挪威郵輪 (NCLH) 2024 Q1 法說會逐字稿

內容摘要

挪威郵輪控股公司在 2024 年第一季取得了成功,超出了指導指標並提高了全年指導。他們宣布了新的船舶訂單、碼頭開發以及可持續發展計劃的進展。該公司專注於提高利潤率、降低成本和財務穩定。

他們討論了私人島嶼的投資、強勁的預訂狀況以及影響收益率成長的因素。儘管紅海航線取消帶來了阻力,但該公司仍對其業績和未來前景持樂觀態度。他們專注於提高效率、降低成本並利用業務規模。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good morning, and welcome to the Norwegian Cruise Line Holdings First Quarter 2024 Earnings Conference Call. My name is Joe, and I will be your operator. (Operator Instructions) As a remainder to all participants, this conference call is being recorded. I would now like to turn the conference over to your host, Sarah Inman. Ms. Inman, please proceed.

    早上好,歡迎參加挪威郵輪控股公司 2024 年第一季收益電話會議。我叫喬,我將成為您的接線生。 (操作員說明)作為對所有參與者的提醒,本次電話會議正在錄音。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。

  • Sarah Inman

    Sarah Inman

  • Thank you, Joe, and good morning, everyone. Thanks for joining us for our first quarter 2024 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 CFO. As a reminder, this conference call is being simultaneously webcast on the company's Investor Relations website at www.nclhltd.com/investors. Throughout the call, we will refer to a slide presentation that can be found on our Investor Relations website.

    謝謝你,喬,大家早安。感謝您參加我們的 2024 年第一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。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。在整個電話會議中,我們將參考可在我們的投資者關係網站上找到的幻燈片簡報。

  • 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. Our press release with first quarter 2024 results was issued this morning and is available on our Investor Relations website. This call includes forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements. These statements should be considered in conjunction with the cautionary statement contained in our earnings release. Our comments may also refer to 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.

    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。我們的 2024 年第一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。我們的評論也可能涉及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?

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Thank you, Sarah, and good morning, everyone. Thank you all for joining us today for our first quarter 2024 earnings call. It's such an exciting time for our company with wonderful new products available across all 3 of our award-winning brands, strong demand and some recent noteworthy announcements that have solidified our trajectory for years to come.

    謝謝莎拉,大家早安。感謝大家今天參加我們 2024 年第一季的財報電話會議。對於我們公司來說,這是一個激動人心的時刻,我們所有3 個獲獎品牌都推出了精彩的新產品,強勁的需求以及最近發布的一些值得注意的公告都鞏固了我們未來幾年的發展軌跡。

  • The demand for cruise vacations continues to be at all-time high, as evidenced by record booking, record book position and record advanced ticket sales as the continued innovation and service delivery on board our ships lead to exceptional guest satisfaction scores. The combined effect is strong financial performance in the quarter and an even brighter outlook for the year ahead.

    郵輪假期的需求持續保持歷史最高水平,預訂記錄、預訂位置記錄和提前售票記錄都證明了這一點,因為我們船上的持續創新和服務交付帶來了卓越的客戶滿意度評分。綜合效應是本季強勁的財務表現和未來一年更光明的前景。

  • Today, it's my pleasure to discuss some of our Q1 milestones, including the recent newbuild ship announcement and pier development, our strong performance in the quarter and the exciting booking trends that are driving our improved guidance for the remainder of 2024.

    今天,我很高興討論我們第一季的一些里程碑,包括最近的新建船舶公告和碼頭開發、我們在本季度的強勁表現以及令人興奮的預訂趨勢,這些趨勢推動我們改進2024 年剩餘時間的指導。

  • I'll also be diving into the significant progress we've made on our global sustainability program, Sail & Sustain. Later in the call, I'll turn it over to Mark, who will provide more color on our first quarter performance and updated guidance for 2024. We kicked off the year with impressive momentum carrying forward several positive trends from the end of 2023.

    我還將深入探討我們在全球永續發展計畫 Sail & Sustain 方面取得的重大進展。稍後在電話會議中,我會將其轉交給Mark,他將為我們第一季度的業績提供更多信息,並更新2024 年的指導。並從2023 年底開始推進了一些正面的趨勢。

  • As you can see on Slide 4, we sustained strong demand throughout the quarter, achieving record bookings in this period, which led to our most successful WAVE season ever. As a result, our 12-month forward book position remains at all-time high. In terms of financial results, adjusted EBITDA nearly doubled during the first quarter compared to last year on the back of stronger pricing and higher occupancy levels.

    正如您在幻燈片 4 中看到的,我們在整個季度保持了強勁的需求,在此期間實現了創紀錄的預訂量,這導致了我們有史以來最成功的 WAVE 季節。因此,我們的 12 個月遠期預訂部位仍處於歷史最高水準。就財務表現而言,由於定價走強和入住率上升,第一季調整後的 EBITDA 與去年相比幾乎翻了一番。

  • Our margins also noticeably improved during the period, with our core costs essentially flat year-over-year, leading to a robust growth in adjusted operational EBITDA margin, which is adjusted EBITDA divided by adjusted gross margin now approaching 33% for the trailing 12 months. As a result, we reduced our leverage by a full turn during the quarter when compared to the end of 2023, ending the first quarter at 6.3x net leverage, marking an important milestone in our journey to strengthen our balance sheet and well on our path for the 1.5 turn improvement in net leverage we guided for the year.

    在此期間,我們的利潤率也顯著提高,我們的核心成本同比基本持平,導致調整後營運EBITDA 利潤率強勁增長,調整後EBITDA 除以調整後毛利率得出的結果在過去12 個月接近33% 。因此,與2023 年底相比,我們在本季度將槓桿率降低了整整一倍,第一季結束時淨槓桿率為6.3 倍,這標誌著我們加強資產負債表進程中的一個重要里程碑,並在我們的道路上取得了良好的進展我們今年指導的淨槓桿率提高了 1.5 倍。

  • These strides were recognized by S&P, which upgraded both our issuer credit rating and issue-level ratings during the quarter. While we'll give more details later in the call, I can't help but share that we have exceeded essentially all of our guidance metrics for the first quarter of 2024 and consequently raised guidance on our key metrics for the full year, including net yield, adjusted EBITDA, adjusted net income and adjusted EPS.

    這些進步得到了標準普爾的認可,該公司在本季度提升了我們的發行人信用評級和發行級別評級。雖然我們稍後會在電話會議中提供更多詳細信息,但我忍不住要分享的是,我們基本上已經超出了2024 年第一季度的所有指導指標,因此提高了全年關鍵指標的指導,包括淨值收益率、調整後 EBITDA、調整後淨利和調整後每股收益。

  • Another key milestone during the first quarter was our historic newbuild order, which we shared on our last conference call during Seatrade Cruise Global. Encompassing 8 new ships across all 3 of our award-winning brands, this is the most transformative newbuild program in our company's history.

    第一季的另一個重要里程碑是我們歷史性的新建訂單,我們在 Seatrade Cruise Global 期間的最後一次電話會議上分享了這項訂單。這是我們公司歷史上最具變革性的新建項目,涵蓋我們所有 3 個獲獎品牌的 8 艘新船。

  • We also announced the construction of the 2-ship pier at Great Stirrup Cay, which will enhance our existing infrastructure on the private island making it an even more attractive destination for our guests. I am thrilled about our future as I know we're paving the way for our continued growth in the next decade and beyond. Our first quarter successes are due to our continued focus on our near-term priorities, which are detailed on Slide 5.

    我們還宣佈在大馬鐙島建造 2 艘船碼頭,這將增強我們在私人島嶼上的現有基礎設施,使其成為對我們的客人更具吸引力的目的地。我對我們的未來感到興奮,因為我知道我們正在為未來十年及以後的持續成長鋪平道路。我們第一季的成功歸功於我們對近期優先事項的持續關注,幻燈片 5 對此進行了詳細介紹。

  • We successfully grew capacity 8% compared to 2023, while achieving a record 12-month forward book position, all while increasing price and reducing our net leverage by a full turn, and we're seeing strong results across the board.

    與 2023 年相比,我們成功地將產能成長了 8%,同時實現了創紀錄的 12 個月遠期預訂頭寸,同時提高了價格並全面降低了淨槓桿率,我們看到了全面的強勁業績。

  • Turning to Slide 6. We have shown you frequently in the past, I want to once again emphasize our long-term strategy of delivering measured capacity growth and optimizing our fleet to drive strong financial returns. Our newbuild pipeline increased from 5 to 13 ships in the quarter, representing a capacity CAGR of 6% from 2023 to 2028 and 4% from 2023 to 2036.

    轉向幻燈片 6。本季我們的新建船舶數量從 5 艘增加到 13 艘,2023 年至 2028 年的運力複合年增長率為 6%,2023 年至 2036 年的運力複合年增長率為 4%。

  • Historically, capacity growth has driven outsized revenue and adjusted EBITDA growth, and we expect this trend to continue with the incorporation of larger and more efficient state-of-the-art vessels to our fleet.

    從歷史上看,運力成長推動了巨額收入和調整後的 EBITDA 成長,我們預計隨著更大、更高效的最先進船舶加入我們的船隊,這一趨勢將持續下去。

  • Turning our attention to the current booking environment shown on Slide 7 and we are witnessing robust and resilient consumer demand across all 3 of our brands in all of our markets. As a result, during the first quarter of this year, we noted record bookings culminating a record wave season, leading to a continued record book position for the next 12 months, extending into 2025.

    將我們的注意力轉向幻燈片 7 中顯示的當前預訂環境,我們看到我們所有市場中所有 3 個品牌的消費者需求強勁且富有彈性。因此,在今年第一季,我們注意到創紀錄的預訂量在創紀錄的旺季中達到頂峰,從而導致未來 12 個月(直至 2025 年)繼續保持創紀錄的預訂量。

  • We continue to see healthy demand across all markets, brands and products, including Europe and Alaska, which continue to perform very well and make up the majority of our deployment over the summer. All of this strength is despite the cancellation and rerouting of our itineraries that we announced in the Middle East and Red Sea earlier this year. We also recently announced the cancellation of all Red Sea sailings across all 3 of our brands for the spring of 2025 and replacement sailings are already on sale. By adjusting these sailings well in advance, we can ensure a full sales cycle for the replacement itineraries and no impact to our 2025 yield.

    我們繼續看到所有市場、品牌和產品的健康需求,包括歐洲和阿拉斯加,它們繼續表現良好,並構成我們夏季部署的大部分。儘管我們今年稍早宣布取消並重新安排了中東和紅海的行程,但所有這些優勢仍然存在。我們最近也宣布取消 2025 年春季所有 3 個品牌的所有紅海航班,替代航班已開始銷售。透過提前調整這些航班,我們可以確保替換行程的完整銷售週期,並且不會影響我們 2025 年的產量。

  • Overall, we are encouraged by the strength in our book position for the next 12 months, which remains at all-time highs with commensurate higher pricing. As a result, yield growth is strong. During the first quarter, yield growth exceeded guidance coming in at 16.2% on a constant currency basis, up 70 basis points from the guidance we provided just 2 months ago in late February. 2024 is shaping up to be a strong year. And as a result, we are raising our full year yield guidance 100 basis points from 5.4% to approximately 6.4% on a constant currency basis on the back of the strong first quarter and strong demand for the remainder of 2024.

    整體而言,我們對未來 12 個月的圖書頭寸實力感到鼓舞,該頭寸仍處於歷史高位,且定價也相應較高。因此,產量成長強勁。第一季度,收益率成長超出了以固定匯率計算的 16.2% 的指導,比我們兩個月前 2 月底提供的指導高出 70 個基點。 2024 年將是強勁的一年。因此,鑑於第一季的強勁表現和 2024 年剩餘時間的強勁需求,我們將全年收益率指引從 5.4% 上調 100 個基點,從 5.4% 上調至約 6.4%(以固定匯率計算)。

  • Please note that our occupancy guidance remains unchanged as we are essentially already guiding to full ships. So the entire increase in our guidance is on the back of stronger pricing. Onboard revenue also remains a highlight with strength seen across the board. This is a positive sign that our target consumer remains healthy and resilient. We continue to absorb strong demand from pre-cruise purchases, which were up 16% compared to 2023. Preselling of packages of [4 cruise] typically leads to a higher overall spending during a guest's cruise journey.

    請注意,我們的入住率指導保持不變,因為我們基本上已經在指導滿船。因此,我們指導的整體成長是在定價走強的背景下實現的。船上收入也仍然是一大亮點,整體實力強勁。這是一個積極的跡象,表明我們的目標消費者仍然健康且有彈性。我們繼續吸收遊輪前購買的強勁需求,與 2023 年相比增長了 16%。

  • Turning to Slide 8. To continue cementing our leading industry position beyond 2024, I'm excited to announce that this first quarter reached an all-time high in advanced ticket sales. This success was driven by robust pricing, a dynamic deployment mix, coupled with increased presale packages and capacity growth. Our advance ticket sales balance rose 13% year-on-year, reaching a record $3.8 billion.

    轉向幻燈片 8。這一成功得益於穩健的定價、動態部署組合以及預售套餐的增加和容量增長。我們的預售票銷售餘額年增 13%,達到創紀錄的 38 億美元。

  • Over the past quarter, we have taken considerable strides in our sustainability efforts through our Sail & Sustain program, which you can see on Slide 9. We kicked off the year seeking out government grants to support our green initiatives by applying to the EU innovation fund with the goal of accelerating the transition of our 6 Prima class vessels for being methanol ready to be fully methanol capable. We continue to be committed to our short- and long-term decarbonization goals.

    在過去的季度中,我們透過Sail & Sustain 計畫在永續發展方面取得了長足進步,您可以在幻燈片9 中看到這一點。舉措,開啟了新的一年我們的目標是加速我們 6 艘 Prima 級船舶的轉型,使其具備完全具備甲醇能力的能力。我們繼續致力於我們的短期和長期脫碳目標。

  • We're also proud to announce that 50% of our company-wide fleet is now equipped with shoreside technology, achieving our year-end 2024 target well ahead of schedule. This is key to our journey to minimizing emissions during port stays and contributing to cleaner air in the port communities we visit.

    我們也很自豪地宣布,我們公司 50% 的船隊現已配備岸電技術,提前實現了我們的 2024 年底目標。這是我們最大限度地減少港口停留期間的排放並為我們所訪問的港口社區提供更清潔空氣的旅程的關鍵。

  • Our proactive approach to environmental impacts didn't go unnoticed. CDP Climate gave us a notable B rating in recognition of the steps we've taken to measure and manage our risks and opportunities related to climate change. This acknowledgment endorses our efforts and pushes us to continue enhancing our sustainability initiatives.

    我們對環境影響採取的積極主動的做法並沒有被忽視。 CDP Climate 給予我們顯著的 B 評級,以表彰我們為衡量和管理與氣候變遷相關的風險和機會所採取的措施。這項認可表揚了我們的努力,並推動我們繼續加強我們的永續發展措施。

  • Our commitment to operating ethically and with integrity also gained us recognition in the equity markets, JUST Capital in their restaurant and leisure category of America's most JUST Companies Index named us as a top 5 company. This recognition is a testament to our dedication to fair and equitable operations and the prioritization of our stakeholders' wellbeing. Also, we completed the purchase of 3 million carbon offsets invested in renewable energy products. These offsets not only support our decarbonization journey, but invest in cleaner energy sources and local job creation in the communities where these projects are located.

    我們對道德和誠信經營的承諾也為我們贏得了股票市場的認可,JUST Capital 在美國最公正公司指數的餐廳和休閒類別中將我們評為前 5 名公司。這項認可證明了我們致力於公平公正的運作以及優先考慮利害關係人的福祉。此外,我們也完成了投資於再生能源產品的 300 萬碳補償的購買。這些抵消不僅支持我們的脫碳之旅,而且還投資於更清潔的能源並為這些項目所在社區創造當地就業機會。

  • Finally, we were recently honored with being one of Forbes' Best Employers for Diversity in 2024. This award is a testament to our dedicated efforts in fostering an inclusive workforce, where diverse backgrounds are represented, engaged and empowered to generate and execute on innovative ideas. I want to express my gratitude to our entire team for their efforts in making our company a welcoming place for all of our talented team members.

    最後,我們最近榮獲福布斯2024 年多元化最佳雇主之一。執行創新想法。我想對我們整個團隊表示感謝,感謝他們為使我們的公司成為歡迎所有才華橫溢的團隊成員所做的努力。

  • This recognition motivates us to continue creating a workplace where every individual feels valued and empowered. This progress underscores our unwavering commitment to environmental sustainability, ethical business practices and the well-being of all of our stakeholders.

    這種認可激勵我們繼續創造一個讓每個人都感到受到重視和被賦予權力的工作場所。這項進展凸顯了我們對環境永續性、道德商業實踐和所有利害關係人福祉的堅定承諾。

  • These accomplishments serve as building blocks in our ongoing journey towards a more sustainable and responsible future. I couldn't be more proud of our entire team for all of these impressive accomplishments.

    這些成就是我們邁向更永續和負責任的未來的持續旅程的基石。我為我們整個團隊所取得的所有這些令人印象深刻的成就感到無比自豪。

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

    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。肯帕先生?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Thank you, Harry, and good morning, everyone. I'm a little under the weather today, so if my voice cracks, I apologize in advance. My commentary today will focus on our strong first quarter 2024 financial results, our improved full year 2024 guidance and our increasingly solid financial position. Unless otherwise noted, my commentary on 2024 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 2023.

    謝謝你,哈利,大家早安。我今天有點不舒服,所以如果我的聲音沙啞,我先道歉。我今天的評論將重點關注我們強勁的 2024 年第一季財務業績、改進的 2024 年全年指導以及日益穩固的財務狀況。除非另有說明,我對 2024 年淨收益和調整後淨遊輪成本(不包括每運力日燃料指標)的評論均以固定匯率為基礎,並與 2023 年同期進行比較。

  • Let's begin with our first quarter results, which are highlighted on Slide 10. We had an exceptional start to the year, and we exceeded guidance across the board, beating our already ambitious targets for the first quarter, which we only announced 2 months ago.

    讓我們從投影片 10 中重點介紹的第一季業績開始。

  • Starting with the top line. Results were impressive with net yield increasing 16.2%, materially exceeding our guidance of 15.5%. As discussed last quarter, several factors contributed to the exceptionally strong top line growth we saw this quarter, including the lapping of lower load factors and a less-than-optimized itinerary mix in the first quarter of 2023. But more importantly, we experienced unprecedented demand for Caribbean sailings in the first quarter of 2024, which represented approximately 58% of our total deployment in the quarter.

    從頂線開始。結果令人印象深刻,淨收益率成長了 16.2%,大大超過了我們 15.5% 的指導。如上季所討論的,有幾個因素導致了本季營收異常強勁的成長,其中包括 2023 年第一季度客座率較低以及行程組合不夠優化。 2024 年第一季加勒比海航線的需求量約占我們本季總部署量的58%。

  • Looking at costs. Adjusted net cruise costs, excluding fuel per capacity day, came in slightly below guidance at $164. As expected, this number includes approximately $5 from the increased dry-dock days and related costs in the quarter compared to 2023. Excluding the impact of dry docks, our adjusted net cruise costs, excluding fuel, would have been essentially flat year-over-year, demonstrating our ability to offset the impacts of inflation with our disciplined cost savings initiatives across the organization.

    看看成本。調整後的遊輪淨成本(不包括每運力日的燃油)略低於指導值 164 美元。正如預期的那樣,這一數字包括與2023 年相比本季增加的乾船塢天數和相關成本約5 美元。基本持平。

  • Adjusted EBITDA was approximately $464 million, exceeding guidance of $450 million and almost doubling the prior year's results. We returned to first quarter profitability with adjusted EPS of $0.16, exceeding guidance of $0.12 in the quarter and well above the loss of $0.30 in the prior year. Overall, we are incredibly pleased with the results we generated in the first quarter. Strong top line growth, combined with continued progress in reducing costs, allowed us to essentially beat all of our guidance metrics in the quarter.

    調整後 EBITDA 約為 4.64 億美元,超過指導值 4.5 億美元,幾乎是去年業績的兩倍。我們恢復了第一季的獲利能力,調整後每股收益為 0.16 美元,超出了本季 0.12 美元的指導值,也遠高於去年同期 0.30 美元的虧損。總的來說,我們對第一季所取得的成果感到非常滿意。強勁的收入成長,加上在降低成本方面的持續進展,使我們基本上超過了本季度的所有指導指標。

  • We are building on this momentum and with our revised expectations for 2024 are raising our full year guidance on several metrics, which can be seen on Slide 11. We raised our full year net yield growth a full percentage point from 5.4% to approximately 6.5%. This 100 basis point increase reflects the strength we experienced in the first quarter, but more importantly, our higher expectations through the rest of the year as a result of strong demand and record bookings that we have experienced for the remainder of 2024.

    我們正在鞏固這一勢頭,並根據對2024 年的修訂預期,提高了對多項指標的全年指導,這可以在幻燈片11 中看到。了整整一個百分點,達到約6.5% 。這一100 個基點的增長反映了我們在第一季經歷的強勁勢頭,但更重要的是,由於我們在2024 年剩餘時間裡經歷了強勁的需求和創紀錄的預訂,我們對今年剩餘時間的預期更高。

  • Last quarter, we mentioned the impact on our business due to cancellations and redeployment of itineraries in the Middle East and Red Sea. The strength we have seen in the business through WAVE season, however, has allowed us to almost fully offset this impact. Our full year guidance implies net yield growth for the remainder of the year in the low to mid-single-digit range and is exceeding our prepandemic growth rate.

    上季度,我們提到了中東和紅海航線取消和重新安排對我們業務的影響。然而,我們在 WAVE 季節看到的業務實力使我們幾乎完全抵消了這種影響。我們的全年指引意味著今年剩餘時間的淨收益率成長在低至中個位數範圍內,並且超過了我們的大流行前成長率。

  • Adjusted EBITDA guidance for the year increased $50 million to $2.5 billion building on the first quarter guidance beat of $14 million. Adjusted EPS guidance for the year increased on a net basis of $0.09 to $1.32, made up of our $0.04 beat in the first quarter, a $0.10 raise for the balance of the year due to higher demand and pricing, which was partially offset by higher fuel costs and interest expense of approximately $0.04. These strong numbers and related guidance raise would not be possible without the continued focus and efforts from our entire team, both shoreside and shipboard.

    調整後的全年 EBITDA 指導值在第一季指導價值 1,400 萬美元的基礎上增加了 5,000 萬美元,達到 25 億美元。今年調整後每股收益指引淨值增加 0.09 美元至 1.32 美元,其中第一季超出 0.04 美元,由於需求和定價增加,今年剩餘時間增加 0.10 美元,但部分被燃油上漲所抵消成本和利息支出約為0.04美元。如果沒有我們整個岸上和船上團隊的持續關注和努力,這些強勁的數字和相關指導的提高是不可能的。

  • Now let's take a look at our guidance for the second quarter. We expect a strong second quarter with net yield growth expected to increase approximately 4.3%, which is slightly above our historical averages despite the impacts of the canceled itineraries and redeployments in the Middle East and Red Sea.

    現在讓我們來看看我們對第二季的指導。我們預計第二季將強勁,淨收益成長預計將成長約 4.3%,儘管受到中東和紅海取消行程和重新部署的影響,但仍略高於我們的歷史平均水平。

  • Adjusted net cruise costs, excluding fuel per capacity day is expected to be approximately $165 or approximately 5.8% above the same quarter last year. As we mentioned last quarter, dry-dock days in 2024 will make comparisons to prior year more challenging. Second quarter '24 has approximately 70 more dry-dock days scheduled than last year. This increase for the quarter results in a $9 or 550 basis point impact on an adjusted net cruise cost ex fuel in the quarter.

    調整後的遊輪淨成本(不包括每運力日的燃油)預計約為 165 美元,比去年同期增長約 5.8%。正如我們上季度所提到的,2024 年的乾船塢日將使得與前一年的比較更具挑戰性。 24 年第二季的乾船塢日數比去年增加了約 70 天。本季的這一增長將對本季調整後的扣除燃油在內的淨遊輪成本產生 9 美元或 550 個基點的影響。

  • Excluding the dry-dock impact, adjusted net cruise cost excluding fuel is expected to be approximately $156, essentially flat year-over-year, demonstrating once more the continued success of our cost savings initiatives across the organization. As a result, adjusted EBITDA for the second quarter is expected to be approximately $555 million, adjusted net income is expected to be about $160 million and adjusted EPS to be approximately $0.32.

    排除乾船塢的影響,調整後的不含燃料的遊輪淨成本預計約為 156 美元,與去年同期基本持平,這再次證明了我們整個組織的成本節約舉措的持續成功。因此,第二季調整後的 EBITDA 預計約為 5.55 億美元,調整後的淨利潤預計約為 1.6 億美元,調整後的每股盈餘約為 0.32 美元。

  • Moving to Slide 12. I want to dive a bit deeper into our margin enhancement initiatives. We remain fully committed to boosting margins and reducing costs across the organization. With a meticulous approach supported by our transformation office, we are continuously pinpointing opportunities irrespective of their scale across every facet of our business. The results of these efforts are clear in the first quarter of 2024 where adjusted net cruise cost ex fuel per capacity day was $165 but was flat -- essentially flat compared to the first quarter in 2023, excluding the dry-dock impact.

    前往投影片 12。我們仍然完全致力於提高整個組織的利潤並降低成本。在我們的轉型辦公室支援下,我們採取細緻的方法,不斷在業務的各個方面尋找機會,無論其規模如何。這些努力的結果在2024 年第一季顯而易見,調整後的淨郵輪成本(不含燃料)每運力日為165 美元,但持平——與2023 年第一季相比基本持平,不包括乾船塢影響。

  • Our guidance on adjusted net cruise cost ex fuel remains unchanged for the full year 2024 and is expected to be $159, net of the approximate $5 impact from dry-docks in the full year, which are -- ex the dry-docks, which are essentially expected to be flat. For your models, I would remind you that we expect to see about 2/3 of the dry-dock impact during the first half of the year with the remainder in the fourth quarter.

    我們對 2024 年全年調整後淨遊輪成本(不含燃油)的指導保持不變,預計為 159 美元,扣除全年乾船塢約 5 美元的影響,其中乾船塢除外,預計基本持平。對於您的模型,我想提醒您,我們預計將在今年上半年看到約 2/3 的干船塢影響,其餘則在第四季度出現。

  • Turning over to Slide 13. I want to focus on an important metric that we track internally, which is our adjusted operational EBITDA margin which is calculated by dividing adjusted EBITDA by adjusted gross margin. Looking at the last 12 months, you can see the significant improvements we have made as we have returned the business to full operations and focused on rightsizing our cost basis. In Q1, trailing 12-month adjusted operational EBITDA margin was 32.7%, improving 200 basis points compared to the full year 2023.

    轉向幻燈片 13。回顧過去 12 個月,您可以看到我們取得的重大改進,我們已使業務恢復全面運營,並專注於調整成本基礎。第一季度,過去 12 個月調整後營運 EBITDA 利潤率為 32.7%,比 2023 年全年提高 200 個基點。

  • We expect to see this margin continue to improve throughout the year, ending 2024 at approximately 33.5% based on our updated guidance. As you know, we are striving to improve our margins, and this journey will be fueled by 2 main drivers: First, capitalizing on the strong demand in the market, and converting this into quality and sustainable net yield growth; and second, continued focus on net cruise costs and rightsizing our cost base.

    我們預計這一利潤率將在全年持續改善,根據我們的最新指引,到 2024 年底將達到約 33.5%。如您所知,我們正在努力提高利潤率,這一旅程將由兩個主要驅動力推動:首先,利用市場的強勁需求,並將其轉化為高品質和可持續的淨收益成長;其次,繼續關注遊輪淨成本並調整我們的成本基礎。

  • Shifting to the balance sheet and debt maturity profile on Slide 14. During the quarter, we completed the refinancing of our $650 million backstop commitment from a secured to an unsecured basis. In connection with this refinancing, we repaid $250 million 9.75% secured notes due in 2028, which was our highest interest rate debt. This refinancing reduces our interest expense and improved leverage while also releasing all related collateral, another important step forward in strengthening our balance sheet.

    轉向投影片 14 上的資產負債表和債務到期情況。透過此次再融資,我們償還了 2.5 億美元、利率為 9.75%、2028 年到期的擔保票據,這是我們利率最高的債務。此次再融資減少了我們的利息支出並提高了槓桿率,同時也釋放了所有相關抵押品,這是加強我們的資產負債表的另一個重要步驟。

  • Moving to leverage on Slide 15. We have a track record of delivering on net leverage reduction, as we have discussed in many previous earnings calls, and we are currently on a path to do so again. In the first quarter alone, we reduced our net leverage by a full turn from year-end and turned the quarter at 6.3x. This is a significant reduction for one quarter, and we expect to continue to improve net leverage over time propelled by our organic cash generation and scheduled debt amortization payments.

    轉向幻燈片 15 上的槓桿。僅在第一季度,我們的淨槓桿率就比年底減少了整整一倍,本季的槓桿率達到了 6.3 倍。這是一個季度的大幅減少,我們預計在我們的有機現金產生和定期債務攤銷付款的推動下,隨著時間的推移,淨槓桿率將繼續提高。

  • By the end of 2024, we anticipate reducing our net leverage by approximately 1.5 turns from year-end 2023, ending 2024 in the upper 5x range, with sequential improvements in each quarter. We are currently refining a multiyear plan to further continue the reduction of leverage and derisk our balance sheet to drive shareholder value. I plan to share more on this plan at our Investor Day on May 20.

    到 2024 年底,我們預計淨槓桿率將比 2023 年底降低約 1.5 倍,到 2024 年底將達到 5 倍的上限,並且每個季度都會連續改善。我們目前正在完善一項多年計劃,以進一步繼續降低槓桿率並消除資產負債表風險,以提高股東價值。我計劃在 5 月 20 日的投資者日分享有關該計劃的更多資訊。

  • Closing out my section, I want to reiterate, this has been a fantastic quarter, where we beat guidance on all key metrics. The strong momentum we have seen in the quarter is carrying over to the full year, and we've been able to raise our guidance for the full year on yield, adjusted EBITDA, adjusted net income and adjusted EPS.

    在結束我的部分時,我想重申,這是一個出色的季度,我們在所有關鍵指標上都超出了指導。我們在本季看到的強勁勢頭正在延續到全年,我們已經能夠提高對全年收益率、調整後 EBITDA、調整後淨利潤和調整後每股收益的指導。

  • This quarter is a testament to our ability to use strong top line results, coupled with efficiencies to enhance margins and drive strong EBITDA and related cash flows, resulting in lower leverage and derisking the balance sheet. We are excited to see how the rest of the year plays out after the strong start. With that, I'll turn it back to Harry for closing remarks.

    本季度證明了我們有能力利用強勁的營收業績,以及提高利潤率和推動強勁 EBITDA 及相關現金流的效率,從而降低槓桿率並降低資產負債表風險。我們很高興看到在強勁開局後今年剩餘時間的表現。說到這裡,我將把它轉回給哈利做結束語。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Well, thank you, Mark, and I wish you a speed of recovery. Moving forward, our entire team will be focused on our most important work, as shown on Slide 16. First, we will continue to focus on execution, capitalizing on the strong demand from our target upskill demographics to drive net yield while delivering experiences that guests value. .

    好吧,謝謝你,馬克,祝你早日康復。展望未來,我們整個團隊將專注於我們最重要的工作,如幻燈片 16 所示。 。 。

  • Second, we will build upon the progress already made over the last quarters from our ongoing margin enhancement efforts with further improvements in cost reduction and efficiencies throughout the organization.

    其次,我們將在過去幾季持續提高利潤率努力所取得的進展的基礎上,進一步提高整個組織的成本降低和效率。

  • And finally, we will continue to improve our financial stability by further strengthening our balance sheet and continuing to reduce net leverage over time. In a few weeks' time, we will be having the privilege of hosting an Investor Day. We hope you are able to attend either in person at the New York Stock Exchange or virtually through our webcast. It is an occasion that we are eagerly looking forward to as it provides us with a platform to articulate our long-term strategy and financial metrics for the business. This strategic road map will offer insight into our ambitions and aspirations for the future of Norwegian Cruise Line Holdings.

    最後,我們將透過進一步加強我們的資產負債表並隨著時間的推移繼續降低淨槓桿率來繼續提高我們的財務穩定性。幾週後,我們將有幸舉辦投資者日活動。我們希望您能夠親自前往紐約證券交易所或透過我們的網路直播參加。這是我們熱切期待的機會,因為它為我們提供了一個闡明我們的長期策略和業務財務指標的平台。這份策略路線圖將讓我們深入了解我們對挪威郵輪控股公司未來的野心和願望。

  • We will outline the key initiatives and measures that will underpin our drive towards providing our guests with the experiences they value while delivering long-term profitable growth and shareholder value. The future is certainly bright, and we are excited to share this journey with you. And with that, I'll hand the call back to the operator to begin our Q&A session.

    我們將概述關鍵措施和措施,以支持我們為客人提供他們重視的體驗,同時實現長期獲利成長和股東價值。未來肯定是光明的,我們很高興與您分享這段旅程。然後,我會將電話轉交給接線員以開始我們的問答環節。

  • Operator

    Operator

  • (Operator Instructions) And our first question comes from the line of Dan Politzer with Wells Fargo.

    (操作員說明)我們的第一個問題來自富國銀行的 Dan Politzer。

  • Daniel Brian Politzer - Senior Equity Analyst

    Daniel Brian Politzer - Senior Equity Analyst

  • I was hoping we could dive in a little bit more on kind of the pricing and set up for the remainder of the year. I mean it seems certainly the first quarter was very strong. As we think about the tweaks to your capacity allocation for the rest of 2024 and certainly similar Europe and at least in the second quarter, but kind of falling off in the back half. How should we think about the relationship between that capacity allocation relative to pricing?

    我希望我們能夠在定價方面進行更多的探討,並為今年剩餘的時間做好準備。我的意思是,第一季似乎確實非常強勁。當我們考慮 2024 年剩餘時間產能分配的調整時,歐洲肯定會類似,至少在第二季度,但在後半段有所下降。我們該如何考慮容量分配與定價之間的關係?

  • And put more simplistically, can you maybe classify the pockets where you're seeing outsized strength versus maybe a little bit more modest strength in terms of pricing?

    更簡單地說,您能否將您在定價方面看到的實力過大和實力稍弱的領域進行分類?

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • So Dan, and thanks for joining us today. Listen, I wouldn't say that there are any areas that are outsized or undersized. We're seeing good pricing yield strength across all 3 of our brands, across all the major areas that we deploy our ships. We're doing well in Europe, we're doing well in Alaska, Bermuda, Hawaii, of course, the Caribbean. I think the only place where we've talked before, where we had a little bit of a challenge is the voyages in Q2 and Q4 that had previously visited the Red Sea and had to redeploy to other itineraries.

    丹,感謝您今天加入我們。聽著,我不會說有任何區域過大或過小。我們看到我們所有 3 個品牌以及我們部署船舶的所有主要區域都具有良好的定價收益優勢。我們在歐洲做得很好,在阿拉斯加、百慕達、夏威夷,當然還有加勒比海地區也做得很好。我認為我們之前討論過的唯一有一點挑戰的地方是第二季度和第四季度的航次,這些航次之前訪問了紅海,不得不重新部署到其他行程。

  • But outside of those, we're seeing broad-based demand across the board. We're very happy with our yield growth in the back 3 quarters. As we discussed, both Mark and myself, we're increasing our yield guidance by a full point, which I think underscores the strengths that we're seeing. We continue to be at record book positions, record pricing. We're very happy with where we are.

    但除此之外,我們也看到了廣泛的全面需求。我們對後三個季度的收益率成長感到非常滿意。正如馬克和我自己所討論的那樣,我們將收益率指導提高了一個百分點,我認為這強調了我們所看到的優勢。我們繼續保持創紀錄的帳面倉位和創紀錄的定價。我們對自己所處的位置非常滿意。

  • Daniel Brian Politzer - Senior Equity Analyst

    Daniel Brian Politzer - Senior Equity Analyst

  • Got it. And then just pivoting to the cost side. Can you just remind us a couple of those pockets where you really seem to be cutting the fat, right? I think food is an area where you've seen some success. Also I think on marketing, you've talked about the expenses you've cut there. So as we think about the kind of the buckets across the cost structure, where have you seen more success? And where is kind of the additional opportunity that you see looking ahead?

    知道了。然後轉向成本方面。你能提醒我們幾個你確實在減脂的地方嗎?我認為食品是一個已經取得一些成功的領域。我還認為在行銷方面,您已經談到了您在那裡削減的費用。因此,當我們考慮整個成本結構的類型時,您在哪些方面看到了更多成功?您認為未來還有哪些額外機會?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Dan, it's Mark. So first, I just want to clarify. I wouldn't classify it as cutting the fat, so to speak. That's probably a little bit too generous. We're really looking at how we can get much more efficient across the entire organization. As I mentioned in our -- in our prior earnings call, the first big piece of that was really reducing -- looking at our fuel and bunkering processes.

    丹,是馬克。首先,我想澄清一下。可以這麼說,我不會將其歸類為減少脂肪。這未免有點太慷慨了。我們真正在研究如何提高整個組織的效率。正如我在先前的財報電話會議中提到的,其中第一個重要部分確實是減少了我們的燃料和加油流程。

  • And if I recall correctly, I said that was the double-digit million savings, and that's actually reflected in our latest fuel guidance where if you think about -- if you look at the curves, the curves were up anywhere from mid-to-upper single digits. Yet, I think we only raised our cost up by 2%. But apart from that, yes, it's across marketing, it's across the things on the vessel that the customers really don't value.

    如果我沒記錯的話,我說過這是兩位數的節省,這實際上反映在我們最新的燃油指南中,如果你想一想,如果你看一下曲線,曲線會從中間到中間的任何地方上升。然而,我認為我們的成本只提高了 2%。但除此之外,是的,它涉及行銷,涉及船上客戶真正不重視的東西。

  • But more importantly, we're not just cutting to cut, we're really looking at what do customers care about, let's improve on those experiences while reducing items that the customer really doesn't care about. So there's no silver bullets here. It's just a lot of little things across the board. We are very excited with the progress we're making. That's been reiterated by the fact that we just reiterated our cost guidance. And I'm hopeful in the future that we can continue to improve on that.

    但更重要的是,我們不僅僅是逐一削減,我們真正關注的是客戶關心什麼,讓我們改善這些體驗,同時減少客戶真正不關心的項目。所以這裡沒有靈丹妙藥。這只是很多小事。我們對所取得的進展感到非常興奮。我們剛剛重申了我們的成本指導,這一事實也重申了這一點。我希望未來我們能夠繼續改進這一點。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • And Dan, I'll just add one more thing, specifically related to the food. I just want to emphasize we have in no way reduced the quality of food that we serve our guests. We still serve, especially on Oceania region, the best quality food that we can and in NCL very good quality food as well, where we have seen the efficiencies, if you will, are in things like buying direct as opposed to intermediaries and in logistics.

    丹,我再補充一件事,特別是與食物有關的事。我只是想強調,我們絕對沒有降低為客人提供的食物品質。我們仍然提供最優質的食品,特別是在大洋洲地區,在 NCL 也提供非常優質的食品,如果你願意的話,我們已經看到了直接購買而不是中間商和物流等方面的效率。

  • We have made massive improvements in logistics, warehousing, shipping that obviously will show up in the food, but do not reflect the lower quality food. I can't emphasize that enough. We believe that our 3 brands in their respective places in the industry have the most -- have the best food quality and the most food options, and we are committed to that, but we think we can do that and still save money through the other items that I mentioned.

    我們在物流、倉儲、運輸方面做出了巨大的改進,這顯然會體現在食品中,但不會反映出食品品質較低。我怎麼強調都不為過。我們相信,我們的三個品牌在各自的行業中擁有最多的——最好的食品質量和最多的食品選擇,我們致力於這一點,但我們認為我們可以做到這一點,並且仍然可以通過其他方式節省資金我提到的項目。

  • Operator

    Operator

  • And our next question comes from the line of Vince Ciepiel with Cleveland Research.

    我們的下一個問題來自克利夫蘭研究中心的文斯·西皮爾 (Vince Ciepiel)。

  • Vince Charles Ciepiel - Senior Research Analyst & Partner

    Vince Charles Ciepiel - Senior Research Analyst & Partner

  • I wanted to zoom in a little bit more on the second half. I think at one point, you guys had quantified the Red Sea impact. I think it was like 1 to 2 points for 2Q through 4Q. I think there was a view that third quarter might be the highest yield growth quarter of 2Q through 4Q because it had the least Red Sea impact. And I was just curious if you still expected that to be the case?

    我想把下半場的情況放大一點。我認為在某一時刻,你們已經量化了紅海的影響。我認為第二季到第四季的得分是 1 到 2 分。我認為有一種觀點認為,第三季度可能是第二季到第四季中收益率成長最高的季度,因為它受到的紅海影響最小。我只是好奇你是否仍然希望情況如此?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Vince, yes, you are correct. We still expect third quarter to be the highest yield growth quarter. And I will remind everybody that in Q4 of '23, if I recall correctly, we had pricing of growth of 15% and yield growth of 9%. So we are rolling over a very healthy Q4 of 2023. So that's not to be implied that Q4 of this year is not doing well, but it is just certainly rolling over a much higher comp, but we do expect third quarter to be the highest.

    文斯,是的,你是對的。我們仍預期第三季將是收益率成長最高的季度。我要提醒大家,在 23 年第四季,如果我沒記錯的話,我們的定價成長為 15%,殖利率成長為 9%。因此,我們將迎來一個非常健康的2023 年第四季。是最高的。

  • Vince Charles Ciepiel - Senior Research Analyst & Partner

    Vince Charles Ciepiel - Senior Research Analyst & Partner

  • Great. And then a little bit bigger picture kind of strategy question. You and peers across the industry seem to be really investing in private islands and ramping efforts there, marketing leaning in. Just kind of curious what you're seeing out there that leads you to believe returns are there, that that's what the customer is looking for and how you kind of have -- went about making that decision?

    偉大的。然後是一個更宏觀的策略問題。您和整個行業的同行似乎確實在投資私人島嶼,並加大力度在那裡進行營銷。做出這個決定的?

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Yes. So when we look at our 2 private islands we have today, Great Stirrup Cay in the Bahamas and Harvest Caye in Belize, those are our 2 highest-rated destinations. Now we really had a pier at Harvest Caye. So there were no issues in that area. But in GSC, Great Stirrup Cay, excuse me, the lack of a pier caused us to miss much more frequently than we would have liked.

    是的。因此,當我們看看我們今天擁有的 2 個私人島嶼時,巴哈馬的 Great Stirrup Cay 和伯利茲的 Harvest Caye,它們是我們評價最高的 2 個目的地。現在我們在 Harvest Caye 真的有了一個碼頭。所以該區域沒有任何問題。但在 GSC,大馬鐙島,請原諒,由於缺乏碼頭,導致我們錯過的次數比我們希望的要頻繁得多。

  • So for us, it almost (inaudible) on an ROI basis just by us being able to visit there. But of course, once we have the confidence that we can visit there almost 100% of the time, we certainly believe that it will be worth making the investments to continue to improve the guest experience as long as we focus, as Mark said before, on the things that gets value.

    因此,對我們來說,只要我們能夠訪問那裡,就幾乎(聽不清楚)投資回報率。但當然,一旦我們有信心幾乎 100% 都能訪問那裡,我們當然相信,只要我們專注,繼續改善賓客體驗的投資就是值得的,正如馬克之前所說,在那些有價值的事情上。

  • I will say, listen, we've seen geopolitical uncertainty in various places of the world over time. So clearly, places like Belize and the Bahamas have an added benefit of being perhaps any more certain zones more close to home, which continues to give us confidence to invest. But we think what we're doing with GSC is fantastic. We think the pier, which will be available just in a year from now, so it's not like multiyears in the future, will be a great addition. We're committed to the area. Our guests love it. I think the experience on the island is already fantastic, more of a resort-type experience, and we'll continue to improve it.

    我想說,聽著,隨著時間的推移,我們已經看到世界各地的地緣政治不確定性。顯然,像伯利茲和巴哈馬這樣的地方還有一個額外的好處,那就是可能是離家更近的某些地區,這繼續給我們投資的信心。但我們認為我們與 GSC 所做的事情非常棒。我們認為,該碼頭將在一年內投入使用,因此不像未來需要多年,它將是一個很好的補充。我們致力於該地區。我們的客人喜歡它。我覺得島上的體驗已經很棒了,更多的是度假村式的體驗,我們會繼續改進。

  • Vince Charles Ciepiel - Senior Research Analyst & Partner

    Vince Charles Ciepiel - Senior Research Analyst & Partner

  • Great. Looking forward to Investor Day.

    偉大的。期待投資者日。

  • Operator

    Operator

  • And our next question comes from the line of Steven Wieczynski with Stifel.

    我們的下一個問題來自 Steven Wieczynski 和 Stifel 的對話。

  • Steven Moyer Wieczynski - MD of Equity Research and Gaming & Leisure Research Analyst

    Steven Moyer Wieczynski - MD of Equity Research and Gaming & Leisure Research Analyst

  • So if we kind of stay on yields and if we think about breaking down your revised yield guidance for the remainder of the year, I mean, look, it's pretty clear that the demand remains extremely strong. So I guess it seems to us that maybe your revised yield guidance is somewhat conservative. And I guess the question is around how you're thinking about pricing versus onboard for the rest of the year.

    因此,如果我們繼續關注收益率,並且如果我們考慮打破今年剩餘時間修改後的收益率指導,我的意思是,看,很明顯需求仍然非常強勁。所以我想在我們看來,你們修改後的收益率指導可能有些保守。我想問題在於你如何考慮今年剩餘時間的定價和船上價格。

  • It seems like you might be taking a pretty conservative view around onboard metrics, which makes sense, or possibly to close an opportunity just isn't as great as what we're used to witnessing given the strong book position. So just any help there would be appreciated?

    看來您可能對船上指標持相當保守的看法,這是有道理的,或者考慮到強大的賬面地位,關閉一個機會可能並不像我們習慣看到的那麼好。那麼有任何幫助將不勝感激嗎?

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • I'll maybe take the second part of the question on onboard business ticket, and I'll let Mark comment on the first part. With the way that we package and presell our onboard items, I think the distinction between onboard and ticket is much less important than it is in the past. So I would just encourage you and the other analysts, the other listeners, to focus on the total revenue number because really the split is a little bit arbitrary.

    我可能會回答關於機上商務機票問題的第二部分,我會讓馬克評論第一部分。透過我們包裝和預售機上物品的方式,我認為機上和機票之間的差異已經不像過去那麼重要了。因此,我只是鼓勵您和其他分析師、其他聽眾關注總收入數字,因為實際上這種劃分有點隨意。

  • That being said, obviously, we're happy with the future sales, as we talked about in our prepared remarks, and in our press release. We're happy with the onboard packages that are being sold in advance. And that's what gives us confidence for raising our yield guidance by a full point for the year. In terms of conservatism, maybe Mark can talk to that.

    話雖這麼說,顯然我們對未來的銷售感到滿意,正如我們在準備好的演講和新聞稿中談到的那樣。我們對提前出售的機上套餐感到滿意。這讓我們有信心將今年的殖利率指導提高一個百分點。就保守主義而言,也許馬克可以談談這一點。

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Yes, Steve. So look, maybe as an example, look, we continue to see the consumer very, very healthy. We continue to see very strong trends across every revenue stream on the ship. So we remain very, very optimistic on that front. And maybe a way to frame it is, if you think about our prior guidance for the first quarter, we had -- we were already 2 months into the quarter when we had provided that guidance.

    是的,史蒂夫。因此,也許作為一個例子,我們繼續看到消費者非常非常健康。我們繼續看到船上各個收入來源都呈現出非常強勁的趨勢。因此,我們在這方面仍然非常非常樂觀。也許一種框架方式是,如果你考慮我們之前對第一季的指導,我們已經——當我們提供該指導時,我們已經進入該季度兩個月了。

  • And I think when you look at where we ended, we beat by almost 0.75 point. That's predominantly driven by onboard revenue. While I don't want to say we are ultra conservative, yes, we know we expect the consumer to spend. But I think given our extended booking curve, most of the upside in the quarter, if we see any, will be driven by onboard revenue. And I want to reiterate that we continue to see a very, very strong consumer in that respect.

    我想當你看看我們最終的結果時,我們領先了近 0.75 個百分點。這主要是由船上收入所驅動的。雖然我不想說我們太保守,但我們知道我們期望消費者花錢。但我認為,考慮到我們延長的預訂曲線,本季的大部分上漲(如果我們看到的話)將由機上收入推動。我想重申,我們在這方面繼續看到非常非常強大的消費者。

  • Steven Moyer Wieczynski - MD of Equity Research and Gaming & Leisure Research Analyst

    Steven Moyer Wieczynski - MD of Equity Research and Gaming & Leisure Research Analyst

  • Okay. That's great. And then, Mark, if I'm looking at Slide 13, you guys are projecting just about a 34% EBITDA margin towards the end of this year. And I guess if we look a little bit further out, how should we think about the longer-term margin opportunity, especially as you think about where margins were prepandemic versus where they are now. Will the driver of kind of yield -- or excuse me, of margin improvement, just be more on the yield side of the equation?

    好的。那太棒了。然後,馬克,如果我看幻燈片 13,你們預計今年年底的 EBITDA 利潤率約為 34%。我想,如果我們看得更遠一點,我們應該如何考慮長期利潤機會,特別是當你考慮大流行前的利潤率與現在的利潤率時。某種收益率的驅動因素——或者對不起,利潤率改善的驅動因素是否會更集中在收益率方面?

  • I guess what I'm trying to get at here is about the opportunity to take a significant amount of cost out of the equation, given what you guys have already done so far and maybe this is something you'll address more on May 20.

    我想我在這裡想要表達的是,考慮到你們到目前為止已經做了的事情,也許這是你們將在 5 月 20 日進一步討論的問題,從而有機會從等式中剔除大量成本。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Yes. So I think that's -- thank you for that last sentence because that was the answer I was going to provide you. Listen, we're super focused in this call talking about Q1 and guidance for Q2 in '24, which I think we've laid out. I think talking about more longer term, we'll have to wait the 19 more days until May 20 to talk about it.

    是的。所以我認為——謝謝你的最後一句話,因為這就是我要為你提供的答案。聽著,我們在這次電話會議中非常專注於談論 24 年第一季和第二季的指導,我認為我們已經對此進行了闡述。我認為談論更長期的問題,我們還得再等19天,直到5月20日才能討論。

  • Operator

    Operator

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

    我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾(Brandt Montour)。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Brandt?

    布蘭特?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • We lost Brandt.

    我們失去了布蘭特。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Brandt? Okay. Maybe we should move on to the next.

    布蘭特?好的。也許我們應該繼續下一步。

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Yes. So we'll move on to next caller.

    是的。那麼我們將繼續處理下一個來電者。

  • Operator

    Operator

  • And our next question will come from the line of Conor Cunningham with Melius Research.

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

  • Conor T. Cunningham - Research Analyst

    Conor T. Cunningham - Research Analyst

  • In your prepared remarks, or even in the press release, I think you mentioned that you're at a record book position over the next 12 months. I know you want to talk only about '24, but just curious on how '25 is shaping up? I assume pricing is up. Just any details around that would be helpful.

    在您準備好的講話中,甚至在新聞稿中,我認為您提到您在未來 12 個月內將處於創紀錄的位置。我知道您只想談論“24”,但只是好奇“25”的進展如何?我認為定價已上漲。只要有任何細節都會有幫助。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Thank you for that, Conor. So I'll just point out that the next 12 months would include Q1 of '25. So I think that gives you some guidance. And of course, that would be, at this point in the booking cycle the best booked quarter of 2025. So not really prepared to give guidance for the last 3 quarters, but I think that gives you some insights into how '25 is shaping up.

    謝謝你,康納。所以我只想指出,接下來的 12 個月將包括 25 年第一季。所以我認為這給了你一些指導。當然,在預訂週期的這一點上,這將是 2025 年預訂最好的季度。 。

  • Conor T. Cunningham - Research Analyst

    Conor T. Cunningham - Research Analyst

  • Okay. And then I appreciate the details on the dry-dock headwinds, and I realize that kind of lingers throughout '24, but does that roll off in '25? Or is it more of a '26? Just trying to understand, your exit rate on cost is obviously going to be really good in '24. So just curious on how we should think about dry-dock specifically next year and the year after?

    好的。然後我欣賞乾船塢逆風的細節,我意識到這種情況在整個 24 年都會持續存在,但這種情況會在 25 年消失嗎?或者它更像是'26?只是想了解一下,您的成本退出率在 24 年顯然會非常好。那麼只是好奇我們該如何考慮明年和後年的乾船塢?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Yes, Conor. So look, I think we've said this before, '24 is really a normalization year in terms of dry-docks as we took the advantage during the shutdown to dry-dock most of our ships. But if you look at the size of our fleet and the composition of our fleet, as you go forward, whether it's '24, '25, '26, you're going to see about the same level of dry-docks just given the size of our fleet. So it might go up a couple of points -- or no, I shouldn't say a couple of points. It might go up or down a few days, but there's not going to be any material step up or step down going forward as we get back into a more normalized cycle for the next few years.

    是的,康納。所以,我想我們之前已經說過了,就乾船塢而言,24 年確實是正常化的一年,因為我們利用停工期間的優勢,對我們的大部分船舶進行了乾船塢。但是,如果你看看我們船隊的規模和船隊的組成,隨著你的前進,無論是 24 年、25 年還是 26 年,你都會看到大約相同水平的干船塢。 。所以它可能會上漲幾個點——或者不,我不應該說幾個點。它可能會上升或下降幾天,但隨著我們在未來幾年回到更正常化的周期,未來不會有任何實質的上升或下降。

  • Operator

    Operator

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

    我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾(Brandt Montour)。

  • Sarah Inman

    Sarah Inman

  • Brandt?

    布蘭特?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Well, we'll try again on Brandt. Let's go to the next question.

    好吧,我們會在布蘭特身上再試一次。讓我們進入下一個問題。

  • Sarah Inman

    Sarah Inman

  • Let's go to the next question, Joe.

    讓我們進入下一個問題,喬。

  • Operator

    Operator

  • And the next question will come from the line of Patrick Scholes with Truist Securities.

    下一個問題將來自 Truist Securities 的 Patrick Scholes。

  • Charles Patrick Scholes - MD of Lodging, Gaming and Leisure Equity Research & Analyst

    Charles Patrick Scholes - MD of Lodging, Gaming and Leisure Equity Research & Analyst

  • Great. My first question concerns commissions paid out to the trade. It looks like your ticket revenues were up 21% year-over-year, though commissions, transportation and others were up 6%. Can you give a little more color on why the -- what's driving the divergence in there? Is it increases in book direct or change in mix of new to crews that typically will book direct? More color, please? And then I'll have a follow-up question.

    偉大的。我的第一個問題涉及支付給交易的佣金。儘管佣金、交通費和其他費用增加了 6%,但您的門票收入似乎比去年同期增長了 21%。您能否進一步解釋為什麼會出現這種分歧?直接預訂的數量是增加還是通常直接預訂的新員工組合發生變化?再來點顏色可以嗎?然後我會提出一個後續問題。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Yes. Thanks, Patrick. So, no, what we're seeing is not a reflection of changes in direct or significant changes in passenger mix. It's really more driven by the airline. You know that as a cruise line, we package air across all 3 of our brands. And as participation rate shifts from year-to-year -- and also, we're buying air a little bit better this year versus last year. The air component cost goes down. So it's a combination of slightly lower participation rate for air and us buying air a little bit more efficiently than we did last year. But our general direct versus trade, new to cruise has remained substantially the same year-over-year across the brands.

    是的。謝謝,派崔克。所以,不,我們所看到的並不是乘客結構的直接或重大變化的反映。這實際上更多是由航空公司推動的。您知道,作為一家郵輪公司,我們為所有 3 個品牌提供航空服務。隨著參與率逐年變化,而且,我們今年購買的空氣比去年好一些。空氣部件成本下降。因此,這是空氣參與率略低以及我們購買空氣比去年更有效率的組合。但我們各個品牌的整體直接與貿易、郵輪新業務同比基本保持不變。

  • Charles Patrick Scholes - MD of Lodging, Gaming and Leisure Equity Research & Analyst

    Charles Patrick Scholes - MD of Lodging, Gaming and Leisure Equity Research & Analyst

  • Okay. Interesting. And then you've talked about your book position up significantly, whatnot year-over-year. Can you give a little bit more granularity on percentage-wise. How much ahead you are for the rest of the year versus the same time last year? And then also how much ahead, in fact, if you are ahead for next year versus, say, the same time last year for the comparable period?

    好的。有趣的。然後你談到你的圖書排名顯著上升,逐年上升。您能否在百分比方面提供更多的粒度。與去年同期相比,今年剩餘時間你領先多少?事實上,如果明年與去年同期相比,可比時期領先了多少?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Yes, Patrick. Look, we won't give an exact percentage. What I can tell you is, if you refer to our prior remarks on our calls, generally speaking, we had said our sweet spot is somewhere in that 60% to 65% on a forward 12-month basis or at any given time, I should say. And so if you think of it from that reference, we could be up from there, but I won't give any specific percentages on that, other than the fact that we continue to see a very strong consumer, consumers who are willing to book further out and who are willing to pay higher prices. So I think all of that lends itself to a great environment to continue to capitalize on this demand.

    是的,派崔克。看,我們不會給出確切的百分比。我可以告訴你的是,如果你參考我們之前對電話會議的評論,一般來說,我們說過我們的最佳點是在遠期12 個月或任何給定時間的60% 到65% 之間,我應該說。因此,如果您從該參考角度考慮,我們可以從那裡開始,但我不會給出任何具體百分比,除了我們繼續看到非常強大的消費者,願意預訂的消費者這一事實更遠的地方,誰願意支付更高的價格。因此,我認為所有這些都為繼續利用這種需求創造了良好的環境。

  • Charles Patrick Scholes - MD of Lodging, Gaming and Leisure Equity Research & Analyst

    Charles Patrick Scholes - MD of Lodging, Gaming and Leisure Equity Research & Analyst

  • Are you -- can you say for your -- without giving a percentage, can you say your '25 book position is ahead versus comparable where you were a year ago for this year?

    在不給出百分比的情況下,您能否說您的 25 年圖書排名與一年前相比領先?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Well, I think if you think about, as Harry said, our forward 12 months, which would include Q1, would imply that Q1 is ahead. But we won't comment on the rest of the year other than bookings are in line with our expectations where we believe they should be. So...

    好吧,我認為,正如 Harry 所說,如果你考慮我們的未來 12 個月(其中包括第一季),就意味著第一季即將到來。但我們不會對今年剩餘時間發表評論,除非預訂量符合我們的預期,我們認為應該如此。所以...

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • The only additional the color that I'll give is related to Europe, which is a large part of our deployment this year in Q2 and Q3, where because we've had the benefit of a full booking cycle, we're seeing more Americans on our European deployment this year, which tends to elongate the booking curve a little bit and also tends to deliver slightly higher yields as opposed to selling those cabins a little closer into locals in Europe.

    我要給出的唯一額外的顏色與歐洲有關,這是我們今年第二季度和第三季度部署的很大一部分,因為我們受益於完整的預訂週期,我們看到更多的美國人我們今年在歐洲的部署,這往往會稍微拉長預訂曲線,並且往往會帶來略高的收益率,而不是將這些小屋出售給歐洲當地人。

  • Operator

    Operator

  • Our next question comes from the line of Ben Chaiken with Mizuho.

    我們的下一個問題來自 Ben Chaiken 和 Mizuho 的對話。

  • Benjamin Nicolas Chaiken - Executive Director

    Benjamin Nicolas Chaiken - Executive Director

  • Your comments on 2Q yields onboard forward booking trends are all very helpful. Just attacking this a little differently. Curious how you're thinking about 2Q yields on the net yield side. There are some headwinds and tailwinds. It'd be great if you could help us think about the different moving parts, specifically for 2Q, I guess I'm asking. So for example, those less Caribbean, but as you've suggested earlier, it sounds like the mix is not a factor. You've got Red Sea. Anything else just big picture?

    您對第二季收益率以及遠期預訂趨勢的評論都非常有幫助。只是攻擊方式略有不同。很好奇您如何看待第二季淨收益率的收益率。有一些逆風和順風。如果你能幫助我們考慮不同的移動部分,特別是第二季度,我想我是在問,那就太好了。例如,那些加勒比海地區較少的地區,但正如您之前所建議的,聽起來混合不是一個因素。你有紅海。除了大圖還有別的嗎?

  • And maybe to put a finer point on it, however you cut it year-over-year versus '19 sequentially, it just seems like optically, there's a step down, and I guess I'm trying to open this up and understand the moving parts.

    也許要說得更清楚一點,無論你如何逐年削減它與 19 年的順序,從視覺上看,有一個台階,我想我正在嘗試打開這個並理解移動部分。

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Well, Ben, I think there is a step down from Q1, but that's purely as a result of the comparison in the same quarter of 2023. So as we said on our last call and this call, we are not, and I will repeat this, we are not seeing deceleration. I don't know how many more times I can say that across different calls and conferences. We are getting back to what we call a more normalized yield growth in terms of our business, which we have always said would be somewhere in the low to mid-single digits. And obviously, we continue to pursue much better than that.

    好吧,Ben,我認為較第一季有所下降,但這純粹是2023 年同一季度比較的結果。重複一遍就這一點而言,我們並沒有看到減速。我不知道我還能在不同的電話會議和會議上說多少次。就我們的業務而言,我們正在回到所謂的更正常化的收益率成長,我們一直說這將在低至中個位數的某個位置。顯然,我們將繼續追求比這更好的目標。

  • So yes, there is an impact in both Q2 and Q4 as a result of the Middle East and Red Sea. We've been very specific about that. But even absent that, we still continue to see very healthy pricing and yield growth. So I just want to make it clear. It's not a deceleration issue. It really is a comparison issue from quarter to quarter.

    所以,是的,中東和紅海對第二季和第四季都有影響。我們對此非常具體。但即使沒有這一點,我們仍然繼續看到非常健康的定價和收益率成長。所以我只想說清楚。這不是減速問題。這確實是一個季度與季度之間的比較問題。

  • Benjamin Nicolas Chaiken - Executive Director

    Benjamin Nicolas Chaiken - Executive Director

  • Sure. The premise of the question was actually not a deceleration. It was that you've said that in the past. So I'm trying to understand the moving parts that might kind of help us explain the nuances, but that's helpful.

    當然。問題的前提其實不是減速。過去你也曾說過這樣的話。因此,我試圖了解可能有助於我們解釋細微差別的移動部分,但這很有幫助。

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Yes. Ben, the moving parts in Q2 are really the Mid East and Red Sea for the most part, and that also impacts Q4 as well as Q4 having a significant rollover versus the same quarter in 2023.

    是的。 Ben,第二季度的變動部分實際上主要是中東和紅海,這也會影響第四季度,並且第四季度與 2023 年同一季度相比有顯著的延期。

  • Benjamin Nicolas Chaiken - Executive Director

    Benjamin Nicolas Chaiken - Executive Director

  • Okay. And then as you think about Great Stirrup Cay, you announced the pier construction, which makes a lot of sense. Were you suggesting earlier in the call that you wait for the pier to be built and then wait a year or so to get kind of the demand picture under your belt before you start to invest in the island? Or is that not the correct interpretation?

    好的。然後,當您想到大馬鐙島時,您宣布了碼頭建設,這很有意義。您是否曾在電話中建議等待碼頭建成,然後等待一年左右,以了解需求情況,然後再開始投資島嶼?或者這不是正確的解釋?

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • I wouldn't interpret it that way. I'm not prepared here to discuss our full long-term plans for Great Stirrup Cay. We'll talk a little bit more about that in 3 weeks. I'm just -- my comment was meant to say that the pier was the gating item that before we committed and have a schedule for the pier, it would not have been prudent for us to make substantial additional investments to the island, which for the record, is already a great experience. But now that we have the pier, it allows us to have a slightly more long-term view towards that.

    我不會那樣解釋。我不准備在這裡討論我們對大馬鐙島的完整長期計劃。我們將在三週內對此進行更多討論。我只是——我的評論的意思是說,碼頭是一個門禁項目,在我們承諾並製定碼頭時間表之前,我們對島上進行大量額外投資是不明智的,這對於記錄下來,已經是一次很棒的體驗了。但現在我們有了碼頭,這讓我們能夠對此有更長遠的看法。

  • But I don't want to give any indication of whether it's happening imminently or later. We'll talk little bit more about that in 3 weeks.

    但我不想透露它是立即發生還是稍後發生。我們將在三週內進一步討論這個問題。

  • Operator

    Operator

  • Our next question comes from the line of Lizzie Dove with Goldman Sachs.

    我們的下一個問題來自高盛的 Lizzie Dove。

  • Elizabeth Dove - Research Analyst

    Elizabeth Dove - Research Analyst

  • To kind of belabor this net yield point, but I just want to understand the moving pieces in terms of the kind of quarterly cadence. Like as we think of your 2Q guidance of 4.3% growth and 3Q being higher. I would have thought that means quite a steep step down in 4Q, especially I would have thought you maybe get some occupancy recovery from the Hawaii comp last year. Anything you can say that can kind of help me think about that kind of quarterly cadence?

    為了對這個淨收益率點進行闡述,但我只是想從季度節奏的角度來了解變化的部分。正如我們所認為的,第二季的成長指引值為 4.3%,第三季的成長指引值更高。我以為這意味著第四季的入住率大幅下降,尤其是我以為去年的夏威夷入住率可能會有所恢復。您能說些什麼可以幫助我思考這種季度節奏嗎?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Lizzie, I think as we said, we believe in the back half of the year, third quarter will be the highest yielding quarter. Fourth quarter, there was -- if you think about fourth quarter 2023, yes, there was a small impact on occupancy as a result of Hawaii. But I think as we look at the comp rolling over, again, if I recall correctly, somewhere in the zone of 14% pricing growth and maybe 9% to 10% yield last year, that's a very quality comp to roll over.

    Lizzie,我認為正如我們所說,我們相信今年下半年,第三季將是收益率最高的季度。第四季度,如果你想想 2023 年第四季度,是的,夏威夷對入住率產生了很小的影響。但我認為,當我們再次審視可滾動的補償時,如果我沒記錯的話,去年價格增長 14% 且收益率可能達到 9% 至 10% 的區域,這是一個非常優質的可滾動補償。

  • So I think stay tuned. I think fourth quarter, there's still time and we're still building there. But we -- everything we see today, the environment remains healthy, and we expect strong results across all our quarters.

    所以我認為請繼續關注。我認為第四季還有時間,我們仍在那裡建設。但我們今天看到的一切、環境仍然健康,我們預計所有季度都會取得強勁的業績。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Yes. I mean the only additional color I'll add, which Mark talked about in an earlier question and not this one is a slight headwind related to Red Sea cancellations in Q4, which would be a little bit more -- a little bit less, excuse me, than the headwind in Q2 because we had a little more time to have the replacement voyages on sale. And that's why it was so critical for us to get well ahead of this for 2025. So we've already canceled all of our voyages that have previously gone to [Israel] for 2025 and all the Red Sea crossings in the first half of '25 so that we wouldn't have the same headwind challenges to our 2025 growth.

    是的。我的意思是我要添加的唯一額外顏色,馬克在之前的問題中談到過,而不是這個,是與第四季度紅海取消相關的輕微逆風,這會多一點——少一點,藉口對我來說,比第二季的逆風要好,因為我們有更多的時間來出售替代航次。這就是為什麼提前做好 2025 年的計劃對我們來說如此重要。 2025 年成長就不會遇到同樣的逆風挑戰。

  • Elizabeth Dove - Research Analyst

    Elizabeth Dove - Research Analyst

  • Perfect. That's really helpful. And it feels like the very premium luxury market is more on focus, especially with the capital markets activity. Anything you can share there in terms of pricing on your more premium brands versus the Norwegian brands? And also any step you might take to protect share? Or is this competitor has some pretty aggressive supply growth targets?

    完美的。這真的很有幫助。感覺非常高端的奢侈品市場更受關注,尤其是在資本市場活動方面。關於您的高端品牌與挪威品牌的定價,您有什麼可以分享的嗎?您可能會採取什麼措施來保護份額?或者這個競爭對手是否有一些相當激進的供應成長目標?

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • So I'm trying to distill that question down into some thoughts in my mind. So obviously, we're excited to see new entrants into the market. We think anything that has -- that draws more focus, if you will, to this market and the public market and the excellent opportunity that cruising represents is positive for all of us.

    所以我試著將這個問題提煉成我腦海中的一些想法。顯然,我們很高興看到新進入者進入市場。我們認為,如果你願意的話,任何吸引更多關注這個市場和公共市場以及郵輪所代表的絕佳機會的事情對我們所有人來說都是積極的。

  • So I sent through our e-mail congratulating him this morning on the successful IPO, and we obviously wish him the best of luck. We see the growth at Viking House, and we have nice growth on the Oceania region brand that's measured that we can absorb and that we're happy for.

    因此,我今天早上透過電子郵件祝賀他成功首次公開募股,我們顯然祝他好運。我們看到了維京之家的成長,我們在大洋洲地區品牌上也取得了良好的成長,我們可以吸收這一點,我們對此感到高興。

  • Operator

    Operator

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

    我們的下一個問題來自沃爾夫研究中心的弗雷德懷特曼 (Fred Wightman)。

  • Frederick Charles Wightman - Research Analyst

    Frederick Charles Wightman - Research Analyst

  • I just wanted to come back to the Red Sea impact for next year. Are you expecting to fully offset the yield impact from this year? Was that a comment -- is that a comment on costs? I just want to understand if it's yield dilutive from a -- if you do have to do repositionings and it's less desirable itineraries?

    我只是想明年再來討論紅海的影響。您是否期望完全抵消今年對產量的影響?這是一個評論嗎——這是一個關於成本的評論嗎?我只是想了解,如果您確實必須重新定位並且行程不太理想,那麼它是否會稀釋收益?

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Fred, so we have announced all cancellations of our Red Sea and Mid East itineraries for 2025, with the exception, I believe we may have one sailing still on sale in the back half of '25 for the Oceania brand. Apart from that, we have canceled all those sailings. And the thinking there is, obviously, the earlier you reroute those and create better itineraries, the better sales cycle you have. So the -- certainly, the improved yield and economics that you can garner from that should improve.

    Fred,我們已經宣布取消 2025 年的所有紅海和中東航線,但我相信我們可能會在 25 年下半年為大洋洲品牌推出一艘仍在銷售的航班。除此之外,我們也取消了所有這些航班。顯然,我們的想法是,越早重新安排路線並創建更好的行程,銷售週期就越好。因此,當然,您可以從中獲得的產量和經濟效益的提高應該會有所改善。

  • That said, if I had a choice of doing other areas in the world versus those select Mid-East and Red Sea, those are always a premium. But certainly, Certainly, it won't be a significant tailwind, but at the same point, it won't be a significant drag.

    也就是說,如果我可以選擇去世界其他地區,而不是選擇中東和紅海,那麼這些地區總是很有價值的。但當然,這不會是一個重大的順風車,但同時,它也不會是一個重大的阻力。

  • Frederick Charles Wightman - Research Analyst

    Frederick Charles Wightman - Research Analyst

  • Okay. That's fair. And then just trying to understand where there could potentially be some upside for yields throughout the year. It sounded like in response to an earlier question that you were saying the potential upside would come largely from onboard. I think that was in response to 2Q specifically. But just thinking about the back half of the year, especially in 4Q when that Caribbean exposure increases again? I mean you guys still feel like you have the ability to take price and grow yields from a ticket perspective later in the year, right?

    好的。這還算公平。然後只是試著了解全年收益率可能有哪些上漲空間。聽起來就像是在回答之前的問題,您說潛在的好處主要來自船上。我認為這是對第二季的具體回應。但想想今年下半年,尤其是在第四季度,加勒比海地區的風險敞口再次增加?我的意思是,你們仍然覺得今年晚些時候你們有能力從門票的角度考慮價格並增加收益,對吧?

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Yes. So Fred, that's the job of our brands. We look at the booking curve, the consumer demand, and we do everything we can to raise price at any time that we can. I think as Mark mentioned, Q2 and most of Q3 is pretty big, given where we are in the booking curve. Is there potential in Q4? Absolutely, and we'll do everything that we can to optimize that potential.

    是的。所以弗雷德,這就是我們品牌的工作。我們專注於預訂曲線和消費者需求,並盡一切努力隨時提高價格。我認為正如馬克所提到的,考慮到我們在預訂曲線上的位置,第二季和第三季的大部分時間都相當大。 Q4有潛力嗎?當然,我們將盡一切努力來優化這一潛力。

  • Operator

    Operator

  • And our next question comes from the line of Robin Farley with UBS.

    我們的下一個問題來自瑞銀集團的羅賓法利 (Robin Farley)。

  • Robin Margaret Farley - MD and Research Analyst

    Robin Margaret Farley - MD and Research Analyst

  • I have 2 questions. One is, in your release, you showed that a percent change in net yield would add about $67 million to EBITDA. You raised by 1 point and raising EBITDA by $50 million. Maybe half of that looks like it's from higher fuel -- of the sort of kind of the -- like looking for that other $17 million that was not in your EBITDA raise. Maybe half of that was due to higher fuel. Is the other half just sort of conservatism and leaving a little powder dry, which is fine? Or is there another factor there that's not getting it down to the EBITDA line?

    我有 2 個問題。一是,在您的新聞稿中,您表明淨收益率的百分比變化將使 EBITDA 增加約 6,700 萬美元。您籌集了 1 個百分點,將 EBITDA 提高了 5000 萬美元。也許其中一半看起來像是來自更高的燃料——類似的——比如尋找不在你的 EBITDA 籌集中的另外 1700 萬美元。也許其中一半是由於燃料增加所造成的。另一半只是保守一點,留下一點粉乾,這樣就可以了嗎?或者是否還有其他因素無法將其歸結為 EBITDA 線?

  • And then -- my second question, just to put up there as well, is any color you can give us on your new ship orders in terms of the cost per berth kind of relative to previous ship orders? I fully understand that there would be inflation at the yards and all that, but just trying to quantify that in some way.

    然後,我的第二個問題,也只是想提一下,就相對於以前船舶訂單的每泊位成本而言,您可以在新船舶訂單上給我們什麼顏色嗎?我完全理解船廠會出現通貨膨脹等等,但只是試圖以某種方式量化它。

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • Yes. Thanks for your exacting calculations, Robin. Obviously, there's some slight rounding in there when you look at the yield and the sensitivity. So essentially, yes, we did carry over about 100 basis point increase. And I think if you look at my prepared remarks, most of that was -- some of that was partially offset by higher fuel and then higher interest expense for 2 reasons. Number one, the portion of our debt portfolio that is not fixed, which is about 5%, 6%, but then also commitment fees related to some of our newbuild announcements that went effective as well.

    是的。感謝您的精確計算,羅賓。顯然,當您查看產量和靈敏度時,其中存在一些輕微的捨入。所以本質上,是的,我們確實實現了約 100 個基點的成長。我認為,如果你看我準備好的講話,其中大部分是——其中一些被較高的燃料費用和較高的利息費用部分抵消,原因有兩個。第一,我們的債務投資組合中不固定的部分,約為 5%、6%,但也包括與我們的一些新建築公告相關的承諾費,這些費用也已生效。

  • All in all, I think when you look at the back half of the year, as I said, we're raising yield guidance, and that's about $0.10 -- $0.10, $0.11, offset by $0.04 or $0.05 of interest in fuel. And I didn't catch the back end of your question, I apologize.

    總而言之,我認為,當你看看今年下半年時,正如我所說,我們正在提高收益率指導,大約為 0.10 美元 - 0.10 美元、0.11 美元,被 0.04 美元或 0.05 美元的燃料利息所抵消。我沒聽清楚你問題的結尾,我很抱歉。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • She asked about any color on inflation.

    她詢問有關通貨膨脹的任何顏色。

  • Robin Margaret Farley - MD and Research Analyst

    Robin Margaret Farley - MD and Research Analyst

  • Yes, just the cost per berth or kind of getting a sense of the change in building costs at the yards, understanding that there will be inflation there, but just trying to get a ballpark for it. And the prior questions have been about the EBITDA. I fully understand the interest expense impact on the EPS. I was looking for the extra $10 million in EBITDA. But anything on the cost per birth?

    是的,只是每個泊位的成本,或是了解船廠建築成本的變化,了解那裡將會出現通貨膨脹,但只是想得到一個大概的數據。之前的問題是關於 EBITDA 的。我完全理解利息支出對每股盈餘的影響。我正在尋找額外的 1000 萬美元 EBITDA。但是關於每次出生的費用有什麼影響嗎?

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Just to be really clear on the EBITDA side, we calculated the 1% raise that we had at just over $60 million. So it wasn't exactly a full point. It was more like 97 basis points or something like that. So the $60 million minus the fuels should get you to almost exactly the $50 million EBITDA range. So we apologize for that confusion between the $60 million and $67 million.

    為了真正清楚說明 EBITDA 方面,我們計算出 1% 的漲幅剛超過 6,000 萬美元。所以這並不是一個完整的觀點。更像是 97 個基點或類似的數字。因此,6,000 萬美元減去燃料費用後,EBITDA 幾乎正好達到 5,000 萬美元。因此,對於 6000 萬美元和 6700 萬美元之間的混淆,我們深表歉意。

  • Listen, in terms of inflation on newbuilds, I think what you'll see is sort of 2 factors offsetting each other. I think the inflation on newbuild is similar to the inflation you see in the general population, at least when we do our calculations. I think what we can do to help offset that inflation is the same as what you're seeing in our general cost structure where the same transformation office process that looks to doing things more efficiently and effectively will allow us to offset part of the impact of inflation, certainly not all of it.

    聽著,就新造船的通貨膨脹而言,我認為您會看到兩個因素相互抵消。我認為新造船的通貨膨脹與一般人群中看到的通貨膨脹相似,至少在我們進行計算時是如此。我認為我們可以採取哪些措施來幫助抵消通貨膨脹,這與您在我們的整體成本結構中看到的相同,在這種結構中,尋求更有效率、更有效地做事的相同轉型辦公室流程將使我們能夠抵消通貨膨脹的部分影響。

  • So that would be our guide, if you will, going forward. And then I think we have time for one last question, operator.

    如果您願意的話,這將是我們前進的指南。然後我想我們有時間回答最後一個問題,接線生。

  • Operator

    Operator

  • And our last question will come from the line of James Hardiman with Citi.

    我們的最後一個問題將來自花旗銀行的詹姆斯哈迪曼 (James Hardiman)。

  • James Lloyd Hardiman - Director

    James Lloyd Hardiman - Director

  • So just quickly I wanted to circle back to the cost conversation. Obviously, a lot of noise around dry-dock, pretty flattish, though ex the dry-dock step-up for the first half. Is that the assumption for the second half that ex the dry-dock movement that costs are going to be pretty flattish year-over-year. And if so, how long can that last, particularly as dry docks flatten out in 2025?

    所以我想很快回到成本話題。顯然,乾船塢周圍有很多噪音,相當平淡,儘管上半場的乾船塢有所提升。這是下半年的假設,除乾船塢運輸外,成本將比去年同期相當持平。如果是這樣,這種情況能持續多久,尤其是在 2025 年幹船塢變得平坦的情況下?

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • So the quick answer is yes. We believe that the cost will be essentially flat, excluding dry-dock, as you mentioned for the back half of the year. We're very proud of the efforts that the team are making, not really prepared to comment on '25 and beyond at this point.

    所以快速回答是肯定的。我們認為,正如您在今年下半年提到的那樣,不包括乾船塢的成本將基本持平。我們對團隊所做的努力感到非常自豪,目前還沒有準備好對 25 年及以後的事情發表評論。

  • Mark A. Kempa - Executive VP & CFO

    Mark A. Kempa - Executive VP & CFO

  • James, all I would add to that is, again, we have talked about we have a laser focus on rightsizing and leveraging our scale. We continue to do that. This is a permanent activity for us, not a onetime exercise. So while obviously, it gets harder further down the stream you go, we are just relooking at every facet of our business, and we continue to believe that there's opportunity out there all without impacting the guest experience and actually delivering a better product than what we've had today.

    詹姆斯,我要補充的是,我們再次談到,我們專注於調整規模和利用我們的規模。我們將繼續這樣做。這對我們來說是一項永久性的活動,而不是一次性的活動。因此,雖然顯然,越往下走就越困難,但我們只是在重新審視我們業務的各個方面,我們仍然相信,在不影響客人體驗的情況下,存在著機會,並且實際上提供了比我們更好的產品過了今天。

  • Harry J. Sommer - President, CEO & Director

    Harry J. Sommer - President, CEO & Director

  • Well, what a wonderful set of comments in the call. I share Mark's passion for continuing to improve our operating margins while delivering a fantastic guest experience. I want to thank all of you for your time today, and I really am looking forward to talking about our long-term targets and strategy when we meet on May 20. Thank you all very much.

    嗯,電話中的評論真是太精彩了。我和馬克一樣熱衷於繼續提高我們的營業利潤,同時提供出色的賓客體驗。我要感謝大家今天抽出寶貴的時間,我真的很期待在 5 月 20 日開會時討論我們的長期目標和策略。

  • Operator

    Operator

  • Thank you. This concludes today's conference. You may now disconnect your lines at this time. Enjoy the rest of your day.

    謝謝。今天的會議到此結束。此時您可以斷開線路。享受你一天剩下的時間。