挪威郵輪 (NCLH) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Norwegian Cruise Line Holdings Third Quarter 2023 Earnings Conference Call. My name is John, and I will be your operator. (Operator Instructions) As a reminder to all participants, this conference call is being recorded. And I would now like to turn the conference over to your host, Jessica John. Mrs. John. Thank you. Please proceed.

早上好，歡迎參加挪威郵輪控股公司 2023 年第三季收益電話會議。我叫約翰，我將是您的接線生。 （操作員說明） 謹提醒所有與會者，本次電話會議正在錄音。現在我想把會議交給主持人潔西卡約翰。約翰夫人。謝謝。請繼續。

Thank you, John, and good morning, everyone. Thank you for joining us for our third 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.

謝謝約翰，大家早安。感謝您參加我們的 2023 年第三季財報和業務更新電話會議。今天，挪威郵輪控股公司總裁兼執行長 Harry Sommer 也加入了我的行列。執行副總裁兼財務長 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 be found on our IR website. Both the conference call and presentation will be available for replay for 30 days following today's call. Before we begin, I would like to cover a few items.

謹此提醒，本次電話會議同時在公司投資人關係網站上進行網路直播。網址：www.nclhltd.com/investors。我們還將在本次電話會議期間參考幻燈片演示，該演示文稿可以在我們的 IR 網站上找到。電話會議和簡報均可在今天電話會議後 30 天內重播。在開始之前，我想先介紹一些內容。

Our press release with third 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.

我們的 2023 年第三季業績新聞稿已於今天上午發布，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有重大差異。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。

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較的公認會計準則財務指標和其他相關揭露的調節。

With that, I'd like to turn the call over to Harry Sommer. Harry?

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 today. Before we get into prepared remarks, if you haven't already heard the good news, I'd like to congratulate Jessica on her recent appointment to Chief Strategy Officer for Regent Seven Seas Cruises.

好的，謝謝你，潔西卡，大家早安。感謝大家今天加入我們。在我們準備好發言之前，如果您還沒有聽到這個好消息，我要祝賀傑西卡最近被任命為麗晶七大洋遊輪公司的首席策略官。

I'd also like to welcome Sarah Inman, who recently joined the company last week as our new Head of Investor Relations and Corporate Communications. We are very pleased to have Sarah on the team, and I'm sure many of you will have the chance to meet her in the weeks and months ahead. As she ramps up on the company, Jessica will continue to be available in the interim to ensure a smooth transition. Congratulations to you Jessica and congratulations to you Sarah.

我還要歡迎莎拉·英曼 (Sarah Inman)，她上週剛加入公司，擔任我們新任投資者關係和企業傳播主管。我們很高興莎拉加入我們的團隊，我相信你們中的許多人將有機會在未來幾週和幾個月內見到她。隨著傑西卡在公司的發展不斷壯大，她將繼續在過渡期間提供幫助，以確保順利過渡。恭喜你潔西卡，恭喜你莎拉。

Now in turning to results, I'm pleased to share with you this morning that we achieved strong third quarter results generating record revenue and a meeting or exceeding guidance on all key metrics. I have to attribute the success to the hard work and dedication of our incredible team members, both on our ships and at our offices worldwide. We also continue to make good progress on both defining our longer-term strategic vision and executing on the near-term priorities I shared last quarter, which are shown on Slide 5.

現在談到結果，我很高興今天早上與您分享，我們取得了強勁的第三季度業績，創造了創紀錄的收入，並且所有關鍵指標均達到或超過了指導值。我必須將成功歸功於我們出色的團隊成員的辛勤工作和奉獻精神，無論是在我們的船上還是在我們全球的辦公室。我們也在確定長期策略願景和執行我上季度分享的近期優先事項方面繼續取得良好進展，如幻燈片 5 所示。

First, our team is focused on capitalizing on the strong demand environment for cruise to ensure we stay on our optimal booking curve while maximizing pricing and onboard revenue generation.

首先，我們的團隊專注於利用郵輪的強勁需求環境，確保我們保持最佳預訂曲線，同時最大限度地提高定價和船上創收。

On a 12-month forward basis, our book position continues to be at record levels within our optimal ranges and at higher prices. While we are very pleased with our progress so far in building our book for 2024 and beyond, we are also keeping a close eye on the evolving macroeconomics and geopolitical landscape and are ready and able to adapt if needed.

從 12 個月遠期來看，我們的帳面部位繼續處於我們最佳範圍內的創紀錄水平，且價格較高。雖然我們對迄今為止在編寫 2024 年及以後的書籍方面取得的進展感到非常滿意，但我們也在密切關注不斷變化的宏觀經濟和地緣政治格局，並準備好並能夠在需要時進行調整。

The next priority is rightsizing our cost base through our ongoing margin enhancement initiatives. Since we kicked off this initiative last year, we have seen sustained momentum with 3 consecutive quarters of improvement in our operating cost metrics.

下一個優先事項是透過我們持續的利潤提高計劃來調整我們的成本基礎。自從我們去年啟動這項計劃以來，我們看到了持續的勢頭，營運成本指標連續三個季度有所改善。

And what's even more encouraging is that we have done this without impacting the guest experience as evidenced by our continued strong guest satisfaction level, continued strong onboard future cruise sales and guest repeat rates and continued high onboard spend.

更令人鼓舞的是，我們在不影響客人體驗的情況下做到了這一點，這一點從我們持續強勁的客人滿意度、持續強勁的未來郵輪銷售和客人重複率以及持續的高船上支出證明了這一點。

These results have been driven by a palpable change in culture with team members across the globe, shipboard and shoreside embracing the challenge to find new and innovative ways to accelerate our margin recovery while still preserving our long-term brand equity.

這些成果是由全球、船上和岸上的團隊成員明顯的文化變化所推動的，他們迎接挑戰，尋找新的創新方法來加速我們的利潤恢復，同時仍保留我們的長期品牌資產。

To give you just one example. Last month, we took the time to tour Norwegian Jewel ahead of the scheduled 2025 dry dock. We walked through each planned project while on board stopping to get real-time guest feedback to help identify the highest value opportunities. The result of this more methodical approach resulted in not just lower cost, but also shortened the expected length of the dry dock itself by 9 days which will allow us to return the shift to revenue generating service that much faster.

僅舉一例。上個月，我們在預定的 2025 年幹船塢到來之前花時間參觀了挪威寶石號。我們在船上瀏覽了每個計劃的項目，並停下來獲取即時的客人回饋，以幫助確定最高價值的機會。這種更有條理的方法不僅降低了成本，而且還將乾船塢本身的預期長度縮短了 9 天，這將使我們能夠更快地轉向創造收入服務。

All in all, the changes we made to the dry dock plan are expected to result in over 20% CapEx savings and a few million dollars of incremental revenue versus our original plan. It was a day well spent. While we have less of the lowest hanging fruit still available at this point, several opportunities like this remain untapped.

總而言之，與我們原來的計劃相比，我們對乾船塢計劃所做的改變預計將節省超過 20% 的資本支出，並增加數百萬美元的收入。這一天過得很好。雖然目前我們能實現的目標還比較少，但類似這樣的幾個機會仍未開發。

I want to reassure you that we are committed to keeping the same relentless focus, vigilant and balanced approach to identifying, evaluating and executing on opportunities in a methodical manner. This is not a one-off exercise to us, but rather something we are embedding in the DNA of our entire organization.

我想向您保證，我們致力於保持同樣的不懈關注、警惕和平衡的方法，以有條不紊的方式識別、評估和執行機會。這對我們來說不是一次性的練習，而是我們將其融入整個組織的 DNA 中。

This leads us to our next priority, which is to make strategic and intentional enhancements to our offerings and guest experience. With the continued keen focus on costs, we are still making smart, high-return generating modification and investments in our product and service offerings.

這引導我們進入下一個優先事項，即對我們的產品和客戶體驗進行策略性和有意的增強。隨著對成本的持續關注，我們仍在對我們的產品和服務進行明智的、高回報的修改和投資。

For example, in the fourth quarter, we are launching air choice for Norwegian Cruise Line. This will allow guests to upgrade from our current bundled air offering in which guests are signed flight at the Lines' discretion and allow them to choose their specific preferred flights for a fee.

例如，在第四季度，我們將為挪威郵輪推出航空選擇。這將允許乘客從我們目前的捆綁航空服務（乘客由航空公司自行決定簽署航班）升級，並允許他們付費選擇特定的首選航班。

This is expected to have a dual benefit of improving both guest satisfaction and generating incremental revenue. We are also making disciplined investments in technology from better websites and mobile apps to Universal Starlink high-speed Internet across our entire fleet by the end of 2024. Our high-value targeted efforts to provide an excellent guest experience have not gone unnoticed.

預計這將具有提高客人滿意度和增加收入的雙重好處。我們還在技術方面進行嚴格的投資，從更好的網站和行動應用程式到到2024 年底為我們整個機隊提供通用星鏈高速互聯網。我們為提供卓越的賓客體驗而做出的高價值、有針對性的努力並沒有被忽視。

In fact, Norwegian Cruise Line was just named the top net Mega-ship Cruise Line by Conde Nast Traveler in their 2023 Reader's Choice Awards. Readers voted for their top choices based on several categories, including service, food, accommodations and sustainability and Norwegian Cruise Line won. So it's clear that our product continues to resonate strongly with our guests.

事實上，挪威郵輪公司剛剛在《Conde Nast Traveler》2023 年讀者選擇獎中被評為頂級淨巨型郵輪郵輪公司。讀者根據服務、食品、住宿和永續發展等多個類別投票選出他們的最佳選擇，挪威郵輪公司獲勝。很明顯，我們的產品繼續引起客人的強烈共鳴。

Turning to the fourth priority on the list. After welcoming Oceania's Vista in May, in August, we took delivery of the incredible Norwegian Viva, the second ship in the game-changing Prima class and we're not done yet.

轉向清單中的第四個優先事項。繼五月迎來大洋洲的 Vista 號之後，八月，我們接收了令人難以置信的挪威 Viva 號，這是改變遊戲規則的 Prima 級的第二艘船，我們的工作還沒有結束。

This year is the first year in our history in which we are introducing 1 ship for each brand, all of which were built with our incredible partners at Fincantieri in Italy.

今年是我們歷史上第一年為每個品牌推出一艘船，所有這些船都是與我們在義大利芬坎蒂尼的令人難以置信的合作夥伴建造的。

In just a few weeks, I will be heading back to Italy to take delivery of Regent Seven Seas Grandeur, which you can see on Slide 6. Grandeur rounds out the highly successful Explorer class for Regent, taking luxury cruising to another level. The reception for these ships continues to be overwhelmingly positive across the board, whether it's from our valued travel agents, our royal pass guests or guests trying one of our award-winning brands for the very first time.

幾週後，我將返回義大利，接收麗晶七海尊爵號的交付，您可以在幻燈片6 中看到它。尊爵號為麗晶酒店的高度成功的探索者級畫上了圓滿的句號，將豪華遊輪提升到了另一個水平。無論是來自我們尊貴的旅行社、我們的皇家通行證客人，還是第一次嘗試我們屢獲殊榮的品牌的客人，這些遊輪的接待仍然非常積極。

The disciplined addition of new builds continues to be a key cornerstone of our strategy as they are expected to be meaningful drivers of the company's future earnings growth and margin expansion.

嚴格增加新建築仍然是我們策略的關鍵基石，因為它們預計將成為公司未來獲利成長和利潤率擴張的重要推動力。

Our new built pipeline, which you can see on Slide 7, represents a 5% capacity growth CAGR from 2019 to 2028, and we are confident in our ability to absorb this growth profitably. We remain in talks with our shipbuilding partners to embark on a new vision for all 3 of our brands and plan to continue to add new ships across our brands at the right time and at the right interval.

您可以在幻燈片 7 上看到我們新建的管道，從 2019 年到 2028 年，產能複合年增長率為 5%，我們對能夠盈利地吸收這一增長的能力充滿信心。我們仍在與造船合作夥伴進行談判，為我們的所有三個品牌制定新的願景，並計劃繼續在正確的時間和適當的時間間隔增加我們品牌的新船舶。

But for now, after the delivery of Grandeur this month, we have no additional ship delivery scheduled until spring of 2025, in the interim, we expect to benefit from both organic growth as well as the annualization of the 2023 new-builds next year.

但就目前而言，在本月 Grandeur 號交付後，我們在 2025 年春季之前沒有額外的船舶交付計劃，在此期間，我們預計將受益於有機增長以及明年 2023 年新建船舶的年化增長。

The final priority on the list, shown on Slide 8, is charting a path to reduce leverage and derisk the balance sheet. While the return to investment grade like financial position will be a multiyear process, we continue to expect a significant organic improvement in our net leverage in the intermediate term, driven by our expected cash flow generation and normal course debt amortization payments.

如投影片 8 所示，清單上的最後一個優先事項是製定降低槓桿率和降低資產負債表風險的路徑。雖然財務狀況等投資等級的回報將是一個多年的過程，但我們仍然預計，在我們預期的現金流產生和正常債務攤銷支付的推動下，中期淨槓桿率將出現顯著的有機改善。

With new leadership and perspectives across our organization, we have embarked on a review of our entire business, taking a fresh look at all aspects of our strategy. We are embracing change while preserving what makes it special, and we are committed to take back a leadership position not just in cruise, but in the broader travel, leisure and hospitality sector.

隨著整個組織的新領導和觀點的出現，我們開始對整個業務進行審查，重新審視我們策略的各個方面。我們正在擁抱變革，同時保留其獨特之處，我們致力於不僅在郵輪領域，而且在更廣泛的旅行、休閒和酒店領域奪回領導地位。

In our view, no idea is too big or too small. We have a full vision for what the future holds for Norwegian, so we're taking the time to be thoughtful and thorough as we identify opportunities to ultimately drive more value for our shareholders. Our goal is to share this plan with all of you sometime in spring of next year, along with associated multiyear financial targets.

我們認為，沒有什麼想法太大或太小。我們對挪威航空的未來有著全面的願景，因此我們在尋找最終為股東帶來更多價值的機會時，會花時間進行深思熟慮和徹底的考慮。我們的目標是在明年春季的某個時候與大家分享該計劃以及相關的多年財務目標。

Now turning to Slide 9. As we focus on closing out the year strong, successfully executing on our near-term priorities and defining our long-term strategic plan and vision for the future, our team is more united and energize now more than ever. In fact, earlier this month, we held our global conference in Miami, the first time in several years that we have brought together leaders across all 3 of our amazing brands in person.

現在轉向幻燈片9。當我們專注於強勁地結束這一年、成功執行我們的近期優先事項並確定我們的長期戰略計劃和未來願景時，我們的團隊現在比以往任何時候都更加團結和充滿活力。事實上，本月早些時候，我們在邁阿密舉行了全球會議，這是我們幾年來第一次將我們所有 3 個出色品牌的領導人親自聚集在一起。

This year's theme Next Gen was all about the future and how we can reach further individually and collectively to accelerate momentum as we move into 2024 and beyond. It was an opportunity to bring the team together to spur innovation and collaboration and ensure that across the organization, we are all aligned and marching towards the same goals as we strengthen the foundation for sustained profitable growth.

今年的主題「下一代」是關於未來，以及我們如何能夠在邁入 2024 年及以後的過程中，以個人和集體的方式進一步取得進展，以加速發展勢頭。這是一個將團隊聚集在一起促進創新和協作的機會，並確保整個組織內我們都團結一致，朝著相同的目標邁進，同時鞏固了持續獲利成長的基礎。

This served to further cement my confidence that we are taking the right steps today to best position the company for the future. Now shifting our discussions to current bookings, demand and pricing trends shown on Slide 10. We achieved record revenue of $2.5 billion in the third quarter, an increase of 33% over the same period in 2019.

這進一步堅定了我的信心，我們今天正在採取正確的步驟，為公司的未來做好最佳定位。現在將我們的討論轉向投影片 10 所示的當前預訂、需求和定價趨勢。第三季我們實現了創紀錄的 25 億美元收入，比 2019 年同期成長了 33%。

The strong consumer demand environment resulted in load factors of 106% in the third quarter while growing Net Per Diem by nearly 8%, all while absorbing a 20% growth in capacity.

強勁的消費者需求環境導致第三季的載客率達到 106%，每日平均淨值成長近 8%，同時吸收了 20% 的運力成長。

Before we get into operational details, in recent months, we have seen the devastation caused by both the wildfires in Maui and the escalating conflict in Israel. Our thoughts and prayers are with those impacted by these tragic events. Our priority remains the safety, security and well-being of our guests, team members and the communities we visit, and we have mobilized to modify impacted itineraries and help support relief efforts in both regions.

在我們討論行動細節之前，近幾個月來，我們已經看到了毛伊島野火和以色列不斷升級的衝突所造成的破壞。我們的思念和祈禱與那些受這些悲慘事件影響的人同在。我們的首要任務仍然是我們的客人、團隊成員和我們訪問的社區的安全、安保和福祉，我們已動員起來修改受影響的行程，並幫助支持這兩個地區的救援工作。

Starting with Hawaii, we were uniquely impacted compared to our cruise peers given our unique year-round inter-island Hawaii offering, the only one in the industry with our U.S. flagged vessel Pride of America.

從夏威夷開始，與遊輪同行相比，我們受到了獨特的影響，因為我們全年提供獨特的夏威夷島際航線，是業內唯一擁有美國國旗遊輪“美國之傲”號的遊輪。

When the wildfires began in August, we quickly modified certain itineraries to avoid straining local resources with the guidance and encouragement of a responsible return from both the Hawaiian governor Josh Green and the Hawaii Tourism Authority, we resumed our scheduled calls to Kahului, Maui in early September.

當八月份山火開始時，我們迅速修改了某些行程，以避免當地資源緊張，在夏威夷州州長喬什·格林和夏威夷旅遊局負責返回的指導和鼓勵下，我們於年初恢復了前往毛伊島卡胡盧伊的預定停靠九月。

As it occurred in the past, with events of this nature, which received significant attention and media coverage, we did experience a temporary slowdown in close-in bookings for Hawaii sailings.

正如過去發生的那樣，由於此類事件受到了廣泛關注和媒體報道，我們確實經歷了夏威夷航班近距離預訂的暫時放緩。

This impacted not only Pride of America, but also certain sailings on Norwegian Spirit also based in the region for much of the fall, which in total represent approximately 6% of our capacity in the fourth quarter.

這不僅影響了美國之傲號，也影響了挪威精神號秋季大部分時間以該地區為基地的某些航班，這些航班總共約占我們第四季運力的 6%。

Demand has steadily improved in recent weeks and while not quite fully recovered yet, it's on the right trajectory and now approaching normalized levels. While we expect some lingering impact in the first quarter, Hawaii only accounts for approximately 4% of capacity in this period as well as for the full year as Norwegian Spirit repositions outside of the region in December.

最近幾週需求穩定改善，雖然尚未完全恢復，但已處於正確的軌道上，目前已接近正常水平。雖然我們預計第一季會受到一些揮之不去的影響，但由於挪威精神號於 12 月在該地區之外重新佈局，夏威夷在此期間以及全年的運力僅佔約 4%。

Turning to Israel. Once the conflict began to escalate, we canceled all calls to Israel for the remainder of the year. We recently made the preemptive decision to cancel calls to Israel in 2024 as well, and our brands are currently working diligently to modify itinerary and communicate these changes to guests.

轉向以色列。衝突開始升級後，我們取消了今年剩餘時間對以色列的所有通話。我們最近做出先發制人的決定，取消 2024 年飛往以色列的航班，我們的品牌目前正在努力修改行程並向客人傳達這些變化。

One of the benefits of our industry is that cruise ships are easily movable assets so we can pivot if needed and still offer incredible itineraries for our guests to enjoy. However, we are seeing both elevated cancellation activity and lower new bookings for this region, primarily for close-in sailings, as the conflict is ongoing and still front and center in the consumer psyche.

我們行業的好處之一是遊輪是易於移動的資產，因此我們可以在需要時進行調整，並且仍然為我們的客人提供令人難以置信的行程。然而，我們看到該地區的取消活動增加，而新預訂量減少，主要是近距離航行，因為衝突仍在持續，並且仍然是消費者心理的前沿和中心。

Prior to the conflict, approximately 7% of capacity in the fourth quarter of 2023 and 4% of capacity for the full year 2024 had visits to the broader Middle East region. Breaking 2024 down a bit further, very little capacity is in this region early in the year, only about 1% of capacity in Q1.

在衝突之前，2023年第四季約7%的運力和2024年全年約4%的運力訪問了更廣泛的中東地區。進一步細化 2024 年，該地區年初的產能非常少，僅佔第一季產能的 1% 左右。

That said, we are encouraged by the strength in our book position for 2024 beyond, which on a 12-month forward basis remains in a record position at our optimal levels and at robust pricing levels.

儘管如此，我們對 2024 年以後的帳面狀況感到鼓舞，從 12 個月遠期來看，帳面狀況在我們的最佳水平和強勁的定價水平上仍處於創紀錄的水平。

Onboard revenue generation, which we view as our single best real-time indicator of consumer confidence also continues to knock it out of the park. During the quarter, gross onboard revenue for Passenger Cruise Days was approximately 30% higher than the comparable 2019 period.

我們認為船上創造收入是我們衡量消費者信心的最佳即時指標，但它也持續表現出色。本季度，客運郵輪日的船上總收入比 2019 年同期高出約 30%。

This is driven not only by strong demand but also through our multiyear effort to enhance our bundled offerings and pull forward and presell more revenue before a guest ever step foot on the ship, effectively expanding the sales cycle and getting more of the consumers well over time.

這不僅是由強勁的需求推動的，也是透過我們多年的努力來增強我們的捆綁產品，並在客人踏上郵輪之前拉動和預售更多收入，從而有效地擴大銷售週期並隨著時間的推移吸引更多的消費者。

For the third quarter, pre-sold revenue on a per passenger day basis was up over 80% higher than in 2019 with nearly all of our guests purchasing something pre-cruise on their own or through our bundled offering. Not only does this lead to higher spend by guests over the course of their entire journey, but it also pulls forward cash inflows for the company. This is one of the reasons why, as you can see on Slide 11, our advance ticket sales balance increased nearly 60% in the third quarter versus 2019, far outstripping capacity growth of 20%.

第三季度，每個乘客日的預售收入比 2019 年增長了 80% 以上，幾乎所有客人都自己或透過我們的捆綁產品在郵輪前購買了一些東西。這不僅會增加客人在整個旅程中的支出，而且還會為公司帶來現金流入。正如您在幻燈片 11 中看到的，這就是為什麼我們的預售票銷售餘額在第三季度比 2019 年增長了近 60%，遠遠超過運力增長 20% 的原因之一。

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 12 outlines key accomplishments and milestones.

在將電話轉給 Mark 之前，我想介紹一下我們的全球永續發展計畫「Sail & Sustain」的最新情況，其中投影片 12 概述了主要成就和里程碑。

Since we last spoke, we partnered with the Global Maritime Forum to advance our shared mission of driving a positive change for the industry, environment and society. We also joined its flagship initiative, the Getting to Zero Coalition, a powerful alliance with more than 200 organizations within the maritime, energy, infrastructure and finance sectors committed to supporting the maritime industry in its journey towards full decarbonization by 2050.

自從我們上次發言以來，我們與全球海事論壇合作，以推進我們的共同使命，即推動產業、環境和社會的積極變革。我們還加入了其旗艦計劃“零排放聯盟”，這是一個由海事、能源、基礎設施和金融領域 200 多個組織組成的強大聯盟，致力於支持海事行業在 2050 年實現全面脫碳。

I'm also proud to share that we were recently recognized by Forbes in its World's Best Employers List for 2023. Our team members are, by far, our most important resource, and we are committed to their continued development and well-being.

我還很自豪地告訴大家，我們最近被福布斯評為 2023 年全球最佳雇主名單。到目前為止，我們的團隊成員是我們最重要的資源，我們致力於他們的持續發展和福祉。

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

現在，我將把電話轉給馬克，請他對我們的財務表現和前景發表評論。標記？

Thank you, Harry, and good morning, everyone. My commentary today will focus on our third quarter 2023 financial results, 2023 guidance and our financial position.

謝謝你，哈利，大家早安。我今天的評論將重點放在我們 2023 年第三季的財務表現、2023 年指導和我們的財務狀況。

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.

除非另有說明，我對日均淨收益、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 13 highlights our third quarter results in which we are very pleased to report that we met or exceeded guidance for all key metrics. Focusing on the topline, results were strong with Net Per Diems increasing nearly 8% and net yield increasing approximately 3%, both coming in at the high end of guidance.

投影片 13 重點介紹了我們第三季的業績，我們非常高興地報告，我們達到或超過了所有關鍵指標的指導。重點關注營收，業績強勁，日均淨額成長近 8%，淨收益率成長約 3%，均處於指導值的高端。

Turning to costs. Adjusted net cruise costs excluding fuel per capacity day was in line with guidance at $152 in the quarter, demonstrating our third consecutive quarter of improvement since we began our cost reduction efforts, an earnest late last year. As expected, this also included approximately [$2] of certain non-recurring benefits realized in the quarter.

轉向成本。調整後的遊輪淨成本（不包括每運力日的燃油）與本季度 152 美元的指導一致，這表明自去年年底我們開始認真降低成本努力以來，我們連續第三個季度取得了改善。正如預期的那樣，這也包括本季實現的約 [2 美元] 的某些非經常性收益。

Adjusted EBITDA was approximately $22 million higher than our guidance at approximately $752 million in the quarter. In addition, adjusted EPS of $0.76 also meet our projection by $0.06.

本季調整後 EBITDA 比我們的指引（約 7.52 億美元）高出約 2,200 萬美元。此外，調整後每股收益 0.76 美元也符合我們的預測 0.06 美元。

Overall, we were very pleased with the strong results we generated in the third quarter. Shifting our attention to guidance. Our outlook for the fourth quarter can be found on Slide 14. We are projecting very strong net per diem growth of approximately 15% to 16%. And net yield growth of approximately 7.75% to 8.75%.

整體而言，我們對第三季取得的強勁業績感到非常滿意。將我們的注意力轉向指引。我們對第四季的展望可以在幻燈片 14 中找到。我們預計日均淨成長率非常強勁，約為 15% 至 16%。而淨收益率成長約為7.75%至8.75%。

Keep in mind, as we laid out last quarter, there are several factors contributing to the exceptionally strong pricing growth we are expecting in the fourth quarter, as a result of more luxury and upper premium capacity operating with our new region and Oceania ships as well as the favorable comp from the rapid exit of Cuba in 2019.

請記住，正如我們上季度所闡述的那樣，有幾個因素導致了我們預計第四季度的價格異常強勁增長，因為我們的新地區和大洋洲船舶運營著更多的豪華和高端運力作為2019年古巴快速退出的有利補償。

While this is still a strong result on a core basis, we have tempered revenue expectations since we last spoke, primarily on the back of lower occupancy. As Harry touched on earlier, we are experiencing impacts during the quarter from exogenous events in Hawaii and Israel, the latter of which also had implication for parts of the broader Middle East in the form of elevated cancellations and lower booking volumes.

雖然這在核心基礎上仍然是一個強勁的結果，但自上次談話以來，我們已經調整了收入預期，主要是由於入住率較低。正如哈利之前提到的，本季我們正經歷夏威夷和以色列外部事件的影響，後者也以取消航班增多和預訂量下降的形式對更廣泛的中東部分地區產生了影響。

In addition, as Norwegian Cruise Line continues to fine-tune its differentiated strategy of longer, more premium itineraries, certain voyages in the late season Eastern Mediterranean and parts of Asia, performed slightly below expectations.

此外，隨著挪威郵輪持續調整更長、更高階航線的差異化策略，季末東地中海和亞洲部分地區的部分航次表現略低於預期。

While this resulted in a disconnect in the fourth quarter of 2023, our booking curves, guest sourcing and marketing plans have already been recalibrated for similar sailings next year, resulting in a book position that is significantly better for the same period in 2024 compared to the same time last year.

雖然這導致 2023 年第四季度出現脫節，但我們已經針對明年的類似航班重新調整了預訂曲線、客源和營銷計劃，從而導致 2024 年同期的預訂狀況明顯好於 2024 年同期。去年同一時間。

Shifting to operating costs. Adjusted net cruise cost excluding fuel per capacity day is expected to be approximately $151 in the fourth quarter. This also includes certain non-recurring benefits that partially shifted from Q3 and that we do not expect to occur in 2024 and are also partially offset by costs related to inaugural activities. On a normalized basis, unit costs would have been approximately $153 in the quarter.

轉向營運成本。調整後的遊輪淨成本（不包括每運力日的燃油）預計第四季約為 151 美元。這也包括從第三季部分轉移的某些非經常性收益，我們預計這些收益不會在 2024 年發生，也被與首次活動相關的成本部分抵銷。按照標準化計算，本季的單位成本約為 153 美元。

Taking all this into account, adjusted EBITDA for the fourth quarter is expected to be approximately $360 million and adjusted EPS loss is expected to be approximately $0.15, on a projected diluted share count of approximately 425 million.

考慮到所有這些，第四季度調整後的 EBITDA 預計約為 3.6 億美元，調整後的 EPS 損失預計約為 0.15 美元，稀釋後的股數預計約為 4.25 億股。

Keep in mind that we have 4 outstanding exchangeable notes, which will cause variability in the diluted weighted average shares outstanding used to calculate EPS following the If-converted method.

請記住，我們有 4 份未償還的可交換票據，這將導致用於按照 If-converted 方法計算 EPS 的稀釋加權平均已發行股票發生變化。

Slide 22 in our earnings deck has more information to help you with modeling. Now shifting our focus to our outlook for the full year '23. We expect adjusted EBITDA of approximately $1.86 billion within the previous range of $1.85 billion to $1.95 billion despite the headwinds expected in the fourth quarter. This is expected to translate to adjusted EPS of approximately $0.73 compared to prior guidance of $0.80.

我們收益表中的投影片 22 提供了更多資訊來幫助您進行建模。現在將我們的注意力轉移到對 23 年全年的展望上。儘管第四季預計會出現不利因素，但我們預計調整後的 EBITDA 約為 18.6 億美元，之前的區間為 18.5 億美元至 19.5 億美元。預計調整後每股收益約為 0.73 美元，而先前的指引為 0.80 美元。

Taking a closer look at the components of the full year outlook, our healthy net per diem growth of approximately 9.25% to 9.75% is slightly narrowed versus previous guidance. Net yield growth is now expected to be 4.25% to 4.75% with capacity up 18%.

仔細研究全年前景的組成部分，我們健康的日均淨增長率約為 9.25% 至 9.75%，與先前的指導相比略有收窄。目前預期淨收益率成長 4.25% 至 4.75%，產能成長 18%。

Moving on to costs. Adjusted net cruise costs excluding fuel per capacity day is expected to average approximately $155 for the full year, better than our prior guidance of $156. This improvement is the result of the team's round-the-clock efforts to methodically rightsize our cost base. The savings we have identified have been broad-based and touching every aspect of the business, which you can see on Slide 16.

繼續討論成本。調整後的淨郵輪成本（不包括每運力日的燃料）預計全年平均約為 155 美元，高於我們先前指引的 156 美元。這項改進是團隊日以繼夜努力有條不紊地調整成本基礎的結果。我們確定的節省基礎廣泛，涉及業務的各個方面，您可以在幻燈片 16 中看到。

I'm particularly proud of what we've been able to accomplish so far this year in the area of food costs. Since the fourth quarter of 2022 we have reduced these costs per passenger day by nearly 30%, significantly outpacing the easing in food inflation seen in the broader market. These are just a few of the many examples where we have been able to drive significant savings while still preserving the exceptional guest experience and superior service levels that our guests value.

我對今年迄今為止我們在食品成本領域的成就感到特別自豪。自 2022 年第四季以來，我們已將每乘客日的這些成本降低了近 30%，大大超過了大盤食品通膨的緩解速度。這些只是我們能夠節省大量成本的眾多例子中的幾個，同時仍然保留了客人所重視的卓越的客人體驗和卓越的服務水平。

As we look ahead to 2024, while we are not ready to give guidance yet, there are a few moving pieces to keep in mind. For example, the timing of expenses like dry docks, will cause variability in the NCC ex fuel metric when comparing periods.

當我們展望 2024 年時，雖然我們尚未準備好提供指導，但有一些令人感動的事情需要牢記。例如，在比較期間時，乾船塢等費用的時間安排將導致 NCC 除燃料指標的變化。

In 2023, we have limited dry docks as we took the opportunity during the pandemic to optimize the schedule while the ships were already out of service. In '24, we expect roughly 170 dry dock days, which will impact NCCs by approximately 300 basis points on a year-over-year basis or approximately $4 on a unit cost basis, including both the impact of the dry dock expenses as well as the impact from reduced capacity days.

2023 年，我們的乾船塢數量有限，因為我們利用疫情期間的機會，在船舶已經停駛的情況下優化了時間表。 24 年，我們預計大約有 170 個乾船塢天數，這將影響 NCC 同比約 300 個基點，或按單位成本計算約 4 美元，包括乾船塢費用的影響以及產能天數減少的影響。

Turning our attention to the balance sheet and our debt maturity profile on Slide 17, year-to-date through the third quarter, we generated over $1.7 billion of cash flow from operations. We've repaid $130 million debt in the quarter and approximately $1.5 billion of debt over the first 9 months of the year. For the remainder of the year, we have approximately $330 million of scheduled debt payments, the vast majority of which are related to our export credit agency back to ship financing.

將我們的注意力轉向幻燈片 17 上的資產負債表和債務到期狀況，從年初至今到第三季度，我們從營運中產生了超過 17 億美元的現金流。我們在本季償還了 1.3 億美元的債務，在今年前 9 個月償還了約 15 億美元的債務。今年剩餘時間裡，我們有大約 3.3 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返還船舶融資有關。

In October, we successfully completed the refinancing of our operating credit facility, extending our debt maturity profile and providing incremental liquidity. Our revolving credit facility was upsized to $1.2 billion from $875 million with a 3-year term maturing in October 2026.

十月份，我們成功完成了營運信貸安排的再融資，延長了我們的債務期限並提供了增量流動性。我們的循環信貸額度從 8.75 億美元增加到 12 億美元，期限為 3 年，將於 2026 年 10 月到期。

In addition, the company issued $790 million of 8.18 (sic) [8.125%] senior secured notes due 2029. The net proceeds, together with the cash on hand were used to fully repay the approximately $800 million on our Term Loan A, which was to mature in January of '25.

此外，該公司還發行了7.9 億美元的8.18（原文如此）[8.125%] 於2029 年到期的優先擔保票據。淨收益與手頭現金一起用於全額償還我們定期貸款A 的約8 億美元，該貸款是25年一月成熟。

We were particularly pleased with the demand we saw for the new notes issuance. In addition to being significantly oversubscribed, we also saw substantial interest from new investors, reflecting increased confidence from the markets in our financial position and outlook.

我們對新票據發行的需求感到特別滿意。除了大幅超額認購外，我們還看到新投資者的濃厚興趣，反映出市場對我們的財務狀況和前景的信心增強。

Turning to net leverage. We continue to expect significant improvement driven by our organic cash generation and scheduled payment of debt installments. Excluding debt associated with our ships on order for future delivery, trailing 12-month net leverage is expected to be meaningfully reduced versus current elevated levels. This does not adjust for ships that are delivered in 2023 which would have the full debt load in the numerator without a full year of contribution included in adjusted EBITDA.

轉向淨槓桿。我們繼續預計，在我們的有機現金產生和按期償還債務分期付款的推動下，業績將顯著改善。不包括與我們未來交付的訂單船舶相關的債務，過去 12 個月的淨槓桿率預計將比目前的高水準大幅下降。這不會對 2023 年交付的船舶進行調整，這些船舶的分子將承擔全部債務負擔，而調整後的 EBITDA 中不包含全年貢獻。

Our liquidity position outlined on Slide 18 remains strong and would have been approximately $2.5 billion at quarter end, if adjusted for the upsizing of our revolver in October. We continue to believe that our strong liquidity position, coupled with our ongoing cash generation and attractive growth profile provide a path to meet our near-term liquidity needs, including scheduled debt amortization payments, and capital expenditures.

幻燈片 18 中概述的我們的流動性頭寸仍然強勁，如果根據 10 月份我們左輪手槍的規模擴大進行調整，那麼到季度末時我們的流動性頭寸將約為 25 億美元。我們仍然相信，我們強大的流動性狀況，加上我們持續產生的現金和有吸引力的成長狀況，為滿足我們的近期流動性需求（包括預定的債務攤銷支付和資本支出）提供了一條途徑。

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

說到這裡，我將把它轉回給哈利，讓他發表結束語。

Well, thank you, Mark. Before turning the call over to Q&A, I'd like to leave you with some key takeaways that you can find on Slide 19.

嗯，謝謝你，馬克。在將通話轉為問答之前，我想向您介紹一些關鍵要點，您可以在幻燈片 19 上找到這些要點。

First, we are focused on execution of the near-term priorities outlined today. Second, we are committed to defining our vision for the future with the comprehensive strategic review we are currently undertaking. Third, consumer demand for travel and experiences continues to be strong. Despite temporary regional disruptions, we continue to maintain a very strong record 12-month forward book position and at higher prices. Our advance customer deposits also stand at $3.1 billion, 59% higher than Q3 2019. Fourth, we have seen a fundamental shift in culture at our company as a result of our margin enhancement initiatives.

首先，我們專注於執行今天概述的近期優先事項。其次，我們致力於透過目前正在進行的全面策略審查來確定我們的未來願景。三是消費者旅遊體驗需求持續旺盛。儘管出現暫時的區域性幹擾，我們仍然以較高的價格繼續保持非常強勁的 12 個月遠期預訂頭寸記錄。我們的預付客戶存款也達到 31 億美元，比 2019 年第三季高出 59%。第四，由於我們的利潤率提高計劃，我們看到公司文化發生了根本性轉變。

We now have 3 straight quarters of sequential improvement in our key cost metrics and we will continue to identify and implement additional measures to accelerate our margin recovery while still delivering the exceptional products and service offerings that our guests desire.

現在，我們的關鍵成本指標已連續三個季度連續改善，我們將繼續確定並實施其他措施，以加速我們的利潤恢復，同時仍提供客人所需的卓越產品和服務。

Lastly, our liquidity position is very strong, 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 to your questions.

最後，我們的流動性狀況非常強勁，我們致力於在未來幾年優先恢復資產負債表並降低槓桿率。今天我們已經討論了很多內容。因此，我將在此結束我們的評論，並開始回答大家的問題。

(Operator Instructions)

（操作員說明）

Before we get to the questions on the line, we first want to address a top question from our online shareholder Q&A platform, which provides all of our investors another avenue to submit and upvote questions for management.

在回答線上問題之前，我們首先要解決線上股東問答平台上的一個熱門問題，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。

One of the top-voted questions we received this quarter was how are you navigating heightened geopolitical instability. Harry, do you want to take that one?

本季我們收到的投票最多的問題之一是您如何應對日益加劇的地緣政治不穩定。哈利，你想拿那個嗎？

Sure. Thank you, Jessica. Appreciate the question. You know one of the main strengths and differentiators in our industry is our ability to reposition our assets, which is what we've done with the heightened tensions in the Middle East. The safety and well-being of our guests and crew members are, without a doubt, our #1 priority.

當然。謝謝你，潔西卡。感謝這個問題。您知道，我們行業的主要優勢和差異化因素之一是我們重新定位資產的能力，這就是我們在中東緊張局勢加劇時所做的事情。毫無疑問，我們的客人和船員的安全和福祉是我們的第一要務。

And when the unrest in the region began in early October, we immediately modified itineraries starting first with sailings turning or calling in Israel in the ensuing weeks and expanding modifications to include all sailings through 2024.

當該地區於 10 月初開始發生騷亂時，我們立即修改了行程，首先是在接下來的幾週內轉向或停靠以色列的航班，然後將修改範圍擴大到包括 2024 年之前的所有航班。

I want to add that I'm extremely proud of how our marine commercial and brand teams came together quickly to make these modifications and proactively work on confirming alternative port and communicating them to our guests.

我想補充一點，我對我們的海洋商業和品牌團隊如何快速聚集在一起進行這些修改並積極致力於確認替代港口並將其傳達給我們的客人感到非常自豪。

We will continue to closely monitor and evaluate future sailings and adjust as needed. We know that making changes such as these on short notice is never easy, but our organization has risen to this latest challenge in a way that demonstrates once again why we're the best team in the industry.

我們將繼續密切監控和評估未來的航行並根據需要進行調整。我們知道，在短時間內做出這樣的改變絕非易事，但我們的組織已經迎接了這項最新的挑戰，再次證明了為什麼我們是業界最好的團隊。

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

我們的第一個問題來自 Dan Politzer 與富國銀行 (Wells Fargo) 的對話。

I mean I think that the key question and topic that I think us and investors are focused on this morning is your outlook for 2024, unsurprisingly. So I mean I think you gave a couple of different data points on costs as it relates to dry docks. But I guess as we think about the ongoing cost savings, how do you think about the next year's adjusted cruise costs outside of the dry docks?

我的意思是，我認為我們和投資者今天早上關注的關鍵問題和主題是對 2024 年的展望，這並不奇怪。所以我的意思是，我認為您提供了一些與乾船塢相關的成本方面的不同數據點。但我想當我們考慮持續的成本節省時，您如何看待明年乾船塢外調整後的遊輪成本？

And then similarly, in terms of the demand picture, which is obviously pretty -- it's a little bit TBD right now in terms of the Eastern Mediterranean and the tensions there. But how would you think about the impact from Israel on yields? Just obviously, it's probably a higher-yielding type itinerary?

同樣，就需求情況而言，這顯然是相當不錯的——就東地中海和那裡的緊張局勢而言，目前還有些待定。但您如何看待以色列對殖利率的影響？顯然，這可能是一個收益較高的行程？

Dan, thanks for the question. So listen, I'll take the yield demand question, and I'll let Mark comment on cost guidance for next year.

丹，謝謝你的提問。聽著，我將回答產量需求問題，然後讓馬克評論明年的成本指引。

Listen, of course, this is a tragic event, hearts go out to the victims in that part of the world. But we're hopeful that this will be a reasonably short-term event. So while we've seen obviously some impact on Q4, we have very little of our inventory there in Q1. In fact, we don't meaningfully get back to the region until Q4 of next year. So far, absent a handful of sailings we have in Q1 and Q2, and it's a very, very small percentage of our overall inventory, where we continue to be very, very well booked.

聽著，當然，這是一個悲慘事件，我們對世界那個地區的受害者表示同情。但我們希望這將是一個相當短期的事件。因此，雖然我們明顯看到對第四季度的一些影響，但我們第一季的庫存很少。事實上，直到明年第四季我們才會真正回到該地區。到目前為止，我們在第一季和第二季沒有幾次航班，這在我們的整體庫存中所佔的比例非常非常小，但我們的預訂量仍然非常非常多。

In fact, I was looking at the report this morning. And every month, every individual month next year is booked at a higher rate than the same month was at this time last year for 2023. So we're not going to provide guidance today. We've talked about that a little bit in the script, but demand for next year continues to look well.

事實上，我今天早上正在看這份報告。明年每個月的預訂率都高於去年同期的 2023 年預訂率。因此，我們今天不會提供指引。我們在劇本中已經討論過這一點，但明年的需求看起來仍然很好。

And Dan, I'll take the question on the cost. As we have stated, we have been razor-focused on our cost base, trying to rightsize it. And I think we've been very successful at demonstrating that with 3 sequential quarters of decreased unit cost.

丹，我將回答有關費用的問題。正如我們所說，我們一直專注於我們的成本基礎，試圖調整其規模。我認為我們已經非常成功地證明了這一點，單位成本連續三個季度下降。

As we translate to 2024, there is going to be some pressures. We talked about the dry dock impact, both from the actual dry dock cost itself as well as the reduced capacity days. That's going to add about 300 basis points or about $4 to the unit cost. So if you think of where our exit rate at 2023 is somewhere in the zone of [$153 to $154] on a normalized basis. and you add about $4 to that.

當我們轉向 2024 年時，將會面臨一些壓力。我們討論了乾船塢的影響，包括實際的乾船塢成本本身以及減少的運能天數。這將使單位成本增加約 300 個基點或約 4 美元。因此，如果您考慮我們 2023 年的退出率在標準化基礎上處於 [153 美元至 154 美元] 區域內的某個位置。然後再加上大約 4 美元。

Then the piece we're looking at is where does inflation come into play. I can tell you we have a lot of programs underway as part of our margin enhancement initiative. And we're going to keep clawing back at all of our cost base. Too early to say how much of the inflationary pressures we can mitigate.

然後我們要研究的是通貨膨脹在哪裡發揮作用。我可以告訴您，作為利潤提升計劃的一部分，我們正在進行許多計劃。我們將繼續收回我們的所有成本基礎。現在說我們可以減輕多少通膨壓力還為時過早。

But again, I think our demonstration of what we've been able to do over the last 3 quarters specifically from the back half of 2022, I think presents some very solid data points to start thinking about from a modeling standpoint.

但我再次強調，我們對過去 3 個季度（特別是從 2022 年下半年開始）所做工作的演示提供了一些非常可靠的數據點，可以從建模的角度開始思考。

Got it. That's helpful. And then just for my follow-up, Harry, your predecessor was pretty adamant about maintaining pricing discipline and avoiding discounting. I mean I guess as you think about next year and all the moving pieces and what seems like a pretty fluid environment and you just added 3 new ships and you're entering wave season. Is there any change in your approach to pricing? And as you think about the trade-off between loading yields there?

知道了。這很有幫助。接下來，哈利，你的前任非常堅定地堅持維持定價紀律並避免打折。我的意思是，我猜當你考慮到明年所有的變化以及看起來相當流動的環境時，你剛剛添加了 3 艘新船，你就進入了波浪季節。你們的定價方法有變化嗎？當您考慮裝載產量之間的權衡？

I too am a firm believer of maintaining pricing discipline. Obviously, that's the key to long-term yield growth. It's really hard to come back from significant price discounting because your guests come to expect it.

我也堅信維持定價紀律。顯然，這是長期收益率成長的關鍵。想要從大幅度的價格折扣中恢復過來真的很難，因為你的客人已經開始期待它了。

That being said, we're in a fortunate position to be so well booked for next year, record level, the commentary we've given previously on the call and in the script that we really don't need to turn in that direction even if I wasn't a believer, but to be clear, I am.

話雖這麼說，我們很幸運，明年的預訂如此之多，創紀錄的水平，我們之前在電話會議和劇本中給出的評論，我們真的不需要朝那個方向轉向，甚至如果我不是信徒，但要明確的是，我是信徒。

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

下一個問題來自 Steve Wieczynski 和 Stifel 的對話。

So I want to stay on the cost side, if I could, and maybe ask about your margin opportunity moving forward. And maybe just how you balance that margin opportunity versus trying to protect the customer experience on board.

因此，如果可以的話，我想留在成本方面，也許會詢問您未來的利潤機會。也許只是你如何平衡利潤機會與保護船上的客戶體驗。

And then I guess to follow up on that, I mean, if you were in to encounter some type of slowdown from a booking or onboard perspective. How do you guys think about the flow through? And maybe what that would look like under a more distressed topline environment?

然後我想跟進這一點，我的意思是，如果您從預訂或機上的角度遇到某種類型的放緩。大家對於流量的看法如何？也許在更困難的營收環境下會是什麼樣子？

Sure. So let me take the part about balancing cost against customer experience, and I'll let Mark talk about margin opportunities and what may happen in the slowdown environment.

當然。因此，讓我來談談平衡成本與客戶體驗的部分，我將讓馬克談談利潤機會以及在經濟放緩的環境中可能發生的情況。

Listen, we have great data points. At any given point in time, we have 60,000 or 70,000 guests on some part of their vacation experience. So we get real-time immediate impact as we make changes. In fact, we talk to guests and study changes before we make them to begin with.

聽著，我們有很好的數據點。在任何特定時間點，我們都會有 60,000 或 70,000 位客人享受部分度假體驗。因此，當我們做出改變時，我們會立即獲得即時影響。事實上，我們在開始做出改變之前，會與客人交談並研究改變。

And I think with this robust view towards guest satisfaction scores, onboard bookings, repeat rate and onboard revenue generation, we know right away whether it's something that we've done is positive or negative.

我認為，有了對乘客滿意度評分、機上預訂、重複率和機上創造收入的強烈看法，我們就能立即知道我們所做的事情是正面的還是負面的。

Now Steve, I'm not going to say we always get it right. But because we have such a methodical approach to making these changes, we get it right much, much more often than we get it wrong. And that's why despite the fact that inflation continues in the world, we've now had 3 straight quarters of cost reduction. I share Mark's passion. We're not done.

史蒂夫，我不會說我們總是做對的。但由於我們有如此有條不紊的方法來進行這些改變，所以我們正確的次數比錯誤的次數要多得多。這就是為什麼儘管全球通貨膨脹仍在繼續，但我們現在已經連續三個季度降低了成本。我和馬克一樣充滿熱情。我們還沒完成。

Now I can't promise that we're going to continue to have cost reductions. Mark talked about a few of the headwinds related to dry docks for next year and inflation is real. But I can promise that we have a continued focus. This is not a short-term initiative where we're not halfway there, this is a permanent sea change in the way we view the business that we are constantly going to be attacking every single cost in the business to make sure that it's rightsized and balance against giving guests great experiences.

現在我不能保證我們會繼續降低成本。馬克談到了明年與乾船塢相關的一些不利因素，通貨膨脹是真實存在的。但我可以保證我們會持續關注。這不是一個短期舉措，我們還沒有完成一半，這是我們看待業務方式的永久性巨變，我們將不斷地降低業務中的每一項成本，以確保其規模合理且合理。平衡與為客人提供良好的體驗。

Listen, across our fleet at any given time, something like half of our guests are past guests, we would be foolish to do something that would take away from that. That being said, we're still optimistic about the opportunities out there. Mark?

聽著，在我們的機隊中，在任何特定時間，大約有一半的客人都是過去的客人，如果我們做一些會剝奪這一點的事情，那就太愚蠢了。話雖如此，我們仍然對那裡的機會持樂觀態度。標記？

Steve, and related to the margin improvement and flow-through, let me highlight what Harry just said on the cost side. We really are changing the DNA of the company. This is not a one-time opportunity. This is a continued culture change. So we want to stress that, and we are committed to it.

史蒂夫，以及與利潤率提高和流通相關的內容，讓我強調一下哈利剛才在成本方面所說的話。我們確實正在改變公司的 DNA。這不是一次性的機會。這是持續的文化變革。所以我們想強調這一點，並且我們致力於這一點。

I think one of the things that sets us apart on in terms of whether if there's a slowdown, what are the opportunities to try and mitigate that. Look, I think, first and foremost, we have perfected -- almost perfected the bundling strategy. And I think that's been a very good tailwind for us.

我認為，讓我們與眾不同的一件事是，如果經濟放緩，有哪些機會嘗試緩解這種情況。看，我認為，首先也是最重要的是，我們已經完善了——幾乎完善了捆綁策略。我認為這對我們來說是一個非常好的推動力。

In addition to that, when you think about the onboard spend, we continue to get smarter and we continue to get better at getting more of the customers' wallet over time from the point they enter our ecosystem. And we talked about in our prepared remarks that our pre-cruise revenue sales were up over 80% versus same time in '19.

除此之外，當你考慮船上支出時，我們會繼續變得更加聰明，並且從客戶進入我們的生態系統開始，隨著時間的推移，我們會繼續更好地贏得更多客戶的錢包。我們在準備好的發言中談到，我們的郵輪前營收銷售額比 19 年同期成長了 80% 以上。

So I think that is a strategy that we'll continue to fine-tune. We never get it exactly right. but I think that provides us some additional protection, again, to get that wall over a longer period of time. We are very focused on margin improvement. We've said this will be -- in our case, this will be a multiyear effort.

所以我認為這是我們將繼續微調的策略。我們永遠不會完全正確。但我認為這再次為我們提供了一些額外的保護，使這堵牆能夠持續更長的時間。我們非常注重利潤率的提高。我們已經說過，就我們而言，這將是一項多年的努力。

We don't see anything structurally in the business that would preclude us from getting back to 2019 margins and better. But given our fleet and our deployment mix, I think it's going to take us a little bit longer on our path to do that, but we are ultra committed to do so.

我們認為業務結構上沒有任何因素會妨礙我們恢復 2019 年的利潤率甚至更好。但考慮到我們的機隊和部署組合，我認為我們需要更長的時間才能做到這一點，但我們非常致力於這樣做。

That's great color. I appreciate that, Mark and Harry. And then second question is maybe if you could give some more color around how 2024 is really kind of shaping up from a booking perspective. And look, I fully understand you guys talked about in the release that you're booked in an optimal position.

那顏色真棒。我很感激，馬克和哈利。第二個問題是，您是否可以從預訂的角度對 2024 年的實際情況進行更多說明。看，我完全理解你們在新聞稿中談到的你們被預訂在最佳位置的情況。

But Wondering if you could maybe give some more color around the brands themselves, meaning are you seeing any material differences between, let's say, the Norwegian brand and the 2 luxury brands into next year?

但想知道您是否可以為品牌本身提供更多色彩，這意味著您是否看到挪威品牌和明年的兩個奢侈品牌之間存在任何實質差異？

We don't, Steve, typically comment on a brand-specific basis. I can just reiterate some of the color we gave already. We are in a record booked position for the next 12 months. We're in a record book position for 2024. If you just want to look at that time period and pricing is higher. I think past that, we're going to take some time over the next few months to develop this long-term strategy, which will impact everything from our choices on deployment, investments, CapEx, onboard product. And at the end of the process, we'll be in a good position to give not just guidance for '24, but clear -- the clear financial guideposts, if you will, for '25, '26 and beyond.

史蒂夫，我們通常不會針對特定品牌發表評論。我可以重申我們已經給出的一些顏色。我們未來 12 個月的預訂量創下歷史新高。我們在 2024 年處於創紀錄的位置。如果您只想看看那個時期，定價會更高。我認為除此之外，我們將在接下來的幾個月中花一些時間來制定這項長期策略，這將影響我們在部署、投資、資本支出、板載產品方面的選擇。在這個過程結束時，我們將處於有利地位，不僅可以為「24」提供指導，而且可以為「25」、「26」及以後提供清晰的財務指南（如果您願意的話）。

The next question comes from the line of Vince Ciepiel with Cleveland Research.

下一個問題來自克里夫蘭研究中心的文斯‧西皮爾 (Vince Ciepiel)。

Great. So within the updated 4Q yield guide, it seems like pricing is probably more in line with what you were thinking 90-days ago while more of the change has been in occupancy.

偉大的。因此，在更新後的第四季收益率指南中，定價似乎更符合您 90 天前的想法，而變化更多的是入住率。

Curious how much of that is kind of related to Israel, Hawaii? And then as you think into '24, I believe there previously was a view of maybe 1 to 2 points kind of structural headwind from changes in the fleet since pre-COVID times, is that still kind of a good way to think about the occupancy recovery path into next year?

好奇其中有多少是與以色列、夏威夷有關？然後，當你想到 24 世紀時，我相信，自從新冠疫情之前以來，機隊的變化可能會帶來 1 到 2 點的結構性逆風，這仍然是考慮入住率的好方法嗎？明年的復甦之路？

Yes. Vince, I think when you think about the occupancy, I think that is still a good way to think about it on a normal annualized basis that it will be down somewhere 200 to 300 points about in the zone of 105 to 106. When you think about Q4, it really is all about occupancy. If you look at our metrics, we were guiding or expecting somewhere about 101 to 102 for the fourth quarter. And right now, we're forecasting roughly 98 and that really is the vast majority related to Israel and the broader Middle East region. We have seen, as we said, an elevated number of cancellations as well as a lower volume for the close-in sailings which essentially top off the ship.

是的。 Vince，我認為當你考慮入住率時，我認為這仍然是一個很好的方式來考慮它在正常的年化基礎上，它會在 105 到 106 的區域下降 200 到 300 點。關於第四季度，這確實與入住率有關。如果你看看我們的指標，我們指導或預期第四季度的數字約為 101 到 102。目前，我們預測大約有 98 個，其中絕大多數與以色列和更廣泛的中東地區有關。正如我們所說，我們看到取消數量增加，而近距離航行的數量也減少，而這些航行基本上已經達到了船頂。

As well as, as we talked about, we did see some minor hiccups in our late season Asia itineraries, which we believe we fixed from a structural standpoint.

此外，正如我們所討論的，我們確實在季末亞洲行程中發現了一些小問題，我們相信我們從結構性角度解決了這些問題。

But on the pricing side, look, Q4 pricing was strong. We're still expecting to deliver 15% to 16% pricing. So when you think about the change in Q4 revenue it really is the vast majority on the back of the load, which results in about somewhere in the zone of $40 million to $50 million as a result of these isolated conflicts.

但在定價方面，第四季的定價很強勁。我們仍預計提供 15% 至 16% 的定價。因此，當你考慮到第四季度收入的變化時，絕大多數收入確實是在負載的後面，由於這些孤立的衝突，導致大約 4000 萬至 5000 萬美元的收入。

Yes. And Vince, the only thing I'd add and just to sort of tie this in for a question earlier today, this reinforces our commitment to price integrity, because we didn't chase trying to fill these close-in cancels with low-yielding business. It makes no sense for us to divert our attention away from '24 to chase another 100 basis points of occupancy of guests who won't necessarily be high-yielding guests and won't likely come back.

是的。文斯，我唯一要補充的一點，只是為了將其與今天早些時候的一個問題聯繫起來，這加強了我們對價格完整性的承諾，因為我們並沒有試圖用低收益來填補這些接近取消的訂單商業。對我們來說，將注意力從 24 日轉移到去追求另外 100 個基點的入住率是沒有意義的，因為這些客人不一定是高收益客人，也不太可能回來。

We prefer to keep our focus on 2024, which as we've now repeated at least said, is shaping up quite well with a record booked position on those over 12-month basis and for '24 on a stand-alone basis.

我們更願意將注意力集中在 2024 年，正如我們現在重複的那樣，2024 年的情況發展得很好，超過 12 個月的預訂頭寸和 24 年的獨立預訂頭寸都創下了紀錄。

The next question comes from the line of Robin Farley with UBS.

下一個問題來自瑞銀集團的羅賓法利 (Robin Farley)。

I wonder if you could give a little more color. You mentioned that some of the product outside of the Middle East and Hawaii having sort of softer close in? You mentioned Asia and maybe other exotics as well.

我想知道你是否可以多一點顏色。您提到中東和夏威夷以外的一些產品的銷售情況比較溫和？您提到了亞洲，也許也提到了其他異國情調。

Can you talk a little bit about what you think may be happening there? Because clearly well understood what's happening with Hawaii and the Middle East, but just a little less clear on what you think may be happening in some of those other destinations.

您能談談您認為那裡可能發生的事情嗎？因為我們清楚地了解夏威夷和中東正在發生的事情，但對您認為其他一些目的地可能發生的情況不太清楚。

I would say that Hawaii and Middle East was widespread. The other area was more what would I say on -- what's the right word I'm looking for. It was just partial, it was not as widespread.

我想說夏威夷和中東很普遍。另一個領域更多的是我要說什麼——我正在尋找的正確單字是什麼。這只是部分的，並沒有那麼廣泛。

So for example, we've seen a couple of cruises that go through Turkey. When we talk about Eastern Med that have had a few more than normal close-in cancels, not so much a suppression of demand for next year, more on the close-in cancel. And similarly, we've had some cruises as an example, that go from Dubai to India or in those type of regions, which has also seen slightly more close-in cancels.

例如，我們已經看到了幾趟穿越土耳其的遊輪。當我們談論東部地中海時，其近期取消訂單數量比正常情況要多一些，與其說是對明年需求的抑制，不如說是對近期取消訂單的影響。同樣，我們也有一些從杜拜到印度或類似地區的遊輪，這些地區也有稍微多一點的近距離取消。

But clearly, Hawaii, Middle East are the ones that were widespread across all 3 brands and most of our Q4 departures, those other ones were more sporadic.

但顯然，夏威夷和中東是所有 3 個品牌中普遍存在的，也是我們第四季出發的大多數，其他的則更為零星。

Okay. That's helpful. And just if I have a follow-up, if I can. Just circling back to the expense question. Just looking at your exit rate in Q4 expenses being up about 19% versus 2019 levels. And I think your fleet mix is pretty similar to 2019. Are there sort of big expense increases relative to '19 that are still kind of holding on there?

好的。這很有幫助。如果可以的話，如果我有後續行動的話。回到費用問題。看看第四季支出的退出率，與 2019 年的水準相比上升了約 19%。我認為你們的機隊結構與 2019 年非常相似。相對於 19 年，費用是否有大幅增加，並且仍然持續存在？

And is there any opportunity to get rid of any of those costs that driving that 19% increase like that would bring the base down outside of sort of normal inflation there? It seems like there may still be some unusual things in that 19% increase.

是否有機會消除那些導致 19% 增長的成本，從而導致基數在正常通膨之外下降？看來這19%的增幅可能還是有些不尋常的地方。

When you look at '19, Q4 versus 2019, the 2019 for a myriad of the different reasons was a bit lower than our usual run rate even when you look at all the quarters in '19. Yes, this is a seasonal business. But generally speaking, our costs are not really exposed to seasonal issues. There was just a lot of noise going on in 2019.

當你對比 19 年第四季和 2019 年時，你會發現 2019 年由於各種不同的原因，運行率比我們通常的運行率要低一些，即使你看看 19 年的所有季度也是如此。是的，這是一項季節性業務。但總的來說，我們的成本並沒有真正受到季節性問題的影響。 2019 年發生了很多噪音。

I think the more important metric to look at is if you look at the run rate and the consistency over the course of 2023 versus '22, we continue to move downward. And your comment about the fleet mix, I would like to clarify that a bit because I think when we look where we are today, we absolutely have a higher mix of luxury and ultra luxury product from Oceania and Regent that we didn't have back in 2019. So that is playing a part but I would not focus so much on the absolute number in 4Q '19 because I think it just was not a representative run rate going forward.

我認為更重要的指標是，如果你看看 2023 年與 22 年相比的運行率和一致性，我們會繼續下降。關於您對機隊組合的評論，我想澄清一下，因為我認為當我們看看今天的情況時，我們絕對擁有來自大洋洲和麗晶的豪華和超豪華產品的更高組合，而我們沒有回來2019年。所以這正在發揮作用，但我不會太關注19 年第四季的絕對數字，因為我認為這並不是未來的代表性運行率。

Okay. I meant the fleet mix on a full year basis, but Q4 certainly yes, higher luxury, Okay.

好的。我指的是全年的機隊組合，但第四季當然是的，更豪華，好吧。

Thank you.

謝謝。

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

下一個問題來自布蘭特·蒙圖爾與巴克萊銀行的關係。

So I just want to follow up on Robin's first question and talk about those 4Q close-in hiccups that you mentioned. And I want to differentiate between maybe Turkey, which could be construed as indirect impact from what's going on in Israel and that of what's going on in Asia, which sounds like it's more specific to the strategy, the longer-term strategy of moving things to more exotics and longer-dated itinerary.

所以我只想跟進 Robin 的第一個問題，談談你提到的那些第四季的近距離問題。我想區分土耳其和亞洲的情況，土耳其可能被解釋為以色列正在發生的事情的間接影響，這聽起來像是更具體的戰略，即將事情轉移到亞洲的長期戰略。更多異國情調和更長的行程。

So I guess on that latter stuff, that seems like something that was put in place a while back that we've been talking about for many quarters now. And so I guess the question is, is that something that was 4Q specific based on the destinations and won't roll into the 1Q? Or could there be sort of some leakage into next year on that situation?

所以我想關於後一個問題，這似乎是不久前我們已經討論了很多季度的事情。所以我想問題是，這是第四季度特定於目的地的東西，不會進入第一季嗎？或者這種情況是否會在明年出現某種洩漏？

So I think the 4Q situation and -- first, let me start off by saying good morning Brandt. The 4Q situation was really limited to Q4 and related to the fact that we didn't quite get the booking curve right. I mean we do lots of things right. We didn't get this one quite right.

所以我認為第四季的情況——首先，讓我先向布蘭特說早安。第四季度的情況確實僅限於第四季度，並且與我們沒有完全正確地掌握預訂曲線有關。我的意思是我們做了很多正確的事情。我們沒有完全正確地理解這一點。

But when I look at Q4 of next year and comparing it to Q4 this year, we are significantly booked ahead for Q4 of next year, both for Asia itinerary specifically and in general, across the fleet. And that gives us confidence that this short-term dislocation, as Mark mentioned, has been solved for next year.

但是，當我查看明年第四季並將其與今年第四季進行比較時，我們發現明年第四季的預訂量明顯增加，無論是針對亞洲航線還是整個機隊的整體預訂。這讓我們相信，正如馬克所提到的，這種短期混亂已經在明年解決。

I'm not as concerned about Q1 because if you remember, our Q1 comp will now be back against 2023. And in 2023, we had all types of issues in Q1 in Asia because of COVID restrictions and the like. So that is 1 of the meaningful tailwinds going into next year.

我不太擔心第一季度，因為如果你還記得的話，我們第一季的比較現在將回到2023 年。2023 年，由於新冠疫情限制等原因，我們在亞洲第一季遇到了各種類型的問題。因此，這是明年有意義的推動因素之一。

Okay. That's helpful. Sorry John, everyone else got 2 questions, so I'm going to take a shot here. The hedge book at 36% -- I mean, the hedge book at 36% is a little -- still a bit below where you would have been. I think at this time in '19 for 2020, you were at something like 55% or 56%. So I guess, just update us on the strategy as the way you see it for fuel heading into next year.

好的。這很有幫助。抱歉約翰，其他人都有兩個問題，所以我要在這裡試試看。對沖帳簿為 36%——我的意思是，對沖帳簿為 36% 有點——仍然低於你本來應該達到的水平。我認為 2020 年 19 年的這個時候，你的比例大概是 55% 或 56%。所以我想，請向我們更新該策略，就像您對明年燃料的看法一樣。

Yes, Brandt, there is no change in the strategy. Yes, when you look at 2024, we are 36% hedged. And like we've always said, our goal is we'd like to be about 50% hedged going into a year. And we are just very opportunistic on that front. So when there's dips in the marketplace, we take advantage of that.

是的，布蘭特，策略沒有改變。是的，當你看看 2024 年時，我們進行了 36% 的對沖。就像我們一直說的那樣，我們的目標是一年內對沖 50% 左右。我們在這方面非常投機。因此，當市場下跌時，我們會利用這一點。

There was a little bit of a dip yesterday, and we took advantage of some position. So no fundamental change in strategy just really timing of the market and when we feel there's a good opportunity to place some additional positions on the books.

昨天有一點下跌，我們利用了一些部位。因此，策略上沒有根本性的變化，只是市場時機的真正變化，以及何時我們認為有一個很好的機會在帳面上增加一些部位。

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

下一個問題來自花旗銀行的詹姆斯哈迪曼 (James Hardiman)。

So I just want to make sure I understand how you guys are thinking about the impact from the Middle East beyond the closing impact for the fourth quarter. I guess, a, as you talk about removing Israel from the itineraries in 2024, obviously, you're replacing that with something.

所以我只是想確保我了解你們如何看待除了第四季度收盤影響之外的中東影響。我想，a，當你談到將以色列從 2024 年的行程中刪除時，顯然你正在用一些東西來取代它。

Do you think that's impacted your outlook in any meaningful way for 2024? And then you talked about 4% of your visits being to the Middle East next year. How do we think about how that business is impacted?

您認為這對您對 2024 年的展望有任何有意義的影響嗎？然後您談到明年 4% 的訪問將前往中東。我們如何看待該業務受到的影響？

I think you said, Harry, that you're hopeful and obviously, it's difficult right now, obviously. And our hearts go out to all the people that are affected in the region, but that you're hopeful that this will be a short-term event or a reasonably short-term event.

我想你說過，哈利，你充滿希望，顯然，現在很難。我們的心與該地區所有受影響的人們同在，但你們希望這將是一個短期事件或一個相當短期的事件。

Is that with regards to, hopefully, the conflict itself is short-lived and then your business can go back to normal or even in sort of a state of elevated tensions in the region just based on history, bookings beyond that epicenter ultimately return to normal. Just want to make sure I understand how to compartmentalize all of that.

希望衝突本身是短暫的，然後您的業務可以恢復正常，甚至根據歷史，在該地區緊張局勢加劇的狀態下，震央以外的預訂最終會恢復正常。只是想確保我了解如何劃分所有這些。

So James, let me try to deconstruct because you sort of touched upon a couple of points. I'll start out by saying that this 4% that we talk about for next year is mostly skewed to Q4. So it's 1% of our capacity in Q1, 1% in Q3, 3% in Q2 and 10% in Q4.

所以詹姆斯，讓我試著解構，因為你觸及了幾個點。首先我要說的是，我們明年討論的 4% 主要是針對第四季的。因此，第一季產能占我們產能的 1%，第三季產能佔 1%，第二季產能佔 3%，第四季產能佔 10%。

And because it is skewed so far in the future, we're optimistic that the alternative itineraries that we're going to put in place that would go to other places instead of Israel have a reasonable time to book at normal levels.

而且由於未來到目前為止，情況有所偏差，因此我們樂觀地認為，我們將要製定的替代行程將前往其他地方而不是以色列，因此有合理的時間以正常水平預訂。

And just -- there was sort of a half push in their U.S. assets, if it's correct to assume that any time we remove Israel, we'll replace it with something else. The answer to that question is yes. We are not planning to fully cancel or lay out any of our ships because of this disruption.

只是——他們的美國資產受到了一半的推動，如果我們每次移除以色列的假設是正確的話，我們就會用其他東西取代它。這個問題的答案是肯定的。我們不打算因為這次中斷而完全取消或部署任何船舶。

I think when we think about this a little bit longer term, I think it will be a while before people are comfortable going back to Israel, which is why we are canceling all Israel calls in '24, even if the conflict was and we hope it does end reasonably short amount of time.

我認為，當我們從更長遠的角度考慮這個問題時，我認為人們還需要一段時間才能放心地返回以色列，這就是為什麼我們在 24 年取消所有以色列電話，即使衝突已經發生，我們希望它確實在相當短的時間內結束。

We are more bullish about the ability to return to places like Egypt and other places in the Middle East. And quite frankly, we don't go to that many places in the Middle East as part of our normal cruise that it's just normally part of our transitions when ships come and leave Europe at the beginning and end of each season.

我們更看好能夠返回埃及和中東其他地方。坦白說，作為正常巡航的一部分，我們不會去中東那麼多地方，這只是我們每個季節開始和結束時船舶進出歐洲時的過渡部分。

So that being said, while obviously, it's a little early to tell, and this is somewhat dependent on how long the conflict goes, we're relatively optimistic that the scope and nature of this will not in any way meaningfully impact our 2024 targets.

話雖這麼說，雖然現在下結論還為時過早，而且這在一定程度上取決於衝突持續的時間，但我們相對樂觀地認為，衝突的範圍和性質不會以任何方式對我們的2024 年目標產生有意義的影響。

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

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

Just back to costs for a quick second, sorry about that. Just you have a lack of new deliveries in '24, and you've talked about your strong book position. It just curious on how that might change your marketing spend into next year? It just seems like there will be a natural step down. And then just like the lack of overall deliveries is really what sticks out to me relative to some of your peers in '24. So just curious on how you're thinking about that specific plan on it.

快速回到成本問題，對此感到抱歉。只是你在 24 年缺乏新的交付，並且你已經談到了你強大的圖書地位。只是好奇這會如何改變您明年的行銷支出？似乎會有一個自然的階梯。與 24 年的一些同行相比，整體交付量的缺乏確實讓我印象深刻。所以只是好奇你是如何考慮這個具體計劃的。

Thanks, Conor. Yes, you're absolutely right. We don't take after Regent's Grandeur in December, we don't take our next delivery until spring time of '25. So we do have a little bit of opportunity there.

謝謝，康納。是的，你說得完全正確。我們不會在 12 月接受 Regent's Grandeur，直到 25 年春天才會接受下一次交貨。所以我們確實有一點機會。

But I think when you think about the cost and specifically your question around marketing, there will be -- we do expect a reduction in that area. I would not classify it as a significant reduction because obviously, you are still selling for new capacity that's coming on in '25, and you sell that well in advance of the delivery date. But of course, we would expect to find some efficiencies on that front simply as a result of that timing between deliveries.

但我認為，當你考慮成本，特別是有關行銷的問題時，我們確實預計該領域會有所減少。我不會將其歸類為大幅減少，因為顯然，您仍在銷售 25 年即將推出的新產能，並且在交貨日期之前就已出售。但當然，我們希望僅僅因為交付之間的時間安排而在這方面找到一些效率。

Yes. Keep in mind, just as a follow-up, that we do have 2 ships coming in the fleet in 2025, 1 for Oceania and 1 for NCL, both in the first half of the year.

是的。請記住，作為後續行動，我們確實有 2 艘船將在 2025 年加入船隊，其中 1 艘用於大洋洲，1 艘用於 NCL，均在今年上半年。

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

最後一個問題來自 Truist Securities 的 Patrick Scholes。

Certainly, there's some new luxury higher-end capacity with Ritz-Carlton brand, Four Seasons coming in the market next year in '25. Are you seeing any impact from that new competitive supply on your 2 higher-end brands?

當然，麗茲卡爾頓品牌的一些新的豪華高端設施，四季酒店將於明年 25 年投放市場。您認為新的競爭性供應對您的 2 個高端品牌有什麼影響嗎？

Patrick, they are mostly smaller ships, and it's not a meaningful increase in capacity in the overall scheme of things. So the short answer to that question is no, Patrick. We've not seen any change in the trajectory of bookings for either region or Oceania.

派崔克，它們大多是較小的船隻，在整體計劃中這並不是有意義的容量增加。所以這個問題的簡短答案是否定的，派崔克。我們沒有看到任何地區或大洋洲的預訂軌跡有任何變化。

Okay. And then just a quick follow-up question here. In the press release, you used the word optimal book position. I want to focus on the word optimal. Harry, what exactly is optimal in your mind? What does that mean in this case?

好的。然後是一個快速的後續問題。在新聞稿中，您使用了「最佳圖書位置」一詞。我想重點討論「最佳」這個詞。哈利，你心目中的最佳狀態到底是什麼？在這種情況下這意味著什麼？

At a high level, we have defined optimal as being booked 60% to 65% for voyages departing in the next 12 months. It's not a hard and fast rule. We've also said that we're at a record level you can put those 2 cents together and make whatever extrapolation you like. But it's really much more than that.

在較高層面上，我們將最佳定義為未來 12 個月內出發的航程的預訂率為 60% 至 65%。這不是一個硬性規定。我們還說過，我們正處於創紀錄的水平，您可以將這 2 美分加在一起並做出您喜歡的任何推斷。但它的意義遠不止於此。

We like to look at every single voyage, where they are in the booking curve, make sure that we're managing demand pricing, marketing expense in a way that maximizes our bottom line margins. And that's what we mean by optimal. So there's a macro concept and a granular concept on a voyage basis.

我們喜歡查看每一次航次，了解它們在預訂曲線中的位置，確保我們以最大化利潤的方式管理需求定價和行銷費用。這就是我們所說的最佳。因此，航程有宏觀概念和細粒度概念。

Okay, thank you.

好的謝謝。

So once again, I want to thank everyone for joining us today. We'll be around to answer any questions, and you get both Jessica and Sarah today, 2 for 1. So with that, I'd love to wish you a good day. Stay safe and all the best. Thank you.

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，今天您將同時獲得傑西卡和莎拉，二合一。因此，我祝您度過美好的一天。保持安全並祝一切順利。謝謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。謝謝。