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和網路廣播。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，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, Sarah.

請繼續，莎拉。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

Thanks for joining us for our third-quarter 2024 earnings and business update call.

感謝您參加我們的 2024 年第三季財報和業務更新電話會議。

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

今天，挪威郵輪控股公司總裁兼執行長 Harry Sommer 也加入了我的行列。執行副總裁兼財務長 Mark Kempa。

As a reminder, this conference call is being simultaneously webcast on the company's Investor Relations website at www.nclhltd.com/investors. Throughout the call, we will refer to a slide presentation that can be found on our website. Both the conference call and presentation will be available for replay for 30 days following today's call.

謹此提醒，本次電話會議同時在公司投資者關係網站 www.nclhltd.com/investors 上進行網路直播。在整個通話過程中，我們將參考我們網站上的幻燈片簡報。電話會議和簡報均可在今天電話會議後 30 天內重播。

Before we begin, I would like to cover a few items. Our press release with third-quarter 2024 results was issued this morning and is available on our website. This call include forward looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements. These statements should be considered in conjunction with the cautionary statement contained in our earnings release.

在開始之前，我想先介紹一些內容。我們的 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。本次電話會議包括前瞻性陳述，這些陳述涉及風險和不確定性，可能導致我們的實際結果與此類陳述有重大差異。這些聲明應與我們的收益發布中包含的警告聲明結合起來考慮。

Our comments may also reference non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and presentation.

我們的評論也可能參考非公認會計準則財務指標。我們的收益發布和演示中包含了與最直接可比較的公認會計準則財務指標和其他相關揭露的調節。

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

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 vacation experiences, all while effectively controlling our costs thanks to the dedicated efforts of our shipboard and shoreside team.

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取得穩定和有意義的進展，推動和利用強勁的需求環境，同時提供卓越的度假體驗，同時透過我們的船上和團隊的不懈努力，有效控制我們的成本。

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 a fourth time this year.

我很高興地說，我們連續第三個季度取得的成果在所有關鍵指標上都超出了我們的指導，這導致我們今年第四次提高了全年指導。

These results demonstrate how our strategic direction is yielding positive results now and position 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了準備，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 a vision to have our guests vacation better and experience more and which focused on what I refer to as the 4P, people, product, growth platform, and performance.

正如您在今年早些時候的投資者日上所記得的那樣，我們公佈了「制定路線」策略，其願景是讓我們的客人享受更好的假期和更多的體驗，重點關注我所說的4P：人員、產品、成長平台和表現。

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 pillar 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支柱，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, part of our product pillar.

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，這是我們產品支柱的一部分。

I'll also 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 tenets of our strategy.

我還將評論我們所看到的強勁需求，以及我們的機上產品和服務品質如何繼續提高乘客滿意度，同時保持嚴格的成本管理、投資回報和體驗回報的平衡，這是核心原則之一我們的戰略。

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, 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.

首先，我很高興地向大家報告，我們今年上半年的強勁勢頭，加上我們團隊對戰略舉措的持續關注和執行力以及成功的成本努力，加上持續強勁的需求，已經持續到了下半年。第三季度，業績表現異常出色。

As illustrated on slide 4, we not only met, but exceeded our guidance across all key metrics for the third straight quarter.

如投影片 4 所示，我們不僅達到了，而且連續第三個季度超過了所有關鍵指標的指導值。

We achieved the highest quarterly gross revenue and adjusted EBITDA in our company's history and the highest trailing 12-month adjusted operational EBITDA margin since returning to regular operations, improving almost 10 full percentage points from the third quarter of last year.

我們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連續 12 個月調整後營運 EBITDA 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 at the end the quarter at 5.58 times, an approximate 1 3/4 churn improvement over just the last nine months from year end 2023.

我們較高的調整後 EBITDA 推動本季末的淨槓桿率為 5.58 倍，比 2023 年底的過去 9 個月的流失率改善了約 1 3/4。

Slide 5 lays out the effect of our strong third-quarter guidance -- third-quarter results on our full-year guidance.

幻燈片 5 列出了我們強勁的第三季指導的影響——第三季業績對我們全年指導的影響。

While Mark will provide more detailed commentary shortly, I would like to highlight a few key points on our full-year numbers.

雖然馬克很快就會提供更詳細的評論，但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, marking 120-basis-point improvement from our previous guidance as we carry forward strength from the third quarter and raise our fourth-quarter guidance.

我們預計今年淨殖利率將成長 9.4%，比我們先前的指引提高 120 個基點，因為我們延續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，確實非同尋常。

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.

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年約39% 的目標邁出一大步。

We expect our adjusted ROIC to close the year in the double digits, an improvement from 8% in 2023, demonstrating we are well on our path to 12% by 2026.

我們預計調整後的投資回報率今年將達到兩位數，較 2023 年的 8% 有所改善，這表明我們正在順利實現到 2026 年達到 12% 的目標。

And lastly, we expect our net leverage to further decrease to approximately 5.4 times by the year end, a major step towards achieving our 2026 target of mid-4 times.

最後，我們預計到年底我們的淨槓桿率將進一步降至約 5.4 倍，這是實現 2026 年中期 4 倍目標的重要一步。

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顯示我們正在實現 2026 年規劃目標，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, and we expect this trend to continue with the additions of new vessels to our fleet.

從歷史上看，可測的運力成長推動了外部收入——巨額收入和調整後的 EBITDA 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 as we turn to slide 7.

當我們轉向幻燈片 7 時，我將提供有關這些令人興奮的進展的更多詳細資訊。

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

在挪威航空，我們最近推出了 2026 年我們船隊中的第 21 艘船——挪威月神號 (Norwegian Luna)。

This exciting addition will launch a variety of fun voyages, sailing round trip from Miami starting in April 2026.

這位令人興奮的新成員將從 2026 年 4 月開始推出各種有趣的航程，從邁阿密出發的往返航行。

As a sister ship to Norwegian Aqua, Luna boasts exciting enhancements over previous Prima Class ships, including a 10% increase in capacity, luxurious new three-bedroom duplex Haven suites, a ground-breaking hybrid rollercoaster water slide that we'll [review] next year on Norwegian Aqua, new activities and games for our guests, and a new revitalized service at the Mandara Spa and Salon and Pulse Fitness Center.

作為挪威Aqua 號的姊妹船，Luna 號與之前的Prima Class 船舶相比擁有令人興奮的增強功能，包括容量增加10%、豪華的全新三臥室複式Haven 套房、我們將[評論]的突破性混合過山車水滑梯明年，Norwegian Aqua 將為我們的客人提供新的活動和遊戲，以及 Mandara 水療和沙龍以及 Pulse 健身中心的全新服務。

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 and witnessed first hand the impressive final touches being applied to the vessel.

本月早些時候，我參觀了義大利芬坎蒂尼造船廠，親眼目睹了這艘船令人印象深刻的最後潤飾。

I'm incredibly excited for our guests to experience this next-generation, Prima Class ship.

我非常高興我們的客人能夠體驗這艘下一代 Prima 級郵輪。

At Oceania Cruises, we remain committed to delivering the finest cuisine at sea with new experiences on every newbuild.

在大洋洲遊輪，我們始終致力於為每艘新船提供最美味的海上美食和全新體驗。

In this case -- I'm sorry.

在這種情況下——我很抱歉。

In the case of the brand's upcoming Allura, we are introducing The Crêperie, for which Oceania's newly appointed Executive Culinary Directors and resident Master Chefs of France, Alex Quaretti and Eric Barale, have crafted over 20 exquisite recipes.

就品牌即將推出的 Allura 而言，我們推出的是 The Cräperie，大洋洲新任命的執行烹飪總監和法國常駐主廚 Alex Quaretti 和 Eric Barale 為其精心製作了 20 多種精美食譜。

I'm eagerly anticipating our food-loving guests' reaction to this new, exciting culinary experience when Allura debuts next year.

我熱切地期待著明年 Allura 首次亮相時，我們熱愛美食的客人對這種令人興奮的全新美食體驗的反應。

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.

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。

At 77,000 tons and accommodating only 850 guests, this vessel will offer our guests unrivaled space at sea with one of the highest guest-to-space ratios in the industry.

這艘船排水量為 77,000 噸，僅可容納 850 名客人，將為我們的客人提供無與倫比的海上空間，其客艙比是業內最高的之一。

The ship will introduce exciting innovations, including a reimagined Palacio Regent 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攝政套房、一套新的複式套房以及其他住宿類別；新鮮的用餐體驗；以及許多其他令人難以置信的產品，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 experience more.

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，以實現我們的大膽願望，讓我們的客人享受更好的假期和更多的體驗。

Norwegian launched its new brand positioning, Experience More at Sea, which underscores NCL's 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.

挪威航空推出了新的品牌定位“Experience More at Sea”，強調了NCL 致力於透過提升產品品質為賓客提供更多種類、更多可看、更多可做、更多可享受和更多價值的承諾，為他們提供更多他們喜愛的度假體驗。

The More at Sea offering is an evolution and expansion of the previous Free at Sea package, now with an enhanced beverage package, additional nights at specialty dining venues, and StarLink high-speed Internet.

More at Sea 服務是先前 Free at Sea 套餐的演變和擴展，現在提供增強飲料套餐、特色餐飲場所的額外住宿以及 StarLink 高速網路。

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

除了這項新定位之外，挪威航空還公佈了其作為國家冰球聯盟官方郵輪公司的最新合作夥伴關係。

This milestone marks NCL's first partnership with a professional sports league and the NHL's first partnership with a cruise line.

這一里程碑標誌著 NCL 與職業運動聯盟的首次合作以及 NHL 與郵輪公司的首次合作。

This multi-year partnership provides a fantastic platform for the brand to connect and engage with hockey fans everywhere and show them how they can experience more at sea with NCL.

這項多年的合作關係為該品牌提供了一個絕佳的平台，與世界各地的冰球迷建立聯繫和互動，並向他們展示如何透過 NCL 在海上體驗更多樂趣。

Oceania, meanwhile, unveiled its new brand value promise and offering, Your World Included, which features an updated selection of always included amenities for our guests.

同時，大洋洲公佈了其新的品牌價值承諾和產品“Your World Included”，其中包括為我們的客人提供更新的精選便利設施。

As part of the new brand promise, guests will now have a generous suite of amenities included in the fare, including gourmet specialty restaurants, in-suite dining, prepaid gratuities, gourmet coffees and teas, laundry services, and unlimited StarLink Wi-Fi, among others.

作為新品牌承諾的一部分，客人現在將在票價中享受一系列豐富的便利設施，包括美食特色餐廳、套房內餐飲、預付小費、美味咖啡和茶、洗衣服務以及無限的 StarLink Wi-Fi，除其他外。

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。

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

這種彈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 largely due to strength in pricing and demand across all geographies, but particularly in Alaska and Canada-New England voyages.

這一令人印象深刻的表現主要歸功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, the latter boosted by StarLink which is already live on 30 of the 32 ships in our fleet and will be rolled out to the entire fleet by year-end.

我們也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，後者受到StarLink 的推動，StarLink 已經在我們船隊32 艘船舶中的30 艘上投入使用，並將於年底推廣到整個船隊。

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，預訂機上收入持續改善，比上年增長中個位數，比 2019 年水準幾乎翻倍。

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

展望未來，我們處於遠期 12 個月預訂的最佳範圍的上限。

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

我們繼續看到部署中的所有品牌的需求強勁，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 pre-sale packages, and capacity growth.

這項成就是由穩健的定價、動態部署組合、預售包增加和容量成長所推動的。

Moving to slide 11, I will now dive into some of our advancements in sustainability, which underpins our strategy.

轉到投影片 11，我現在將深入探討我們在永續發展方面取得的一些進步，這是我們策略的基礎。

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 for our sustainability efforts.

本季度，我們的永續發展努力獲得了一些重大認可。

MSCI gave us a rating of A within the hotel and travel industry for the second year in a row.

MSCI 連續第二年給予我們酒店和旅遊業 A 級評級。

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 ESG Shipping Awards this year, we were the top-ranked company in the ESG leadership category and the only cruise line to even make the list.

此外，在今年的 ESG 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 reinforces 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該領域的界限。

Operationally, we also made significant strides in our alternative fuel initiatives. 41% of our fleet has now been tested with a biodiesel blend, surpassing our 2024 goal.

在營運方面，我們在替代燃料計劃方面也取得了重大進展。我們 41% 的機隊現在接受生物柴油混合物測試，超出了我們 2024 年的目標。

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 and 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全球銷售和維持計畫的關鍵支柱，我們致力於支持造福整個社區的組織。

During the third quarter, Oceania successfully launched the Relay For Life at Sea program on Oceania's Insignia and Vista.

第三季度，大洋洲在大洋洲的Insignia和Vista上成功啟動了「海上生命接力」計畫。

This initiative focuses on the wellness of our guests and crew by raising awareness through an on-board walk and encouraging donations to the American Cancer Society.

該計劃重點關注我們的客人和船員的健康，透過船上步行提高人們的認識，並鼓勵向美國癌症協會捐款。

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

我們很高興今年稍後向大洋洲船隊的其餘成員推出該計劃，進一步擴大其積極影響力。

Additionally, in the wake of the destruction caused by both hurricanes Milton and Helene, we contributed $80,000 to the American Red Cross to help those in affected communities.

此外，在米爾頓颶風和海倫颶風造成破壞後，我們向美國紅十字會捐贈了 8 萬美元，以幫助受影響社區的人們。

In addition to the $30,000 previously donated to the Red Cross to support hurricane Helene relief efforts, we are matching up to $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 美元用於支持颶風海倫救援工作外，我們還將為颶風米爾頓救援工作再匹配 50,000 美元的公共捐款。

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

這些成就展示了我們對永續發展採取的全面而全面的方法，包括環境管理、社會責任和強有力的治理。

As we continue charting the course towards a more sustainable future, we remain committed to innovation, transparency, and creating positive change in the communities we touch.

在我們繼續規劃邁向更永續的未來的過程中，我們仍然致力於創新、透明度，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。

Mark?

標記？

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, our increased full-year 2024 guidance, and our increasingly solid financial position.

我今天的評論將重點放在我們 2024 年第三季的財務業績、我們增加的 2024 年全年指引以及我們日益穩健的財務狀況。

Unless otherwise noted, my commentary on 2024 net yields 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.

除非另有說明，我對 2024 年淨收益率和調整後淨遊輪成本的評論（不包括每運力日的燃料）、指標均以固定貨幣為基礎，並與 2023 年同期進行比較。

Let's begin with our third-quarter results, which are highlighted on slide 12.

讓我們從幻燈片 12 中突出顯示的第三季業績開始。

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

從營收開始，業績非常強勁，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-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和加拿大-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's seasonally high occupancy, resulting in outsized growth in the top line and adjusted EBITDA.

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

Moving to costs, adjusted net cruise cost, ex fuel per capacity day, came in $1 below our guidance of $155.

說到成本，調整後的遊輪淨成本（不包括每運力日的燃油）比我們指導的 155 美元低 1 美元。

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

因此，儘管本季外匯帶來 0.06 美元的負面影響，但調整後每股收益為 0.99 美元，超出了本季 0.92 美元的指導，與 2023 年第三季相比增長了 31%。

We have seen strong results through the first nine months of the year.

今年前九個月我們看到了強勁的業績。

And along with improved expectations for the fourth quarter, we are increasing guidance for the full year, which I will discuss on slide 13.

隨著第四季度預期的改善，我們正在增加全年指導，我將在投影片 13 中討論這一點。

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

首先看第四季的淨收益率，我們預期成長 6.9%，比我們上季度的暗示指引高出約 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.

我們基於以下幾個因素增加了指引：加勒比地區的強勁需求和定價，本季我們的產能佔該地區的 30%；機上設施的預訂良好，機上收入持續強勁。

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 $155 from $151 in the same period of last year and $1 above our previously implied guidance.

談到第四季度的成本，我們預計調整後的遊輪淨成本（不包括每運力日的燃油）將從去年同期的 151 美元增加 2.7% 至 155 美元，比我們之前暗示的指引高出 1 美元。

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

這一小幅成長主要是由於我之前提到的第三季至第四季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，我們的單位成本（不含燃料）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 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，並且不會有相關的利息費用加回。

Looking at full-year net yield, we are carrying forward the Q3B and are 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 the company.

就全年淨收益率而言，我們正在推進第三季度並提高對第四季度的預期，目前預計全年淨收益率將增長至 9.4%，比我們之前的指導好 120 個基點，創歷史新高為公司。

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.

對於調整後的遊輪淨成本（不含燃油並排除乾船塢的影響），我們的指導保持不變，並且預計將與去年同期持平，儘管由於業務表現強勁而受到通貨膨脹的影響和可變薪酬的增加。

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 2024.

由於整個組織的辛勤工作和奉獻精神，我們繼續領先 2024 年節省 1 億美元的目標。

On adjusted EBITDA, full-year guidance is increasing to approximately $2.425 billion, and we have increased full-year adjusted EPS guidance to approximately $1.65, which is a 136% increase over 2023 and much significant progress toward our 2026 Charting the Course target of approximately $2.45.

就調整後EBITDA 而言，全年指引將增至約24.25 億美元，我們已將全年調整後每股收益指引增至約1.65 美元，比2023 年增長136%，在實現2026 年制定約2026 年目標的目標方面取得了重大進展。

Slide 14 demonstrates how the hard work put in by our teams across the organization has resulted in significant improvements from our 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的今年預期結果取得了重大改進。

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% 上調 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, excluding the impact of drydocks.

我們維持了全年的成本指引，預計與去年同期持平，不包括乾船塢的影響。

As a result, our adjusted EBITDA guidance has increased $225 million to approximately $2.425 billion, and our adjusted EPS is increasing $0.42 to approximately a $1.65.

因此，我們調整後的 EBITDA 指引增加了 2.25 億美元，達到約 24.25 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 cost and efficiency initiatives.

這項業績源自於我們在執行成本和效率計畫的同時利用強勁需求的能力。

As Harry previously mentioned, 2024 is shaping up to be an extraordinary year, surpassing our optimistic expectations with record net yield growth.

正如 Harry 之前提到的，2024 年將是不平凡的一年，淨收益率成長創紀錄，超出了我們的樂觀預期。

Looking to next year, based on current booking trends and our 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，根據當前的預訂趨勢和我們的預訂頭寸，我們繼續預計 2025 年全年淨收益率的增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.

現在有一些關於 2025 年第一季淨收益率建模的說明。

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 capacity days related to this is 50% higher year over year.

首先，雖然我們的乾船塢總天數與 2024 年第一季相似，但由於船舶的混合以及產量較低的重新定位天數，與此相關的運力天數同比增加了 50% 。

Second, as you recall, we had a very strong net yield growth of 16% in the first quarter of 2024, providing for a challenging comp in the quarter.

其次，正如您所記得的那樣，我們在 2024 年第一季的淨收益率成長非常強勁，達到 16%，這為該季度的業績帶來了挑戰。

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

這兩個因素的結果是，我們預計 25 年第一季淨收益率成長將低於全年平均值。

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.

如投資者日期間所述，我們策略的基石是提高整個組織的利潤並降低成本，同時增強或維持賓客體驗和產品交付。

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，調整後的遊輪淨成本（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強勁的增長而增加的可變補償。

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 2025, building on our strong performance in '24, we remain committed to maintaining our unit costs below the rate of inflation which supports our stated 2026 targets.

展望 2025 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低於通膨率的水平，從而支持我們既定的 2026 年目標。

Moving on to slide 16, we can see how these cost savings initiatives have positively benefited our margins.

繼續看投影片 16，我們可以看到這些成本節約措施如何為我們的利潤帶來正面效益。

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%.

過去 12 個月，第三季調整後的營運 EBITDA 利潤率提高了約 900 個基點，達到 34.5%，我們現在預計全年將達到約 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 55% 的債務是公共債務，其餘 45% 是出口信貸機構 (ECA) 融資的形式，這是我們的主要來源。的船舶訂單提供融資。

ECAs essentially provide a guarantee 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.

ECA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.

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

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 can continue to reduce our cost of capital over time.

我們相信，隨著時間的推移，我們優化資本結構和債務狀況的策略方法可以繼續降低我們的資本成本。

This quarter, we refinanced $315 million of notes due December 2024, with [6.25] unsecured notes due 2030, with the remaining balance of $215 million to be paid at maturity.

本季度，我們為 2024 年 12 月到期的 3.15 億美元票據進行了再融資，其中 [6.25] 2030 年到期的無擔保票據，剩餘餘額 2.15 億美元將在到期時支付。

On slide 18, you can see our upcoming maturities.

在幻燈片 18 上，您可以看到我們即將到期的產品。

After we paid down the remaining balance of $250 million of the 2024 notes in December, we have two components of debt to address on the horizon.

在我們於 12 月償還了 2024 年票據的 2.5 億美元餘額後，我們即將解決兩部分債務。

First, our 2025 exchangeable notes, which we plan to settle in shares; and second, our $1.4 billion 5 7/8 notes due 2026, which will become current in the first quarter of 2025.

首先是我們的2025年可交換票據，我們計劃以股票結算；其次，我們於 2026 年到期的 14 億美元 5 7/8 票據將於 2025 年第一季生效。

Additionally, we have $600 million of 8 3/8 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 億美元的 8 3/8 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 5s is another important step, and we continue to reducing -- 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-4s.

將槓桿率提高到5 倍是另一個重要步驟，我們將繼續降低槓桿率——我們仍然預計在2024 年剩餘時間內降低槓桿率，到年底時槓桿率將達到5.4 倍左右，這是我們實現2026年中期目標的重要里程碑。

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, thank you, Mark.

嗯，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，這將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 將創歷史新高。

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，我們將繼續努力實現投資者日指導，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雄心勃勃的 2026 年規劃目標。

I want to express my deepest gratitude to our dedicated teams, both shoreside and shipboard.

我想對我們岸上和船上的敬業團隊表示最深切的謝意。

Their unwavering commitment and hard work had been instrumental to our success.

他們堅定不移的承諾和辛勤工作對我們的成功至關重要。

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.

謝謝。

And I'll be conducting a question-and-answer session.

我將主持問答環節。

(Operator Instructions) James Hardiman, Citi.

（操作員指令）James Hardiman，花旗銀行。

Hey.

嘿。

Good morning, and thanks for taking my questions.

早上好，感謝您回答我的問題。

And congrats on a really strong quarter here, particularly on the pricing front, which is where I really want to focus my question here.

恭喜這裡的季度表現非常強勁，特別是在定價方面，這也是我真正想在這裡集中討論問題的地方。

So if I'm doing the math right here, per diems were, call it, 5% in the second quarter.

因此，如果我在這裡算一下，第二季的每日津貼是 5%。

That accelerated to 7% in the third quarter, which is obviously exceptional.

第三季這一數字加速至 7%，這顯然是不同尋常的。

The fourth-quarter guidance, if I'm doing the math right, gets us back to that, call it, 5% range, which is really good considering, Mark, not long ago, we were having a conversation as to whether or not we would even be positive in the fourth quarter.

如果我計算正確的話，第四季度的指導會讓我們回到那個，稱之為 5% 的範圍，這真的很好，馬克，考慮到不久前，我們正在討論是否我們甚至會在第四季度保持積極的態度。

But maybe walk us through some of the non-comparable headwinds and tailwinds of the last couple of quarters.

但也許可以帶我們經歷過去幾季的一些無與倫比的逆風和順風。

I'm just really trying to figure out on an apples-to-apples basis, are per diems accelerating, decelerating, staying consistently strong.

我只是想在同類的基礎上弄清楚每日津貼是在加速、減速還是保持持續強勁。

How do I think through that?

我該如何思考？

Well, good morning, James.

好吧，早上好，詹姆斯。

And by the way, nice report that you issued couple of weeks ago.

順便說一下，您幾週前發布的一份不錯的報告。

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

所以聽著，我認為當我們回顧第四季度的定價時，我認為你已經做到了。

When we were talking about this two, three quarters ago, I think implied pricing was somewhere in the zone of flat to down 1%.

當我們在兩三個季度前討論這個問題時，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 remind ourselves of that we're challenging or that we're going against.

但有一些重要的事情需要提醒自己，我們正在挑戰或我們正在反對。

Recall, Q4 of 2023, we did have pricing of 14%.

回想一下，2023 年第四季度，我們的定價確實是 14%。

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

所以第一，我們正在滾動一個強大的比較，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 had an outsized proportion of our capacity that was originally scheduled 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，我們原本計劃在第四季度運往中東的運力比例過大，約占我們整體運力的 10%容量，並且對我們的高端品牌的權重不成比例。

So given the fact that we're now showing pricing of around 5%, yield of almost 7%, I think this -- we feel this is a great improvement and certainly somewhere where we can continue to build upon.

因此，考慮到我們現在的定價約為 5%，收益率接近 7%，我認為這是一個巨大的進步，當然我們可以繼續在此基礎上繼續發展。

Got it.

知道了。

Thank you.

謝謝。

And then I wanted to talk a little bit about the Analyst Day guidance and, in particular, the delta between yield and cost, which I found to be a pretty helpful rubric.

然後我想談談分析師日的指導，特別是收益率和成本之間的增量，我發現這是一個非常有用的標題。

At the Analyst Day, for this year, that delta was maybe 4%, not even.

在今年的分析師日，這個增量可能是 4%，甚至不是。

It now stands at 6%, right?

現在是6%，對嗎？

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

如果您要實現 9.5% 的產量成長和 3.5% 的成本成長，那麼您將看到 6% 的增量。

I guess as we roll that forward to next year, does that make it more difficult to see some significant deltas.

我想，當我們將其推進到明年時，是否會更難看到一些重要的三角洲。

And in particular, your 2.5 point -- it seems increasingly likely that you're going to do that over the three-year period.

特別是你的 2.5 點——你在三年內這樣做的可能性似乎越來越大。

But is that even possible as we think about 2025?

但考慮到 2025 年，這可能嗎？

I'm basically trying to figure out if there's been some pull forward of that.

我基本上是想弄清楚是否有一些推動力。

Because ultimately, if you maintain that delta, I think you're going to comfortably exceed that $2.45 earnings target for '26?

因為最終，如果你保持這個增量，我認為你將輕鬆超過 26 年 2.45 美元的獲利目標？

Sure, James.

當然，詹姆斯。

This is Harry.

這是哈利。

I'll take that one.

我會接受那個。

I think the rubric was, as you mentioned, just as a way to 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 [EBITDA] margin approaching 39%, EPS at $2.45, mid-4 leverage, and a record ROIC in the neighborhood of 12%.

但我們關注的是 2026 年的實際數字，營運 [EBITDA] 利潤率接近 39%，每股收益為 2.45 美元，槓桿率為 4 左右，投資回報率創歷史新高，約 12%。

And I think seeing the performance this year and six months since we introduced these targets, so 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，看到今年以及自我們提出這些目標以來六個月的表現，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'd focus a little bit less on any specific rubric and more on the forward numbers that we have given out there.

因此，我會少關注任何特定的標題，而更多地關注我們在那裡給出的前向數字。

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。

One of the cornerstones of that that we've reiterated today is that we intend to deliver sub-inflationary unit cost growth.

我們今天重申的基石之一是我們打算實現低於通膨的單位成本成長。

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

正如我們過去所談論的那樣，我們已經制定了一項價值超過 3 億美元的計劃。

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, so we increasingly feel more and more confidence around that.

事實上，我們在這方面繼續領先，因此我們對此越來越有信心。

So we're lining up the pieces.

所以我們正在排列碎片。

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

但正如 Harry 所說，我們將在 2026 年底關注這四個關鍵指標。

Got it.

知道了。

Really helpful.

真的很有幫助。

Thanks, Mark.

謝謝，馬克。

Thanks, Harry.

謝謝，哈利。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

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。

You guys gave some color, and it was well appreciated.

你們給了一些顏色，我們很感激。

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一下 '25 的預訂強度。

And maybe you can talk about that through the lens of the different brands; the different geographies; the quarters -- I know you said you're up in all four, but any quarter standing out -- and then your demographics in your database, though I think that would probably correlate with your brands.

也許你可以透過不同品牌的視角來談論這一點；不同的地理位置；季度——我知道你說過你在所有四個方面都領先，但任何一個季度都很突出——然後是數據庫中的人口統計數據，儘管我認為這可能與你的品牌相關。

But any extra color would be helpful.

但任何額外的顏色都會有幫助。

Yeah.

是的。

So thanks, Brandt, for the question.

謝謝布蘭特提出的問題。

This is Harry again.

這又是哈利。

I'll say -- we really finetune our revenue management tools.

我想說的是——我們確實調整了我們的收入管理工具。

So we manage to a booking curve, we managed to maximize yield.

所以我們設法控制了預訂曲線，我們設法最大限度地提高收益。

And I can't say that we see any discernible pattern across the brands or across geographies or across, for that matter, the sourcing of guests that stand out for the positive or negative.

我不能說我們在各個品牌、各個地區或各個客人的採購過程中看到了任何明顯的正面或負面的模式。

Broadly based, everything is progressing exactly as we'd like it to be.

總體而言，一切都按照我們希望的方式進行。

Clearly, we continue to see this robust [close-in] demand, which allows us to reconsider our booking curves over time.

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。

Because obviously, we want to take advantage of it.

因為顯然，我們想利用它。

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

我們之前說過我們不關注記錄簿位置。

We focus on record yields.

我們關注創紀錄的收益率。

I think the quote I made in last year's call 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說的話就像是，我不能向銀行保留帳面頭寸。

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, in line with our expectation bookings, both on a low pricing factor for 2025, in line with the overall commentary we gave in setting our Charting the Course targets of moderate capacity growth, moderate yield growth, sub-inflationary cost growth as Mark mentioned, with the goal of continuing to improve our margin, drive strong cash flows, and delever our balance sheet.

因此，回到你的問題，我們看到良好、穩定的預訂量，符合我們的預期，2025 年的定價因素較低，符合我們在製定適度容量增長、適度增長的路線目標時給出的總體評論。

Okay, that's great.

好的，太好了。

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 your curve.

你們說你們正處於曲線最佳部分的上端。

I'm just curious if that optimal curve is -- that optimal point has evolved over time, pre-COVID versus post-COVID, and if you had to recalibrate that downward at all just because you don't want to leave money on the table, with the strength of the demand you're seeing in, again, an upward pricing environment in travel?

我只是好奇這條最佳曲線是否是——這個最佳點是隨著時間的推移而演變的，無論是在新冠疫情之前還是在新冠疫情之後，你是否必須僅僅因為不想把錢留在上面而必須向下重新調整該曲線表中，您在旅行定價環境中再次看到的需求強度如何？

Any extra color on how you're managing that and what optimal means.

關於你如何管理它以及最佳意味著什麼的任何額外的顏色。

Sure.

當然。

So I covered part of it in my last comment, but let me reiterate or react to both points.

所以我在上一篇評論中涵蓋了其中的一部分，但讓我重申或對這兩點做出反應。

I think, overall coming out of COVID, clearly, there was some uncertainty.

我認為，總體而言，新冠疫情過後，顯然存在一些不確定性。

And we were looking to push the booking curve a little further in advance in order to take risk off the table.

我們希望提前一點推動預訂曲線，以降低風險。

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

我們不知道我們不知道什麼。

Clearly, again, we have now seen a few quarters in a row of 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 as opposed to last year where it was a little bit more challenging.

顯然，我們現在已經連續幾個季度看到強勁的近期需求，這與我們去年看到的有點不同，去年的近期需求肯定沒有我們希望的那麼好這使我們能夠在過去兩個季度深化工作，而不是去年，去年的工作更具挑戰性。

So that being said, 100%, our booking curve (inaudible) evolved over time.

話雖這麼說，100%，我們的預訂曲線（聽不清楚）隨著時間的推移而變化。

But it I also want to stretch, Brandt, that booking curve is not one static number.

但布蘭特，我還想強調一下，預訂曲線並不是靜態數字。

It varies by itinerary.

因行程而異。

It varies by brand.

它因品牌而異。

I mean, you know this, but I say it for the record of.

我的意思是，你知道這一點，但我這麼說是為了記錄。

And we have teams that look at this all day, every day, and take into account the latest information to set it.

我們的團隊每天都在關注這一點，並考慮最新資訊來設定它。

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

所以對你的問題的簡短答案是肯定的，我們比新冠疫情爆發前提前預訂了更多，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 in line with this robust close-in demand that we've been seeing the last few quarters.

我們認為我們不需要繼續進一步推動預訂曲線，特別是考慮到我們過去幾季看到的強勁的近距離需求。

Thanks, everyone.

謝謝大家。

Really nice quarter.

真的很不錯的季度。

Thank you, Brandt.

謝謝你，布蘭特。

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

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

因此，如果可以的話，我想問一個更大的問題，從這裡開始。

And if we think about cruise yields, historically, they've grown, call it, in that low-single-digit range.

如果我們考慮郵輪收益率，從歷史上看，它們的成長幅度是在較低的個位數範圍內。

Based on some of the changes that you guys have talked about, and that could be cabin design, shorter itineraries, enhanced revenue management skill, all that stuff, is it fair to think that there's a good chance you guys and probably the industry as well could start to see yield growth well in advance of that low-single-digit historical rate?

根據你們談論的一些變化，可能是客艙設計、更短的行程、增強的收入管理技能，所有這些東西，公平地認為你們以及整個行業都有一個很好的機會是否可以在歷史低個位數增長率之前就開始看到收益率成長？

So clearly, it is our goal to grow yield as fast as we can.

很明顯，我們的目標是盡可能快速地提高產量。

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

但我認為，我們已經多次討論過的中低單收益率成長和低通膨成本等的演算法，是我們目前所堅持的。

Obviously, we do everything in our power, Steve, to have yield grow as much as possible.

顯然，史蒂夫，我們竭盡全力讓產量盡可能成長。

But I think we're prepared to look, based on what we see, based on our crystal ball, for the lack of better term, is continuing with that same algorithm we were talking about for a while now.

但我認為，根據我們所看到的情況，根據我們的水晶球，由於缺乏更好的術語，我們已經準備好繼續使用我們已經討論了一段時間的相同演算法。

'24 was a little bit of an unusual year in a positive way, and we're thrilled for it.

從正面的角度來看，24 年是不尋常的一年，我們為此感到興奮。

And we're thrilled with our results.

我們對我們的結果感到非常興奮。

But I think longer term, that's what we stick with.

但我認為從長遠來看，這就是我們所堅持的。

Low to -- moderate capacity growth, low to mid-single-digit yield growth, low inflationary cost growth.

低至中產能成長、低至中個位數收益率成長、低通膨成本成長。

Okay, got you.

好的，明白了。

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

然後第二個問題將涉及成本方面。

And Mark, obviously, you've talked about that $300 million in cost savings between now and in 2026.

馬克，顯然，您談到了從現在到 2026 年可節省 3 億美元的成本。

And in your prepared remarks, you noted that you're going to exceed that third goal of $100 million so far this year.

在您準備好的發言中，您指出今年到目前為止您將超過第三個目標 1 億美元。

As you sit there and continue to go through your cost structure, based on what you guys have identified already, I'm going to ask this in a way you might give you an answer.

當您坐在那裡並根據您已經確定的內容繼續檢查您的成本結構時，我將以您可能會給您答案的方式提出這個問題。

But is it fair to think, when it's all said and done, that $300 million might end up being low or conservative?

但歸根究底，3 億美元可能會顯得偏低或保守，這樣想公平嗎？

Yeah.

是的。

Good morning, Steve.

早安，史蒂夫。

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

因此，我當然不想在低調或保守方面走得太遠。

What I will tell you 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 journey.

這是一個多年的旅程。

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 guest experience and 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，同時保護賓客體驗和產品交付。

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

所以看，我們已經六 - 我們是什麼，六，七個月我們已經制定了目標和具體目標。

We're feeling increasingly confident on our path toward that.

我們對實現這一目標的道路越來越有信心。

And hopefully, early -- some time next year, we can give further progress on where we stand if it's larger or conservative.

希望明年早些時候，如果規模更大或保守，我們可以在我們的立場上取得進一步進展。

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 you.

好的，明白了。

Thanks, guys.

謝謝，夥計們。

Appreciate it.

欣賞它。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

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。

So Harry, could you elaborate on the strong momentum that you cited?

哈利，您能詳細說明一下您提到的強勁勢頭嗎？

Any notable outliers by brand or region and any signs at all of softening as you look into '25?

當您回顧 25 年時，按品牌或地區劃分的任何顯著異常值以及任何軟化跡象？

Yeah.

是的。

Matt, I think I commented a little earlier on this, so I'll keep my comments on the short.

馬特，我想我之前對此發表過評論，所以我將在簡短的內容中保留我的評論。

Really, it's across the board.

確實，這是全面的。

We're happy with all three of our brands.

我們對我們的三個品牌都很滿意。

We're happy with all geographies.

我們對所有地區都很滿意。

We're happy with all our guest sourcing markets.

我們對所有的客源市場都很滿意。

It's hard to see any cracks.

很難看到任何裂縫。

I don't want to get ahead of our skis.

我不想領先我們的滑雪板。

As I mentioned before, we're focused on this low to mid-single digit yield growth, so my commentary is reflective of those numbers.

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，因此我的評論反映了這些數字。

I don't want any irrationally exuberant (inaudible) about 2025, but we are absolutely happy with what we're seeing today.

我不希望 2025 年出現任何非理性的繁榮（聽不清楚），但我們對今天所看到的情況絕對滿意。

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，也許只是回到你的 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的成本線性。

Yeah.

是的。

Good morning, Matt.

早安，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?

所以我認為我們總是說，一般來說，當我們考慮我們的 3 億美元計劃時，一般來說，我們將其設定為每年約 1 億美元，對吧？

That may vary up or down marginally.

這可能略有上升或下降。

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 that low- to mid-single-digit yield growth in 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，如果我們能夠在一年內超過中低個位數的收益率成長，這並不一定意味著我們要花更多的錢。

We are focusing on rightsizing and leveraging the scale of this business, and part of that includes rightsizing our unit cost base.

我們專注於調整規模並利用該業務的規模，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 does not have any direct correlation in terms of outperformance on yield.

因此，我們關注這一點，但這與收益率的優異表現沒有任何直接相關性。

I mean, it's really -- that point that Mark made is really important.

我的意思是，馬克提出的這一點確實非常重要。

These are independent factors.

這些都是獨立因素。

We're targeting the low- to mid-single-digit yield growth.

我們的目標是實現中低個位數的收益率成長。

We're targeting below inflationary cost growth.

我們的目標是低於通膨成本成長。

If yield is better or worse, seeing how the year shapes up, we will continue to target below inflationary cost growth.

如果收益率更好或更差，看看今年的情況如何，我們將繼續以低於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 on delivering a great experience, but on things that guests truly care about and things that generate positive ROI for the company.

我們非常專注並熱衷於提供卓越的體驗，但也關注客人真正關心的事情以及為公司帶來積極投資回報率的事情。

Great color.

顏色很棒。

Best of luck.

祝你好運。

Thank you.

謝謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone.

大家好。

Thank you.

謝謝。

I'm going to ask the yield question a different way maybe.

也許我會以不同的方式問產量問題。

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

那麼，當你說低到中等的殖利率成長時，這是否應該被視為你的核心定價結果？

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 is just more around, 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——這裡的問題更多的是，既然你的預訂量回到了歷史水平，那麼當你在收益管理方面做得更好時，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 try to do my best to remember them and answer that.

所以我會盡力記住它們並回答這個問題。

Yes, I can see most of the yield change that you're going to see in 2025 is 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, essentially, we are fully sold on a cabin basis.

當然，我們還沒有給出 25 年的指導，但我認為，本質上，我們是完全按客艙銷售的。

So I don't see that swinging much.

所以我認為不會有太大的波動。

Or if it does swing, it's based on the number of children that we take primarily on the NCL brand which doesn't meaningfully contribute to revenue from a big picture perspective.

或者，如果確實出現波動，也是基於我們主要採用 NCL 品牌的兒童數量，從整體角度來看，該品牌對收入沒有任何有意義的貢獻。

The second part of your question, someone remind me, was swing opportunities to get better investment.

有人提醒我，你問題的第二部分是獲得更好投資的搖擺機會。

Everything is -- how do I say this?

一切都是──我該怎麼說呢？

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 at what we do, which is part of what builds to our stated algorithm of low to mid-single digit yield growth, keeping in mind that we do continue to increase the capacity of the company by between 4% to 6% a year as new ships come online.

我們只是日復一日地盡最大努力，讓我們所做的事情稍微好一點，這是我們所說的中低個位數收益率增長演算法的一部分，請記住，我們確實在繼續增加產能隨著新船投入使用，公司的業務每年成長4% 至6%。

So I don't see huge opportunities here.

所以我在這裡看不到巨大的機會。

Obviously, every day, we work and our goal is to maximize yield.

顯然，我們每天都在工作，我們的目標是最大化產量。

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

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

But we are trying -- or I should say we're in the opening phases of doing better revenue management on our onboard products as well.

但我們正在努力——或者我應該說，我們正處於對我們的機載產品進行更好的收入管理的開始階段。

And I think some of the close-in strength that you're seeing in Q3 and Q4 -- although it's very hard to parse through the financial statements because of the way we bundle our products.

我認為你在第三季和第四季看到了一些接近的實力——儘管由於我們捆綁產品的方式很難解析財務報表。

But some of the strength that we're seeing in Q3 and Q4 is also -- not only, but is also around our better revenue management, so to speak, on the onboard revenue, providing guests more opportunities, better marketing, 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，為客人提供更多的機會、更好的行銷和更好的體驗船上購買也為我們帶來了收入。

More presales.

更多預售。

Thank you, Mark.

謝謝你，馬克。

That actually dovetails into my final question.

這實際上與我的最後一個問題相吻合。

What percentage of your customers today are doing pre-booked onboard spend?

目前，您的客戶中進行提前預訂的機上消費的比例是多少？

And then what's the

然後是什麼

(multiple speakers)

（多個發言者）

Conor, nearly all of them buy something in front the cruises.

康納，幾乎所有人都在遊輪前買東西。

I mean, if you think about the robust things that we offer between drinks packages, dining packages, spa, short tours, and the list goes on and on.

我的意思是，如果您考慮我們在飲料套餐、餐飲套餐、水療中心、短途旅行等方面提供的豐富服務，這樣的例子不勝枚舉。

I think those are most of the big ones.

我認為這些是大多數大的。

Nearly every customer buys something before they get on the ship.

幾乎每個顧客在上船之前都會購買一些東西。

Okay, thank you.

好的，謝謝。

Vince Ciepiel, Cleveland Research Company.

文斯‧西皮爾 (Vince Ciepiel)，克里夫蘭研究公司。

Thanks.

謝謝。

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

作為長期計劃的一部分，當您展望未來 12、24 個月時，您如何看待入住率趨勢線？

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

我知道，我認為，你比歷史上的水平落後了幾分，其中一些可能是混合的。

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

但是，當您在 25 和 26 年添加新的挪威硬體時，您是否預計入住率會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.

我想我在之前的問題中對入住率做了一些評論。

Our ships are essentially full from a cabin perspective, so the changes that we may see in occupancy, either positive or negative, would be mostly around our third and fourth in the cabin, primarily children on the NCL brand which don't really generate much revenue for us.

從客艙角度來看，我們的船舶基本上已經滿員，因此我們可能看到的入住率變化，無論是積極還是消極，都將主要發生在我們客艙中的第三和第四個左右，主要是NCL品牌的兒童，這些品牌並沒有真正產生太多影響我們的收入。

So I don't see occupancy being a tailwind or headwind from that perspective going forward.

因此，從這個角度來看，我認為未來入住率不會是順風或逆風。

I expect it to remain relatively stable, given our deployment, at least through 2025, where our deployment doesn't shift.

鑑於我們的部署，我預計它將保持相對穩定，至少到 2025 年，我們的部署不會改變。

Remember, we have talked about a slightly larger (inaudible) on the Caribbean going forward, but we won't really see that until late '25, but primarily to the '26 results, somewhat based on the new pier that we're building at Great Stirrup Cay which will allow us to double the number of passengers we bring there in '26 compared to more recent years.

請記住，我們已經討論過加勒比地區未來的規模稍大（聽不清），但直到25 年末我們才會真正看到這一點，但主要是26 年的結果，在某種程度上基於我們正在建造的新碼頭在大馬鐙島，這將使我們在 26 年攜帶的乘客數量比最近幾年增加一倍。

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

但我並沒有看到 25 年的入住率有太大變化。

Great.

偉大的。

Thanks.

謝謝。

And then another on costs.

然後是另一個關於成本的問題。

I think you called out 1Q having some headwinds on drydock and repositioning days, which I think also maybe hinders yield a bit.

我認為您指出第一季在幹船塢和重新定位日遇到了一些阻力，我認為這也可能有點阻礙產量。

But when you think about the full-year impact on costs of drydocks this year, I believe it's about 3 points.

但當你考慮今年對乾船塢成本的全年影響時，我認為大約是 3 個百分點。

When you look into next year, is drydock headwind, neutral, tailwind to cost growth?

當您展望明年時，乾船塢成本增長是逆風、中性還是順風？

Is this the new 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。

Yeah, so you're absolutely right.

是的，所以你是完全正確的。

On an annual basis, our drydocks year over year are relatively the same.

從每年的情況來看，我們的乾船塢每年都相對相同。

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。

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.

我們之所以提到第一季度，是因為一年中存在一些時間安排問題，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 our overall comps and the yield 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。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great.

偉大的。

Thank you.

謝謝。

I just wanted to go back and clarify.

我只是想回去澄清一下。

Harry, when you are talking about the long-term goals, your focus is really on the number in 2026.

哈利，當您談論長期目標時，您的重點實際上是 2026 年的數字。

Were you suggesting that not every year would necessarily have the yield growth be 2.5 points higher than expense growth?

您是否認為收益率成長不一定每年都比費用成長高 2.5 個百分點？

So in other words, this year was a lot better than that piece of the algorithm, so next year could be less than the 2.5 points.

換句話說，今年比那段演算法好很多，所以明年可能會低於 2.5 分。

Was that you were communicating when you said your focus is on the absolute number in 2026, even if not every year looks the same to get there?

當您說您的重點是 2026 年的絕對數字時，您是否在交流，即使每年實現這一目標的情況並不相同？

Is that how we should interpret that comment?

我們應該如何解釋該評論？

I think, Robin, that that's broadly correct.

我認為，羅賓，這基本上是正確的。

To be clear, we're not providing guidance for 2025 today, so I'm not going to comment on a specific number.

需要明確的是，我們今天不會提供 2025 年的指導，因此我不會對具體數字發表評論。

But we're focused on these long-term targets for '26, not on a specific spread in '25 or '26 individually.

但我們關注的是「26 年」的這些長期目標，而不是「25 年」或「26 年」的具體利差。

Of course, we don't expect the results to vary that much in this 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, you've mentioned expense is growing sub-inflation.

然後再考慮一下 2025 年，您提到支出正在加劇通貨膨脹。

What do you broadly think of as inflation today when you refer to that?

當您今天提到通貨膨脹時，您一般認為什麼是通貨膨脹？

Thanks.

謝謝。

Yeah.

是的。

Hi, Robin.

嗨，羅賓。

So broadly speaking, when we look out, inflation obviously is a bit volatile.

因此，從廣義上講，當我們觀察時，通膨顯然有點波動。

But something to keep in mind, it's not just US inflation.

但要記住，這不僅僅是美國的通貨膨脹。

We're a worldwide operator, so we look at global inflation.

我們是一家全球營運商，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 up or down as we go through time.

現在，顯然，隨著時間的推移，這可能會發生變化。

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

但一般來說，這通常是我們長期計劃的一部分。

So thank you, Robin.

謝謝你，羅賓。

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

凱文，我想我們還有時間再問一個問題。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯 (Patrick Scholes)，Truist 證券公司。

Great.

偉大的。

Thank you.

謝謝。

Harry, you mentioned just very briefly during this call about what's happening in Great Stirrup Cay.

哈利，你在這次電話會議中非常簡短地提到了大馬鐙礁正在發生的事情。

Can you give us just a little more color where you stand with progress?

您能否為我們提供更多關於您的進展的資訊？

Any further thoughts on specific timing, and anything you can share above and beyond what may be next after the pier?

關於具體時間還有什麼進一步的想法，以及除了碼頭之後接下來可能發生的事情之外，您還有什麼可以分享的嗎？

Thank you.

謝謝。

Sure.

當然。

Happy to give you color on progress and status.

很高興為您提供有關進展和狀態的資訊。

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

因此，我們宣布今年早些時候將在那裡建造新碼頭。我曾多次親自去過大馬鐙島，看看事情進展如何。

And we feel really comfortable that we will remain on schedule to open the pier some time in Q4.

我們感到非常放心，我們將按計劃在第四季度的某個時間開放碼頭。

The team is really focused in doing an incredible job of building it. We're really happy to get that pier in because, as I mentioned earlier in the call, we believe it will allow us to utilize the island more, specifically in the winter, where there's a little bit more (inaudible) in that region, and plan to double the guest that visit that island starting in '26 compared to where we are today, which should generate higher guest satisfaction, higher revenue, higher repeat rates.

團隊非常專注於完成令人難以置信的建造工作。我們真的很高興得到那個碼頭，因為正如我之前在電話中提到的，我們相信這將使我們能夠更多地利用該島，特別是在冬天，該地區有更多的資源（聽不清），並計劃從 26 年開始將訪問島嶼的客人數量比現在增加一倍，這將帶來更高的客人滿意度、更高的收入和更高的重複率。

It becomes a virtuous cycle, so to speak, from that perspective.

從這個角度來看，可以說這是一個良性循環。

Looking past that, we think the island's great.

回顧過去，我們認為這個島很棒。

We have a great private beach.

我們有一個很棒的私人海灘。

We have the great -- I forget what it's called.

我們有偉大的——我忘了​​它叫什麼。

I should do better -- Silver Cove, thank you, which is a great -- a private haven-like experience on the island as well, ziplines, jet skis, lots of interesting things for people to do.

我應該做得更好——銀灣，謝謝，這是一個很棒的——島上的私人避風港般的體驗，滑索、摩托艇，還有很多有趣的事情可供人們做。

But I'll tell you.

但我會告訴你。

Like with every asset in our portfolio, we are constantly reviewing this balance of ROI and ROX to see what we can do to get guests a better experience that will drive ROI.

與我們投資組合中的每項資產一樣，我們不斷審查 ROI 和 ROX 之間的平衡，以了解我們可以採取哪些措施為客人提供更好的體驗，從而提高投資回報率。

I have nothing to announce today, but we continue that analysis (inaudible) towards the future.

我今天沒有什麼要宣布的，但我們會繼續對未來進行分析（聽不清楚）。

Thank you.

謝謝。

Okay.

好的。

I think since your question was short, James -- Kevin, excuse me, we'll have time for one more question.

我想既然你的問題很短，詹姆斯-凱文，對不起，我們還有時間再問一個問題。

Ben Chaiken, Mizuho Securities.

Ben Chaiken，瑞穗證券。

Thanks.

謝謝。

Just one quick one.

就快一點吧。

At the Investor Day, you busted out a number of examples on the cost side.

在投資者日，您舉出了許多關於成本的例子。

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

如果有什麼可以分享的以及您認為 25 年有機會的特定領域，我會喜歡這裡的任何更新嗎？

Thanks.

謝謝。

Yeah.

是的。

Good morning, Ben.

早安，本。

Look, it's very consistent with what we called out there.

看，這與我們所說的非常一致。

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

再次強調的是，我們不想影響產品交付或客戶體驗，因此要審視我們從頭到尾交付產品的所有方式。

So we are looking at every facet of the business and more importantly, we're focused on things that the guests either don't value or that are invisible to the guests so that we can ultimately provide more value to the guests.

因此，我們專注於業務的方方面面，更重要的是，我們專注於客人不重視或客人看不到的事情，以便最終為客人提供更多價值。

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

因此，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，無論是在我們的船邊業務還是在我們的岸邊業務。

And then if I can squeeze one just very quick one in.

然後如果我能很快地擠進去一顆。

I know you gave us a year-over-year impact from drydocks, '24 versus '23.

我知道你為我們帶來了來自乾船塢的逐年影響，「24 年與 23 年」。

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，您是否有機會從高水平上給我們一些關於一年中乾船塢絕對分佈的信息，即 1H 與 2H？

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

是的，我想，本，我們也許可以跟進那次電話會議。

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 report.

我們對我們的報告非常滿意。

And hopefully, you were as well.

希望你也是如此。

We'll be around today to answer any questions you may have.

我們今天將回答您可能提出的任何問題。

Thank you all.

謝謝大家。

Happy Halloween.

萬聖節快樂。

Happy Diwali.

排燈節快樂。

And have a wonderful day, Bye, everyone.

祝大家有美好的一天，再見。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your lines at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。