挪威郵輪 (NCLH) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Norwegian Cruise Line Third Quarter 2024 Earnings Conference Call and Webcast.

您好，歡迎參加挪威郵輪公司 2024 年第三季財報電話會議及網路廣播。

At this time, all participants are in listen-only mode.

此時，所有參與者都處於只聽模式。

If anyone should require operator assistance, please press star zero on your telephone keypad.

如果有人需要接線生幫助，請按電話鍵盤上的星號零。

A question and answer session will follow the formal presentation.

正式演講後將舉行問答環節。

You may be placing the question queue at anytime by pressing star one on your telephone keypad.

您可以隨時按下電話鍵盤上的星號一將問題放入隊列。

We ask you please ask one question, one follow-up then return to the queue.

我們要求您提出一個問題，一個後續行動，然後返回隊列。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It's now my pleasure to turn the call over to Sarah Immon, Head of Investor Relations.

現在我很高興將電話轉給投資者關係主管 Sarah Immon。

Please go ahead, sir.

請繼續，先生。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

Thanks for joining us for our third quarter 2020 for earnings and business update call.

感謝您參加我們的 2020 年第三季財報和業務更新電話會議。

I'm joined today by Harry Kraemer, President and CEO of Norwegian Cruise Line Holdings, and Mark Pompa, Executive Vice President and CFO.

今天與我一起出席的還有挪威郵輪控股公司總裁兼執行長 Harry Kraemer 以及執行副總裁兼財務長 Mark Pompa。

As a reminder, this conference call is being simultaneously webcast on the company's Investor Relations website at w. w. w. dot and still HICD. dot com slash investors.

謹此提醒，本次電話會議同時在公司投資者關係網站 w 上進行網路直播。 w。 w。點和仍然 HICD。網路公司大幅削減投資者。

Throughout the call, we refer to a slide presentation that can be found on our website.

在整個通話過程中，我們參考了我們網站上的幻燈片簡報。

The conference call and presentation will be available for replay for 30 days following today's call.

電話會議和簡報將在今天電話會議後 30 天內重播。

Before we begin, I would like to cover a few items.

在開始之前，我想先介紹一些內容。

Our press release with Third Quarter 2024 results was issued this morning and is available on our website.

我們的 2024 年第三季業績新聞稿已於今天上午發布，可在我們的網站上查看。

This call include forward looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements.

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。

These statements should be considered in conjunction with the cautionary statement contained in our earnings release.

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原則財務指標、與最直接可比較的公認會計原則財務指標的調節以及我們的收益發布和演示中包含的其他相關揭露。

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

說到這裡，我想把電話轉給哈利。

Harry.

哈利.

Well, thank you, Sarah, and good morning, everyone.

好吧，謝謝你，莎拉，大家早安。

Thank you for joining us today for our third quarter 2024 earnings call and happy Halloween.

感謝您今天參加我們的 2024 年第三季財報電話會議，祝萬聖節快樂。

I'm extremely pleased with our results as Norwegian Cruise Line Holdings continues to make steady and meaningful progress driving and leveraging the strong demand environment while delivering exceptional location experiences all while effectively controlling our costs.

我對我們的業績感到非常滿意，因為挪威郵輪控股公司繼續在推動和利用強勁的需求環境方面取得穩定而有意義的進展，同時提供卓越的位置體驗，同時有效控制我們的成本。

Thanks to the dedicated efforts of our shipboard and shoreside fees.

感謝我們船岸費的竭誠努力。

I am delighted to say for the third straight quarter, we have achieved results that surpassed our guidance across all key metrics, which has led to an increase in our full year guidance for fourth time this year.

我很高興地說，我們連續第三個季度取得的成果超出了我們所有關鍵指標的指導，這導致我們今年第四次提高全年指導。

These results demonstrate how our strategic direction is yielding positive results now and positioning us well for the future, progressing steadily towards our 2026 financial and sustainability targets.

這些結果表明，我們的策略方向目前正在產生積極成果，並為我們的未來做好準備，穩步實現 2026 年財務和永續發展目標。

As you recall from our Investor Day earlier this year, we unveiled our charting the course strategy with additions.

正如您在今年早些時候的投資者日所記得的那樣，我們公佈了我們的課程策略圖表以及補充內容。

We have our guests vacation better and experienced more and which focused on what I refer to as before, Pete's people, product growth platform and performance.

我們讓客人度過了更好的假期，體驗了更多，重點是我之前提到的皮特的人員、產品成長平台和績效。

I would like to take the opportunity today to share our progress on several fronts of the strategy.

我想藉此機會分享我們在該策略的幾個方面取得的進展。

I'll begin my remarks by highlighting our performance filler through both our strong third quarter results and providing an update of our full year outlook.

我將首先透過我們強勁的第三季業績來強調我們的業績填充，並提供我們全年展望的最新資訊。

Next, I'll discuss recent developments in our exciting new build program, part of our growth platform as well as new initiatives on all three of our award winning brands.

接下來，我將討論我們令人興奮的新建計劃的最新進展，該計劃是我們成長平台的一部分，以及我們所有三個獲獎品牌的新舉措。

Part of our product pillars are also key comment on the strong demand we are seeing and how our onboard offerings and service quality continue to drive improved guest satisfaction while maintaining disciplined cost management, the balancing of return of investment and return on experience that is one of the core tenants of our strategy.

我們的產品支柱部分也是對我們所看到的強勁需求的關鍵評論，以及我們的機上產品和服務品質如何繼續提高賓客滿意度，同時保持嚴格的成本管理、投資回報和體驗回報的平衡，這是我們的優勢之一。

And last but not least, I'll cover some of the key advancements in our sustainability efforts, which underpins each pillar of our strategy.

最後但並非最不重要的一點是，我將介紹我們永續發展工作中的一些關鍵進展，這些進展支撐著我們策略的每個支柱。

I'll then turn the call over to Mark, who will provide more detailed commentary on our results and updated guidance.

然後我會將電話轉給馬克，他將對我們的結果和更新的指導提供更詳細的評論。

First, I'm pleased to report that our strong momentum for the first half of the year.

首先，我很高興地向大家報告，我們今年上半年的勢頭強勁。

A combination of the continued focus and execution by our teams on our strategic initiatives and successful cost efforts, coupled with sustained robust demand, has continued into the third quarter, resulting in exceptional performance.

我們的團隊對策略性舉措和成功的成本工作的持續關注和執行，加上持續強勁的需求，一直持續到第三季度，從而帶來了卓越的業績。

As illustrated on slide 4, we not only met but exceeded our guidance across all key metrics.

如投影片 4 所示，我們不僅達到了所有關鍵指標的指導值，而且還超出了指導值。

For our third straight quarter, we achieved the highest quarterly gross revenue and adjusted EBITDA in our companies history and the highest trailing 12 month adjusted operational EBIT margin since returning to regular operations, improving almost 10 full percentage points from the third quarter of last year.

我們連續第三個季度實現了公司歷史上最高的季度總收入和調整後EBITDA，以及自恢復正常營運以來最高的12 個月調整後營運EBIT 利潤率，比去年第三季提高了近10 個百分點。

Our adjusted EPS increased 31% to $0.99, well ahead of our guidance of $0.92 despite a $0.06 negative impact from foreign exchange rates.

儘管匯率帶來了 0.06 美元的負面影響，但我們調整後的每股盈餘成長了 31%，達到 0.99 美元，遠高於我們 0.92 美元的指引。

And our higher adjusted EBITDA drove net leverage to end the quarter at 5.58 times an approximate one and three quarter churn improvement over just the last nine months.

我們較高的調整後 EBITDA 推動淨槓桿率在本季末達到 5.58 倍，是過去 9 個月的約一又三季流失率改善的倍數。

It's from year end 2023.

從2023年底開始。

Slide 5 lays out the effect of our strong third quarter guidance third quarter results.

幻燈片 5 列出了我們強勁的第三季業績指引的影響。

On our full year guidance.

關於我們的全年指導。

Mark will provide more detailed commentary shortly.

馬克很快將提供更詳細的評論。

I would like to highlight a few key points on our full year numbers.

我想強調我們全年數據的幾個關鍵點。

We are projecting net yields increased 9.4% this year, marketing 120 basis point improvement from our previous guidance as we carry forward strength from the third quarter and raised our fourth quarter guidance.

我們預計今年淨收益率將成長 9.4%，比我們先前的指引提高 120 個基點，因為我們繼承了第三季的優勢並提高了第四季的指導。

This impressive growth is expected to be a record for the Company since going public in 2013 and is truly exceptional.

這一令人印象深刻的成長預計將創下該公司自 2013 年上市以來的記錄，並且確實非常出色。

No.

不。

Our adjusted operational EBITDA margin is expected to improve to 35.3%, 4.6 percentage points over 2023 and a significant step towards our goal of approximately 39% in 2026, driven by strong top-line growth and our flat adjusted net cruise cost, excluding fuel in drydock during the year, we expect our adjusted ROIC to close the year in the double digits in improvement from 8% in 2023, demonstrating we are well on our path to 12% by 2026.

在強勁的營收成長和我們調整後的淨郵輪成本（不包括燃油）的推動下，我們調整後的營運EBITDA 利潤率預計將提高至35.3%，比2023 年提高4.6 個百分點，並向我們2026約39% 的目標邁出重要一步。的目標。

And lastly, we expect our net leverage to further decrease to approximately 5.4 times by 20 target of mid four times.

最後，我們預計我們的淨槓桿率將在 20 倍中期目標的四倍左右進一步下降至約 5.4 倍。

Each of these year-end metrics demonstrates that we are on track to achieve our 2026 charting the course targets and reinforces our confidence in our strategic direction and ability to execute.

這些年終指標中的每一項都表明我們正在實現 2026 年制定的路線目標，並增強了我們對策略方向和執行能力的信心。

Turning to Slide 6, which I know you are familiar with, I want to once again highlight how our long-term growth platform pillar is set to deliver measured capacity growth and optimize our fleet to drive strong financial returns.

轉向幻燈片 6，我知道您很熟悉，我想再次強調我們的長期增長平台支柱將如何實現可衡量的運力增長並優化我們的機隊，以推動強勁的財務回報。

Historically measured capacity growth has driven outside revenue, outsized revenue and adjusted EBITDA growth, both and we expect this trend to continue with the additions of new vessels to our fleet.

從歷史上衡量的運力成長推動了外部收入、超額收入和調整後 EBITDA 的成長，我們預計隨著新船加入我們船隊，這一趨勢將持續下去。

I'll provide more details on these exciting developments.

我將提供有關這些令人興奮的進展的更多詳細資訊。

As we turn to Slide 7.

當我們轉向幻燈片 7 時。

At Norwegian, we recently unveiled would in 2026 will be the 21st shipments in our fleet Norwegian Luna.

在挪威航空，我們最近公佈了我們的挪威 Luna 船隊將於 2026 年交付的第 21 艘船。

This exciting addition will launch a variety of funding fund voyages ceiling rounds just from Miami, starting in April 2026 as assisted ship to Norwegian Aqua Luna.

這項令人興奮的新增項目將從 2026 年 4 月開始，作為前往挪威 Aqua Luna 的輔助船，從邁阿密出發推出各種資助航程上限輪次。

Both exciting enhancements over previous premium class ships, including a 10% increase in capacity, luxurious new three-bedroom duplex Haven suites of ground breaking hybrid roller coaster water slides that we'll review next year on Norwegian Aqua new activities and gains for our guests and a new revitalized service at the Mondoro sponsor.

與之前的高級遊輪相比，這兩項令人興奮的改進包括容量增加了10%、豪華的全新三臥室複式Haven 套房以及突破性的混合過山車水滑梯，我們將在明年在挪威Aqua 上回顧為我們的客人帶來的新活動和收益Mondoro 贊助商的新服務煥發活力。

Ron and post fitness centers.

羅恩和郵政健身中心。

Speaking of Norwegian Aqua, we're making excellent progress towards your launch in early 2025.

說到挪威 Aqua，我們在 2025 年初推出方面取得了巨大進展。

Earlier this month, I visited the Fincantieri shipyard in Italy.

本月初，我參觀了義大利芬坎蒂尼造船廠。

At witness first hand, the impressive final touches being applied to the vessels.

親眼目睹了船上令人印象深刻的最後修飾。

I'm incredibly excited for our guests to experience this next generation premium class ship at Oceania Cruises.

我非常高興我們的客人能夠在大洋洲遊輪體驗這艘下一代高級遊輪。

We remain committed to delivering the finest cuisine Etsy with new experiences on every newbuild.

我們仍然致力於為 Etsy 提供最美味的美食，並在每座新建築上提供新的體驗。

In this case, I'm sorry, in the case of the brands upcoming, Laura, we are introducing the creativity for which Oceane is newly appointed Executive culinary directors and resident Master Chef Safran's, Alice Corindi and Eric Burrell have crafted over 20 exquisite recipes.

在這種情況下，我很抱歉，就即將推出的品牌Laura 而言，我們介紹的是Oceane 新任命的行政烹飪總監和駐場主廚Safran 的創意，Alice Corindi 和Eric Burrell 精心製作了20 多種精美食譜。

I'm eagerly anticipating our food 11 guest reaction to this new exciting culinary experience when a lower debuts next year.

我熱切地期待著明年 Lower 首次亮相時，我們的 11 位客人對這種令人興奮的新烹飪體驗的反應。

And of course, I'll be first in line.

當然，我會排在第一個。

Finally, Regent seven Seas Cruises recently celebrated the steel cutting for its latest ultra-luxury ship seven Seas prestige, a 77,000 tons and accommodating only 850 gas.

最後，麗晶七海遊輪公司最近慶祝了其最新超豪華遊輪七海威望號的鋼材切割，該遊輪重達 77,000 噸，僅可容納 850 汽油。

This vessel will offer our guests unrivaled space and see with one of the highest guest to sales ratios in the industry.

這艘船將為我們的客人提供無與倫比的空間，並擁有業內最高的客人與銷售比率之一。

The ship will introduce exciting innovations, including a reimagined Palacio region suite, a new set of duplex suites and other accommodation categories, fresh dining experiences and numerous other incredible offerings that will allow our guests to experience luxury transcended.

該船將引入令人興奮的創新，包括重新設計的帕拉西奧地區套房、一套新的複式套房和其他住宿類別、新鮮的餐飲體驗和許多其他令人難以置信的服務，讓我們的客人體驗超越的奢華。

Moving to slide 8, we have enhanced our offering and partnership building at our bold aspiration for our guests to vacation better and experienced more Norwegian, launched its new brand positioning experience more seats, which underscores NCLs commitment to provide guests with more variety more to see more to do more to enjoy and more value through elevated offerings, providing more of what they love vacationing.

轉向幻燈片8，我們加強了我們的產品和合作夥伴關係建設，我們大膽地希望我們的客人能夠享受更好的假期並體驗更多挪威語，推出了新的品牌定位體驗更多座位，這強調了NCL 致力於為客人提供更多種類、更多精彩的承諾透過提升產品質量，做更多事情，享受更多價值，提供更多他們喜歡的度假方式。

The Morquio offering is an evolution and expansion of the previous Free at Sea package.

Morquio 產品是先前 Free at Sea 套餐的演變和擴展。

Now with an enhanced beverage package, additional nights, especially dining venues and StarLink high-speed Internet.

現在，我們提供了增強型飲料套餐、額外住宿時間，特別是餐飲場所和 StarLink 高速網路。

In addition to its new positioning, Norwegian also unveiled its latest partnership as the official cruise lines of the note National Hockey League.

除了新的定位外，挪威郵輪還公佈了其最新的合作夥伴關係，成為國家冰球聯盟的官方郵輪公司。

This milestone marks and sales, first, partnership with the professional sports league and the NHL.'s first partnership with the cruise lines.

這一里程碑標誌著與職業運動聯盟和 NHL 的合作，以及與郵輪公司的首次合作。

This multiyear partnership provides a fantastic platform for the brand to connect and engage age with hockey fans everywhere and show them how they can experience more and see with NCL.

這項多年合作夥伴關係為該品牌提供了一個絕佳的平台，讓他們能夠與世界各地的曲棍球球迷建立聯繫和互動，並向他們展示如何透過 NCL 體驗更多、看到更多。

Oceana.

奧希阿納。

Meanwhile, unveiled its new brand value promise and offering your world included, which features an updated selections have always included amenities for our guests as part of the new brand promise gets will now have a job generously of I-many's included in this there, including core may specialty restaurants in fleet dining, prepaid opportunities for made coffees and teas, laundry services, and unlimited StarLink Wai Fai, among others.

同時，公佈了其新的品牌價值承諾，並提供您的世界，其中包括更新的選擇，始終包括為我們的客人提供的便利設施，作為新品牌承諾的一部分，現在將有很多人的工作慷慨地包含在其中，包括核心特色餐廳包括車隊餐飲、預付費現煮咖啡和茶、洗衣服務以及無限星聯惠輝等。

These enhancements have helped drive increased demand, and I'll now discuss our booking trends on Slide 9.

這些增強功能幫助推動了需求的成長，我現在將在投影片 9 上討論我們的預訂趨勢。

Since our last quarterly update in July, the cruise consumer has continued to show strength.

自從我們七月的上一次季度更新以來，郵輪消費者繼續表現出強勁的勢頭。

Resilience has allowed us to take advantage of the strong demand we experienced in the third quarter.

韌性使我們能夠利用第三季的強勁需求。

Net yield grew 9% year over year and outperformed guidance by an amazing 260 basis points.

淨收益率年增 9%，超出預期 260 個基點，令人驚嘆。

This impressive performance was large.

這場令人印象深刻的表演規模很大。

Finally, due to strength in pricing and demand across all geographies, but particularly in Alaska and Canada, New England voyages.

最後，由於所有地區的定價和需求強勁，尤其是阿拉斯加和加拿大，新英格蘭航線。

We also saw strong onboard revenue across the board, particularly in shore excursions and communications.

我們還看到了全面強勁的船上收入，特別是在岸上觀光和通訊方面。

The latter boosted by StarLink, which is already live on 30 of the 32 ships in our fleet.

後者得到了 StarLink 的推動，我們艦隊的 32 艘船舶中已有 30 艘使用了 StarLink。

I will be rolled out to the entire fleet by year-end.

我將在年底前推廣到整個機隊。

Another sign of consumer health and confidence pre-booked onboard revenue continues to improve up mid single digits from the previous year and nearly doubling from 2019 levels.

消費者健康和信心的另一個跡像是，預訂機上收入繼續比上年增長中個位數，並且比 2019 年的水平幾乎翻倍。

Looking ahead, we are at the upper end of our optimal range on a forward 12 month basis.

展望未來，我們處於未來 12 個月最佳範圍的上限。

And we continue to see strong do demand for all brands and deployment with pricing and load for 2025 in line or above this year's level for all four quarters and full year.

我們繼續看到對所有品牌和部署的強勁需求，2025 年所有四個季度和全年的定價和負載均符合或高於今年的水平。

Turning to slide 10, we see the strength of our demand reflected in our advanced ticket sales, which increased 6% compared to the previous year, outpacing capacity growth.

轉向幻燈片 10，我們看到需求的強勁反映在我們的提前門票銷售中，與前一年相比增長了 6%，超過了運力增長。

This achievement was driven by robust pricing, a dynamic deployment mix, increased presale packages and capacity growth.

這項成就是由強勁的定價、動態部署組合、預售包增加和容量成長所推動的。

Moving to Slide 11.

轉到投影片 11。

I will now dive into some of our advancements in sustainability, which underpins our strategy.

我現在將深入探討我們在永續發展方面取得的一些進步，這些進步支撐著我們的策略。

We are committed to being responsible stewards of our environment while creating long-term value for all of our stakeholders.

我們致力於成為環境的負責任的管理者，同時為所有利害關係人創造長期價值。

And I'm proud to share some key highlights of our progress.

我很自豪能夠分享我們進展的一些關鍵亮點。

This quarter, we received some significant recognition and for our sustainability efforts, MSCI. gave us a rating of A. within the hotel and travel industry for the 2nd year in a row.

本季度，我們的永續發展努力獲得了 MSCI 的一些重大認可。我們連續第二年在酒店和旅遊業中獲得 A. 評級。

This recognition reflects our ongoing efforts to integrate environmental, social and governance factors into our business practices.

這項認可反映了我們不斷努力將環境、社會和治理因素融入我們的業務實踐中。

It's a testament to our dedication to transparency and responsible business practices.

這證明了我們致力於透明度和負責任的商業實踐。

Additionally, at EST. shipping award this year, we were the top rank company in the ESG leadership category and the only cruise line to even make the list.

此外，在美國東部時間。今年的航運獎中，我們是 ESG 領導類別中排名最高的公司，也是唯一上榜的郵輪公司。

This accolade recognizes our outstanding achievements and innovative initiatives within the global maritime industry.

該獎項表彰了我們在全球海事行業中的傑出成就和創新舉措。

It reinforced as our position as a leader in sustainable cruising and motivates us to continue pushing boundaries in this area.

它鞏固了我們作為永續巡航領域領導者的地位，並激勵我們繼續突破這一領域的界限。

Operationally, we also made significant strides in our alternative fuel initiatives.

在營運方面，我們在替代燃料計劃方面也取得了重大進展。

41% of our fleet has now been tested with the biodiesel blends surpassing our 2024 volt.

我們 41% 的機隊現已接受超過 2024 伏特生物柴油混合物的測試。

This achievement underscores our commitment to reducing our carbon footprint and exploring innovative solutions for cleaner operations.

這項成就強調了我們對減少碳足跡和探索清潔營運創新解決方案的承諾。

Finally, strengthening our communities is a key pillar of our global sales in SUSTAIN program, and we are committed to supporting organizations that benefit communities at large.

最後，加強我們的社區是我們 SUSTAIN 計畫全球銷售的關鍵支柱，我們致力於支持造福整個社區的組織。

During the third quarter, Oceana successfully launched the Relay for Life at C. program and Oceane as Insignia and Vista.

第三季度，Oceana 成功推出了 Relay for Life at C. 計劃，Oceane 推出了 Insignia 和 Vista。

This initiative awareness through an onboard walk and encouraging donations to the American Cancer Society.

透過船上步行和鼓勵向美國癌症協會捐款來提高人們的意識。

We're excited to roll this program to the remainder of the Oceana fleet later this year, further amplifying its positive impact.

我們很高興能在今年稍後將該計劃推廣到 Oceana 機隊的其餘部分，進一步擴大其積極影響。

Additionally, in the wake of the destruction caused by both hurricanes Milton Angeline, we contributed $83,000 to the American Red Cross sell those and affected communities.

此外，在米爾頓安吉琳颶風造成破壞後，我們向美國紅十字會捐贈了 83,000 美元，用於出售這些產品和受影響的社區。

In addition to the $30,000 previously donated to the Red Cross to support hurricane a lean relief efforts, we are matching of the 50,000 more in public donations towards hurricane Milton relief efforts.

除了先前向紅十字會捐贈的 30,000 美元以支持颶風救援工作外，我們還將為颶風米爾頓救援工作提供 50,000 美元的公共捐款。

These achievements demonstrate our focus on and holistic approach to sustainability, encompassing environmental stewardship, social responsibility and strong governance.

這些成就顯示我們對永續發展的關注和整體方法，包括環境管理、社會責任和強大的治理。

As the continued charting the course towards a more sustainable future.

隨著繼續規劃走向更永續的未來的路線。

We remain committed to innovation, transparency and creating positive change in the communities we touch.

我們仍然致力於創新、透明並為我們所接觸的社區創造積極的變化。

With that, I'll hand the call over to Mark to go over financial results in more detail.

這樣，我會將電話轉交給馬克，讓他更詳細地檢查財務結果。

Smart?

聰明的？

Thank you, Harry, and good morning, everyone.

謝謝你，哈利，大家早安。

My commentary today will focus on our third quarter 2024 financial results.

我今天的評論將重點放在我們 2024 年第三季的財務表現。

Our increased full year 2020 for guidance and are increasingly solid financial position unless otherwise noted, my commentary on 2024 net yields, an 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.

除非另有說明，我們增加了2020 年全年指導，並且財務狀況日益穩健，我對2024 年淨收益率、調整後的淨郵輪成本、不包括每運力日燃料指標的評論均以固定匯率為基礎，並與2024 年同期進行比較。

Let's begin with our third quarter results, which are highlighted on Slide 2.

讓我們從幻燈片 2 中突出顯示的第三季業績開始。

12, starting with the top line results were very strong, with net yield increasing 9%, exceeding our guidance of 6.4% by 260 basis points.

12 月 12 日，從營收開始，業績就非常強勁，淨收益率成長 9%，比我們 6.4% 的指導值高出 260 個基點。

Several factors contributed to the strong top-line growth in the quarter.

有幾個因素促成了本季營收的強勁成長。

First, exceptionally solid demand and pricing across our deployment, particularly for Alaska and Canada and New England sailings across all three brands.

首先，我們整個部署過程中的需求和定價異常穩定，特別是所有三個品牌的阿拉斯加、加拿大和新英格蘭航線。

Second, we experienced stronger than anticipated onboard revenue across the board, particularly in shore excursions and communications.

其次，我們的船上收入全面強於預期，特別是在岸上觀光和通訊方面。

The benefit of this higher pricing and onboard spend is compounded by the third quarter, seasonally high occupancy resulting an outsized growth in the top line and adjusted EBITDA.

第三季季節性高入住率導致收入和調整後 EBITDA 大幅成長，進一步加劇了定價和船上支出上漲的好處。

Moving to costs.

轉向成本。

Adjusted net cruise cost ex fuel per capacity day came in CAD1 below our guidance of one 55.

調整後的淨遊輪成本（不含每運力日燃油）為 1 加元，低於我們指引的 55 加幣。

This is primarily due to timing of certain expenses that will now shift into the fourth quarter.

這主要是由於某些費用的時間安排現在將轉移到第四季度。

This resulted in record breaking adjusted EBITDA for a quarter coming in at $931 million and surpassing our guidance of $870 million by over $60 million while increasing year over year by approximately 24%.

這導致該季度調整後 EBITDA 創紀錄，達到 9.31 億美元，比我們指導的 8.7 億美元高出 6,000 萬美元以上，同時年增約 24%。

As a result, adjusted EPS was $0.99, exceeding guidance of $0.92 in the quarter and increasing 31% compared to the third quarter of 2023.

因此，調整後每股收益為 0.99 美元，超出本季指引價值 0.92 美元，較 2023 年第三季成長 31%。

Despite a $0.06 negative impact from FX in the quarter.

儘管本季外匯帶來了 0.06 美元的負面影響。

We have seen strong results through the first nine months of the year and along with improved expectations for the fourth quarter, we are increasing guidance for the full year, which I will discuss on Slide 13.

我們在今年前九個月看到了強勁的業績，隨著第四季度預期的改善，我們正在增加全年的指導，我將在幻燈片 13 中討論這一點。

Looking first at net yields and the fourth quarter, we are expecting growth of 6.9%, which was approximately 190 basis points better than our implied guidance last quarter.

首先看淨收益率和第四季度，我們預期成長率為 6.9%，比我們上季度的隱含指引高出約 190 個基點。

We are increasing guidance based on several factors, strong demand and pricing in the Caribbean, where we have 30% of our capacity in the quarter and continued strong onboard revenue trends with healthy pre-booking for onboard amenities.

基於多種因素，我們正在提高指導意見，包括加勒比地區的強勁需求和定價，本季度我們在加勒比地區擁有 30% 的運力，並且船上設施的預訂情況良好，船上收入趨勢持續強勁。

These are very strong results considering the impressive 8% net yield growth we achieved in Q4 of 2023 and the headwinds from the rerouted Middle East sailings in 2024, which comprised approximately 10% of our deployment in the fourth quarter and was disproportionately weighted to our higher yield leading brands.

考慮到我們在2023 年第四季實現了令人印象深刻的8% 淨收益成長，以及2024 年中東航線改道帶來的不利因素，這些結果非常強勁，該航線約占我們第四季度部署的10 %，且與我們較高的部署比例不成比例。

Moving to fourth quarter costs, we anticipate adjusted net cruise cost ex fuel per capacity day to increase by 2.7% to one 55 from one 51 in the same period of last year, and they and $1 above our previously implied guidance.

談到第四季度的成本，我們預計每運力日調整後的淨郵輪成本（不含燃料）將從去年同期的 51 增加 2.7% 至 55，比我們之前暗示的指導高出 1 美元。

This slide increase is mainly due to the timing of certain costs from the third to the fourth quarter, which I mentioned earlier.

這種下滑主要是由於我之前提到的從第三季到第四季的某些成本的時間安排。

Excluding the $6 impact of drydocks in the quarter, our unit costs ex fuel will be down approximately 1% year over year.

排除本季乾船塢 6 美元的影響，我們的單位燃料成本將年減約 1%。

Reflecting these positive trends, fourth quarter adjusted EBITDA guidance is increasing to approximately 445 million.

第四季調整後 EBITDA 指引值增至約 4.45 億美元，反映了這些正面趨勢。

These results are driving our adjusted net income to approximately $40 million and a return to positive adjusted EPS in the fourth quarter, which we expect to be approximately $0.09 considering a share count of 445 million, resulting in a positive adjusted EPS and all all four quarters of the year.

這些結果推動我們的調整後淨利潤達到約4000 萬美元，第四季度調整後每股收益將恢復為正值，考慮到4.45 億股的股票數量，我們預計調整後每股收益約為0.09 美元，從而導致所有四個季度的調整後每股收益為正值今年的。

I want to remind you that at these net income levels, we expect that none of our exchangeable notes are dilutive in the fourth quarter, and there is no related interest expense add-back.

我想提醒您，在這些淨利潤水平上，我們預計第四季度我們的可交換票據不會被稀釋，並且沒有相關的利息費用加回。

Looking at full year net yield, we are carrying forward the Q. three b. and our increasing expectations for the fourth quarter and now expect full year net yield to grow to 9.4%, which is 120 basis points better than our previous guidance and represents a record for that company for adjusted net cruise cost ex fuel and excluding the impact of our drydocks, our guidance remains unchanged and is expected to remain flat year over year despite the impact of inflation and increased variable compensation due to the strong performance of the business.

看看全年淨收益率，我們正在結轉第三季 b。我們對第四季度的預期不斷提高，現在預計全年淨收益率將增長至9.4%，這比我們之前的指導高出120 個基點，代表該公司調整後淨郵輪成本（不含燃油）的記錄，並排除了儘管受到通貨膨脹的影響以及由於業務表現強勁而導致可變薪酬增加，但我們的干船塢指導保持不變，預計將與去年同期持平。

As a result of the hard work and dedication of the entire organization, we continue to pace ahead of our target to deliver 100 million in savings in 2020 Form on adjusted EBITDA, full year guidance is increasing to approximately 2.4 to $5 billion, and we have increased full year adjusted EPS guidance to approximately $1.65, which is a 136% increase over 2023 and March, significant progress toward our 2026 charting the course target of approximately $2 and $0.45.

由於整個組織的辛勤工作和奉獻精神，我們繼續領先於 2020 年節省 1 億美元的目標。股收益指引提高至約1.65 美元，比2023 年和3 月成長136%，朝著我們制定的2026 年約2 美元和0.45 美元的路線目標取得了重大進展。

Slide 14 demonstrates how the hard work put in by our teams across the organization has resulted in significant improvements from our and our initial guidance to our current expected results for the year.

投影片 14 展示了我們整個組織的團隊所付出的辛勤工作如何使我們從最初的指導到當前今年的預期結果有了顯著的改進。

Our full year net yield growth expectation has increased 400 basis points from 5.4% to approximately 9.4%.

我們將全年淨收益率成長預期從 5.4% 提高了 400 個基點至約 9.4%。

We have maintained our cost guidance for the full year, which is expected to be flat year over year.

我們維持全年成本指導，預計與去年同期持平。

Excluding the impact of drydocks.

排除乾船塢的影響。

As a result, our adjusted EBITDA guidance has increased $225 million to approximately 2.4 to 5 billion, and our adjusted EPS is increasing $0.42 to approximately a $1.65.

因此，我們調整後的 EBITDA 指引值增加了 2.25 億美元，達到約 2.4 至 50 億美元，調整後的每股盈餘增加了 0.42 美元，達到約 1.65 美元。

This performance stems from our ability to capitalize on strong demand while executing on our culinary obviously mentioned 2024 is shaping up to be an extraordinary year, surpassing our ops optimistic expectations with record net yield growth.

這項業績源自於我們利用強勁需求的能力，同時執行我們明顯提到的烹飪，2024 年將成為非凡的一年，淨收益率成長創紀錄，超出了我們營運商的樂觀預期。

Looking to next year, based on coal current booking trends that are booked position, we continue to expect our full year 2025 net yield will grow consistent with our algorithm discussed at our Investor Day.

展望明年，根據當前煤炭預訂趨勢，我們繼續預期 2025 年全年淨收益率的成長將與我們在投資者日討論的演算法一致。

Now a couple of notes for modeling net yield in the first quarter of 2025 First, while we have a similar number of too total drydock days as the first quarter in 2024 due to the mix of vessels and the number of lower yielding repositioning days, the number of capacities related to this is 50% higher year over year.

現在有一些關於 2025 年第一季淨產量建模的注意事項 首先，雖然由於船舶的混合和產量較低的重新定位天數，我們的乾船塢總天數與 2024 年第一季相似，但與此相關的產能數量較去年同期增加了50%。

Second, as you recall, we had a very strong net yield growth of 16% in the first quarter of 2020 for providing for a challenging comp in the quarter.

其次，正如您所記得的那樣，我們在 2020 年第一季實現了 16% 的強勁淨收益率成長，為該季度提供了具有挑戰性的競爭。

The result of these two sectors that we expect first quarter 25 net yield growth to come in lower than the full year average.

我們預期這兩個產業第一季25%的淨收益率成長將低於全年平均。

Looking at slide 15, I want to dive a bit a bit deeper into our margin enhancement initiatives.

看投影片 15，我想更深入了解我們的利潤提升計畫。

As outlined during Investor Day, a cornerstone of our strategy is to boost margins and reduce costs across the organization while enhancing or maintaining the guest experience and product delivery are reasonable.

正如投資者日期間所概述的，我們策略的基石是提高整個組織的利潤並降低成本，同時增強或維持客戶體驗和合理的產品交付。

Our results speak for themselves, and we expect to continue executing on this algorithm as we close out 2024.

我們的結果不言而喻，我們預計在 2024 年結束時繼續執行演算法。

We have been able to maintain our cost guidance throughout the year, and we continue to expect that adjusted net cruise cost ex fuel per capacity day will essentially be flat year over year, fully offsetting inflation as well as increased variable compensation due to strong performance in the year.

我們全年都能夠維持我們的成本指導，並且我們繼續預計，調整後的淨遊輪成本（不包括每運力日的燃油）將基本上與去年同期持平，完全抵消了通貨膨脹以及由於業績強勁而增加的可變補償。

Our margin enhancement initiatives continue to yield significant results across the organization.

我們的利潤提升舉措持續在整個組織中產生顯著成果。

As previously mentioned, we are pacing ahead of our target to reach 100 million of savings in 2024, and we remain confident in our ability to achieve our 300 million of savings, which includes certain fuel initiatives through 2026.

如前所述，我們正在努力實現 2024 年節省 1 億美元的目標，並且我們仍然對實現 3 億美元節省的能力充滿信心，其中包括到 2026 年的某些燃料計劃。

As we look ahead to 2225, building on our strong performance performance in 24, we remain committed to maintaining our unit costs below the rate of inflation, which supports our stated 2026 targets.

展望 2225 年，在 24 年強勁業績的基礎上，我們仍然致力於將單位成本維持在通膨率以下，這支持了我們既定的 2026 年目標。

Moving on to Slide 16.

轉到投影片 16。

We can see how these cost savings initiatives have positively benefited our margins last 12 months adjusted operational EBITDA margin for the third quarter improved approximately 900 basis points to 34.5%, and we now expect the full year to come in at approximately 35.3%.

我們可以看到，這些成本節約措施對我們的利潤率產生了積極的影響，過去12 個月，第三季度調整後的營運EBITDA 利潤率提高了約900 個基點，達到34.5%，我們現在預計全年利潤率約35.3%。

This continued progress sets us up well for our 2026 target and returning to margins of around 39%.

這項持續進展為我們實現 2026 年目標奠定了良好基礎，並將利潤率恢復到 39% 左右。

Moving to slide 17, I'd like to highlight the composition of our debt portfolio and some key developments in the quarter.

轉到投影片 17，我想強調我們債務投資組合的組成以及本季的一些關鍵進展。

While our leverage is still higher than we prefer, it is crucial to note that 55% of our debt consists of public debt with the remaining 45% in the form of export credit agency or ECA financing, which is the primary source of financing for our ship orders.

雖然我們的槓桿率仍然高於我們的預期，但值得注意的是，我們的債務中有 55% 是公共債務，其餘 45% 是出口信貸機構或 ECA 融資的形式，這是我們的主要融資來源。船舶訂單。

Ecas essentially provide a guaranteed by sovereign governments such as Italy of the loans we obtain in connection with the ship orders resulting in financing rates that are much more favorable than that of which would be secured in the capital markets.

Ecas本質上是由義大利等主權政府為我們獲得的與船舶訂單相關的貸款提供擔保，從而導致融資利率比在資本市場上獲得的融資利率優惠得多。

Looking ahead, we anticipate a gradual shift to a higher proportion of ECA financing as new ships come online and our remaining expected debt matures and or is repaid in addition additional.

展望未來，隨著新船投產以及我們剩餘的預期債務到期或額外償還，我們預計 ECA 融資的比例將逐漸轉向更高的比例。

Additionally, we aim to further derisk our balance sheet as we look at liability management opportunities going forward.

此外，我們的目標是在尋找未來負債管理機會時進一步降低資產負債表的風險。

We believe our strategic approach to optimize our capital structure and debt profile and continue to reduce our cost of capital over time.

我們相信我們的策略方法可以優化我們的資本結構和債務狀況，並隨著時間的推移繼續降低我們的資本成本。

This quarter, we refinanced 315 million of notes due December 2024, with six in a quarter unsecured notes due 2030, with the remaining balance of 215 million to be paid at maturity.

本季度，我們為 3.15 億張 2024 年 12 月到期的票據進行了再融資，其中六張季度內將於 2030 年到期的無擔保票據，其餘 2.15 億張將在到期時支付。

On Slide 18, you can see our upcoming maturities after we paid down the remaining balance of the 250 million of the 2024 notes in December.

在投影片 18 上，您可以看到我們在 12 月償還了 2.5 億張 2024 年票據的剩餘餘額後即將到期的票據。

We have two components of debt to address on the horizon.

我們即將解決債務的兩個組成部分。

First, our 2025 exchangeable notes, which we plan to assemble and shares, and second, our 1.4 billion five and seven eight notes due 2026, which will become current in the first quarter of 2025.

首先是我們計劃組裝和共享的 2025 年可交換票據，其次是 2026 年到期的 14 億張 5 和 7 8 票據，這些票據將於 2025 年第一季流通。

Additionally, we have six 100 million of eight and three eighths notes, which will become callable in early 2025 that we are evaluating as the rate environment continues to improve.

此外，我們還有 6 張 1 億張八分之三和八分之三的票據，這些票據將於 2025 年初可贖回，隨著利率環境的持續改善，我們正在對其進行評估。

Turning to leverage on slide 19, we have continued to make progress on our net leverage, which ended the quarter at 5.58 times a 1.75 times reduction from 2023 year end.

轉向幻燈片 19 上的槓桿率，我們的淨槓桿率繼續取得進展，本季末淨槓桿率為 5.58 倍，較 2023 年年底減少 1.75 倍。

Moving leverage into the fives is another important step, and we continue to reducing.

將槓桿率提高到五是另一個重要步驟，我們將繼續降低槓桿率。

We continue to expect reducing leverage for the remainder of 2024, ending the year at around 5.4 times, an important milestone in our path to achieving our 2026 target of mid fours.

我們繼續預期 2024 年剩餘時間內槓桿率會降低，年底時槓桿率約為 5.4 倍，這是我們實現 2026 年中期目標的一個重要里程碑。

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

至此，我將把它轉回給哈利以供結束評論。

Well.

出色地。

Thank you, Mark.

謝謝你，馬克。

I want to close by reminding everyone of the holistic strategy and ambitious targets that we laid out at our Investor Day, which are summarized on slide 20.

最後，我想提醒大家注意我們在投資者日制定的整體策略和雄心勃勃的目標，投影片 20 對此進行了總結。

We are on track to end 2024 on an exceptionally strong note, marking our best year as a company since we returned to operation operations and an all time record adjusted net yield growth and record adjusted EBITDA.

我們預計以異常強勁的勢頭迎接 2024 年底，這是我們作為一家公司自恢復營運以來表現最好的一年，調整後淨收益率增長和調整後 EBITDA 創歷史新高。

With this performance and our high visibility to the future sales, we remain confident in our strategy.

憑藉這樣的業績以及我們對未來銷售的高度預見性，我們對我們的策略仍然充滿信心。

Looking into next year, we will continue to drive towards our Investor Day guidance of low to mid single digit net yield growth both and sub inflationary unit cost increases, positioning us well to achieve our ambitious 2026 charting the course targets.

展望明年，我們將繼續推動投資者日指導，即低至中個位數的淨收益率增長和低於通貨膨脹的單位成本增長，使我們能夠很好地實現我們雄心勃勃的2026 年制定的路線目標。

I want to express my deepest gratitude to our dedicated teams.

我想對我們敬業的團隊表達最深切的謝意。

Both short-sighted shipboard, their unwavering commitment and hard work had been instrumental to our site success.

兩位短視的船員、堅定不移的承諾和辛勤工作對我們網站的成功起到了重要作用。

As we look to the future, I'm filled with optimism about the opportunities that lie ahead for Norwegian Cruise Line Holdings.

展望未來，我對挪威郵輪控股公司未來的機會充滿樂觀。

With that, I'll hand the call back to the operator to begin the question and answer portion of the call.

這樣，我會將通話轉交給接線員以開始呼叫的問答部分。

Thank you, and I'll be conducting a question-and-answer session.

謝謝，我將進行問答環節。

If you'd like to be placed in the question queue, please press star one on your telephone keypad.

如果您想加入問題隊列，請按下電話鍵盤上的一號星星。

As a reminder, we ask to please ask one question one follow-up to return to the queue.

提醒一下，我們要求您先問一個問題，然後再返回佇列。

If you'd like to have a question from the queue, please press star two.

如果您想從佇列中提出問題，請按星號二。

Once again, that's star one to be placing the question queue.

再說一遍，這是放置問題隊列的第一要務。

Please ask one question one follow-up that return to the queue.

請提出一個問題一個後續問題，然後返回隊列。

Our first question is coming from James Hardiman from Citi.

我們的第一個問題來自花旗銀行的詹姆斯哈迪曼。

Your line is alliance.

你的路線是聯盟。

Hey, good morning, Tom, and thanks for taking my questions and congrats on a really strong quarter here, particularly the pricing front.

嘿，早上好，湯姆，感謝您回答我的問題，並祝賀這裡的季度表現非常強勁，尤其是定價方面。

Us from doing the math right here per diems were call it, 5% movement in the second quarter.

我們在這裡計算的每日津貼被稱為第二季 5% 的變動。

That accelerated to 7% in the third quarter, which is obviously he exceptional fourth quarter guidance, if I'm doing the math right, gives us back back to that call at 5% range, which is really good considering Mark does not long ago, we were having a conversation as to whether or not we would even be positive in the fourth quarter, but maybe walk us through some of the non-comparable head winds and tail winds of the last couple of quarters.

第三季加速至 7%，這顯然是他出色的第四季度指導，如果我計算正確的話，讓我們回到 5% 範圍內的預測，考慮到馬克不久前沒有這樣做，這真的很好，我們正在討論我們是否會在第四季度保持積極的態度，但也許會帶我們經歷過去幾個季度的一些無與倫比的逆風和順風。

It was really trying to figure out on an apples to apples to apples basis or per diems accelerating, decelerating being consistently strong.

它確實試圖在逐一比較或每日津貼的基礎上找出加速、減速的持續強勁。

How do I think through that?

我該如何思考？

Well, good morning, James Aetna and by the way, nice to report that you issued couple of weeks ago.

好吧，早上好，James Aetna，順便說一句，很高興報告您幾週前發布的消息。

So listen, I think, as you know, as we look through to the fourth quarter and pricing, you know, I think you nailed it.

所以聽著，我想，正如你所知，當我們回顧第四季度和定價時，你知道，我認為你已經做到了。

You know, when we were we were talking about this two, three quarters ago.

你知道，當我們兩三季前討論過這個問題時。

I think implied pricing was somewhere in the zone of flat to down 1%.

我認為隱含定價處於持平至下降 1% 的區域。

But there's a couple of important things to really remind ourselves of that, would that were challenging or that we're going against our recall, Q4 of 2023, we did have pricing of 14%.

但有幾件重要的事情需要真正提醒自己，這是否具有挑戰性，或者我們是否會反對我們的召回，2023 年第四季度，我們確實有 14% 的定價。

So number one, we are rolling over a strong comp, and that translated to a yield of 8%.

第一，我們正在推出一個強大的競爭，這轉化為 8% 的收益率。

But we've also been able to continue to see strength in both our near term and Caribbean deployments.

但我們也能夠繼續看到我們的近期和加勒比海部署的實力。

So we've continued to build upon that.

因此，我們在此基礎上繼續發展。

And then I think what we also need to recall is that as a result of the Mideast disruptions late last year, we have had an outsized proportion of our capacity that was originally scheduled at for the Middle East in Q4, which represented about 10% of our overall capacity and was disproportionately weighted to our higher ending brand.

然後我認為我們還需要記住的是，由於去年年底中東的中斷，我們原定第四季度中東地區的產能比例過大，約佔總產能的 10%。於我們的高端品牌。

So given the fact that we're out, we're now showing price thing of around 5% yield of about 7%.

因此，考慮到我們退出的事實，我們現在顯示的價格約為 5%，收益率約為 7%。

I think this said, we feel this is a great, great improvement and certainly are somewhat weak where we can continue to build upon.

我認為這就是說，我們認為這是一個非常非常大的進步，當然在我們可以繼續發展的方面還有些薄弱。

Got it.

知道了。

Thank you.

謝謝。

And then Tom, I wanted to talk a little bit about the Analyst Day guidance and in particular that we built between yields and cost side found to be a pretty helpful for rubric of the Analyst Day for this year that dealt with maybe 4%, not even It now stands at 6%, right?

然後湯姆，我想談談分析師日的指導，特別是我們在收益率和成本方面建立的指導，發現這對今年分析師日的標題非常有幫助，該標題可能涉及 4%，而不是即使現在是6%，對嗎？

If you're going to grow yield of nine, 9.5 and costs 3.5, call it, you're looking at a 6% delta.

如果您要將產量提高 9、9.5，成本提高 3.5，那麼您將看到 6% 的增量。

I guess as I as we roll that forward to next year, does that make it more difficult to see some, you know, significant Delta's and in particular, your 2.5 points, it seems increasingly likely that you're going to do that over the three-year period.

我想，當我們把這一點推到明年時，這是否會讓看到一些重要的達美航空，特別是你的2.5 分變得更加困難，你似乎越來越有可能在接下來的幾年裡這樣做三年期限。

But is that even even possible as we think about 2025, basically trying to figure out if there's been some pull forward of that?

但當我們考慮 2025 年時，這是否有可能，基本上是想弄清楚是否有一些推動？

Because ultimately, if you maintain that build for I think you're going to comfortably exceed that, but to 45 earnings target for 26?

因為最終，如果你保持這種構建，我認為你將輕鬆超過這個目標，但到 26 的 45 盈利目標？

So officer?

那麼軍官？

James, this is a Terry.

詹姆斯，這是特里。

I'll take that.

我會接受的。

What I think the rubric with, as you mentioned, just as a way that easily see through how we can get to 2026.

正如您所提到的，我認為該標題只是一種輕鬆了解我們如何實現 2026 年目標的方法。

But what we're focused on is the actual 2026 number, the operational EBIT margin approaching 39%, EPS at two 45 made for leverage and a record ROIC and in the neighborhood of 12%.

但我們關注的是 2026 年的實際數字，營運息稅前利潤率接近 39%，槓桿每股收益為 2 45，投資回報率創歷史新高，接近 12%。

And I think seeing the performance this year year end and the six months since we introduced these targets, that we obviously have a better visibility into 2025 as well, just allows us to be more optimistic and more certain about our ability to obtain the numbers.

我認為，看到今年年底的表現以及自我們推出這些目標以來的六個月，我們顯然對 2025 年也有了更好的了解，這讓我們對獲得這些數字的能力更加樂觀和更加確定。

So I focus a little bit less on any specific rubric.

所以我不太注意任何特定的標題。

It more on the four numbers that data that we have given out there.

更多的是關於我們在那裡給出的數據的四個數字。

We are fully committed and optimistic about obtaining these numbers in 2026.

我們完全致力於並樂觀地希望在 2026 年獲得這些數字。

And James, I'll add to that.

詹姆斯，我要補充一點。

What are the cornerstones of that is that we've reiterated it today is that we are we intend to deliver some inflationary unit cost growth.

其基石是，我們今天重申，我們打算實現一定程度的通膨單位成本成長。

And you know, as we've talked about the past, we have a 300 million plus program in place.

你知道，正如我們過去所談論的那樣，我們已經制定了一個超過 3 億的計劃。

We are on pace with that.

我們正在跟上步伐。

In fact, we continue to be ahead of our pace with that.

事實上，我們在這方面繼續領先。

So we increasingly increasingly field or more confidence around that.

因此，我們對此越來越有信心。

So we're lining up the pieces.

所以我們正在把碎片排列起來。

But as Harry said, we're focused on those four key metrics at the net of 2026.

但正如 Harry 所說，到 2026 年，我們將重點放在這四個關鍵指標上。

Got a really helpful.

得到了一個非常有幫助的。

Thanks, Mark.

謝謝，馬克。

And fair.

而且公平。

Thank you.

謝謝。

Next question today is coming from Brandt Montour from Barclays.

今天的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

Your line is now live.

您的線路現已上線。

Good morning, everybody.

大家早安。

Thanks for taking my question.

感謝您提出我的問題。

So the first question is on bookings color.

所以第一個問題是關於預訂顏色。

What you guys gave some color was well appreciated.

你們所給予的一些色彩非常值得讚賞。

Maybe we can go one layer deeper and talk about 25 bookings strength.

也許我們可以更深入地討論 25 個預訂強度。

And maybe you can talk about that through the lens of the different brand and the different geographies.

也許你可以透過不同品牌和不同地區的視角來談論這一點。

The quarter's I know you said you're up and all four, but any quarter standing out and then you sort of demographics in your database.

我知道你說你已經上升了，而且所有四個季度都是這個季度，但是任何一個季度都表現出色，然後你的資料庫中會有人口統計資料。

Do I think that would probably quarterly with your brands, but any extra color would be helpful.

我認為這可能會每季與您的品牌一起出現，但任何額外的顏色都會有幫助。

Yes.

是的。

So thanks for the effort for the question.

所以感謝您為這個問題所做的努力。

This is Harry again.

這又是哈利。

I'll pay.

我來付錢。

You know, we really fine tune our revenue management tools.

您知道，我們確實在微調我們的收入管理工具。

So, you know, we manage to booking curve.

所以，你知道，我們設法控制預訂曲線。

We managed to maximize yield.

我們設法最大限度地提高產量。

And I can't say that we see any discernible pattern across the brands or across geographies or cost just for that matter, the sourcing of gas that stand out for the positive or negative, you know, broadly base, everything is progressing exactly as we'd like it to be.

我不能說我們在品牌、地理或成本方面看到任何明顯的模式，無論是積極還是消極的天然氣採購，你知道，廣泛基礎上，一切都在按照我們的方式進行。

Clearly, we continue to see this robust close-in demand, which allows us to sort of reconsider our booking curves over time because obviously we want to take advantage of it.

顯然，我們繼續看到這種強勁的近距離需求，這使我們能夠隨著時間的推移重新考慮我們的預訂曲線，因為顯然我們想利用它。

We said before or we don't focus on record book position.

我們之前說過，或者我們不關注記錄簿的位置。

We focused on record yields.

我們專注於創紀錄的收益率。

I think the quote I made in last year's called is like I can't take book position to the bank.

我認為我在去年的電話會議中所做的報價就像我不能向銀行索取帳面頭寸。

I can only take book yield to the bank, and that's 100% of our focus.

我只能將帳面收益率交給銀行，而這是我們 100% 關注的焦點。

So get back to your question, we see good solid are in line with our expectation.

回到你的問題，我們看到良好的固體符合我們的預期。

Bookings, both data on a low of replacing factor for 2025, in line with the overall commentary we gave in setting our charting the course targets, a moderate capacity growth, moderate yield growth, Club inflationary costs, both as Mark mentioned, with the goal of continuing to improve our margin, drive strong cash flows and delever our balance sheet.

預訂量，這兩項數據都顯示2025 年的替代因素較低，與我們在製定課程目標時給出的總體評論一致，適度的容量增長、適度的收益率增長、俱樂部通脹成本，正如馬克提到的，目標是繼續提高我們的利潤率，推動強勁的現金流和去槓桿化我們的資產負債表。

Okay.

好的。

That's great.

那太棒了。

Thank you for that, Harry.

謝謝你，哈利。

And then the second question is on the booking curve.

第二個問題是關於預訂曲線。

You guys said that you're in the upper end of the optimal part of the of your curve.

你們說你們正處於曲線最佳部分的上端。

Just curious, I'm curious if that optimal curve is that optimal point has evolved over time pre-COVID versus post-COVID?

只是好奇，我很好奇該最佳曲線是否是在新冠疫情前和新冠疫情后隨著時間的推移而演變的最佳點？

And if you had to recalibrate that downward at all, just because you don't want to leave money on the table, the strength of the demand you're seeing in and sort of a again, an upward pricing environment and travel, any extra color on sort of how you're managing that and with optimal means short.

如果你必須重新調整價格，僅僅因為你不想把錢留在桌面上，那麼你所看到的需求強度以及某種程度的再次上漲，定價環境和旅行，任何額外的顏色取決於你如何管理它，以及簡短的最佳手段。

So I cover part of it and my last comment, but let me let me reiterate or react to that.

所以我涵蓋了其中的一部分和我的最後評論，但讓我重申或對此做出反應。

I think both the sub points, I think overall coming out of COVID, clearly there was some uncertainty and we weren't looking to push the booking curve a little further in advance in order to take risk off the table.

我認為，總體而言，從新冠疫情的影響來看，這兩個要點顯然存在一些不確定性，我們並不打算提前進一步推動預訂曲線以消除風險。

We didn't know what we've what we did.

我們不知道我們做了什麼。

And now clearly, again, we have now seen a robust close-in demand, which is a little different from what we saw last year, where the close-in demand certainly wasn't as good as we were hoping for, which has allowed us to deepen the last two quarters supposed to last year was a little bit more challenging.

現在很明顯，我們再次看到了強勁的近距離需求，這與我們去年看到的有點不同，去年的近距離需求肯定沒有我們希望的那麼好，這使得我們去年最後兩個季度的深化工作更具挑戰性。

So that being said, 100% are booking curve thoughts evolved over time.

話雖如此，預訂曲線思想 100% 是隨著時間的推移而演變的。

But it I also want to stress read that booking curve and it's not one, you know, static number and it varies by January.

但我還想強調一下預訂曲線，它不是一個靜態數字，它隨一月的變化而變化。

It varies by Brad.

這因布拉德而異。

I mean, you know this, but I say for the record of it and we have teams that will get this all day every day and take into account the latest information to set.

我的意思是，你知道這一點，但我說的是為了記錄，我們的團隊每天都會得到這一點，並考慮到最新的資訊來設定。

So the short answer to your question is yes, we are further booked ahead that we were pre-COVID, but we don't think we need to have record.

所以對你的問題的簡短答案是肯定的，我們在新冠疫情之前就進一步提前預訂了，但我們認為不需要有記錄。

We don't think we need to continue to push the booking curve further, especially line with this robust close-in demand of inducing the last few quarters.

我們認為我們不需要繼續進一步推動預訂曲線，特別是與過去幾季引發的強勁近距離需求一致。

Thanks, everyone.

謝謝大家。

Really nice quarter.

真的很不錯的季度。

Thank you, Ron.

謝謝你，羅恩。

Your next question today is coming from Steve Wieczynski from Stifel.

今天你們的下一個問題來自 Stifel 的 Steve Wieczynski。

Your line is now less.

你的線路現在更少了。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

So I want to ask a bigger picture question if I can start here.

所以我想問一個更大的問題，是否可以從這裡開始。

And if we think about the cruise yields, historically, they've grown, call it in that low single digit range based on some of the changes that you guys have talked about and that could be cabin designed, shorter itineraries, enhanced revenue management, skill in all that kind of stuff.

如果我們考慮郵輪收益，從歷史上看，它們已經增長，根據你們談論的一些變化，將其稱為低個位數範圍，這些變化可能是客艙設計、更短的行程、增強的收入管理，所有此類事情的技能。

Is it fair to think that there's a good chance, um, I know you guys and probably the industry as well could start to see fueled growth, um, well in advance of that low single digit historical rate.

公平地說，這是一個很好的機會，嗯，我知道你們，可能整個產業也可能開始看到強勁的成長，嗯，遠早於歷史低個位數成長率。

So clearly, it is our goal to grow Neil's as fast as we can.

很明顯，我們的目標是盡可能快地發展尼爾。

But I think the at the algorithm that we've discussed many times of low to mid-single in yield growth with low inflationary costs, relevant, et cetera, is what we're sticking to the timing.

但我認為我們已經多次討論過的演算法，即收益率成長中低到中單、通膨成本低、相關等，這就是我們堅持的時機。

Obviously, we do everything in our power into app, the government much as possible.

顯然，我們盡一切努力進入應用程式、政府。

But I think what we're prepared to look based on what we see based on our crystal ball for lack of better term is continuing with that same that than we were talking about for a while now 24 with a little bit of an unusual year in a positive way, and we'll roll forward and we're thrilled with our results.

但我認為，我們準備根據我們的水晶球所看到的情況進行觀察，因為缺乏更好的術語，我們將繼續與我們之前討論的情況相同的情況，現在24年是一個有點不尋常的一年。

But I think longer term, definitely segment motor segment of moderate capacity growth, low to mid single digit yield growth, low inflationary cost growth.

但我認為，從長遠來看，汽車領域肯定會出現適度的產能成長、中低個位數的殖利率成長、低通膨成本成長。

Okay.

好的。

Got you.

明白你了。

Okay.

好的。

And then second question is going to go to the cost side of equation and market.

第二個問題將涉及方程式和市場的成本方面。

Obviously you've Peter, do you kind of talked about that 300 million in cost savings between now and in 2026?

顯然，Peter，您是否談到從現在到 2026 年節省 3 億美元的成本？

In your prepared remarks, you noted that you're going to exceed kind of that third goal of 100 billion so far this year or so.

在您準備好的演講中，您指出今年左右您將超過第三個目標 1000 億美元。

You kind of sit there and kind of continue to go through your cost structure based on what you have with based on what you guys have identified already, um, um, and assets in a way you might give you an answer, but is it fair to think when it's all said and done, that's 300 million might end up being low or conservative?

你坐在那裡，根據你所擁有的、基於你們已經確定的、嗯、嗯，以及資產，繼續檢查你的成本結構，你可能會給你一個答案，但這公平嗎？ 3 億可能會顯得偏低或保守？

Yes, good morning, Steve.

是的，早上好，史蒂夫。

So I certainly wouldn't want to get that far ahead of ourselves in terms of being lower conservative.

因此，我當然不想在保守程度方面走得太遠。

What I will tell you is is we have done a very good job at identifying the goals that we have set out.

我要告訴你的是，我們在確定我們設定的目標方面做得非常好。

And further, what we've said is this is not a one-time exercise.

此外，我們已經說過，這不是一次性的練習。

This is a multi-year, your journey.

這是你的多年旅程。

So we are focused on looking at every process and the business from end to end, not just looking for any low hanging fruit, all while protecting the the guest experience and the brand, the product delivery.

因此，我們專注於從頭到尾審視每個流程和業務，而不僅僅是尋找任何容易實現的目標，同時保護賓客體驗、品牌和產品交付。

So look, we're six, what do we six, seven months into our stated goals and targets.

所以看，我們已經六、六個月了，我們在實現既定目標和目標的六、七個月裡做了什麼。

That's we're feeling increasingly confident on our path toward that.

這就是我們對實現這一目標的道路越來越有信心。

And hopefully, you know, early summer sometime next year, we can get further progress on where we stand if it's large or conservative.

希望明年夏初的某個時候，我們能夠在我們的立場上取得進一步的進展，無論它是大的還是保守的。

But we're feeling good with where we are today.

但我們對今天的處境感覺良好。

Okay, got it.

好的，明白了。

Thanks, guys.

謝謝，夥計們。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Next question today is coming from Matthew Boss from JPMorgan.

今天的下一個問題來自摩根大通的馬修·博斯。

Your line is now live.

您的線路現已上線。

Thanks and congrats on a great quarter.

感謝並祝賀您度過了一個美好的季度。

Thank you, Matt.

謝謝你，馬特。

Harry.

哈利.

And maybe could you elaborate on the strong momentum that you cited?

也許您能詳細說明一下您提到的強勁勢頭嗎？

Any notable outliers?

有什麼值得注意的異常值嗎？

I brand reach and any signs at all of softening as you're looking into 25?

當你考慮到 25 時，我的品牌影響力有任何軟化的跡象嗎？

Yes.

是的。

Matt, I think I commented a little earlier on this, so I'll keep my comments on the short of really it's across the board.

馬特，我想我早些時候對此發表了評論，所以我將保留我的評論，除非它確實是全面的。

We're happy with all three of our brand.

我們對我們的三個品牌都很滿意。

We're happy with both geographies.

我們對這兩個地區都很滿意。

We're happy with all our guests sourcing markets.

我們對所有客人的採購市場感到滿意。

I mean, it's hard.

我的意思是，這很難。

It's hard to see any cracks you I don't want to get ahead of our skis.

很難看到任何裂縫，我不想超越我們的滑雪板。

You know, as I mentioned before, we're focused on this low to mid-single digit yield growth.

你知道，正如我之前提到的，我們關注的是低至中個位數的收益率成長。

So my commentary is reflective of those numbers.

所以我的評論反映了這些數字。

I don't want any rationally to rent accrual of about 2025, but we are absolutely happening with what we're seeing today.

我不希望任何人理性地增加 2025 年左右的租金，但我們今天所看到的情況絕對正在發生。

Great.

偉大的。

And then Mark, maybe just to circle back to your 250 basis point yield to cost target spread, maybe how best to think about the linearity of costs next year, if yields were to come in above your initial plan?

然後馬克，也許只是回到你 250 個基點的收益率與成本目標利差，如果收益率高於你最初的計劃，也許如何最好地考慮明年成本的線性？

Yes, good morning, Matt.

是的，早上好，馬特。

So I think we've always said generally speaking, when we think about our 300 million plan, generally, we laid it out as roughly about 100 million per year, right, that that may that may vary up or down marginally.

所以我認為我們總是說，一般來說，當我們考慮我們的 3 億計劃時，一般來說，我們將其設定為每年大約 1 億，對吧，這可能會略有變化。

But I think something that's important to note and we've probably been pretty public about saying this is that if we're able to exceed our that low to mid single digit yield growth than a year, that does not necessarily translate that we are going to go and spend more money.

但我認為值得注意的是，我們可能已經公開表示，如果我們能夠超過一年內低至中個位數的收益率增長，這並不一定意味著我們將繼續去花更多的錢。

We are focusing on right sizing and leveraging the scale of this business.

我們專注於正確調整規模並利用該業務的規模。

And part of that includes rightsizing our unit cost base.

其中一部分包括調整我們的單位成本基礎。

So we're focused on that, but that that does not have any direct correlation.

所以我們關注的是這一點，但這沒有任何直接的相關性。

In terms of outperformance on yield, I mean, it's really the point that Mark mix is really important.

就產量表現而言，我的意思是，馬克組合確實非常重要。

These are independent factors where we were targeting the low to mid single digit yield growth.

這些都是我們目標低至中個位數收益率成長的獨立因素。

We're targeting below inflationary cost growth.

我們的目標是低於通膨成本成長。

I feel it's better or worse seeing how the year shapes up.

我覺得看看這一年的情況是好是壞。

We will continue to target low inflationary cost growth.

我們將繼續以低通膨成本成長為目標。

And we've seen a culture change in the Company towards this balance of return on investment and return on experience, which we talked about at Investor Day.

我們已經看到公司文化發生了轉變，以實現投資回報和體驗回報的平衡，我們在投資者日談到了這一點。

We are super focused and passionate about delivering a great experience, but on things that gets truly care about and things to generate positive ROI for the Company.

我們非常專注並熱衷於提供出色的體驗，但我們真正關注的是那些真正關心的事情以及能夠為公司帶來積極投資回報率的事情。

Great color and best of luck.

顏色很棒，祝你好運。

Thinking.

思維。

Next question is coming from Conor Cunningham, familiar research providers, Alliance, everyone.

下一個問題來自 Conor Cunningham、熟悉的研究提供者、Alliance、大家。

Thank you.

謝謝。

And I ask yes, the yield question a different way.

我以不同的方式問是的，產量問題。

Maybe.

或許。

So when you say low to moderate yield growth, because that is that should that be viewed as kind of your core pricing outcome?

因此，當你說低到中等的收益率成長時，因為這應該被視為你的核心定價結果嗎？

The reason why I ask is that every cruise line has talked about how they've left money on the table.

我之所以問這個問題，是因為每家郵輪公司都曾談論過他們是如何把錢留在桌上的。

So I'm just the question here, system more from like what's the swing opportunity as you get better at yield managing now that you have bookings back to historical levels?

所以我只是這裡的問題，系統更像是當你在收益管理方面做得更好時，既然你的預訂量回到了歷史水平，那麼搖擺的機會是什麼？

Thank you.

謝謝。

So I think there were like two or three sub-questions there.

所以我認為那裡有兩三個子問題。

So I'm going to China to Mike, that's remembrance of and add to that.

所以我要去中國找麥克，這是對這一點的紀念和補充。

Yes, I think most of the yield change that you're going to see in 2025, it's going to be on pricing.

是的，我認為 2025 年您將看到的大部分收益率變化將與定價有關。

I don't expect any material change in occupancy.

我預計入住率不會有任何重大變化。

Of course, we're not giving 25 guidance yet, but I think I don't see that swinging much of it does swing space and the number of children that we take, primarily that the NPL, Brad, which doesn't meaningfully contribute to what our revenue from a big picture perspective.

當然，我們還沒有給出 25 個指導，但我認為我不認為鞦韆會影響鞦韆空間和我們帶孩子的數量，主要是 NPL，布拉德，這並沒有有意義的貢獻從大局來看我們的收入是多少。

The second part of your question.

你問題的第二部分。

So on remind me, was swing opportunities get better investment with an eye.

所以提醒我，搖擺機會是用眼睛獲得更好的投資。

Everything is how do I say this?

一切都是我怎麼說呢？

There's no evolutionary changes to our revenue management that's coming up.

我們的收入管理不會有任何革命性的變化。

We just do our best day in and day out to get slightly better.

我們只是日復一日地盡力做到更好。

What I what at what we do, which is part of what appeals to our stated algorithm of low to mid-single digit yield, will keep in mind that we do continue to to increase the capacity of the Company by between 46% a year in new ships come online.

我所做的，是我們所說的中低個位數收益率演算法的一部分，我將記住，我們確實繼續以每年 46% 的速度增加公司的產能。

So I don't see huge opportunities here.

所以我在這裡看不到巨大的機會。

Obviously, everyday work and our goal is to maximize yield.

顯然，日常工作和我們的目標都是產量最大化。

I think there's another component which is onboard revenue, which doesn't get talked much about this revenue management is primarily a tool that that that talks to ticket price.

我認為還有另一個組成部分，那就是機上收入，這個收入管理並沒有被太多談論，它主要是一個與票價相關的工具。

But we are trying I was saying we're in the beginning phases of doing better revenue management on our on pork product as well.

但我們正在嘗試，我是說我們正處於對豬肉產品進行更好收入管理的開始階段。

I think some of the close and strength that you're seeing in Q. three Q. for a look at various market parse through the financial statements because of the way we bundle our products.

我認為，由於我們捆綁產品的方式，您在第三季度中看到的一些關閉和優勢透過財務報表來查看各種市場分析。

But some of the strength that we're seeing in Q3 and Q4 is also not only, but it's also around our better revenue management, so to speak, on the onboard revenue, providing guests more opportunities that are marketing a better experiences to purchase onboard, which is generating revenue for us as well.

但我們在第三季和第四季看到的一些優勢不僅在於我們更好的收入管理，可以說，在機上收入方面，為乘客提供更多機會來行銷更好的機上購買體驗，這也為我們帶來了收入。

More presales.

更多預售。

Thank you, Mark.

謝謝你，馬克。

Actually dovetails into my final question.

實際上與我的最後一個問題相吻合。

What percent of your customers today are doing some pretty board pre-booked onboard spend?

今天，您的客戶中有多少人在船上進行了一些相當不錯的預先預訂的消費？

And then what's the gas water handling at nearly all of them buying something in front of us in front of the up in front of the other cruise?

那麼，幾乎所有的人都在我們前面、在另一艘遊輪前面購買東西，那麼汽油水處理是什麼呢？

If you I mean, if you think about the robust things that we offer between these packages, binding packages, spot, short-course idling, the list goes on and on our close, I think those are mostly to pick one nearly every customer buys something before they get on the ship.

如果你我的意思是，如果你考慮一下我們在這些套餐之間提供的強大功能，綁定套餐，現貨，短程空轉，這個清單一直在我們結束時，我認為這些主要是為了挑選一個幾乎每個客戶都會購買的在他們上船之前做一些事情。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

Next question is coming from Vince Ciepiel from Cleveland Research Company.

下一個問題來自克里夫蘭研究公司的 Vince Ciepiel。

Your line is now live.

您的線路現已上線。

Thanks.

謝謝。

You look out over the next 12, 24 months as part of your long-term plan, how are you thinking about the trend line and occupancy?

作為長期計劃的一部分，您展望未來 12、24 個月，您如何看待趨勢線和入住率？

I know you think are a couple of points shy of where it was historically and some of that might be mix.

我知道你認為與歷史上的水平相比還差了幾分，其中一些可能是混合的。

But as you're adding new Norwegian hardware and 25 and 26, do you expect to offer occupancy to be a tailwind to yield growth in the next couple of years?

但是，當您添加新的挪威硬體以及 25 和 26 時，您是否預計入住率將成為未來幾年收益成長的推動力？

I think I commented a little bit about occupancy in an earlier question on our ships are essentially in full from a capital perspective.

我想我在之前關於我們船舶的問題中對入住率做了一些評論，基本上是從資本的角度來看的。

So the changes that we may see occupancy either positive or negative when in mostly around our third and fourth in the cabin, primarily children and on the NCL rate and which don't really generate much revenue for us.

因此，我們可能會看到入住率的變化，無論是積極的還是消極的，主要是在我們機艙中的第三和第四個左右，主要是兒童，並且按NCL 費率計算，這並沒有真正為我們帶來太多收入。

So I don't see occupancy being a tailwind or headwind off from that perspective going forward, I expect it to remain relatively stable.

因此，從這個角度來看，我認為未來入住率不會成為順風或逆風，我預計它將保持相對穩定。

Occupancy unemployment, at least through 2025 for deployment doesn't shift to know.

至少在 2025 年部署之前，入住率不會改變。

Remember, we have talked about a slow, the larger relies on the Caribbean going forward, but we won't really see that until late 25, but primarily to the 26 results are somewhat based on the new deal that we're building at our Creative Circle K, which will allow us to double the number of passengers we bring there in 26 compared to what it tomorrow recent years.

請記住，我們已經討論過緩慢的、更大的依賴加勒比地區的發展，但我們要到25 月底才能真正看到這一點，但主要是26 的結果在某種程度上基於我們正在製定的新協議Creative Circle K，這將使我們帶到那裡的乘客數量比近幾年的明天增加一倍，達到 26 人。

But I don't really see much happening on occupancy and 25.

但我並沒有看到入住率和 25 發生太多變化。

Great, thanks.

太好了，謝謝。

And then another on costs, I think you called out one Q. having some headwinds on drydock and repositioning days, which I think also maybe hinders yield a bit.

然後是關於成本的另一個問題，我想你提出了一個問題。

But when you think about the full year impact on costs of drydocks this year, I believe it's about three points when you look into next year, is dry dock headwind neutral, a tailwind to cost growth?

但當你考慮到今年全年對乾船塢成本的影響時，我相信當你展望明年時，大約有三點：幹船塢的逆風是中性的，還是成本增長的順風？

Is this the new kind of baseline to utilize in years ahead?

這是未來幾年使用的新基準嗎？

Good morning, Vince.

早上好，文斯。

Yes, so you're absolutely right on an annual basis, our dry docks year over year are relatively the same off.

是的，所以你說的每年都絕對正確，我們的乾船塢年復一年都相對相同。

So this is generally our consistent run rate post COVID.

所以這通常是我們在新冠疫情之後的一貫運行率。

I wonder why we called out Q1 is because there is some timing issues within the year where even though we only have six more drydock days than we did in the prior year, it actually represents 50% more capacity days.

我想知道為什麼我們提到第一季是因為一年中存在一些時間問題，儘管我們只比前一年多了 6 個乾船塢天數，但實際上意味著產能天數增加了 50%。

So that's not necessarily a call out in terms of cost.

因此，這並不一定是成本方面的要求。

It's more of the impact that it will have on on our overall comps and the yields for the first quarter.

更多的是它將對我們的整體業績和第一季的收益率產生影響。

But again, that evens itself out over the course of the year.

但同樣，這一情況在這一年會自行平衡。

And that was why we had called that out in our prepared remarks.

這就是為什麼我們在準備好的發言中指出了這一點。

Thank you.

謝謝。

Thank you.

謝謝。

Next question today is coming from Robin Farley from UBS.

今天的下一個問題來自瑞銀集團 (UBS) 的羅賓法利 (Robin Farley)。

Your line is now live.

您的線路現已上線。

Great.

偉大的。

Thank you.

謝謝。

Please go back and clarify, I'm hearing when you are talking about the long-term goals at your focus is really on the number in 2020.

請回去澄清一下，我聽到你在談論長期目標時，你的重點實際上是 2020 年的數字。

Were you suggesting that not every year would necessarily have the deal goes to 2.5 points higher than expense growth?

您是否認為交易不一定每年都比費用成長高出 2.5 個百分點？

So in other words, this year was a lot better than that pizza.

換句話說，今年比那個披薩好多了。

The algorithm for next year could be less than the 2.5 points like this.

明年的演算法可能會低於這樣的2.5分。

How would you sort of communicate when you said your focus is on the absolute number in 2026?

當您說您的重點是 2026 年的絕對數字時，您會如何溝通？

Even if not every year looks the same to get there?

即使不是每年都一樣？

Or is that how we should interpret that comment?

或者我們應該如何解釋該評論？

I think, Robin, that's broadly correct.

我認為，羅賓，這基本上是正確的。

You know, to be clear, we're not providing guidance for 2025 today.

您知道，需要明確的是，我們今天不會提供 2025 年的指導。

So I'm not going to comment on and on a specific number, but we're focused on these long-term targets for 26, not on a specific spread in 25 or 26 individually.

因此，我不會對具體數字發表評論，但我們關注的是 26 的這些長期目標，而不是 25 或 26 的具體分佈。

Of course, we don't expect the results vary that much in these two year period based on the visibility we have today.

當然，根據我們今天的可見度，我們預計這兩年的結果不會有太大變化。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And then just also thinking about 2025, and you've mentioned an expense is going to have some insulation from what do you broadly think of as inflation sort of today when you when you Thanks.

然後再考慮一下 2025 年，您提到一項支出將與您今天普遍認為的通貨膨脹隔離，當您感謝時。

Yes.

是的。

Hi, Robert.

嗨，羅伯特。

So broadly speaking, when we look out, inflation obviously is a bit volatile, but something that keep in mind, it's not just U.S. inflation were worldwide operator.

因此，從廣義上講，當我們觀察時，通膨顯然有點波動，但請記住，不僅僅是美國通膨是全球通膨的影響因素。

So we look at global inflation.

因此，我們關注全球通膨。

So we generally are thinking somewhere around the 3% zone based on what we see today.

因此，根據我們今天所看到的情況，我們通常會考慮 3% 區域附近的某個位置。

Now, obviously, that may change change up or down as we go through time.

現在，顯然，隨著時間的推移，這可能會發生上下變化。

But generally speaking, that's a that's typically what we would associate as part of our longer term plan, Total banking revenues.

但一般來說，這通常是我們將其作為我們的長期計劃「銀行總收入」的一部分。

And Kevin, I think we have time for us for one more question.

凱文，我想我們還有時間再問一個問題。

Certainly.

當然。

Our final question today is coming from Patrick Shows from Truist Securities.

我們今天的最後一個問題來自 Truist Securities 的 Patrick Shows。

Your line is now live.

您的線路現已上線。

Great.

偉大的。

Thank you.

謝謝。

Tom, you mentioned just very briefly during this call about what's happening in a great store uptake and give us just a little more color where you stand with progress.

湯姆，您在這次電話會議中非常簡短地提到了商店吸收率的巨大變化，並為我們提供了更多關於您的進展的信息。

Any further thoughts on specific timing and anything you can share above and beyond what may be mixed after the kind of give us color on our progress and status?

關於具體時間安排以及您可以分享的任何進一步的想法，除了可能混合的內容之外，還可以讓我們了解我們的進展和狀態？

So when we announced that we were putting the new pier there earlier this year, I've been personally a great start to see a few times to see how things are going.

因此，當我們今年早些時候宣布要在那裡建造新碼頭時，我個人是一個很好的開始，我多次觀察事情的進展。

And we feel really comfortable that we will remain on schedule to open that appear in in sometime in Q4 that the two team has really focused in doing an incredible job of building at you know, we're really happy to get that period because as I mentioned earlier in the call, we believe it will allow us to utilize the I would more specifically in the winter, went a little bit more would be in that region and plan to double the guest that visit that island starting in 26 compared to where we are I had today, which should generate higher guest satisfaction and higher revenue, higher repeat rates, you have becomes a virtuous cycle, so to speak from that perspective, looking past that we think the average grade, we have a great private data we have out in the great I forget what it's called, I should do better than SilverBow.

我們感到非常放心，我們將繼續按計劃在第四季度的某個時候開放，這兩個團隊確實專注於做令人難以置信的建設工作，你知道，我們真的很高興能得到這個時間，因為正如我所見前面在電話中提到，我們相信這將使我們能夠在冬季更具體地利用該地區，併計劃從 26 日開始將訪問該島的客人數量增加一倍。會產生更高的客人滿意度和更高的收入，更高的重複率，你已經成為一個良性循環，可以這麼說，從這個角度來看，過去我們認為的平均等級，我們有一個很好的私人數據，我們有在偉大的我忘記了它叫什麼，我應該比SilverBow做得更好。

Thank you.

謝謝。

Which is a great mix of private Haven like experience on the out as well that lines jet skis, lots of interesting things for people to do.

這是私人避風港般的戶外體驗的完美結合，還有水上摩托車，還有許多有趣的事情可供人們做。

But I'll tell you like with every asset in our portfolio, we are constantly reviewing this balance of ROINROX. to see what we can do to get gets a better experience that will drive our oh, I have nothing to announce today, but we continue that analysis and that team towards the future.

但我會告訴你，就像我們投資組合中的每項資產一樣，我們會不斷審查 ROINROX 的這種平衡。看看我們能做些什麼來獲得更好的體驗，這將推動我們的哦，我今天沒有什麼可宣布的，但我們會繼續進行分析並讓團隊走向未來。

Thank you.

謝謝。

Okay.

好的。

I think since your question was short, James, what the cabin?

我想既然你的問題很短，詹姆斯，那間小屋是什麼？

Excuse me, we'll have time for one more question, but certainly.

抱歉，我們還有時間再問一個問題，但當然可以。

Our next question is coming from Ben Chicken from Mizuho Securities.

我們的下一個問題來自瑞穗證券的 Ben Chicken。

Your line is now live.

您的線路現已上線。

Thanks.

謝謝。

Just one quick one at the Investor Day, you flush out a number of examples on the cost side.

在投資人日，您可以快速舉出一些關於成本的例子。

Would love any update here if there's anything to share some specific areas and 25 that you see as opportunities?

如果有什麼可以分享的一些特定領域以及您認為有機會的 25 個領域，我會喜歡這裡的任何更新嗎？

Thanks.

謝謝。

Yes, good morning, Ben.

是的，早上好，本。

So you don't look at it's very consistent with what we called out there.

所以你看它與我們所說的不太一致。

You know, it's around looking at all of how we deliver our product from, you know, from start to finish again, on the basis of we do not want to impact the product delivery or the guest experience.

您知道，這是圍繞我們如何從頭到尾再次交付產品的方式進行的，我們不想影響產品交付或客戶體驗。

So we are looking at every facet of the business and more empowered.

因此，我們正在關注業務的各個方面，並賦予更多權力。

Certainly, we're focused on things that the guest is either don't value or that are invisible to the guests so that we can ultimately provide more value to the gas.

當然，我們關注的是客人不重視或客人看不到的事情，以便我們最終可以為天然氣提供更多價值。

So nothing up.

所以沒什麼事。

Nothing significant in terms of the overall categories to share, just other than we are looking at everything, whether it's on our ship site operations or at our shoreside operations in a very methodical and disciplined manner.

就整體類別而言，沒有什麼重要的內容可以分享，只是我們正在以非常有條理和有紀律的方式審視一切，無論是在我們的船現場作業還是在我們的岸邊作業。

And then if I can squeeze one just very quick one, and I know you give us a year over year impact from drydocks 24 versus 23.

然後，如果我能很快地擠出一個，我知道你會給我們帶來來自乾船塢 24 與 23 的逐年影響。

But any chance you can just high-level give us some color on the distribution of drydocks in the year on an absolute basis, meaning 1H versus 2H?

但是，您是否有機會向我們提供有關一年中乾船塢絕對分佈的一些信息，即 1H 與 2H 的情況？

Yes, I think I think that we can probably follow up with that post call.

是的，我認為我們可以跟進該電話會議。

We can certainly give you some color on that.

我們當然可以為您提供一些資訊。

Thanks.

謝謝。

So once again, I want to thank everyone for joining us today.

我要再次感謝大家今天加入我們。

We were very pleased with our reported.

我們對我們的報告非常滿意。

Hopefully, you are as well will be around today to answer any questions you may have.

希望您今天也能來回答您可能有的任何問題。

Thank you all.

謝謝大家。

Happy Valvoline.

快樂勝牌。

Happy Diwali, and have a wonderful day, everyone.

排燈節快樂，祝大家有美好的一天。

Thank you.

謝謝。

That does conclude today's teleconference and webcast may disconnect your lines at this time and have a wonderful day.

這確實表明今天的電話會議和網路廣播可能會在此時斷開您的線路並祝您度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。