數的減少，也是對抗通貨膨脹的目標。因此，當您看到這個數字下降時，我們感到非常興奮。

But Mark also alluded to, we're just maybe in the fourth inning of this cost reduction strategy, if I was to use a baseball analogy. And we still believe there are more efforts ahead. We have not baked in anything that we haven't found yet. Our guidance numbers only include what we've identified and what we firmly are able to implement, but we hope to be able to deliver a little bit more in the future.

但馬克也提到，如果我用棒球來比喻的話，我們可能正處於這種成本削減策略的第四局。我們仍然相信未來還有更多的努力。我們還沒有烘焙任何我們還沒有發現的東西。我們的指導數字僅包括我們已經確定的內容以及我們堅定能夠實施的內容，但我們希望將來能夠提供更多內容。

In terms of the guest rebooking behavior, we're simply put, we're at record levels. Across all 3 of our brands, we are seeing -- the one measure that's most relevant internally is we take a look at first-time guests and how -- and when and how much or what percentage of them, I should say, rebooked within the first year or 2 coming back, and the guests coming off the ships in '23 are relooking at record levels compared to '18, '19 and the further back period. So, so far, the formula seems to be working quite well.

就客人重新預訂行為而言，簡單地說，我們處於創紀錄的水平。在我們的所有 3 個品牌中，我們看到 - 內部最相關的一個衡量標準是我們查看首次入住的客人以及如何 - 我應該說，他們何時、有多少或有多少比例在 時間內重新預訂回來的第一年或第二年，與18 年、19 年以及更早時期相比，23 年下船的客人的回訪率達到了創紀錄的水平。所以，到目前為止，這個公式似乎運作得很好。

And Vince, just to highlight that. I think last quarter, we had mentioned record sales of our CruiseNext certificates. And again, not just another anecdotal point that consumers on board our ships are enjoying their vacation. They're satisfied with the product. Everything we're doing on the cost reduction front is under the lens of protecting the guest experience and the product. So we monitor that closely. And so far, we are seeing positive reception to everything we're doing.

文斯，只是為了強調這一點。我想上個季度，我們提到了 CruiseNext 證書的創紀錄銷售。再說一遍，我們船上的消費者正在享受假期，這不僅僅是另一個軼事。他們對產品很滿意。我們在降低成本方面所做的一切都是為了保護賓客體驗和產品。所以我們密切關注這一點。到目前為止，我們所做的一切都受到了積極的歡迎。

Our next question comes from Robin Farley with UBS.

我們的下一個問題來自瑞銀集團的羅賓·法利。

Great. Two questions. One is on the yield side, that 14% growth in Q4. I know you have some shift in your premium luxury brands contributing to that. Can you kind of give us a sense of what the increase would be for saving Norwegian brand? Or just to think about the increase that's embedded in that guidance that outside of those new ship additions.

偉大的。兩個問題。一是收益率方面，第四季度增長 14%。我知道您的高端奢侈品牌發生了一些轉變，這對此做出了貢獻。您能否讓我們了解一下漲價對於拯救挪威品牌有何影響？或者只是考慮一下該指南中包含的除新船增加之外的增加。

And then my other question is on expense. And I'm sorry if I missed if you said what was the nonrecurring benefit in Q3 there? And then just thinking about Q4. It looks like your footnote is sort of saying you're excluding the cost of new ships in that. And I just wanted to clarify, I feel like you hadn't done that before. I just want to think about comparability to expenses in 2019. So is that new that, that guide excludes the cost of new ships?

然後我的另一個問題是費用。如果我錯過了您所說的第三季度的非經常性收益是什麼，我很抱歉？然後想想第四季度。看起來你的腳註有點說你不包括新船的成本。我只是想澄清一下，我覺得你以前沒有這樣做過。我只想考慮一下與 2019 年費用的可比性。那麼，該指南不包括新船的成本，這是新的嗎？

Thanks for the question. So in Q4, when we talk about our pricing or yield, pricing is expected to be up approximately 18%. And as we highlighted in our prepared remarks, if you adjust for the new capacity as well as the favorable year-over-year comps, that 18% would translate to about 10% of your organic fleet. So very, very strong growth consistent with what we've seen over the last 2 to 3 quarters. So we're very, very pleased with that.

謝謝你的提問。因此，在第四季度，當我們談論定價或收益率時，定價預計將上漲約 18%。正如我們在準備好的發言中強調的那樣，如果您根據新產能以及有利的同比比較進行調整，那麼這 18% 將轉化為您有機機隊的約 10%。非常非常強勁的增長與我們過去兩到三個季度所看到的一致。所以我們對此非常非常滿意。

In terms of Q3, the onetime nonrecurring benefit, we highlighted that because we didn't want to take artificial credit so to speak, for our cost-reduction initiatives. And that was simply a benefit that we received as a result of some port volume commitments accruals that we had during the course of COVID. We were able to negotiate with the various ports around the world to reduce that. So we didn't want to take credit for that because it's a onetime nonrecurring, so we called that out. And then in Q4, again, trying to be ultra-transparent on the surface, it would appear that our net cruise cost ticks up slightly by $1. But if you really look at that and you exclude the onetime start-up operating costs for both Viva and Grandeur, which come on in the fourth quarter, and you really rightsize that to a normal run rate that is actually reduced by $1 or $2.

就第三季度的一次性非經常性收益而言，我們強調這一點，因為我們不想為我們的成本削減計劃而採取人為信貸。這只是我們在新冠疫情期間做出的一些港口吞吐量承諾所帶來的好處。我們能夠與世界各地的各個港口進行談判以減少這種情況。所以我們不想因此而獲得功勞，因為它是一次性的、非經常性的，所以我們指出了這一點。然後在第四季度，再次試圖在表面上做到超透明，我們的淨遊輪成本似乎略有上升 1 美元。但如果你認真考慮這一點，並排除 Viva 和 Grandeur 在第四季度出現的一次性啟動運營成本，你就會真正將其調整為正常運行率，實際上會減少 1 或 2 美元。

So again, what we're trying to do is show that we have sequential improvement in our core fundamental operating costs, and you're seeing that over the course of all 4 quarters in the year.

再說一次，我們試圖做的是表明我們的核心基本運營成本已連續改善，並且您在一年中的所有 4 個季度中都看到了這一點。

Our next question comes from Patrick Scholes with Truist Securities.

我們的下一個問題來自 Truist Securities 的帕特里克·斯科爾斯 (Patrick Scholes)。

First question concerns the onboard and other line item. How much as we think about for next year and perhaps 2025, you've certainly seen outside growth in this line item. How much do you think of that is really sustainable and how much might be from revenge travel and maybe some of the head growth also might be from bundling or accounting changes. So how should we think about sustainability of that going forward?

第一個問題涉及船上和其他行項目。當我們考慮明年甚至 2025 年時，您肯定已經看到了該訂單項的外部增長。你認為這有多少是真正可持續的，有多少可能來自複仇旅行，也許一些頭部增長也可能來自捆綁或會計變化。那麼我們應該如何考慮未來的可持續性呢？

Patrick, it's a good question. I believe it's fully sustainable. We don't necessarily see this huge revenge travel being a huge club nor the levels that we are going at today, diminishing. My best proxy is the Norwegian Cruise Line brand because it's our largest brand and when we look at bookings for this year, every month, it's been a record month in terms of new booking volume. January was the best January in the history of a company, February was the best February, cleared through July, which just ended yesterday, which was the best July in the history of the company. And in fact, our second best booking month of the year, which is a little bit odd because usually July and August is a little bit slower due to certification, people (inaudible) and the like.

帕特里克，這是個好問題。我相信這是完全可持續的。我們並不一定會認為這次巨大的複仇旅行是一個巨大的俱樂部，也不一定會看到我們今天所達到的水平有所下降。我最好的代理是挪威郵輪品牌，因為它是我們最大的品牌，當我們查看今年每個月的預訂量時，就新預訂量而言，這是創紀錄的月份。一月是公司歷史上最好的一月，二月是最好的二月，一直到昨天剛剛結束的七月，這是公司歷史上最好的七月。事實上，這是我們今年第二好的預訂月份，這有點奇怪，因為通常七月和八月由於認證、人員（聽不清）等原因會慢一些。

Onboard pet similarly, every month continues to be good. We're not seeing any weakness. We're not seeing any denigration of trends. There's nothing super unusual that we're doing in bundling today compared to '19. We continue to refine our processes and make the marketing and product proposition a little bit better each quarter than the quarter before. But I don't anticipate any huge changes for '24 either. I think the numbers you see today are the numbers that we would expect to improve ongoing into '24.

機上寵物同樣如此，每個月都持續良好。我們沒有看到任何弱點。我們沒有看到任何對趨勢的詆毀。與 19 年相比，我們今天在捆綁方面所做的事情並沒有什麼特別之處。我們繼續完善我們的流程，並使每個季度的營銷和產品主張都比上一季度更好一些。但我預計 24 年也不會發生任何巨大變化。我認為您今天看到的數字是我們期望在 24 世紀繼續改善的數字。

And Patrick to further highlight on that is we've talked about we have more touch points with the consumer well prior to the consumer ever stepping on board ship, onboard the vessel. So we're getting more share of the wallet from the consumer ahead of that. And I think one of our stats that we talked about, our prebooked revenue was up by almost 70% versus 2019. So again, it's a longer elongated sales cycle that just helps build that overall onboard revenue product. So we are not seeing any signs of any consumer deterioration. In fact, we continue to see strength on that and we're very happy with that. We continue to see -- expect that to be strong.

帕特里克進一步強調這一點，我們已經談到，在消費者登上船舶之前，我們就與消費者建立了更多的接觸點。因此，我們將在此之前從消費者那裡獲得更多的錢包份額。我認為我們談到的一項統計數據是，我們的預訂收入比 2019 年增長了近 70%。因此，更長的銷售週期有助於構建整體機上收入產品。因此，我們沒有看到任何消費者惡化的跡象。事實上，我們繼續看到這方面的優勢，我們對此感到非常高興。我們繼續看到——預計這種情況會很強勁。

Okay. Just a quick follow-up question, Mark, you had noted in the earnings release about $500 million released from the credit card reserves. Is there any money left still to go with that? Or was that $500 million the last slug of that?

好的。馬克，這是一個快速的後續問題，您在財報中指出，信用卡準備金釋放了約 5 億美元。還有剩下的錢嗎？或者說這 5 億美元只是其中的最後一擊？

Yes. So we're very happy with that. So with that, that essentially we have 0 collateral with any of our reserve holders as of the quarter end. So that was not only a significant boost to our liquidity profile long term. But more importantly, as I said in my prepared remarks is that it demonstrates confidence in the business from a completely external partner who has no stake in the game other than their inherent risk on advanced ticket sales. So again, we see that as a big demonstration of confidence in the business and where the trajectory of the business is going.

是的。所以我們對此非常滿意。因此，截至本季度末，我們的任何準備金持有者的抵押品基本上都是零。因此，從長遠來看，這不僅顯著提高了我們的流動性狀況。但更重要的是，正如我在準備好的發言中所說，這表明了一個完全外部的合作夥伴對業務的信心，除了預售門票的固有風險之外，他們在比賽中沒有任何利益。因此，我們再次認為這是對業務以及業務發展軌蹟的信心的重要體現。

Our next question comes from Steve Wieczynski with Stifel.

我們的下一個問題來自 Stifel 的 Steve Wieczynski。

So if we think about your load factors moving forward, which Mark, you mentioned will be about 200 basis points lower than where 2019 levels were that's you guys are long itineraries and whatnot. Just wondering how these lower load factors impact or potentially impact your cost structure moving forward. And add on to that, Mark, as we think about you guys exiting the year in that low, let's call it, 150 range in terms of cost per [APCD], is there any way to help us kind of think about it as well, where you might be able to get that number to over time?

因此，如果我們考慮一下你們未來的載客率，馬克，您提到的這一點將比 2019 年的水平低約 200 個基點，那就是你們的行程很長等等。只是想知道這些較低的負載係數如何影響或可能影響您未來的成本結構。除此之外，馬克，當我們考慮你們以如此低的價格退出這一年時，我們稱之為，每 [APCD] 的成本為 150 範圍，有沒有什麼方法可以幫助我們也思考這個問題，隨著時間的推移，您可以在哪裡獲得該數字？

Steve, it's a good question. I don't look at this as a huge material change in our cost structure. It will be a modest tailwinds having 2% less guests on the ship and the 2% less guests that we have are primarily young children, which aren't particularly expensive. This really isn't about our cost structure. This is really about yield and EBITDA where we believe being in more premium itineraries that are booked further in advance, giving us a much longer booking curve and a more stable and predictable demand profile, which allows us to manage demand, manage our marketing a little bit more effectively and not rely so much on close-in, unstable and unpredictable demand is really a key to our success.

史蒂夫，這是個好問題。我不認為這是我們成本結構的巨大實質性變化。這將是一個溫和的順風車，船上的客人減少了 2%，而我們減少的 2% 的客人主要是年幼的孩子，這並不是特別昂貴。這實際上與我們的成本結構無關。這實際上與收益率和息稅折舊攤銷前利潤有關，我們相信，提前預訂的更優質行程會給我們更長的預訂曲線和更穩定、更可預測的需求概況，這使我們能夠管理需求，稍微管理我們的營銷更有效一點，而不是過分依賴近距離、不穩定和不可預測的需求，這確實是我們成功的關鍵。

I think both Mark and I commented on the higher rebooking rates, the higher advance ticket sales, the higher revenue, the higher booking window, all of these positives which seem to endorse our strategy, which I think we'll see the full benefit of in 2024 as we then will have gone through a full year cost structure.

我認為馬克和我都評論了更高的重新預訂率、更高的預售票銷量、更高的收入、更長的預訂窗口，所有這些積極因素似乎都支持我們的策略，我認為我們將看到到 2024 年，我們將完成全年成本結構。

So I mean, listen, bottom line is we're committed to getting back to the EBITDA margins that we saw back in '19 over time. It's going to take us a little time to get there, but we're looking at the trends, and we see a path towards that and we think this premium deployment, which we already started shifting to in '18, '19 will be a vehicle that will allow us to continue on that path.

所以我的意思是，聽著，底線是我們致力於隨著時間的推移恢復到 19 年的 EBITDA 利潤率。我們需要一些時間才能實現這一目標，但我們正在關注趨勢，我們看到了一條通往這一目標的道路，我們認為這種高級部署（我們已經在 18 年、19 年開始轉向）將是使我們能夠繼續沿著這條道路前進的車輛。

And I'll remind you, we have always had industry-leading yields and we continue to have industry-leading yields far above the competitive set, and we believe that this deployment strategy will allow us to continue with that.

我要提醒您的是，我們一直擁有行業領先的產量，並且我們將繼續擁有遠高於競爭對手的行業領先的產量，我們相信這種部署策略將使我們能夠繼續這樣做。

Okay. Got you. And Mark, I just want to kind of add the question I was going to ask before to you. Again, as you kind of think about you guys being in that low 150 range in terms of cost. Is there any way to kind of help us think about where you could get that number over time? I'm not looking for guidance or anything, but just trying to understand where that number potentially could go?

好的。明白你了。馬克，我只是想補充一下我之前要問你的問題。再說一遍，想想你們的成本在 150 左右。有沒有什麼方法可以幫助我們思考隨著時間的推移可以從哪裡獲得這個數字？我不是在尋求指導或任何東西，只是想了解這個數字可能會走向何方？

Yes. Look, Steve, obviously, as we're looking to 2024, we're still early in the -- we're in the planning process. And as I said, I think we're probably halfway through the baseball game, so to speak, in terms of initiatives. So we fully anticipate that we're going to improve on that. One note, as I did say in my prepared remarks is we have to keep in mind that there is going to be some dry dock pressure in 2024 when you compare that to '23. But excluding that, I would venture to say that we're going to continue to see improvement in our core fundamental cost structure. So we're working hard. Hopefully, we've demonstrated and given you confidence that quarter-over-quarter, we sequentially continue to improve. We think there's more -- we think there's more to go after, and we're going after it. We're going to do it in a methodical manner, but protecting that guest experience. So stay tuned for the next few quarters to come, and I think we'll continue to show improvement.

是的。史蒂夫，你看，顯然，當我們展望 2024 年時，我們仍處於早期階段——我們正處於規劃過程中。正如我所說，我認為就舉措而言，我們可能已經完成了棒球比賽的一半。因此，我們完全預計我們將對此進行改進。需要注意的是，正如我在準備好的發言中所說，我們必須記住，當你將其與 23 年進行比較時，2024 年將會出現一些幹船塢壓力。但排除這一點，我敢說我們將繼續看到我們的核心基本成本結構的改善。所以我們正在努力工作。希望我們已經向您展示並給予您信心，我們將逐季持續改進。我們認為還有更多——我們認為還有更多需要追求，我們正在追求它。我們將以有條不紊的方式做到這一點，但要保護客人的體驗。因此，請繼續關注接下來的幾個季度，我認為我們將繼續取得進步。

Our next question comes from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So I'm just curious if you could comment on the last 3 months of just fundamental demand strength on the booking side. We've heard from peers that demand has accelerated over those last 3 months. Harry, you just called out in May, June, July being each successively record booking months. But yield guidance for the year was left unchanged. And so I guess the question is, is that a function of guidance 3 months ago just already sort of betting on that acceleration coming? Or did slight price -- flight prices in Europe take a bite out of 3Q? I think we talked about that last quarter or anything else that you might want to highlight?

所以我很好奇您是否可以對過去 3 個月預訂方面的基本需求強度發表評論。我們從同行那裡得知，過去 3 個月需求加速增長。哈利，你剛剛說五月、六月、七月都是連續創紀錄的預訂月份。但今年的收益率指引保持不變。所以我想問題是，三個月前的指導功能是否已經在押注加速即將到來？還是歐洲航班價格的小幅上漲影響了第三季度的業績？我想我們在上個季度討論過這個問題，或者您可能想強調的其他內容？

Thanks, Brandt. Great question. I think with our deployment strategy, most of the demand that we're seeing today and over the last quarter, is primarily focused on 2024. I think we mentioned in our commentary, but if we did, and I'll mention it now, that over the last 13 weeks, over 70% of our new booked revenue was for '24 and '25 departures. So in that respect, this acceleration in demand, the record booking levels that I discussed really are increasing our optimism about 2024. Obviously, in prior guidance, we did assume some bookings, right, for the back half of the year, and they're coming to fruition just as we expected, but these records are really helping to firm up the '24 book position. I mean this record booking window of 255 days, which is 51 days ahead of where we are in '19 is a huge number for the company and again, really gives us confidence for 2024 and beyond.

謝謝，布蘭特。很好的問題。我認為，根據我們的部署策略，我們今天和上個季度看到的大部分需求主要集中在2024 年。我想我們在評論中提到過，但如果我們這樣做了，我現在就會提到，在過去 13 週內，我們新預訂收入的 70% 以上來自 24 日和 25 日出發的航班。因此，在這方面，需求的加速以及我所討論的創紀錄的預訂水平確實增加了我們對2024 年的樂觀情緒。顯然，在之前的指導中，我們確實假設了今年下半年的一些預訂，而且它們'正如我們預期的那樣，這些記錄確實有助於鞏固 24 年圖書的地位。我的意思是，這個創紀錄的 255 天預訂窗口，比我們 19 年的預訂窗口提前了 51 天，這對公司來說是一個巨大的數字，並且再次讓我們對 2024 年及以後充滿信心。

So Brandt, I would not take it as any sort of sign of deceleration in demand. It's just simply a function of our itineraries, we're more fully booked than we ever have been, and there's just not a lot left to sell, so which is a good thing. That gives us more stability and predictability over our numbers. So if anything, that said, there's always -- as we talked about, the consumer is strong onboard revenue trends continue to do well. So I think if there's going to be any room for upside, it's going to be on continued strength of the consumer spend on board.

因此，布蘭特，我不會將其視為需求減速的任何跡象。這只是我們行程的一個函數，我們的預訂比以往任何時候都多，而且沒有太多剩餘的東西可以出售，所以這是一件好事。這使我們的數字更加穩定和可預測。因此，如果有什麼不同的話，那就是——正如我們所討論的，消費者很強大，船上的收入趨勢繼續表現良好。因此，我認為如果有任何上升空間，那將取決於船上消費者支出的持續強勁。

That's really helpful. Okay. And then just a quick follow-up on that. I remember pre-COVID, Mark, specifically, you guys could get really great returns on incremental marketing dollars, and that was part of the strategy back then. And so -- now in a world where you guys are, I think, trying to be a little bit, I guess, smarter, you call it, on your marketing dollar spend and Harry, what you think about this. Just as you tinker with that, sort of algorithm or equation with marketing spend. What are you learning about that process? Are you happy with sort of the pricing retention that you're getting as you sort of tinker with the marketing dollars? Or any commentary on that would be helpful.

這真的很有幫助。好的。然後對此進行快速跟進。馬克，我記得在新冠疫情之前，你們可以通過增量營銷資金獲得非常豐厚的回報，這是當時戰略的一部分。所以，現在在這個世界上，我想，你們正在努力在營銷資金支出上變得更聰明一點，我想，你稱之為聰明點，哈利，你對此有何看法。就像你修改它一樣，營銷支出的算法或方程式。從這個過程中你學到了什麼？您對通過調整營銷資金而獲得的定價保留感到滿意嗎？或者任何對此的評論都會有幫助。

I think, Brandt, this is really the first quarter or the second quarter where marketing spend was sort of normal, where we were able to judge each of the individual projects that we do in marketing and see normal ROI, normal returns, normal guest demand. But of course, we weren't just waiting through the last couple of quarters to refine our marketing machine. We've gone all in with marketing analytics. We've done some work with AI, machine learning, all those terms to really refine our individual marketing efforts and what we spend in each individual channel.

我認為，布蘭特，這確實是第一季度或第二季度的營銷支出有點正常，我們能夠判斷我們在營銷中所做的每個單獨項目，並看到正常的投資回報率、正常的回報、正常的客人需求。當然，我們不僅僅是等待過去幾個季度來完善我們的營銷機器。我們全力以赴進行營銷分析。我們已經在人工智能、機器學習和所有這些術語方面做了一些工作，以真正完善我們個人的營銷工作以及我們在每個渠道的支出。

The best example I can give you on the NCL brand, our spend today on a booking basis, it's similar to what we were doing in '19, but we're generating nearly double the lease right, which is sort of a customer that raises their hand. We think that's fantastic. Conversion rates continue well, which is one of the things that's leading to these record bookings. And as long as we continue refining our analytics around marketing, we're happy with the spend levels.

關於NCL 品牌，我可以給你舉一個最好的例子，我們今天的支出是在預訂的基礎上，這與我們在19 年所做的類似，但我們的租賃權幾乎增加了一倍，這就是客戶提高收入的原因。他們的手。我們認為這太棒了。轉化率持續保持良好狀態，這是預訂量創紀錄的原因之一。只要我們繼續完善營銷分析，我們就會對支出水平感到滿意。

Our next question comes from James Hardiman with Citi.

我們的下一個問題來自花旗銀行的詹姆斯·哈迪曼。

So on the net per diem side, good performance in the second quarter, maybe a little surprised that, that didn't flow through to the full year guidance. And I can certainly appreciate more often than not, if it's onboard spend that's driving that for diem, it's hard to sort of assume -- you have less visibility as we think about the back half of the year. Is that ultimately what happened in Q2 or how should we think about sort of the lack of flow through to the full year?

因此，在每日淨收入方面，第二季度的良好表現，也許有點令人驚訝，這並沒有體現在全年指導中。我當然更常欣賞的是，如果是機上支出推動了當前的發展，那麼很難假設——當我們考慮今年下半年時，你的能見度會降低。這最終是第二季度發生的事情嗎？還是我們應該如何考慮全年資金流的缺乏？

Well, James, I think our pricing continues to be very strong. And I think out of the gate, we set very high levels. So again, I wouldn't read into anything whether or not that's -- if there's any deceleration, there is flow through. And the fact that we're still guiding, reiterating 9% to 10.5% growth. So very strong -- we don't have a lot of inventory left to sell, which is by design. So I think it's really going to be on the back of what does the onboard spend level do. And as we've touched on here and several times before, it continues to be very strong. But while we have good visibility on that, there is always some variability on that. So it remains to be seen. And -- but everything we're seeing is we're seeing strength and demand across all sectors of the industry.

好吧，詹姆斯，我認為我們的定價仍然非常強勁。我認為從一開始我們就設定了非常高的水平。再說一遍，我不會解讀任何事情，無論是否存在減速，是否存在流量。事實上，我們仍在指導，重申 9% 至 10.5% 的增長。非常強大——我們沒有太多庫存可供出售，這是設計使然。所以我認為這實際上取決於船上支出水平的影響。正如我們在此和之前多次提到的那樣，它仍然非常強大。但是，儘管我們對此有很好的了解，但總是存在一些變化。所以還有待觀察。而且 - 但我們所看到的一切是我們看到了該行業所有部門的實力和需求。

Got it. That's helpful. And then a separate question. I mean, we started to see refinancing activity pick up, maybe a more favorable corporate debt environment. What are you seeing there? Is there an opportunity for you guys to do some transaction whether it be a focus on lowering interest rates, extending maturities. I guess if so, what instruments are sort of low-hanging fruit for you guys? I guess, more broadly, I mean, as you think about deleveraging, it seems like the messaging has been more about increasing EBITDA than actually reducing debt. This current environment maybe changed any of that calculation?

知道了。這很有幫助。然後是一個單獨的問題。我的意思是，我們開始看到再融資活動回升，也許是一個更有利的企業債務環境。你在那裡看到什麼？你們有機會進行一些交易嗎？無論是降低利率還是延長期限。我想如果是這樣的話，哪些樂器對你們來說是唾手可得的呢？我想，更廣泛地說，當你考慮去槓桿化時，所傳達的信息似乎更多是關於增加 EBITDA，而不是實際減少債務。當前的環境可能會改變任何計算？

Well, we're -- James, we're always looking for opportunities to optimize our debt structure. And I think we were very fortunate in 2022 to get rid of some of our higher cost debt that was incurred during the pandemic. So we don't have any double-digit notes that are out there. As I did say, we will be out in the market later this year in normal course to refinance or amend and extend our operating facilities, which is our term loan A and our revolver.

好吧，我們——詹姆斯，我們一直在尋找優化債務結構的機會。我認為我們非常幸運，在 2022 年擺脫了大流行期間產生的一些成本較高的債務。所以我們沒有任何兩位數的鈔票。正如我所說，我們將在今年晚些時候正常進入市場進行再融資或修改和擴大我們的運營設施，即我們的定期貸款 A 和我們的左輪手槍。

Beyond that, our next big slug of debt as it comes due in December of 2024. We have [3 5/8] notes that are out there. And we'll look over the course of the next 12 months, what to do with that. But as the cash machine continues to ramp up, as advanced ticket sales continue to ramp up, as EBITDA and margin continues to improve, that is the number one thing we're focused on is delevering to -- in order to help derisk the stock.

除此之外，我們的下一筆巨額債務將於 2024 年 12 月到期。我們有 [3 5/8] 票據。我們將研究接下來 12 個月的過程，以及如何處理這些問題。但隨著自動提款機的數量不斷增加，隨著預售票的銷量不斷增加，隨著 EBITDA 和利潤率不斷提高，我們關注的第一件事就是去槓桿化——以幫助降低股票風險。

So we're going to -- we're focused on that. We've done this before. It's going to take a little bit of time. But I think there's more to see over the course of the next 12 to 18 months.

所以我們將——我們專注於此。我們以前已經這樣做過。這需要一點時間。但我認為在接下來的 12 到 18 個月內還有更多值得關注的事情。

And James, I'll just take this opportunity to reiterate a comment that Mark made in his prepared remarks that we have paid down $1.4 billion of debt in the first half of the year which we're super excited about.

詹姆斯，我想藉此機會重申馬克在他準備好的講話中發表的評論，即我們在今年上半年償還了 14 億美元的債務，對此我們感到非常興奮。

Got it. That's really helpful. And Harry, congratulations on the new role and good luck.

知道了。這真的很有幫助。哈利，祝賀你擔任新角色，祝你好運。

Our next question comes from Conor Cunningham with Melius Research.

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

Just one for me. Harry, in the prepared remarks, you made a comment around just culture change that's underway at the company. Can you just provide a little context to that comment? Is it -- why do you need it now? And what's the most -- what's the biggest pressing that you want to achieve with it? Or is that more of a comment just around just the refreshing?

只給我一個。哈利，在準備好的發言中，您對公司正在進行的文化變革發表了評論。您能否為該評論提供一些背景信息？是嗎——為什麼你現在需要它？你想用它實現的最緊迫的任務是什麼？或者這更多的是關於令人耳目一新的評論？

Well, I think Conor, it's a little bit of both, right? With new leadership team, we have to set a culture that's going to work for us in the mid- to long term. And I'm really excited that the entire leadership group, both the new members and the existing ones are embracing. But if I was to sum it up in one sentence, we're looking to build a culture where we're firmly focused on margin enhancements that we discussed while at the same time delivering exceptional guest experience.

嗯，我想康納，兩者都有一點，對吧？有了新的領導團隊，我們必須建立一種中長期對我們有利的文化。我真的很興奮整個領導團隊，包括新成員和現有成員都在擁抱。但如果我用一句話來概括的話，我們正在尋求建立一種文化，在這種文化中，我們堅定地專注於我們討論過的利潤率提高，同時提供卓越的客戶體驗。

And it's really a fine line to walk. I mean you can cut costs and have a worse guest experience. That's not what we're looking to do. Maybe in the past, we were a little bit overly focused on the guest experience without the cost side of it. The question is, how do we balance both of it. And I have to say, I'm excited. Mark and I have both talked about the reduction, the sequential improvement in our underlying core plus over all 4 quarters of this year, while at the same time our guest satisfaction continues to do very well. Our first guest repeat rate is at record levels, really good guest satisfaction scores, advanced bookings through the roof. So this formula seems to be working well. To do this right, it has to take more than one quarter because we're not looking to do anything drastic. We're looking to do this a little bit at a time and make sure that we monitor it closely, and that's what we're going to continue to do.

這確實是一條很好走的路線。我的意思是你可以削減成本並獲得更糟糕的客人體驗。這不是我們想要做的。也許在過去，我們有點過於關注賓客體驗，而不考慮成本。問題是，我們如何平衡兩者。我不得不說，我很興奮。馬克和我都談到了今年四個季度我們的基礎核心業務的減少和連續改善，同時我們的客戶滿意度繼續表現出色。我們的第一位客人重複率達到了創紀錄的水平，客人滿意度得分非常高，提前預訂也達到了頂峰。所以這個公式看起來效果很好。為了正確地做到這一點，必須需要超過四分之一的時間，因為我們不打算做任何激烈的事情。我們希望一次做一點點，並確保我們密切監控它，這就是我們將繼續做的事情。

Thank you, Conor. So with that, Maria, we have time for one last question. So please call it out.

謝謝你，康納。瑪麗亞，我們現在有時間回答最後一個問題。所以請大聲喊出來。

Our next question comes from Dan Politzer with Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

Just a quick question, Harry. It feels like there's been a tangible shift more to focus on the cost side than the yield side. Maybe that's just reflected in current numbers versus how you're looking at things. But I guess as you think about 2024, 2025 and as you think about also long-term targets, is this an accurate depiction? And could we maybe get long-term targets from you as you kind of settle into the role later this year or possibly early 2024?

只是一個簡單的問題，哈利。感覺已經發生了明顯的轉變，更多地關注成本方面而不是產量方面。也許這只是反映在當前的數字與你看待事物的方式上。但我想當你思考 2024 年、2025 年以及長期目標時，這是一個準確的描述嗎？當您在今年晚些時候或可能在 2024 年初適應這個角色時，我們能否從您那裡得到長期目標？

So Dan, great question. So first off, we are absolutely focused on yield and cost, right? Because ultimately, margin is a combination of those 2 numbers. I think I discussed in one of the earlier questions that we think we can do an outsized job in 2024 in yield growth somewhat because of the tailwinds we saw in Q4 and '23 when we weren't fully back up to operations, but also because of all the healthy consumer demand metrics that we're seeing over the last few months that we believe will continue into the future. And on a long-term basis, we are committed to a low to mid-single-digit yield increases with moderate and disciplined capacity growth as we had in 2014 to 2019. So that absolutely will continue.

丹，好問題。所以首先，我們絕對關注產量和成本，對嗎？因為最終，保證金是這兩個數字的組合。我想我在之前的一個問題中討論過，我們認為我們可以在2024 年在收益率增長方面做出巨大的努力，這在一定程度上是因為我們在第四季度和23 年看到了順風，當時我們還沒有完全恢復運營，但也因為我們在過去幾個月中看到的所有健康的消費者需求指標，我們相信這些指標將持續到未來。從長期來看，我們致力於實現低至中個位數的收益率增長，並像 2014 年至 2019 年那樣，適度且有紀律地實現產能增長。因此，這種情況絕對會持續下去。

In terms of long-term target, we think about it a lot, but I've been on the job now for 30 days. So a little bit early for me to go all in. I've been spending a lot of time with our -- on our ships, with our operations folks, with our employees, with our travel agency community, with our customers, spending some time with the investment community as well. And we believe by early '24, we'll be in the position to provide not only guidance for '24, of course, but also long-term metrics on how we view the future EBITDA margin, yield and cost components of the business going forward.

關於長期目標，我們想了很多，但我現在已經工作了30天了。所以對我來說全力以赴還為時過早。我花了很多時間與我們的——在我們的船上、與我們的運營人員、與我們的員工、與我們的旅行社社區、與我們的客戶在一起，花了一些時間以及與投資界相處的時間。我們相信，到 24 年初，我們不僅能夠提供 24 年的指導，當然，還能提供有關我們如何看待未來 EBITDA 利潤率、收益和業務成本組成的長期指標向前。

Okay. So once again, I want to thank everyone for joining us today. We'll be around to answer any questions you may have. Have a great day. Stay safe and all the best. Bye now.

好的。我要再次感謝大家今天加入我們。我們將隨時回答您的任何問題。祝你有美好的一天。保持安全並祝一切順利。再見了。

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。