挪威郵輪 (NCLH) 2023 Q4 法說會逐字稿

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

早上好，歡迎參加挪威郵輪控股公司 2023 年第四季和全年財報電話會議。我叫唐娜，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。

I would now like to turn the conference over to your host, Sarah Inman. Ms. Inman please proceed.

現在我想將會議交給主持人莎拉英曼 (Sarah Inman)。英曼女士請繼續。

Thank you, Donna, and good morning, everyone. Thank you for joining us for our fourth 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，唐娜，大家早安。感謝您參加我們的 2023 年第四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 also be found on our Investor Relations website. Both the conference call and the 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 上進行網路直播。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。電話會議和簡報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 fourth quarter and full year 2020 results was issued this morning and is available on our Investor Relations website. This call includes forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements. These statements should be considered in conjunction with the cautionary statement contained in our earnings release.

在開始之前，我想先介紹一些內容。我們關於 2020 年第四季和全年業績的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 call -- turn the call over to Harry Sommer. Harry?

有了這個，我想打電話——把電話轉給哈利·索默。哈利？

Well, thank you, Sarah, and good morning, everyone. Thank you all for joining us today. I want to welcome everyone to our fourth quarter earnings call.

好吧，謝謝你，莎拉，大家早安。感謝大家今天加入我們。我歡迎大家參加我們的第四季財報電話會議。

It's such a great time to be in the cruise industry with wonderful new products available across all 3 of our award-winning brands. The demand for cruise vacations is certainly as robust as we have ever seen it. And the continued innovation on board is leading to outstanding financial performance and exceptional guest satisfaction scores and guest repeat rates.

現在是進入郵輪行業的好時機，我們所有 3 個獲獎品牌都推出了精彩的新產品。對郵輪假期的需求無疑是前所未有的強勁。船上的持續創新帶來了出色的財務業績、卓越的賓客滿意度和賓客回頭率。

Today, it's my pleasure to discuss some of our key milestones in 2023, our progress on our near-term priorities, recent booking trends and our outlook for 2024. Later in the call, I'll turn it over to Mark, who will provide more color on our 2023 performance and guidance for 2024.

今天，我很高興討論我們2023 年的一些關鍵里程碑、我們在近期優先事項上的進展、最近的預訂趨勢以及我們對2024 年的展望。稍後在電話會議中，我將把它交給馬克，他將提供更多關於我們 2023 年業績和 2024 年指導的資訊。

Now 2023 can best be described as a landmark year for Norwegian Cruise Line Holdings. We started the year on the heels of the last of the impact from COVID and the last of the cruise ports reopening in the Asia Pacific region throughout Q1. But as you can see on Slide 5, consumer demand was quick to rebound in full and we were pleased to return to full ships and full year profitability. It is so incredibly rewarding for our staff and crew to be able to operate full ships and deliver vacation experiences of a lifetime to our happy guests.

2023 年對挪威郵輪控股公司來說是具有里程碑意義的一年。今年伊始，新冠疫情的最後一次影響以及亞太地區最後一個遊輪港口在第一季重新開放。但正如您在幻燈片 5 中看到的那樣，消費者需求迅速全面反彈，我們很高興恢復滿船和全年盈利能力。對於我們的員工和船員來說，能夠運營滿載的船隻並為我們快樂的客人提供一生難忘的度假體驗是非常值得的。

While that in and of itself would have made for a spectacular 2023, we were further going by the introduction of 3 new world-class ships into our fleet, one for each of our 3 award-winning brands. This was an unprecedented achievement and a first in the 57-year history of our company. We welcomed Oceania Cruises Vista in May, Norwegian Viva in August, and most recently, the highly anticipated Regent Seven Seas Grandeur in November.

雖然這本身就足以創造​​一個輝煌的 2023 年，但我們更進一步，在我們的船隊中引入了 3 艘新的世界級船舶，我們的 3 個獲獎品牌各一艘。這是前所未有的成就，也是我們公司 57 年歷史上的第一次。我們在 5 月迎來了大洋洲郵輪 Vista 號，8 月迎來了挪威 Viva 號，最近又在 11 月迎來了備受期待的麗晶七海豪華號。

The successful launch of 3 vessels in 1 year would not have been possible without the hard work and unwavering commitment of crew and team members across the globe. Thanks to their dedication and passion for providing an unmatched guest experience, the reception for these new ships continues to be overwhelmingly positive across the board.

如果沒有全球船員和團隊成員的辛勤工作和堅定承諾，3 艘船在一年內成功下水是不可能的。由於他們對提供無與倫比的賓客體驗的奉獻和熱情，這些新船的接待繼續受到全面的積極歡迎。

This reception, combined with the strong demand environment, we continue to experience across all 3 of our brands, has enabled us to successfully absorb an 18% increase in capacity in 2023 versus 2019 levels at record pricing levels. As a result, we have driven revenue per passenger cruise day up 17%, allowing us to finish the year with year-end advanced ticket sales of $3.2 billion up an incredible 56% compared to 2019.

這種歡迎，加上我們在所有 3 個品牌中持續經歷的強勁需求環境，使我們能夠以創紀錄的價格水平成功吸收 2023 年產能較 2019 年增加 18% 的能力。因此，我們將每個乘客郵輪日的收入成長了 17%，使我們能夠以 32 億美元的年終預售票收入結束這一年，與 2019 年相比，成長了令人難以置信的 56%。

At the same time, we continue to maximize onboard revenue generation, as shown by growth onboard revenue per passenger cruise day, which is up 27% over 2019. A main driver of this large improvement is through enhanced presold onboard revenue, so our guests come on board with a fresh wallet.

同時，我們繼續最大限度地提高船上收入，每個乘客郵輪日的船上收入增長就表明了這一點，比2019 年增長了27%。這一巨大改善的主要驅動力是通過增加預售船上收入，因此我們的客人帶著新的錢包登機。

But none of this is new news. As we have been and continue to be the industry leader in net yields. We are proud of the work our teams do day in and day out to drive the highest yields in the industry. But today, I also want to emphasize that we are equally passionate about the cost side of the business.

但這都不是新消息。我們一直並將繼續成為淨收益率的行業領導者。我們為我們的團隊日復一日為推動行業最高產量所做的工作感到自豪。但今天，我還想強調，我們同樣對業務的成本方面充滿熱情。

Our relentless focus on cost optimization has produced 4 sequential quarters of year-over-year adjusted new -- of year-over-year adjusted net cruise cost per capacity day reduction with full year 2023 coming in 21% lower than the prior year. We achieved this by focusing our efforts on optimizing spend and investments across all areas of the business, from fuel to food and consumables and marketing. We are committed to continuing to optimize our margins by balancing products, revenue and cost considerations through better leveraging data and analytics to drive decision-making and accountability.

我們對成本優化的不懈關注已連續 4 個季度實現同比調整後的每運力日淨郵輪成本減少，2023 年全年將比前一年降低 21%。我們透過集中精力優化從燃料到食品、消耗品和行銷等所有業務領域的支出和投資來實現這一目標。我們致力於透過更好地利用數據和分析來推動決策和問責，平衡產品、收入和成本因素，從而繼續優化我們的利潤。

The net result of these healthy revenue and cost metrics allowed us to get back to driving results. As we generated $1.9 billion in adjusted EBITDA in 2023, allowing us to generate the adjusted free cash flow to further strengthen our balance sheet with the repayment of nearly $2 billion in debt.

這些健康的收入和成本指標的最終結果使我們能夠重新獲得推動成果。 2023 年，我們產生了 19 億美元的調整後 EBITDA，這使我們能夠產生調整後的自由現金流，以進一步強化我們的資產負債表，償還近 20 億美元的債務。

On the product front, we are strategically enhancing the guest experience by identifying smart ROI-driven investments and decisions to profitably maximize guest satisfaction. Our recent success has been the rollout of Starlink high-speed Internet. We moved quickly and have been able to roll out this cutting-edge technology across half of our fleet since the spring of 2023 and expect to finish the full fleet by year-end this year.

在產品方面，我們透過識別投資回報率驅動的明智投資和決策來策略性地增強客戶體驗，從而最大限度地提高客戶滿意度。我們最近的成功是推出了星鏈高速網路。我們行動迅速，自 2023 年春季以來已在我們一半的機隊中推廣了這項尖端技術，並預計在今年年底前完成整個機隊的部署。

In addition, to significantly elevating the guest experience aboard our ships, we've been focusing on improving the pre-cruise guest experience and better leveraging digital tools across all 3 of our brands. For example, we've been making improvements to our pre-cruise planning functionality at Norwegian to allow guests to book even more before they leave their homes, and we rolled out a flexible air program at Oceania, sharing an innovation which began at Norwegian earlier in the year. This innovation gives guests the few day window to deviate their air at the beginning and end of their cruise so they can have more time to explore and enjoy destinations before and after they sail with us, while at the same time, allowing us to spread air demand over multiple days and save costs, a true win-win for us and our guests.

此外，為了大幅提升賓客在船上的體驗，我們一直致力於改善遊輪前的賓客體驗，並更好地利用我們所有 3 個品牌的數位工具。例如，我們一直在改進挪威航空的遊輪前計劃功能，以便客人在離開家之前可以預訂更多航班，並且我們在大洋洲推出了靈活的航空計劃，分享了挪威航空早些時候開始的一項創新在這一年裡。這項創新為客人在航行開始和結束時提供了幾天的時間來改變空氣，這樣他們就可以在與我們一起航行之前和之後有更多的時間探索和享受目的地，同時，讓我們能夠傳播空氣多天需求並節省成本，這對我們和我們的客人來說是真正的雙贏。

On the digital side, we recently launched the Regent onboard mobile app on Seven Seas Grandeur, and we continue to see strong adoption of the NCL mobile app, which reached record high guest usage in January. These improvements are not only resonating with our guests, giving them a better and more frictionless experience before, during and after their cruise, but are also generating positive returns.

在數位方面，我們最近在七大洋壯麗號上推出了麗晶船上行動應用程序，我們繼續看到 NCL 行動應用程式的大力採用，該應用程式在一月份達到了歷史最高的賓客使用率。這些改進不僅引起了我們的客人的共鳴，為他們在航行之前、期間和之後提供了更好、更順暢的體驗，而且還產生了積極的回報。

Finally, we announced important interim sustainability commitments, announcing our target to reduce greenhouse gas intensity on a capacity a day basis by 10% by 2026 and by 25% by 2030 versus 2019 levels. The company is truly firing on all cylinders. These solid operational and financial results have laid the foundation for a strong 2024 and position us to deliver sustained profitable growth in the future and incredible vacation experiences to the millions of guests who sail with us every year.

最後，我們宣布了重要的臨時永續發展承諾，宣布我們的目標是與 2019 年的水準相比，到 2026 年將每日溫室氣體排放強度降低 10%，到 2030 年降低 25%。該公司確實在全力以赴。這些穩健的營運和財務表現為 2024 年的強勁業績奠定了基礎，並使我們能夠在未來實現持續的盈利增長，並為每年與我們一起航行的數百萬客人提供令人難以置信的度假體驗。

In addition to these priorities, a key cornerstone of our long-term strategy is delivering measured capacity growth and optimizing our fleet to drive strong financial results. Our new build pipeline of 5 ships, which you can see on Slide 7, represents a capacity growth of 28% from 2023 to 2028 with a 5% CAGR over the period. Historically, capacity growth has led to outsized revenue and EBITDA growth and we expect this capacity growth to be no different and deliver meaningful top and bottom line growth.

除了這些優先事項之外，我們長期策略的關鍵基石是實現可衡量的運力成長並優化我們的機隊以推動強勁的財務表現。您可以在投影片 7 中看到，我們新建的 5 艘船舶的管道中，從 2023 年到 2028 年，運力成長了 28%，在此期間複合年增長率為 5%。從歷史上看，產能成長導致了收入和 EBITDA 的大幅成長，我們預計這種產能成長也不會有什麼不同，並帶來有意義的收入和利潤成長。

We believe that these measured capacity additions will enable us to further enhance our long-term profitability and continue to significantly strengthen our balance sheet while providing guests new and innovative experiences.

我們相信，這些可衡量的容量增加將使我們能夠進一步提高我們的長期盈利能力，並繼續顯著增強我們的資產負債表，同時為客人提供新的創新體驗。

Shifting our discussion to the current booking environment shown on Slide 8. We continue to experience strong and resilient customer demand across all 3 of our brands. The strong momentum we saw in 2023 has continued into 2024 with an all-time high book position and pricing buoyed by strong wave season demand. This has led to some of the best booking weeks in the company history, which began with successful Black Friday and Cyber Monday promotions.

將我們的討論轉移到幻燈片 8 所示的當前預訂環境。我們的所有 3 個品牌繼續感受到強勁且有彈性的客戶需求。我們在 2023 年看到的強勁勢頭一直持續到 2024 年，強勁的旺季需求推動了歷史最高的預訂量和定價。這導致了該公司歷史上一些最好的預訂週，這始於成功的黑色星期五和網路星期一促銷活動。

In general, we continue to see healthy demand across all markets, brands and products. Let me walk you through some recent trends. First, close-in demand for Caribbean sailing is particularly strong prompting the redeployment of Norwegian Epic and Norwegian Getaway from offering shoulder season full 2024 voyages in the med to offering Caribbean sailings from Port Canaveral and New Orleans, respectively, beginning in October.

總體而言，我們繼續看到所有市場、品牌和產品的健康需求。讓我帶您了解一些最近的趨勢。首先，對加勒比海航線的近期需求特別強勁，促使挪威史詩號和挪威逍遙號從提供2024年地中海平季航線的航線重新部署，從10月開始分別提供從卡納維拉爾港和新奧爾良出發的加勒比海航線。

As a result, our Caribbean capacity for the NCL brand is expected to increase by approximately 300 basis points in 2024 versus the prior year.

因此，到 2024 年，我們在加勒比地區的 NCL 品牌產能預計將比前一年增加約 300 個基點。

Our industry's advantage lies in our ability to redeploy our ships and adapt to changes in consumer demand and preferences. These changes demonstrate our team's responsiveness to our guests' preferences.

我們行業的優勢在於我們能夠重新部署船舶並適應消費者需求和偏好的變化。這些變化顯示我們團隊對客人喜好的反應能力。

We have also seen demand return for sailings in Hawaii. While only accounting for approximately 4% of capacity in this period, these sailings are performing exceptionally well in 2024.

我們也看到夏威夷航線的需求有所回升。雖然僅佔這段時期運力的 4% 左右，但這些航班在 2024 年的表現卻異常出色。

Next, our Norwegian Cruise Line brand continues to see exceptionally strong demand and our book position and pricing are higher than last year for all 4 quarters of 2024.

接下來，我們的挪威郵輪品牌繼續看到異常強勁的需求，我們的預訂量和定價在 2024 年所有 4 個季度都高於去年。

Oceania, Regent also continued to see strong demand across all geographies with the exception of redeployed voyages due to cancellations in the Middle East and Red Sea.

在大洋洲方面，麗晶號在所有地區的需求也持續強勁，但由於中東和紅海取消而重新部署的航次除外。

Turning to the Middle East. Last quarter, we made the preemptive decision to cancel all calls to Israel in 2024. And recently, we have announced the rerouting of our cruises sailing through the Red Sea for the rest of the year. As a reminder, just 1% and 4% of our capacity in Q1 and full year '24, respectively, was expected to dip in the broader Middle East region.

轉向中東。上個季度，我們先發制人地決定取消 2024 年所有前往以色列的航線。最近，我們宣布調整今年剩餘時間內穿越紅海的郵輪航線。需要提醒的是，預計大中東地區的產能在第一季和 24 年全年分別只有 1% 和 4% 會下降。

However, the Middle East represents a larger percentage of our capacity for our Oceania and Regent brands making up 12% and 8%, respectively.

然而，中東在我們的大洋洲和麗晶品牌產能中所佔比例較大，分別佔 12% 和 8%。

We now have no calls in the region in 2024 and all replacement cruises have been or are in the process of being put on sale.

目前，我們在 2024 年沒有停靠該地區，所有替代遊輪已經或正在出售。

Overall, we are encouraged by the strength in our book position for 2024, which remains at all-time highs with commensurate higher pricing. As a result, 2024 is shaping up to be a solid year. We expect healthy full year net yield growth of approximately 5.4% this year on a constant currency basis, driven primarily by improved occupancy and pricing strength. Onboard revenue continues to be a bright spot with strength seen across the board, an encouraging indicator that our target consumer remains healthy and resilient. We are continuing to see strong demand for pre-cruise purchases which typically results in higher overall spend throughout a guest cruise journey.

整體而言，我們對 2024 年帳面狀況的強勁感到鼓舞，該狀況仍處於歷史高位，且定價也相應較高。因此，2024 年將是堅實的一年。我們預計，以固定匯率計算，今年全年淨收益率將健康成長約 5.4%，這主要是由於入住率提高和定價優勢所致。船上收入仍然是一個亮點，整體表現強勁，這是一個令人鼓舞的指標，表明我們的目標消費者保持健康和彈性。我們繼續看到對遊輪前購買的強勁需求，這通常會導致整個賓客遊輪旅程的整體支出更高。

And while we have talked about our strong cost focus during 2023, we want to emphasize that this was not just a 1-year exercise for our team. Rather, it is a cultural shift in the way our entire company looks at cost to ensure that we are operating as efficiently as possible while delivering experiences our guests truly value. This company-wide focus should allow us to not only continue to reduce costs but even more importantly, create operating leverage to enhance profitability, which will be foundational for our long-term success.

雖然我們已經討論了 2023 年我們對成本的強烈關注，但我們想強調，這不僅僅是我們團隊為期一年的練習。相反，這是我們整個公司看待成本方式的文化轉變，以確保我們盡可能高效地運營，同時為客人提供真正有價值的體驗。這種全公司範圍的關注不僅使我們能夠繼續降低成本，更重要的是，能夠創造營運槓桿以提高獲利能力，這將是我們長期成功的基礎。

Our recently established transformation office is allowing us to monitor and track these changes holding each area accountable for their initiatives. We believe this is apparent in our guidance where we expect our core cost to be flat in 2024 versus 2023.

我們最近成立的轉型辦公室使我們能夠監控和追蹤這些變化，讓每個領域對其措施負責。我們認為這一點在我們的指導中很明顯，我們預計 2024 年核心成本將與 2023 年持平。

In conclusion, our strong top line growth, combined with our continued focus on cost and margin enhancements are expected to drive 2024 adjusted EBITDA and adjusted EPS to grow by 18% and 76%, respectively, over last year.

總而言之，我們強勁的營收成長，加上我們對成本和利潤率提升的持續關注，預計將推動 2024 年調整後 EBITDA 和調整後每股收益比去年分別成長 18% 和 76%。

We are very excited about the future, and we plan to discuss our multiyear targets with the investment community in mid-May. We look forward to meeting with you all then.

我們對未來感到非常興奮，並計劃在五月中旬與投資界討論我們的多年目標。我們期待屆時與大家見面。

With that, I'll turn it over to Mark to walk you through our financial results and outlook. Mark?

接下來，我將把它交給馬克，讓他向您介紹我們的財務表現和前景。標記？

Thank you, Harry, and good morning, everyone. My commentary today will focus on our fourth quarter 2023 financial results, 2024 guidance, and our financial position. Unless otherwise noted, my commentary on 2023 and 2024 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 and 2023, respectively.

謝謝你，哈利，大家早安。我今天的評論將重點放在我們 2023 年第四季的財務表現、2024 年的指導以及我們的財務狀況。除非另有說明，我對2023 年和2024 年淨每日津貼、淨收益和調整後淨遊輪成本（不包括每運力日燃油指標）的評論均以固定貨幣為基礎，並分別與2019 年和2023年同期進行比較。

Let's begin with our fourth quarter results, which are highlighted on Slide 11. Starting with the top line, results were strong with net per diems increasing approximately 14.5% and net yield increasing approximately 8.6%. As discussed last quarter, Several factors contributed to the exceptionally strong growth we saw, including the favorable comp from the rapid exit of Cuba in 2019 as well as a very strong close-in demand for Caribbean sailings.

讓我們從投影片 11 中突出顯示的第四季度業績開始。從營收開始，業績強勁，每日津貼淨值增長約 14.5%，淨收益率增長約 8.6%。正如上季所討論的，有幾個因素促成了我們所看到的異常強勁的成長，包括 2019 年古巴快速退出帶來的有利補償，以及對加勒比海航線的非常強勁的近期需求。

Looking at costs. Adjusted net cruise costs excluding fuel per capacity day was in line with guidance at $151 in the quarter marking our fourth consecutive quarter of improvement on this important metric. As expected, this included approximately $1 of certain nonrecurring net benefits realized in the quarter.

看看成本。調整後的遊輪淨成本（不包括每運力日的燃油）與本季度 151 美元的指導一致，標誌著我們在這一重要指標上連續第四個季度有所改善。正如預期的那樣，這包括本季實現的約 1 美元的某些非經常性淨收益。

We have made significant progress streamlining our cost base during 2023, demonstrating our focus and commitment to our margin enhancement initiatives, and expect to continue this focus in 2024 and beyond.

2023 年，我們在精簡成本基礎方面取得了重大進展，這顯示了我們對利潤提升計畫的關注和承諾，並預計在 2024 年及以後繼續關注這一重點。

Adjusted EBITDA was approximately $360 million, in line with guidance, while adjusted EPS was a loss of negative $0.18 slightly below guidance due to a $0.06 impact from FX below the line.

調整後的 EBITDA 約為 3.6 億美元，與指導方針一致，而調整後的每股收益為負 0.18 美元，略低於指導方針，原因是匯率低於線下 0.06 美元的影響。

Overall, we were very pleased with the results we generated in the fourth quarter and full year. Strong top line growth combined with continued progress on reducing costs, enabled us to generate full year adjusted EBITDA just short of $1.9 billion and adjusted EPS of $0.70. All of which drove strong adjusted free cash flow of $1.1 billion.

總的來說，我們對第四季和全年的業績非常滿意。強勁的收入成長加上在降低成本方面的持續進展，使我們的全年調整後 EBITDA 接近 19 億美元，調整後每股收益為 0.70 美元。所有這些都推動了 11 億美元的強勁調整後自由現金流。

I am confident that our improved financial performance in 2023 has set the foundation for a solid 2024 and beyond. Moving on to expectations for '24. Our outlook for the first quarter and full year can be found on Slide 12.

我相信，我們 2023 年財務表現的改善為 2024 年及以後的穩健發展奠定了基礎。繼續對 '24 的期望。我們對第一季和全年的展望可以在幻燈片 12 中找到。

Starting with the full year, adjusted EBITDA is expected to be approximately $2.2 billion, an 18% improvement versus 2023 with adjusted EBITDA margins expected to improve by almost 250 basis points.

從全年開始，調整後 EBITDA 預計約 22 億美元，比 2023 年提高 18%，調整後 EBITDA 利潤率預計將提高近 250 個基點。

Adjusted net income is expected to be approximately $635 million with adjusted EPS expected at approximately $1.23, a 76% increase versus 2023.

調整後淨利潤預計約 6.35 億美元，調整後每股收益預計約 1.23 美元，較 2023 年成長 76%。

Before I get into our top line expectations, there are a couple of important points to keep in mind for your models. First, given our strong expected net income growth for the year, shares related to our exchangeable notes are expected to be dilutive and are included in our share count for 2024. As a reminder, we must settle the exchangeable notes due in 2024 and 2025 in shares while both of our exchangeable notes due 2027 can be settled in cash or shares at our sole election.

在我討論我們的頂線期望之前，對於您的模型，有幾個重要的要點需要牢記。首先，考慮到我們今年強勁的預期淨利潤增長，與我們的可交換票據相關的股票預計將被稀釋，併計入我們2024 年的股份數量。提醒一下，我們必須在2024 年和2025 年結清到期的可交換票據。股票，而我們的 2027 年到期的可交換票據可以由我們自行選擇以現金或股票結算。

However, the accounting treatment requires we consider all notes as if they were settled in shares. As a result, we assume our full year 2024 average share count to be approximately 516 million.

然而，會計處理要求我們將所有票據視為以股票結算。因此，我們假設 2024 年全年平均股票數量約為 5.16 億股。

Secondly, we successfully migrated our tax residency from the U.K. to Bermuda as of December 31, 2023, and we do not expect recently enacted Bermuda corporate income tax legislation to have a significant impact on our overall tax rate as this was already assumed in our planning.

其次，截至2023 年12 月31 日，我們成功地將稅務居民身分從英國遷移到百慕達，我們預計最近頒布的百慕達企業所得稅立法不會對我們的整體稅率產生重大影響，因為我們的規劃中已經假設了這一點。

Taking a closer look at the components of the outlook, occupancy is expected to be approximately 105%. Net yield is expected to increase approximately 5.5% inclusive of the headwinds from the outsized impact of the Middle East and Red Sea on our Oceania and Regent brands primarily in the second and fourth quarter.

仔細觀察前景的組成部分，入住率預計約 105%。主要在第二季和第四季，淨收益預計將成長約 5.5%，其中包括中東和紅海對我們的大洋洲和麗晶品牌造成巨大影響的不利因素。

For modeling purposes, our year yield growth will be highest in the first quarter as we are lapping lower load factors and a non-optimized itinerary mix in the first quarter of 2023. In addition, we are seeing strong demand for Caribbean sailings in the first quarter of 2024, which represents approximately 58% of our total deployment in the quarter.

出於建模目的，我們的年收益率成長將在第一季達到最高，因為我們在2023 年第一季的載客率較低且航線組合未最佳化。此外，我們看到第一季對加勒比海航線的強勁需求2024 年第四季度，約佔該季度總部署量的 58%。

For the remainder of the year, yield growth is expected to return to more normalized levels despite the pressure from the aforementioned Middle East and Red Sea headwinds.

在今年剩餘時間內，儘管面臨上述中東和紅海逆風的壓力，但產量成長預計將恢復到更正常的水平。

Moving to costs. Adjusted net cruise cost excluding fuel per capacity day is expected to average approximately $159 for the full year. This represents a 3.4% increase versus full year 2023, but -- which includes the incremental impact of more dry dock days in 2024. Excluding that impact, our core costs are essentially flat on a year-over-year basis. To put this in perspective, this effectively represents approximately $100 million of cost savings given our expected core inflation rate of around 3% for next year.

轉向成本。調整後的淨郵輪成本（不包括每運力日的燃油）預計全年平均約為 159 美元。這比 2023 年全年增加了 3.4%，但——其中包括 2024 年更多乾船塢天數的增量影響。排除這一影響，我們的核心成本同比基本持平。從長遠來看，考慮到我們明年的核心通膨率預計約為 3%，這實際上意味著大約 1 億美元的成本節省。

For modeling purposes, keep in mind that 2023 had less dry docks than normal as we took the opportunity to dry docks ships while they were out of service, this year we are returning to a more normalized dry dock schedule and expect roughly a 175 dry dock days in the year. This will impact adjusted cruise cost ex fuel by approximately 325 basis points on a year-over-year basis or approximately $5 on a unit cost basis. This includes both the impact of dry dock costs and the related reduction of capacity days.

出於建模目的，請記住，2023 年的乾船塢數量比正常情況要少，因為我們趁機在船舶停止服務時對它們進行了乾船塢改造，今年我們將恢復更加標準化的干船塢時間表，預計約有175 個乾船塢一年中的天數。這將影響調整後的郵輪成本（不含燃油）年比約 325 個基點，或單位成本約 5 美元。這包括乾船塢成本的影響和相關的運力天數減少。

Excluding the impact of that, we expect full year adjusted net cruise cost ex fuel would be approximately $154 essentially flat on a year-over-year basis. Note that the timing of this impact is expected to be weighted more to the first half of the year, with approximately 2/3 of our dry dock days occurring in that period. This year we will continue to be relentless in our efforts to enhance margins and reduce costs. We are leaving no stone unturned and are continually identifying opportunities big and small across the business.

排除此影響，我們預計全年調整後的淨郵輪成本（不含燃油）約為 154 美元，與去年同期基本持平。請注意，這種影響的時間預計將更多地集中在今年上半年，大約 2/3 的乾船塢日發生在該時期。今年，我們將繼續不懈地努力提高利潤並降低成本。我們不遺餘力，不斷在整個企業中尋找大大小小的機會。

Our transformation office is running full speed ahead in identifying operating inefficiencies and operating -- and opportunities for improvement across all areas of our operating platform in order to enhance the acceleration of our margin recovery and related cash generation.

我們的轉型辦公室正在全速前進，以確定營運效率低下和營運平台所有領域的改進機會，以加快我們的利潤回收和相關現金產生。

One key focus area for us has been optimizing both our fuel consumption and bunkering strategies. Fuel costs are one of our largest expense line items, and our teams have been hard at work at fostering partnerships with the likes of DNV on decarbonization and long term agreements with industry leader ABB to drive new opportunities to lower our fuel consumption per capacity day.

我們的一個重點關注領域是優化我們的燃油消耗和加油策略。燃料成本是我們最大的支出項目之一，我們的團隊一直在努力與DNV 等公司建立脫碳合作夥伴關係，並與行業領導者ABB 達成長期協議，以推動新的機會降低每產能日的燃料消耗。

In addition to the consumption side of the equation we have made a big leap in the optimization of our fuel bunkering strategy that allows us to maximize price leverage across the various ports and suppliers we use during a season and in many cases even during a single voyage.

除了消耗方面之外，我們在燃油加註策略的優化方面也取得了重大飛躍，使我們能夠在一個季節甚至在許多情況下甚至在單次航程中使用的各個港口和供應商之間最大限度地發揮價格槓桿作用。

We believe this will drive double-digit millions in savings in the first year alone. This is just one of the many examples that support our relentless drive to improve our unit costs and leverage our scale all without impacting the guest experience. I look forward to sharing many more tangible examples at our upcoming Investor Day in May.

我們相信，光是第一年就可以節省數百萬美元的成本。這只是支持我們不懈努力提高單位成本並利用我們的規模而不影響賓客體驗的眾多例子之一。我期待在即將到來的五月投資者日分享更多切實的例子。

The combination of our more efficient cost structure and strong expected top line growth for the year is expected to drive the expansion of our full year adjusted EBITDA margins up by approximately 250 basis points. Now let's take a look at our expectations for the first quarter. As I said earlier, net yield is strong in the first quarter and is expected to increase approximately 15.5%. Adjusted net cruise cost ex fuel per capacity day is expected to be $165 or approximately 3% versus the same quarter last year.

我們更有效率的成本結構和今年強勁的預期營收成長相結合，預計將推動我們全年調整後 EBITDA 利潤率擴大約 250 個基點。現在讓我們來看看我們對第一季的預期。正如我之前所說，第一季淨收益率強勁，預計將成長約15.5%。調整後的淨郵輪成本（不含每運力日燃油）預計為 165 美元，比去年同期下降約 3%。

As mentioned, we expect an increase in dry dock days in the quarter, which will have a $6 or a 350 basis point impact on adjusted net cruise cost in Q1. Excluding that impact, adjusted net cruise costs would be $159, essentially flat on a year-over-year basis, demonstrating our ability to offset the impact of inflation with our cost savings.

如前所述，我們預計本季乾船塢天數將增加，這將對第一季調整後的遊輪淨成本產生 6 美元或 350 個基點的影響。排除這一影響，調整後的遊輪淨成本將為 159 美元，與去年同期基本持平，這表明我們有能力透過節省的成本來抵消通貨膨脹的影響。

As a result, adjusted EBITDA for the first quarter is expected to be approximately $450 million. Adjusted net income is expected to be approximately $50 million and adjusted EPS is expected to be approximately $0.12. Given the quarter is essentially complete, we do not expect significant outperformance in the top line versus expectations as the vast majority of our inventory is already sold. Any limited upside would result from our onboard revenue generating performance during the month of March.

因此，第一季調整後的 EBITDA 預計約為 4.5 億美元。調整後淨利潤預計約為 5000 萬美元，調整後每股收益預計約為 0.12 美元。鑑於本季已基本完成，我們預計營收不會顯著超出預期，因為我們的絕大多數庫存已經售出。任何有限的上漲空間都將取決於我們三月的船上創收表現。

Moving on to our balance sheet and debt maturity profile on Slide 14. In 2023, we generated almost $2 billion of net cash from operating activities, which included $500 million return of cash collateral. And we repaid $1.9 billion of debt, including the full paydown of our $875 million revolving loan facility. Most recently, we successfully negotiated a refinancing of our $650 million backstop commitment from a secured to an unsecured basis. And in connection with this refinancing $250 million 9.75 secured notes due in 2028, our highest interest rate debt is expected to be repaid. This refinancing, which is expected to close in early March will reduce interest expense, improve leverage while also releasing all of the related collateral, another important step forward in improving our balance sheet.

接下來是投影片 14 上我們的資產負債表和債務到期情況。2023 年，我們從經營活動中產生了近 20 億美元的淨現金，其中包括 5 億美元的現金抵押品返還。我們償還了 19 億美元的債務，包括全額還清 8.75 億美元的循環貸款額度。最近，我們成功協商將 6.5 億美元的支持承諾從有擔保轉為無擔保再融資。對於 2028 年到期的 2.5 億美元 9.75 擔保票據的再融資，我們的最高利率債務預計將得到償還。此次再融資預計將於 3 月初完成，將減少利息支出、提高槓桿率，同時釋放所有相關抵押品，這是改善我們資產負債表的另一個重要步驟。

Moving to leverage on Slide 15. The company has a solid track record of delevering the balance sheet. From 2014 to 2019, we successfully delevered by over 3 turns. We will continue to be opportunistic and look for further ways to strengthen our balance sheet. We are confident we can make meaningful progress on this front going forward. At year-end '23, with reported net leverage of approximately 7.3x or approximately 6.75x when excluding the impact of ships delivered in the second half of the year.

轉到投影片 15 上的槓桿。該公司在資產負債表去槓桿化方面有著良好的記錄。 2014年到2019年，我們成功去槓桿3輪多。我們將繼續抓住機會，尋找進一步的方法來加強我們的資產負債表。我們相信，我們能夠在這方面取得有意義的進展。截至 23 年底，報告的淨槓桿約為 7.3 倍，若排除下半年交付船舶的影響，則約為 6.75 倍。

We continue to expect significant improvement in this metric over time, driven by our organic cash generation and scheduled debt amortization payments. Over the course of 2024, we expect to reduce our reported leverage by almost 1.5 turns with sequential improvements in each quarter.

我們繼續預計，在我們的有機現金產生和定期債務攤銷支付的推動下，隨著時間的推移，這項指標將出現顯著改善。在 2024 年期間，我們預計將報告的槓桿率降低近 1.5 倍，並且每季都會持續改善。

This improvement does not assume any prepayment of debt, apart from the aforementioned takeout of our $250 million notes expected in early March. Going forward, we are refining a multiyear plan to further accelerate the reduction of leverage and derisk our balance sheet in order to drive shareholder value. With that, I'll turn it back to Harry for closing remarks.

除了上述預計於 3 月初取出的 2.5 億美元票據外，這項改進並未假設任何債務提前償還。展望未來，我們正在完善一項多年計劃，以進一步加速降低槓桿率並降低資產負債表風險，以提高股東價值。說到這裡，我將把它轉回給哈利做結束語。

Well, thank you, Mark. Truly encouraging results. Moving forward, our entire team will be focused on the most important work. First, we will continue to execute on our near-term priorities and capitalize on the strong demand from cruising from our target upscale demographic. Second, we will build upon the progress we've already made with our ongoing margin enhancement efforts with further improvements in costs.

嗯，謝謝你，馬克。真正令人鼓舞的成果。展望未來，我們整個團隊將專注於最重要的工作。首先，我們將繼續執行我們的近期優先事項，並利用我們目標高端人群的強勁郵輪需求。其次，我們將在已經取得的進展的基礎上，透過持續提高利潤率的努力，進一步改善成本。

And finally, we will continue to improve our balance sheet and reduce leverage over time. In closing, I couldn't be more excited about the year ahead. I am confident that we have the right resources in place to capitalize on the strong demand environment and deliver exceptional vacation experiences for our guests across all 3 of our brands, execute on our operational and financial goals for 2024 and ultimately deliver long-term profitable growth and shareholder value.

最後，我們將繼續改善我們的資產負債表並隨著時間的推移降低槓桿率。最後，我對未來的一年感到非常興奮。我相信，我們擁有適當的資源，可以利用強勁的需求環境，為我們所有 3 個品牌的客人提供卓越的度假體驗，執行 2024 年的營運和財務目標，並最終實現長期盈利增長和股東價值。

I look forward to share you the results of our strategic assessment of our business and defining our vision for the future of the company, including long-term financial targets at our Investor Day this coming May. With that, I'm happy to turn it over to the operator for questions.

我期待在今年五月的投資者日與您分享我們對業務的策略評估結果，並確定我們對公司未來的願景，包括長期財務目標。有了這個，我很樂意將其交給接線員詢問。

(Operator Instructions)

（操作員說明）

Our first question is coming from Brandt Montour of Barclays.

我們的第一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

So looking at your 1Q guidance and the full year net yield guidance, there obviously is a pretty big decel or sort of a more conservative implied growth in the back -- in the sort of 2Q through 4Q net yield. But it's not out of line with your longer-term algo on that 2Q to 4Q. So I guess the question is, one, would you be willing to, Mark, or Harry willing to sort of quantify the disruption from the Middle East and the repositioning of those ships and sort of give us a sense for what the core business outside of those disruptions, how you see that sort of growing in the back half of the year?

因此，請看看您的第一季指導和全年淨收益率指導，顯然有一個相當大的減速或某種更保守的隱含增長——在第二季度到第四季度的淨收益率中。但這與您在第二季到第四季的長期演算法並沒有不一致。所以我想問題是，第一，馬克或哈里，你是否願意量化中東的干擾以及這些船隻的重新定位，並讓我們了解中東之外的核心業務是什麼？您如何看待這些幹擾在今年下半年的成長？

Yes. Thank you, Brandt, again, for that. So I do think you have the right thought pattern. Q2 to Q4 are in line with our long-term express goals where we look to have low to mid-single-digit yield growth, of course, measured capacity growth, strong cost controls, all leading to outsized EBITDA and margin performances, which should allow us to continue to strengthen our balance sheet.

是的。再次感謝你，布蘭特。所以我確實認為你有正確的思考模式。第二季至第四季符合我們的長期明確目標，我們希望實現低至中個位數的收益率成長，當然，可衡量的產能成長、強有力的成本控制，所有這些都會導致超額的EBITDA 和利潤率表現，這應該讓我們能夠繼續加強我們的資產負債表。

I think you are right that the situation in the Red Sea, Suez Canal had some impact on our Oceania, Regent brand, not on NCL.

我認為你說得對，紅海、蘇伊士運河的局勢對我們大洋洲、麗晶品牌有些影響，而不是對NCL。

NCL is extraordinarily strong in all 4 quarters, as we see the booking patterns now. But for the Oceania and Regent perspective, since it was 8% and 12% of their respective capacities, we would expect that to have an impact of about 1 to 2 points on yield in the back 3 quarters of the year. What that means, all that's taken into consideration in the guidance we provided. So we stand by our numbers. And what that means is we should have a modest tailwind in 2025 when those -- when we less those items.

從我們現在看到的預訂模式來看，NCL 在所有 4 個季度都表現異常強勁。但從Oceania和Regent的角度來看，由於其產能分別為8%和12%，我們預計這將對今年後三個季度的收益率產生約1至2個百分點的影響。這意味著什麼，我們提供的指南中已考慮了所有這些內容。所以我們堅持我們的數字。這意味著，到 2025 年，當我們減少這些項目時，我們應該會有適度的推動力。

That's super helpful. That's great. And then as a follow-up, taking the Middle East disruption -- direct disruption out of it and just thinking about core Europe sailings, core Norwegian-branded Europe sailings, Americans traveling to Europe. That's an area that people -- that some of us have been a little bit more concerned about. Maybe talk about the evolution of the bookings patterns you're seeing in that specific segment? And should we be taking that into account when we think about the cadence for the 3Q?

這非常有幫助。那太棒了。然後作為後續行動，排除中東的干擾——直接幹擾，只考慮核心的歐洲航行、核心的挪威品牌歐洲航行、美國人前往歐洲。這是人們——我們中的一些人更關心的一個領域。也許可以談談您在該特定細分市場中看到的預訂模式的演變？當我們考慮第三季的節奏時，我們是否應該考慮到這一點？

We talked last year a little bit about some of the challenges we had coming out of COVID with some of our itineraries that require a slightly longer booking period like Europe. And I think that had impacted some of our results in Q3 or Q4 of last year -- I'm sorry, Q2 or Q3 of last year, my apologies, when we gave the results in our earnings calls.

去年我們討論了一些因新冠疫情而面臨的挑戰，我們的一些行程需要稍長的預訂時間，例如歐洲。我認為這影響了我們去年第三季或第四季的一些業績——對不起，去年第二季或第三季度，我很抱歉，當時我們在財報電話會議上公佈了結果。

We learned from that, and we've absolutely extended our booking curve for Europe, primarily for Americans going into the 2024 season. So we're very happy with what we're seeing across all 3 brands, with the exception of those cruises that had previously been going to Israel and the Middle East on the Oceania, Regent brand.

我們從中吸取了教訓，並且絕對延長了歐洲的預訂曲線，主要是進入 2024 年季節的美國。因此，我們對所有 3 個品牌的表現非常滿意，除了那些之前以大洋洲麗晶品牌前往以色列和中東的遊輪。

Thank you. The next question is coming from Andrew Didora of Bank of America.

謝謝。下一個問題來自美國銀行的安德魯·迪多拉。

Harry, I guess, just when I think about the visibility into the first half of '24 and maybe for the full year, just curious how kind of your booking curve has changed over the years. And I think Mark spoke about 1Q, obviously, being fully booked here. Kind of where do you stand in terms of 2Q being booked at this point? And how should we think about where you stand for full year '24 based on your budgeted capacity.

哈利，我想，當我想到 24 年上半年甚至全年的可見性時，我只是好奇這些年來你的預訂曲線發生了怎樣的變化。我認為馬克談到了第一季度，顯然，這裡已經被訂滿了。目前您對第二季的預訂情況有何看法？我們應該如何根據您的預算能力來考慮您 24 年全年的情況。

Well, thank you, Andrew, for that question. We don't give specific guidance on our book position for each quarter. Yes, Mark did say we are entirely booked for Q1 because we're sitting here on February -- late February, February 27. So we're not going to get any more meaningful bookings for Q1. But for the other 3 quarters, we continue to be with the exception of those Red Sea and Middle East Cruises, which I referred to before, in record booked positions where we're referring to as all-time high booked positions across the 3 quarters and especially on the NCL brand.

嗯，謝謝你，安德魯，提出這個問題。我們不會對每季的帳面狀況給予具體指示。是的，馬克確實說過我們第一季的預訂已經全部預訂完畢，因為我們在2 月——2 月下旬，2 月27 日坐在這裡。所以我們不會為第一季獲得任何更有意義的預訂。但對於其他三個季度，除了我之前提到的紅海和中東遊輪之外，我們仍然保持著創紀錄的預訂量，我們指的是這三個季度的歷史最高預訂量尤其是 NCL 品牌。

Okay. And Mark, just on the balance sheet. Obviously, you're addressing the expense of 2028 maturity. I guess I thought you couldn't prepay debt before all the deferred amortizations, you can also kind of proactively pay down? I know it's not in your assumptions, but just curious if it's possible or is it just too costly to do at this point?

好的。馬克，就在資產負債表上。顯然，您正在解決 2028 年到期的費用。我想我認為你不能在所有遞延攤銷之前提前償還債務，你也可以主動還款嗎？我知道這不在你的假設之內，但只是好奇這是否可能，或者目前這樣做成本是否太高？

Andrew, you're right. Technically, we do not have the capability to technically prepay debt until we have all of our deferred amortization cut up. However, with this particular transaction, it is deemed a refinancing and as such, we do have the ability to take out that portion of the debt.

安德魯，你是對的。從技術上講，在我們削減所有遞延攤銷之前，我們沒有能力提前償還債務。然而，對於這一特定交易，它被視為再融資，因此，我們確實有能力償還該部分債務。

As we look forward over the course of the remainder of the year of '24, we do have some notes that are maturing in December $565 million, 3.625% notes which are very cost effective, but we will be looking to address those between now and sometime obviously, well before the end of the year.

當我們展望24 年剩餘時間時，我們確實有一些將於12 月到期的票據，金額為5.65 億美元，利率為3.625%，這些票據非常具有成本效益，但我們將尋求從現在到現在解決這些問題顯然是在年底之前的某個時候。

And then outside of that, a little bit too early for us to be thinking about or giving guidance in terms of what we may or may not take out. But I think the point to be made here really is that we are now starting to actively address the balance sheet and address the leverage.

除此之外，對我們來說，考慮或就我們可以或不可以採取什麼措施提供指導還為時過早。但我認為這裡真正要指出的一點是，我們現在開始積極解決資產負債表和槓桿問題。

And we've always said this will be a little bit of a chip away each year, and we're happy that coming out of the gate for 2024, we've been able to start that. So we're very excited about that. It's definitely a solid path to -- in our journey.

我們總是說，每年都會有一點點困難，我們很高興在 2024 年走出大門，我們已經能夠開始這個目標。所以我們對此感到非常興奮。在我們的旅程中，這絕對是一條堅實的道路。

The next question is coming from Steve Wieczynski of Stifel.

下一個問題來自 Stifel 的 Steve Wieczynski。

So Harry or Mark, first off, congratulations on the cost improvement. It's been pretty impressive. And as we move through this year and we think about costs then for the out years, I mean, how do you guys think about cost growth or lack of cost growth in those as we move past 2024. I mean, I would assume it's going to be tough to keep cost in that flattish range. So just maybe some color around your long-term cost outlook moving forward would be helpful.

因此，哈利或馬克，首先祝賀成本的改善。這真是令人印象深刻。當我們今年過去時，我們會考慮未來幾年的成本，我的意思是，當我們跨越 2024 年時，你們如何看待成本成長或成本成長不足。我的意思是，我認為情況會改變。很難將成本保持在這個平穩的範圍內。因此，也許對您未來的長期成本前景進行一些描述會有所幫助。

So thank you, Steve, for those the kind words on cost control. It's something that we're extraordinarily proud of, and as Mark mentioned in his prepared comments, represents over $100 million improvement versus core inflation. Listen, I -- we're not here to give specific guidance yet on '25 and '26, so we won't. We'll do that in -- we give our long-term financial metric outlook in our Investor Day in May.

所以，謝謝你，史蒂夫，關於成本控制的好話。這是我們感到非常自豪的事情，正如馬克在他準備好的評論中提到的那樣，與核心通膨相比，這代表著超過 1 億美元的改善。聽著，我 - 我們還不是在這裡提供關於 25 和 26 的具體指導，所以我們不會。我們將在五月的投資者日給出我們的長期財務指標展望。

But I will say that this goal of being able to grow cost at less than the rate of inflation is certainly something that we inspire to do on a long-term basis. So I know that's not exactly what you're looking for, but hopefully gives you some indication of our direction.

但我要說的是，能夠以低於通貨膨脹率的速度增長的目標肯定是我們長期鼓勵做的事情。所以我知道這並不完全是您想要的，但希望能為您提供一些我們的方向指示。

And Steve, to just further highlight what Harry is saying is I want to make it very clear. We've been laser-focused on this. We are looking at all different ways how we can improve and more importantly, improve and get more efficient to leverage our scale. We've said time and again, this is not a onetime exercise. This is what we've actually established a transformation office, which I imagine will become something like a continuous improvement office. But things -- we're setting up performance dashboards. I talked about some of our bunkering strategies.

史蒂夫，為了進一步強調哈利所說的話，我想說得非常清楚。我們一直非常關注這一點。我們正在尋找各種不同的方法來改進，更重要的是，改進並更有效地利用我們的規模。我們一再說過，這不是一次性的練習。這就是我們實際上建立的一個轉型辦公室，我想它會變成一個類似持續改善辦公室的東西。但是，我們正在設定績效儀表板。我談到了我們的一些加油策略。

There's a lot of ways where we can improve the overall underlying fundamental cost structure, all without impacting the guest experience. I talked about our fuel, I talked about our bunkering strategy, food waste. Food waste is just a big area that when you start really monitoring the waste side of it, has significant upstream benefits when you think about the waste side of it.

我們可以透過許多方法來改善整體的基本成本結構，同時又不會影響賓客體驗。我談到了我們的燃料，我談到了我們的加油策略，食物浪費。食物垃圾只是一個很大的領域，當你開始真正監控它的廢物方面時，當你考慮它的廢物方面時，它會帶來顯著的上游效益。

So again, we're focused on this. We got the message. We've been taking this serious. And we believe there's multiyear benefits here, but we look forward to certainly sharing more details around that in our May Investor Day.

所以，我們再次關注這一點。我們收到消息了。我們一直在認真看待這個問題。我們相信這裡有多年的好處，但我們當然期待在五月投資者日分享更多細節。

Okay. Got you. And then second question, you mentioned in the release that pricing and bookings are higher for the Norwegian brand for all 4 quarters of this year. Just wondering if you can give a little bit more color about what you're seeing in terms of what kind of price action you can take for more second half of this year into 2025. And then maybe also a little bit of color around the luxury brands, which obviously are being somewhat impacted by what's going on in the Med, but any color there would be helpful as well.

好的。明白你了。第二個問題，您在新聞稿中提到，挪威品牌今年四季的定價和預訂量都較高。只是想知道您是否可以對今年下半年到 2025 年您可以採取什麼樣的價格行動方面所看到的情況提供更多的信息。然後也許還可以為奢侈品提供一些信息品牌，顯然在某種程度上受到了地中海正在發生的事情的影響，但任何顏色都會有幫助。

Yes. So listen, on the NCL brand, we have very robust and sophisticated revenue management systems. And when we see demand as it is today, we take price action or promotional action, which is sort of an opaque way to take price action in order to generate the highest yields for the company, and we're doing that.

是的。聽著，在 NCL 品牌上，我們擁有非常強大且複雜的營收管理系統。當我們看到今天的需求時，我們會採取價格行動或促銷行動，這是一種採取價格行動的不透明方式，以便為公司產生最高的收益，我們正在這樣做。

So nothing has changed in our core philosophy from that perspective. When demand is good, we take advantage of it. And I think it's reflected in our oversized gains for Q1 and our reasonably strong gains for Q2 to Q4, especially on the NCL brand.

因此，從這個角度來看，我們的核心理念並沒有任何改變。當需求良好時，我們就會利用它。我認為這反映在我們第一季的巨大收益和第二季至第四季相當強勁的收益上，尤其是 NCL 品牌。

In Oceania, Regent, I want to be clear, there's something fundamentally wrong with the model at the luxury space. We see demand for luxury being very high. But when you have to take 60 or 70 days out of service on 2 ships out of a regularly small fleet for 2 brands, it does have an outsized impact on the ability to grow yield at those 2 brands.

在大洋洲，麗晶，我想澄清的是，豪華空間的模式有根本性的錯誤。我們看到對奢侈品的需求非常高。但是，當 2 個品牌的常規小型船隊中的 2 艘船不得不停運 60 或 70 天時，這確實會對這 2 個品牌的產量成長能力產生巨大影響。

We hope that to be a onetime thing. All the new voyages for Oceania, Regent, with the new deployment already on sale and starting to fill, well albeit because we're filling them closer in it at lower pricing than we normally would have gotten, but it's just limited to those areas. We are very happy with the performance on Oceania and Regent, in the other regions of the world.

我們希望這只是一次性的事情。所有前往大洋洲的新航程，麗晶號，新的部署已經開始銷售並開始填補，儘管因為我們正在以比通常更低的價格更接近地填補它們，但它僅限於這些地區。我們對大洋洲和麗晶號在世界其他地區的表現感到非常滿意。

And Steve, in terms of the Norwegian brand, not apart from our sophisticated revenue management systems, let's not forget our models around onboard revenue. We are in a continuous improvement mode in terms of expanding our presale of onboard revenue and getting more share of the wallet over a longer period of time from the point a customer enters our ecosystem. And we continue to refine that. We continue to look at that. And that plays a key part as we -- going forward as we look at our revenue opportunity. So that's something we are very, very focused on.

史蒂夫，就挪威品牌而言，除了我們複雜的收入管理系統之外，我們也不要忘記我們圍繞船上收入的模型。從客戶進入我們的生態系統起，我們正處於持續改進模式，擴大預售的船上收入，並在更長的時間內獲得更多的錢包份額。我們將繼續完善這一點。我們將繼續關注這一點。當我們展望未來的收入機會時，這發揮著關鍵作用。所以這是我們非常非常關注的事情。

The next question is coming from Daniel Politzer of Wells Fargo.

下一個問題來自富國銀行的丹尼爾‧波利策。

I just wanted to dive a little bit deeper, just make sure I'm understanding your comments in terms of how you're thinking about the yield growth for this year. So the Middle East, it sounds like the impact is largest in the second quarter and the fourth quarter. So is it fair to assume the third quarter in terms of the yield growth, first quarter, third quarter and then 2Q, 4Q about the same in terms of greatest to least?

我只是想更深入地探討一下，確保我理解您對今年收益率成長的看法。所以中東地區，聽起來第二季和第四季受到的影響最大。那麼，假設第三季的殖利率成長、第一季、第三季以及第二季、第四季從最大到最小的殖利率成長大致相同，是否公平？

Yes, Dan, certainly, when you look at the impact of the Middle East on the O&R brands, it's definitely impacting us more in the second and fourth quarter, as mentioned in our results. So I think as you look across the 3 quarters, as we said in our prepared remarks, you're going to see more of a normalized consistent yield growth. There's always some puts and takes within each quarter, but I wouldn't expect any significant lumpiness necessarily, so to speak, across the remaining 3 quarters.

是的，Dan，當然，當你看看中東對 O&R 品牌的影響時，正如我們的業績中提到的，它在第二季度和第四季度對我們的影響肯定更大。因此，我認為，正如我們在準備好的演講中所說，當您縱觀這三個季度時，您將看到更多正常化的持續收益率成長。每個季度總是會有一些調整和調整，但我不認為在剩下的三個季度中一定會出現任何明顯的波動。

Got it. And then just for my follow-up, this is maybe an add-on to Brandt's question. But as we think about that second quarter to fourth quarter and kind of getting back to a more normal algo, I think, Harry, you mentioned geopolitical was maybe 1 or 2 points of a headwind. But I think you've also been pretty adamant that you guys were going to guide a fairly conservative outlook for the year. So I guess as we think about that, the 2Q through fourth quarter outlook, like to what degree you're baking in conservatism and any impact from itinerary mix shifts?

知道了。然後，對於我的後續行動，這可能是對布蘭特問題的補充。但當我們思考第二季到第四季並回到更正常的演算法時，我想，哈利，你提到地緣政治可能是一兩個點的逆風。但我認為你們也非常堅定地認為今年的前景相當保守。因此，我想當我們考慮這一點時，第二季度到第四季度的前景，例如您的保守主義程度以及行程組合變化的影響？

I think if we told you what level of conservatism we are baking into our guidance, I wouldn't be giving you new guidance. So listen, suffice to say that we are providing the numbers that we're confident in. We have, of course, incredible visibility into future book positions. So I'm not saying there's no upside there, but I certainly wouldn't expect huge upside to the numbers that we've provided. We're going to manage our business to the best of our abilities, and we're providing you numbers that we are confident that we can hit.

我認為，如果我們告訴您我們將何種程度的保守主義融入我們的指導中，我就不會為您提供新的指導。所以聽著，只要說我們正在提供我們有信心的數字就足夠了。當然，我們對未來的書籍位置有著令人難以置信的可見性。所以我並不是說那裡沒有好處，但我當然不認為我們提供的數字有巨大的好處。我們將盡我們所能管理我們的業務，並且我們將向您提供我們有信心能夠實現的數字。

The next question is coming from James Hardiman of Citi..

下一個問題來自花旗銀行的詹姆斯哈迪曼（James Hardiman）。

Thanks for taking my call. So I don't want to belabor the point, but just this sort of this dichotomy between 1Q and the rest of the year on the yield front. Obviously, some of that is just occupancy, right, that catch up. But if I think about, what I get to is being maybe 800 to 900 basis point detail from 1Q to the rest of the year.

感謝您接聽我的電話。所以我不想詳細說明這一點，只是在收益率方面第一季和今年剩餘時間之間存在這種二分法。顯然，其中一些只是入住率，對吧，趕上了。但如果我仔細想想，我得到的可能是從第一季到今年剩餘時間的 800 到 900 個基點的詳細資訊。

How much can just be explained by mix, right? I mean you've got the slide that shows Europe going from 0% to 34% and 51%, while the Caribbean is coming down from 58% to 18%. Obviously, Caribbean pricing is a lot more robust than what we're seeing out of Europe. Is there any way to quantify how much of that decel just stems from that? And I guess is there a way to think about sort of how you're seeing like-for-like pricing in North America and Europe as we get past the first quarter and into the rest of the year?

有多少可以用混合來解釋，對嗎？我的意思是，這張幻燈片顯示歐洲從 0% 上升到 34% 和 51%，而加勒比地區則從 58% 下降到 18%。顯然，加勒比地區的定價比我們在歐洲看到的要強勁得多。有什麼方法可以量化減速有多少是由此產生的嗎？我想，當我們度過第一季並進入今年剩餘時間時，是否有一種方法可以思考北美和歐洲的同類定價情況？

James, I appreciate the question as always. Listen, I don't think there's really much of a mix issue here from the perspective that our deployment in 2024 is not that much different than our deployment in 2023 with the exception of the couple of big NCL ships that we moved out of Europe a month or 2 early in early Q4.

詹姆斯，我一如既往地感謝這個問題。聽著，從我們 2024 年的部署與 2023 年的部署沒有太大不同的角度來看，我認為這裡並不存在太大的混合問題，除了我們從歐洲移出的幾艘大型 NCL 船舶外第四季度初的一兩個月。

So I wouldn't necessarily say to Q4-ish, right? I think there's 2 primary issues that we've discussed, which I'm happy to articulate, Q1 of '23 was particularly weak, coming out of COVID, there was short booking curves. There were disruptions, especially on the Oceania and Regent brand with our itineraries that visited Asia, Australia. Both those brands have world crews, which was very difficult to sell, given the time commitment that gets past to make and the fact that they would have had to make those decisions in early '22 when COVID was still alive and well. So we're coming off a reasonably weak comp in Q1.

所以我不一定會說 Q4-ish，對吧？我認為我們已經討論了兩個主要問題，我很高興能夠闡明這一點，23 年第一季的表現尤其疲軟，受新冠疫情影響，預訂曲線較短。特別是大洋洲和麗晶品牌的亞洲、澳洲行程受到了乾擾。這兩個品牌都有世界各地的工作人員，考慮到時間投入已經過去了，而且他們必須在 22 年初，當新冠病毒還活著並且狀況良好時，他們就必須做出這些決定，因此很難出售。因此，我們在第一季的表現相當疲軟。

That being said, we're still very, very happy that we were able to get Q1 of '24 back to where it is with a 16% growth year-over-year. So obviously, there's some spend in Q1. It's not of this year, not just the weakness of last year. I think the other 3 quarters, the only issue that we're seeing when we look across the brands, across the quarters, across the geographic areas, it's simply this issue with the Red Sea and Suez, which I want to elaborate because I talked to it before.

話雖這麼說，我們仍然非常非常高興我們能夠使 24 年第一季恢復到同比增長 16% 的水平。顯然，第一季有一些支出。這不是今年的弱點，也不僅僅是去年的弱點。我認為其他三個季度，當我們跨品牌、跨季度、跨地理區域時，我們看到的唯一問題就是紅海和蘇伊士運河的問題，我想詳細說明這一點，因為我談到了之前。

We believe we have the right mix of Caribbean product for our guest set over the summer. We do have ships in the Caribbean. We don't go to a 0% capacity, but we have seen higher returns out of Europe and Alaska and Bermuda than we do out of the Caribbean, which is why we position our ships there. So it's possible that the growth in the Caribbean could have been more, but the end result would have been less. I repeat what I said in my prepared remarks, we still have the highest net yields within the competitive set. So maybe we would have grown more on a like-for-like basis, but it would have resulted in a lower overall number if we positioned more of our capacity in the Caribbean.

我們相信，我們在夏季為我們的賓客提供了合適的加勒比海產品組合。我們在加勒比海確實有船。我們不會達到 0% 的運力，但我們看到歐洲、阿拉斯加和百慕達的回報比加勒比地區的回報更高，這就是我們在那裡部署船舶的原因。因此，加勒比地區的成長可能會更高，但最終結果會更少。我重複我在準備好的發言中所說的話，我們仍然在競爭中擁有最高的淨收益率。因此，也許我們會在同等基礎上實現更多成長，但如果我們將更多產能部署在加勒比地區，那麼總數就會減少。

And James, just keep in mind, when you think about 2024, Obviously, we're getting the benefit in Q1 versus Q1 of '23 an outsized growth algo because of the aforementioned factors. But then you roll that forward and you look at Q4 of 2023, where we had roughly 8.5%, 9% yield growth, we're going to be lapping over that in the fourth quarter of this year. So there is a little bit of lapping issues going on. But I think as Harry said, the underlying strength in pricing in the business is looking good across all sectors and all geopolitical areas, I'm sorry, all geographical areas, apart from the Middle Sea and the Red Sea area.

詹姆斯，請記住，當您考慮 2024 年時，顯然，由於上述因素，我們在第一季度與 23 年第一季度相比，獲得了巨大的增長演算法的好處。但如果你將其向前推進，看看 2023 年第四季度，我們的收益率增長約為 8.5% 至 9%，我們將在今年第四季度超越這一水平。所以存在一些研磨問題。但我認為，正如哈利所說，該業務定價的潛在優勢在所有部門和所有地緣政治區域看起來都不錯，對不起，除了中海和紅海地區之外的所有地理區域。

Got it. And maybe just a follow-up there to that geographical point. So if I just think about 5.5, call it, yield growth for the year, I guess that's probably if we just thought about pricing, right, ex the occupancy piece maybe 4Q, call it, is there ex the Red Sea and the Middle East impact, is there a meaningful difference in terms of how we're thinking -- we should be thinking about pricing growth for Europe versus pricing growth for the Caribbean, but maybe not.

知道了。也許只是該地理點的後續行動。因此，如果我只考慮 5.5，稱之為今年的收益率增長，我想這可能是如果我們只考慮定價，對吧，前入住率可能是第四季度，稱之為，有紅海和中東嗎影響，我們的思維方式是否存在有意義的差異——我們應該考慮歐洲的定價成長與加勒比地區的定價成長，但也許不是。

I don't think there's any meaningful difference between the markets, James. I think we're -- again, we're seeing strong pricing for all those markets and other markets. So obviously, you have a total difference in net per diem depending on the area of operation. But in terms of growth, we're not seeing any sort of significant differences between markets.

詹姆斯，我認為市場之間沒有任何有意義的差異。我認為我們再次看到所有這些市場和其他市場的定價都很強勁。顯然，根據營運區域的不同，每日淨津貼存在總差異。但就成長而言，我們沒有看到市場之間有任何顯著差異。

Got it. Very helpful. and good luck.

知道了。很有幫助。還有祝你好運。

Thank you. The next question is coming from Vince Ciepiel of Cleveland Research.

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

I wanted to dig into the margin a little bit helpful, your color on, I think, close to 2.5 points of improvement that gets you back to about the mid-20s, but there's still a handful of points behind where you were pre-COVID. And maybe you could help walk through some of those moving pieces.

我想深入研究邊緣，我認為你的顏色有接近 2.5 個百分點的改進，可以讓你回到 20 多歲左右，但仍然落後於新冠疫情之前的一些點。也許你可以幫助我們了解其中一些令人感動的部分。

I think selling more air is probably just a headwind as it's more of a pass-through. I think that fuel is probably a point or so of headwind. But just help us kind of understand and bridge the margin differential versus pre-COVID times and get your confidence on a path back to getting close to something near 30% over time?

我認為銷售更多的空氣可能只是一種逆風，因為它更多的是一種傳遞。我認為燃料可能是一個點左右的逆風。但只是幫助我們了解並彌合與新冠疫情之前的利潤率差異，並讓您對隨著時間的推移回到接近 30% 的水平充滿信心嗎？

Yes. Thanks, Vince. While I don't want to give too many details because I think we're going to give some significant visibility at our May Investor Day. But look, the bottom line is really that we have to continue to improve on our pricing. That's key number one. But it all comes down to leveraging our cost base and our unit cost and leveraging that scale.

是的。謝謝，文斯。雖然我不想提供太多細節，因為我認為我們將在五月投資者日提供一些重要的知名度。但看，最重要的是我們必須繼續改進我們的定價。這是第一個關鍵。但這一切都歸結於利用我們的成本基礎和單位成本並利用這一規模。

We've made significant progress, what I would say in the last 18 to 20 months when we really first started addressing this back in the second half of 2022. So we're going to continue to look at that. We have to improve. When you think about overall cost from 2019, when we look at it, I think we were somewhere about a 3% CAGR over 2019 through 2024 guidance. So we think we can definitely improve on that. Obviously, there is some incremental drag from fuel given new regulations versus '19 and '24 and so on. But we have to do a better job of leveraging our scale. We're doing that.

我想說的是，我們在過去 18 到 20 個月裡取得了重大進展，當時我們在 2022 年下半年才真正開始解決這個問題。所以我們將繼續關注這個問題。我們必須改進。當你考慮 2019 年的整體成本時，我認為我們的複合年增長率比 2019 年到 2024 年的指導值大約是 3%。所以我們認為我們絕對可以改進這一點。顯然，與 19 年和 24 年等相比，考慮到新法規，燃料會產生一些增量阻力。但我們必須更好地利用我們的規模。我們正在這樣做。

As I've said, we've been able to confidently mitigate over $100 million of expected inflation in 2024. It's no small feat that I want to reiterate, when we look at our cost base, excluding the dry dock and the reduced capacity days, our cost base is flat, expected to be flat for 2024.

正如我所說，我們已經能夠自信地減輕2024 年超過1 億美元的預期通貨膨脹。當我們考慮我們的成本基礎（不包括乾船塢和減少的運力天數）時，我想重申，這是一個不小的壯舉，我們的成本基礎持平，預計 2024 年將持平。

So I want to make sure everybody understands that. It doesn't end here. We're looking at everything and we think there's continuous opportunity there. So we're going to chip away at that. And I think in a combination between, again, strong top line growth and moderate cost growth or improvement, we think definitely there's opportunity for significant margin expansion over time.

所以我想確保每個人都理解這一點。事情還沒結束。我們正在考慮一切，我們認為那裡存在持續的機會。所以我們要解決這個問題。我認為，再次，強勁的收入成長和適度的成本成長或改善相結合，我們認為隨著時間的推移，肯定有機會實現利潤率的大幅擴張。

And just to add to that, I know we talk a lot about metrics, NCC excluding fuel, or NCC excluding fuel and dry dock, but I want to emphasize that fuel expense is not something we ignore. Mark talked about it extensively in his prepared remarks. And our goal is to find ways to reduce consumption. Ultimately, obviously, that's great for our sustainability goals, but it's also great for our overall profitability.

除此之外，我知道我們談了很多指標，NCC 不包括燃料，或 NCC 不包括燃料和乾船塢，但我想強調的是，燃料費用不是我們忽略的事情。馬克在他準備好的演講中廣泛談論了這一點。我們的目標是找到減少消耗的方法。最終，顯然，這對我們的永續發展目標非常有利，而且對我們的整體獲利能力也非常有利。

So I don't want to -- despite the fact that we don't necessarily report on that metric extensively, I want to assure everyone that is one of the main focuses. I mean we spend something like $700 million a year on fuel, and Mark talked about the multi-, multi-, multi-million dollar things that we're going to do to improve fuel from bunkering to better monitoring and things like that. And those numbers are real and of course, are reflected in our EBITDA numbers.

所以我不想——儘管我們不一定廣泛報告該指標，但我想向每個人保證這是主要關注點之一。我的意思是，我們每年在燃料上花費大約 7 億美元，馬克談到了我們將要做的數百萬美元的事情，以改善燃料，從加油到更好的監控等等。這些數字是真實的，當然也反映在我們的 EBITDA 數字中。

And then maybe one more for thinking about this kind of more normalized yield growth 2Q through 4Q. And maybe walk us through how you envision onboard versus ticket versus occupancy gains kind of contributing to that growth? And if it's equal, if one is a bigger driver? Any additional color there would be helpful.

然後也許還要考慮第二季到第四季這種更正常化的殖利率成長。或許請告訴我們您如何看待機上、門票和入住率的成長對這種成長的貢獻？如果相等，一個人是否是更大的驅動力？任何額外的顏色都會有幫助。

Yes. Look, onboard revenue is always a significant generator of our overall revenue profile. When you look at the quarters 2 through 4, yes, I think we're getting probably, what, about 1.5 points of occupancy benefit in those 3 quarters, and the rest is really coming on the back of pricing.

是的。看，船上收入始終是我們整體收入的重要來源。當你看看第二季到第四季時，是的，我認為我們可能會在這三個季度中獲得大約 1.5 個百分點的入住率收益，其餘的確實來自於定價。

So on board is an important component, it always is, and it always has been. We'll continue to improve on that. Our goal, again, is to get more of that wallet share well prior to the customer over stepping on foot any one of our vessels. And we continue to improve on that. And that -- but I don't think there's going to -- I don't think we're expecting any meaningful outsized growth from that particular revenue stream versus necessarily our core ticket price across the 3 brands.

因此，船上是一個重要的組成部分，它一直都是，而且一直都是。我們將繼續改進這一點。我們的目標再次是在客戶踏上我們的任何一艘船之前獲得更多的錢包份額。我們將繼續改進這一點。而且——但我認為不會——我認為我們不會期望特定的收入流與我們三個品牌的核心票價相比出現任何有意義的超額增長。

Donna, I think we have time for one more question, please.

唐娜，我想我們還有時間再問一個問題。

Our final question today is coming from Conor Cunningham of Melius Research.

我們今天的最後一個問題來自 Melius Research 的 Conor Cunningham。

Maybe if I could just sneak 2 in. Just on the cost trajectory in 2024. Trying to understand a little bit more. I understand the dry docks and the inflation, but it's -- what's the offset that's happening there? Is marketing spend kind of trending down?

也許我可以偷偷溜進去 2。就在 2024 年的成本軌跡上。試著了解更多。我了解乾船塢和通貨膨脹，但那裡發生的抵銷是什麼？行銷支出是否呈現下降趨勢？

And maybe secondly to stick with Mark on that as well. The comments around the balance sheet improvement, the tone is definitely changing. So that's positive. Simple maths as you're going to 6x leverage. Are we going to get back to this 3x to 4x that you did pre-COVID? Just any thoughts there would be helpful.

其次，也許在這一點上也要堅持馬克的觀點。圍繞資產負債表改善的評論，基調肯定在改變。所以這是積極的。簡單的數學計算，您將獲得 6 倍槓桿。我們會回到疫情前的 3 到 4 倍嗎？只要有任何想法都會有幫助。

Yes. So I'll let Mark talk about our balance sheet number because we're very proud of that. And I'll let him finish up the commentary on that. But on the cost side, this isn't specifically related to marketing. We obviously will look at improvements in efficiencies and marketing in the same way we look at efficiencies everywhere else. But any improvement we find in marketing will be strictly around efficiency, the volume, if you will, of marketing will remain the same.

是的。所以我會讓馬克談談我們的資產負債表數字，因為我們對此感到非常自豪。我會讓他完成對此的評論。但在成本方面，這與行銷沒有具體關係。顯然，我們會像看待其他地方的效率一樣看待效率和行銷的改進。但我們在行銷方面發現的任何改進都將嚴格圍繞效率，如果你願意的話，行銷的數量將保持不變。

We're very happy with the demand we drive. We carefully track it through web visits, lead generation and all the other type of metrics that are necessary in order to keep both top and mid-funnel our marketing alive and well, and that volume will continue. Any benefit we have will be on efficiency, not on volume.

我們對我們推動的需求非常滿意。我們透過網路存取、潛在客戶生成和所有其他類型的必要指標來仔細追蹤它，以保持我們的行銷管道的頂部和中部的活力和良好狀態，並且這一數量將繼續下去。我們獲得的任何好處都將體現在效率上，而不是數量上。

But really, the cost is everywhere. I mean, we talked about fuel, we talked about food waste. But I mean we could go through every line item of the P&L. There is nothing off the table. I mean we've made improvements in air costs. We made improvements in our consumables and maintenance, really across the way in SG&A expenses. So I really want you to think about it as a whole P&L and not that we're going to, in any way, focus on marketing in order to reduce those important demand metrics. And Mark take it away.

但實際上，成本無所不在。我的意思是，我們談論了燃料，我們談論了食物浪費。但我的意思是我們可以檢查損益表的每個項目。沒有什麼是不可能的。我的意思是我們已經改善了航空成本。我們在消耗品和維護方面進行了改進，在銷售管理費用方面也取得了巨大進步。因此，我真的希望您將其視為整體損益表，而不是我們以任何方式專注於行銷以減少這些重要的需求指標。馬克把它拿走。

Conor on leverage. Look, we've said we are very focused on it. And we've said that this will improve significantly over time. We're very excited that we expect our leverage -- current leverage levels at year-end. We expect to at least decrease that by 1.5 turns. And again, that's going to -- that's slowly but surely restoring our balance sheet back to pre-COVID levels.

康納談槓桿。看，我們說過我們非常關注它。我們說過，隨著時間的推移，這種情況將會顯著改善。我們非常高興我們期望我們的槓桿率——年底的當前槓桿率水準。我們預計至少會減少 1.5 圈。再說一遍，這將緩慢但肯定地將我們的資產負債表恢復到新冠疫情前的水平。

So obviously, that 3% to 4% range is something we're focused on. I would not -- certainly would not expect that to happen in 2024, but we are starting the sequential improvement quarter after quarter. This year, you will see significant improvements in leverage. And we're excited to see that same thing happening over the course of '25 and '26.

顯然，3% 到 4% 的範圍是我們關注的重點。我不會——當然不會期望這種情況會在 2024 年發生，但我們正在一個又一個季度地開始連續改進。今年，您將看到槓桿率的顯著改善。我們很高興看到同樣的事情在 25 年和 26 年發生。

So we're on the right path.

所以我們走在正確的道路上。

The only thing I'll add to Mark's comment is just a simple math one. If we were at 7.3%, and we plan to reduce it by 1.5%, I think the number would be in the 5-something range, not the 6-something range just to keep that in the back of your mind.

我在馬克的評論中唯一要添加的只是一個簡單的數學問題。如果我們是 7.3%，而我們計劃將其減少 1.5%，我認為這個數字將在 5 個左右的範圍內，而不是 6 個左右的範圍內，只是為了讓你記住這一點。

That being said, I want to thank everyone for joining us today. We'll be around to answer any questions you may have. We look forward to seeing you all in May. We wish you a great day and all the best.

話雖這麼說，我要感謝大家今天加入我們。我們將隨時回答您的任何問題。我們期待在五月見到大家。我們祝福您有美好的一天，一切順利。

Ladies and gentlemen, this concludes today's conference. You may disconnect your lines and log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的會議到此結束。此時您可以斷開線路並退出網路廣播，享受接下來的一天。