挪威郵輪 (NCLH) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Norwegian Cruise Line Holdings first-quarter 2025 earnings conference call. My name is Donna, and I will be your operator. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions for the session will follow at that time. (Operator Instructions)

早上好，歡迎參加挪威郵輪控股公司 2025 年第一季收益電話會議。我叫唐娜，我將擔任您的接線生。此時，所有參與者都處於只聽模式。稍後，我們將進行問答環節，屆時將提供環節說明。（操作員指示）

As a reminder to all participants, this conference is being recorded. I would now like to turn the conference over to your host, Sarah Inmon. Miss Inmon, please proceed.

提醒所有參與者，本次會議正在錄製。現在我想將會議交給主持人莎拉·因蒙 (Sarah Inmon)。因蒙小姐，請繼續。

Thank you, Donna, and good morning, everyone. Thanks for joining us for our first-quarter 2025 earnings and business update call. I'm joined today by Harry Sommer, President and CEO of Norwegian Cruise Line Holdings; and Mark Kempa, Executive Vice President and Chief Financial Officer.

謝謝你，唐娜，大家早安。感謝您參加我們的 2025 年第一季財報和業務更新電話會議。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 Sommer；以及執行副總裁兼財務長 Mark Kempa。

As a reminder, this conference call is being simultaneously webcasted on the company's investor relations website. We will also make reference to a slide presentation during the call, which can also be found on our website. Both the conference call and presentation will be available for replay for 30 days following the call.

提醒一下，本次電話會議正在公司投資者關係網站上同步進行網路直播。我們也會在通話期間參考幻燈片演示，您也可以在我們的網站上找到該幻燈片演示。電話會議和簡報將在會議結束後 30 天內提供重播。

Before we begin, I would like to cover a few items. Our press release of the first quarter of 2025 results was issued this morning and is available on our website. This in call includes forward-looking statements that invoke risks and uncertainties that could cause our actual results to differ material from such statements.

在我們開始之前，我想先談幾點。我們今天早上發布了 2025 年第一季業績新聞稿，可在我們的網站上查閱。此類前瞻性陳述包含風險和不確定性，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.

這些聲明應與我們收益報告中的警告聲明一起考慮。

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 relief and presentation. Unless otherwise noted, all references to 2025 net yields and adjusted net cruise costs excluding fuel for capacity day are on a constant currency basis, and comparisons are to the same period in 2024. With that, I'd like to turn the call over to our CEO, Harry Sommer. Harry?

我們的評論也可能參考非 GAAP 財務指標、與最直接可比較的 GAAP 財務指標的對賬，以及包含在我們的收益減免和列報中的其他相關揭露。除非另有說明，所有提及的 2025 年淨收益和調整後的遊輪淨成本（不包括滿載日燃油）均以固定匯率計算，並與 2024 年同期進行比較。說到這裡，我想把電話轉給我們的執行長 Harry Sommer。哈利？

Well, thank you, Sarah, and good morning, everyone. Welcome to our first-quarter 2025 earnings call. Today, I'll begin my comments with highlights from our strong first-quarter results where we essentially met or exceeded guidance across all key metrics. And while we are quite pleased with our near-term results, we continue to keep our focus firmly on our longer term charting the course targets. So I'll discuss a number of initiatives we are undertaking to deliver long-term value to our shareholders through our proven strategy of balancing return on investment, or ROI, with return on experience, or ROX.

好吧，謝謝你，莎拉，大家早安。歡迎參加我們的 2025 年第一季財報電話會議。今天，我將首先從我們強勁的第一季業績亮點開始我的評論，我們在所有關鍵指標上基本上達到或超過了預期。雖然我們對近期業績非常滿意，但我們仍將重點放在長期規劃目標上。因此，我將討論我們正在採取的一系列舉措，透過平衡投資回報率 (ROI) 和經驗回報率 (ROX) 的成熟策略，為股東創造長期價值。

Some of the more important initiatives include the delivery of our groundbreaking new ship Norwegian Aqua, the recently announced enhancements for Great Stirrup Cay, and multiple projects underpinning our strategic fleet optimization efforts.

一些更重要的舉措包括交付我們開創性的新船“Norwegian Aqua”，最近宣布對 Great Stirrup Cay 進行改進，以及支持我們戰略船隊優化工作的多個項目。

I'll wrap up with an update on booking trends and how we are navigating the current environment before turning the quote back over to Mark, who will provide more detailed commentary on our results and discuss our outlook for the second quarter and full-year 2025.

最後，我將介紹預訂趨勢的最新情況以及我們如何應對當前環境，然後將報價交還給馬克，他將對我們的業績提供更詳細的評論，並討論我們對 2025 年第二季度和全年的展望。

Starting on slide 4, I'd like to highlight the strong start to the year. Our first quarter met or exceeded all key expectations we outlined in February. Most importantly, net yields increased 1.2% above our expectations. And coupled with better than expected unit costs, drove adjusted EBITDA to $453 million, also above guidance. This brings our trailing 12-month margin to 35.5%, a 280-basis-point improvement over last year, and well on our way to our long-term targets. Lastly, adjusted EPS ended the quarter at $0.07, slightly below guidance, driven by a $0.05 FX headwind.

從第 4 張投影片開始，我想強調今年的強勁開局。我們的第一季達到或超越了我們在二月提出的所有關鍵預期。最重要的是，淨收益率比我們的預期高出 1.2%。再加上單位成本優於預期，調整後的 EBITDA 達到 4.53 億美元，也高於預期。這使得我們過去 12 個月的利潤率達到 35.5%，比去年提高了 280 個基點，並且正在朝著我們的長期目標邁進。最後，受 0.05 美元外匯逆風的影響，調整後的每股盈餘本季末為 0.07 美元，略低於預期。

Moving to slide 5, let's take a look at one of our key initiatives for the quarter, the delivery of Norwegian Aqua, the first shift in Norwegian Cruise Line's new Prima Plus class. We took delivery of Aqua in March on time and on budget, continuing our track record with Fincantieri. That's now six ships in a row, all delivered as planned, thanks to their team and our incredible new build organization.

前往投影片 5，讓我們來看看本季的一項重要舉措，即挪威郵輪公司新 Prima Plus 級郵輪的首次交付——挪威 Aqua。我們於 3 月按時按預算接收了 Aqua，延續了我們與 Fincantieri 的良好合作關係。現在我們已經連續交付了六艘船，全部按計劃交付，這要感謝他們的團隊和我們出色的新建組織。

After her delivery, we proudly showcased her in Europe before arriving in Miami just a few weeks ago for her christening by her godfather, Emmy-Award winning actor Eric Stonestreet. Aqua is the first ship shaped by our current management team and it reflects our focus on balancing ROI and ROX. From design to amenities, each decision was made to improve the guests' experience while also considering the impact on margin and return.

寶寶出生後，我們很榮幸地帶她去了歐洲，幾週前我們抵達邁阿密，由她的教父、艾美獎獲獎演員埃里克·斯通斯特里特為她舉行洗禮儀式。Aqua 是我們現任管理團隊打造的第一艘船，它體現了我們對平衡 ROI 和 ROX 的關注。從設計到設施，每個決定都是為了改善客人的體驗，同時也考慮對利潤和回報的影響。

Norwegian Aqua is 10% larger than her sister Prima-class ships and perfectly combines NCL's one of a kind service and offerings with guest first experiences that will make new waves at sea.

挪威海天號比其姊妹郵輪 Prima 級郵輪大 10%，完美結合了挪威海天號獨一無二的服務和產品以及賓客至上的體驗，將在海上掀起新的波瀾。

On Aqua, we took the strong foundation of Prima and Viva and elevated it. We redesigned or reimagined nearly 30 spaces, everything from the layout and flow to enhancements in our dining venues and entirely new offerings. One standout example is replacing the go-kart racetrack with the Aqua Slidecoaster.

在 Aqua 上，我們繼承了 Prima 和 Viva 的堅實基礎並加以提升。我們重新設計或重新構想了近 30 個空間，從佈局和流程到餐飲場所的改進和全新的服務。一個突出的例子是用水上滑梯取代卡丁車賽道。

This innovative offering not only adds a thrilling new signature experience, it also takes up less space than the racetrack, freeing up room to increase stateroom capacity, and add additional activities and amenities. And the Aqua Slidecoaster has been a huge hit, already garnering more than 270 million views across our traditional and social media platforms, a powerful early signal that Aqua is generating excitement and buzz.

這項創新服務不僅增添了令人興奮的全新標誌性體驗，而且佔用的空間比賽道更小，從而騰出空間來增加客艙容量，並增加額外的活動和設施。Aqua 滑梯獲得了巨大的成功，在我們的傳統和社交媒體平台上的觀看次數已超過 2.7 億次，這是一個強有力的早期信號，表明 Aqua 正在引起人們的興奮和關注。

Norwegian Aqua is an example of what this team can accomplish when we stay true to our vision of having our guests vacation better and experience more, and keep our ROI and ROX philosophy at the center of our decision making. Guests are happy and the company's optimizing its financial performance.

挪威海事郵輪公司就是一個典型例子，它表明當我們堅持讓客人享受更美好的假期和體驗更多的願景，並將 ROI 和 ROX 理念置於決策的核心時，這個團隊能夠取得怎樣的成就。客人很高興，公司的財務表現也得到了優化。

Turning to slide 6, I'd like to highlight the exciting new developments at Great Stirrup Cay, our private island in the Bahamas, which we announced just a few weeks ago during Norwegian Aqua's christening.

翻到第 6 張投影片，我想重點介紹一下大馬鐙島（Great Stirrup Cay）令人興奮的新發展，大馬鐙島是我們在巴哈馬群島的私人島嶼，我們幾週前在挪威水上樂園的命名儀式上宣布了這一消息。

As many of you know, Great Stirrup Cay is already one of our highest rated ports of call, and we're about to take the experience to the next level. Later this year. We'll complete construction on a new pier that will allow us to dock two ships simultaneously and eliminate the need for tendering, which can be particularly challenging during the winter months. With this new infrastructure in place and increased Caribbean capacity in the years ahead, we expect to welcome more than 1 million guests annually to the island starting in 2026.

正如你們許多人所知，大馬鐙島已經是我們評價最高的停靠港之一，我們即將把體驗提升到一個新的水平。今年晚些時候。我們將完成一個新碼頭的建設，使我們能夠同時停靠兩艘船，並且無需投標，這在冬季尤其具有挑戰性。隨著新基礎設施的到位和未來幾年加勒比地區容量的增加，我們預計從 2026 年開始每年將迎來超過 100 萬名遊客。

To support that growth and elevate the overall experience, we've announced a series of new enhancements which will open concurrently with the new pier. These include a large resort-style pool with swim bar and cabanas, a welcome center, and a new tram system for easier access across the island.

為了支持這項成長並提升整體體驗，我們宣布了一系列新的改進措施，這些措施將與新碼頭同時開放。這些設施包括一個帶泳池酒吧和小屋的大型度假村式游泳池、一個接待中心以及一個方便穿越島嶼的新電車系統。

We are also bringing the popular and exclusive adults-nly Vibe Beach Club from several of NCL's vessels to the island while also adding Horizon Lagoon, a dedicated family zone featuring a splash pad and interactive play area. These additions are thoughtfully designed to drive higher guest satisfaction, providing facilities for new experience and opportunities for stronger overall customer spend.

我們還將把 NCL 的多艘遊輪上廣受歡迎且僅限成人進入的 Vibe Beach Club 帶到島上，同時還將增加 Horizo​​n Lagoon，這是一個專門的家庭區域，設有戲水池和互動遊樂區。這些新增設施經過精心設計，旨在提高客人滿意度，提供新體驗設施和增加整體客戶消費的機會。

We're confident these upgrades will further differentiate our Caribbean product and enhance our ability to drive incremental yields on itineraries that call on Great Stirrup Cay, but this is just the beginning. As we bring more capacity into the region, we will continue to evaluate opportunities to continue improving the island experience. I'm excited to see these plans come to life and look forward to welcoming even more guests to the island in the years ahead.

我們相信，這些升級將進一步區分我們的加勒比海產品，並增強我們在途經大馬鐙島的行程中推動增量收益的能力，但這只是個開始。隨著我們為該地區帶來更多容量，我們將繼續評估機會以繼續改善島嶼體驗。我很高興看到這些計劃得以實現，並期待在未來的幾年裡迎接更多的客人來到這個島嶼。

In addition to enhancing the real-life experiences on our vessels and island, I want to highlight a major success story that demonstrates our ability to enhance our guest experience digitally with our revamped NCL app.

除了增強我們船隻和島嶼上的真實體驗之外，我還想強調一個重大的成功案例，展示我們能夠透過改進的 NCL 應用程式以數位方式增強客人體驗。

We completed the full rollout across the Norwegian fleet in January, retiring all legacy platforms. And the response has been tremendous. Over 800,000 guestslogged in during the quarter. The app does more than provide practical tools like ship maps and folio views which reduce onboard service lines. It also is proving to be a powerful pre-cruise revenue driver. A growing majority of our guests are logging in before the cruise using the app to book things like shore excursions and specialty dining in advance.

我們於一月份完成了挪威船隊的全面部署，退役了所有舊平台。且反應非常熱烈。本季有超過 80 萬名訪客登入。該應用程式不僅提供船舶地圖和頁視圖等實用工具，還可以減少船上服務線路。事實證明，這也是郵輪旅行前收入的強大動力。越來越多的客人在遊輪出發前使用該應用程式登錄，提前預訂岸上觀光和特色餐飲等。

This provides us with consumer insights which we can use to further personalize marketing and also lifts pre-booked onboard spend, which then creates a stickier guest in our customer ecosystem.

這為我們提供了消費者洞察，我們可以利用這些洞察來進一步個性化行銷，同時提高預訂的機上消費，從而在我們的客戶生態系統中創造更具黏性的客人。

We're incredibly excited about the progress we're making on the digital front and confident this platform will continue to enhance both upsell opportunities and the guest experience going forward.

我們對在數位化方面取得的進展感到非常興奮，並相信這個平台將繼續增強未來的追加銷售機會和客戶體驗。

Turning to slide 7 during the quarter, we also made significant progress on our broader fleet management strategy with centers on three key pillars: bringing new ships online, investing in and modernizing our existing fleet, and thoughtfully repurposing older tonnage. While we already covered Aqua's delivery, I want to highlight the progress we have made modernizing our existing fleet.

在本季度，轉到第 7 張幻燈片，我們還在更廣泛的船隊管理策略方面取得了重大進展，主要集中在三大支柱上：將新船投入使用、對現有船隊進行投資和現代化改造、以及對舊船隊進行深思熟慮的重新利用。雖然我們已經介紹了 Aqua 的交付情況，但我想強調一下我們在現有船隊現代化方面所取得的進展。

This quarter, we completed dry docks for Norwegian Bliss and Norwegian Breakaway, each introducing new guest-focused enhancements. On Breakaway, we debuted the Silver Screen Bistro, the first immersive cinema and dining experience at sea. We also expanded stateroom capacity, including in the Haven, expanded our most popular specialty restaurants, and expanded both premium and free guest experiences on both ships. These investments reflect our commitment to enhancing what matters most to our guests while continuing to focus on financial returns.

本季度，我們完成了挪威極樂號和挪威逍遙號的乾船塢工程，每艘遊輪都引入了以遊客為中心的全新改進。在 Breakaway 號上，我們首次推出了 Silver Screen Bistro，這是第一個沉浸式海上劇院和餐飲體驗。我們還擴大了客艙容量，包括 Haven 號客艙，擴大了我們最受歡迎的特色餐廳，並擴大了兩艘船上的高級和免費客人體驗。這些投資體現了我們致力於提升客人最關心的服務，同時持續專注於財務回報。

Finally, on the final tier of our fleet management strategy, which is thoughtful repurposing of older tonnage, we had several important milestones during the quarter. Signing agreements for two Norwegian cruise line vessels, Norwegian Sky and Norwegian Sun, to be chartered to Cordelia Cruises, a premium operator in India, beginning in 2026 and 2027 respectively. We also reached agreement for Region's Seven Sea Navigator and Oceana's Insignia to be chartered to Crescent Seas, a residential cruise line also beginning in 2026 and 2027.

最後，在我們的船隊管理策略的最後一層，即對舊噸位進行深思熟慮的重新利用，我們在本季度取得了幾個重要的里程碑。簽署協議，將兩艘挪威郵輪「挪威天空號」和「挪威太陽號」分別於 2026 年和 2027 年開始租賃給印度高端郵輪營運商 Cordelia Cruises。我們也達成協議，將 Region 的 Seven Sea Navigator 號和 Oceana 的 Insignia 號租給 Crescent Seas，這是一條住宅遊輪航線，也將於 2026 年和 2027 年開始營運。

These agreements are a clear reflection of our disciplined long-term approach to fleet optimization. By transitioning these ships into markets outside our core business with established operators in their respective areas, we're able to unlock value from these assets while remaining focused on delivering a consistent high-quality experience across the remainder of each fleet in our three brands.

這些協議清楚地反映了我們對船隊優化的長期嚴謹態度。透過將這些船舶轉移到我們核心業務之外的市場，並在各自的領域與成熟的運營商合作，我們能夠從這些資產中釋放價值，同時繼續專注於為我們三個品牌的其餘船隊提供一致的高品質體驗。

Importantly, these transactions allow us to simplify our operations, reduce the average age of our fleet, and drive further efficiencies, all while continuing to receive cash flow from these assets under charter. Our projected capacity CAGR from 2023 to 2028 now moves from 6% to 4% after factoring in the ships exiting the fleet. This is a smart strategic evolution of our fleet that supports our long-term financial operational goals, and one that positions us well for the years ahead.

重要的是，這些交易使我們能夠簡化運營，降低船隊的平均使用年限，並進一步提高效率，同時繼續從租賃的資產中獲得現金流。考慮到退出船隊的船舶數量後，我們預計 2023 年至 2028 年的運力複合年增長率將從 6% 降至 4%。這是我們船隊的一次明智的策略演變，它支持了我們的長期財務營運目標，並為我們未來幾年的順利發展做好了準備。

Moving on to booking trends and slide 8, advanced ticket sales were up 3% as shown on slide 9, while other key indicators such as cancellation rate and cruise next sales and on-board revenue remained steady during the quarter and in the first weeks of April. Looking at the remainder of the year, cruises for Q2 are nearly all sold and well within our final payment and cancellation window. So on-board revenue is the remaining variable, which, as I mentioned, continues strong.

繼續討論預訂趨勢和幻燈片 8，如幻燈片 9 所示，預售票銷售額增長了 3％，而其他關鍵指標（如取消率和郵輪下一輪銷售額以及船上收入）在本季度和 4 月前幾週保持穩定。縱觀今年剩餘時間，第二季的遊輪幾乎全部售出，並且完全處於我們的最終付款和取消期限內。因此，船上收入是剩下的變量，正如我所提到的，它將繼續保持強勁。

As macroeconomic uncertainty has increased, we have seen some choppiness in bookings on the remaining Q3 inventory resulting in a headwind to occupancy where we are prioritizing price over load factor, but leaves us the potential for upside if conditions improve. By protecting price, this allows us to garner higher yields on the remaining inventory if conditions improve while also allowing us to protect price in the future.

隨著宏觀經濟不確定性的增加，我們發現第三季剩餘庫存的預訂量有些波動，導致入住率受到阻力，我們優先考慮價格而不是載客率，但如果情況好轉，我們仍有上漲的潛力。透過保護價格，如果情況改善，我們可以從剩餘庫存中獲得更高的收益，同時也使我們能夠在未來保護價格。

As we look into Q4, [her cola] Caribbean capacity is up 10% year over year and represents 40% of our quarterly deployment. This results in a shorter booking curve, so our book position for the next 12 months has shifted slightly, but continues to be within our optimal range and above historical averages.

當我們展望第四季時，[她的可樂]加勒比海地區的產能年增了 10%，占我們季度部署的 40%。這導致預訂曲線縮短，因此我們未來 12 個月的預訂情況略有變化，但仍處於我們的最佳範圍內並高於歷史平均水平。

Looking forward, we expect our strategic expansion of more close-home itineraries, especially coupled with our recent Great Stirrup Cay enhancements to fundamentally improve our demand profile in the mid- to long-term. As a result, we see potential for pressure on our top line and are modifying our full-year net yield growth outlook to be a range of 2% to 3%. This guidance recognizes the reality of the situation as it exists today and also reflects our assumption that the consumer environment stabilizes as the year progresses.

展望未來，我們預計透過策略性地擴展更多近海航線，特別是結合我們最近對大馬鐙島的改進，將從根本上改善我們中長期的需求狀況。因此，我們認為我們的營業收入可能面臨壓力，並將全年淨收益成長預期調整為 2% 至 3% 之間。該指南承認了當今存在的現實情況，也反映了我們對消費環境隨著時間的推移而趨於穩定的假設。

While we recognize potential pressures on the top line, we are maintaining our full-year 2025 adjusted EBITDA and adjusted EPS guidance. We believe continued execution of our cost savings initiatives should essentially offset any top line headwinds.

儘管我們認識到收入方面可能存在壓力，但我們仍維持 2025 年全年調整後 EBITDA 和調整後 EPS 指引。我們相信，繼續執行成本節約計畫應該能夠從根本上抵消任何營業收入的不利因素。

As part of our charting-the-course strategy, we have identified initiatives supporting $300 million of cost efficiencies across the organization, and we are using this as an opportunity to accelerate certain initiatives to capture benefits even sooner. This is a company-wide effort fully supported by the entire leadership team.

作為我們規劃路線策略的一部分，我們已經確定了支持整個組織 3 億美元成本效率的舉措，我們正在利用這個機會加速某些舉措，以更快地獲得收益。這是全公司上下共同努力的成果，並得到了整個領導團隊的全力支持。

We will continue to monitor the consumer closely, but make no mistake, we are guided by a clear strategy. We remain focused on discipline pricing and cost control and delivering an exceptional guest experience, all while managing the business for the long term. We are committed to optimizing every $1 of revenue controlling every dollar of cost and delivering exceptional financial and guest performance.

我們將繼續密切關註消費者，但毫無疑問，我們遵循明確的策略。我們始終注重規範定價和成本控制，提供卓越的客戶體驗，同時進行長期業務管理。我們致力於優化每一美元的收入，控制每一美元的成本，並提供卓越的財務和客戶績效。

And with that, I turned the call over to Mark to give more thoughts on our financial performance.

說完，我把電話轉給了馬克，讓他進一步談談我們財務表現的想法。

Thank you, Harry, and good morning, everyone. My commentary today will focus on our first quarter 2025 financial results, our full-year outlook, and our financial position.

謝謝你，哈利，大家早安。我今天的評論將集中於我們 2025 年第一季的財務表現、全年展望和財務狀況。

Let me start with our first-quarter results on slide 10. We delivered solid results in the quarter coming in at or ahead of guidance across all key metrics. As expected, occupancy was 101.5%, down year over year due to increased dry-dock days and related repositioning sailings.

讓我從第 10 張投影片上的第一季業績開始。本季我們取得了穩健的業績，所有關鍵指標均達到或超過了預期。如預期，入住率為 101.5%，由於乾船塢天數增加和相關的重新定位航行，入住率比去年同期下降。

Despite this, net yield came in ahead of guidance at 1.2%, driven by healthy net per diem growth of 4.3%. These results are indeed impressive as we are copying exceptional 13% growth in net per diem and 16% growth in net yield in the prior year.

儘管如此，受 4.3% 的健康淨每日津貼成長推動，淨收益率仍超出預期，達到 1.2%。這些結果確實令人印象深刻，因為我們複製了上一年淨每日津貼 13% 的出色成長和淨收益 16% 的出色成長。

The 70-basis-point outperformance in net yield was largely driven by strong results and close in bookings in our fun and sun itineraries, including the Caribbean, Bahamas, Bermuda, and Hawaii, and strong pre-sold and on-board spend.

淨收益率高出 70 個基點，主要得益於強勁的業績和加勒比海、巴哈馬、百慕達和夏威夷等陽光娛樂行程的預訂量，以及強勁的預售和船上消費。

Turning to costs, growth and adjusted net crews costs excluding fuel came in lower than expected, increasing 3% to $169. The beat was primarily due to the timing of certain expenses that are now expected to occur in the second quarter.

談到成本，成長和調整後的淨機組人員成本（不包括燃料）低於預期，成長 3% 至 169 美元。業績超出預期主要是因為某些費用的發生時間預計在第二季發生。

Excluding the $8 impact from dry docks, unit cost growth would have been 1.2%, well below inflation, and in line with our commitment to sub-inflationary cost growth. As a result, adjusted EBITDA for the quarter was $453 million, above guidance of $435 million.

不包括乾船塢 8 美元的影響，單位成本成長率將達到 1.2%，遠低於通貨膨脹率，並符合我們對低於通貨膨脹率的成本成長的承諾。因此，本季調整後的 EBITDA 為 4.53 億美元，高於預期的 4.35 億美元。

Adjusted net income came in at $31 million impacted by $23 million of foreign currency losses compared to $13 million of FX gains that benefited the prior year. As a result, adjusted EPS was $0.07, which had a $0.05 impact from foreign exchange losses.

調整後的淨收入為 3,100 萬美元，受到 2,300 萬美元外匯損失的影響，而上一年的外匯收益為 1,300 萬美元。因此，調整後的每股收益為 0.07 美元，其中外匯損失影響為 0.05 美元。

Moving on to second quarter and full-year guidance on slide 11, I'll start by noting that today is April 30. So we have strong visibility into the second quarter particularly as all sailings are now within the cancellation window and there are just 60 days remaining in the period.

接下來是第 11 張投影片上的第二季和全年指引，首先我要指出的是，今天是 4 月 30 日。因此，我們對第二季的前景有很強的預見性，特別是因為所有航班現在都處於取消期限內，而且該期限僅剩 60 天。

I'll start by focusing on the second quarter where we expect occupancy to come in at approximately 103.2%, which is about 2.7% below the prior year. As we discussed last quarter, this is driven in part by a 6% increase in sailings in Asia, Africa, and the Pacific versus the same period in 2024. These longer itineraries typically command higher pricing. But have fewer third and fourth guests per cabin, which results in slightly lower occupancy.

我首先關注第二季度，我們預計入住率將達到約 103.2%，比上年低約 2.7%。正如我們上個季度所討論的，這部分是由於亞洲、非洲和太平洋地區的航行數量與 2024 年同期相比增長了 6%。這些較長的行程通常價格較高。但每間客艙的第三和第四位客人較少，導致入住率略低。

Additionally, given the challenges in the current environment we have discussed, we are prioritizing price-overload factor in line with our commitment to disciplined revenue management as we believe this will produce the best long-term results. As a result, net yields for the second quarter is expected to grow approximately 2.5%, driven by healthy net per diem growth of 5.2%.

此外，考慮到我們討論過的當前環境下的挑戰，我們將根據對嚴格的收入管理的承諾優先考慮價格超載因素，因為我們相信這將產生最佳的長期結果。因此，預計第二季淨收益將成長約 2.5%，這主要得益於 5.2% 的健康淨每日成長率。

Turning to cost, adjusted net cruise cost excluding fuel is expected to increase 1% in the second quarter.

談到成本，預計第二季調整後的淨郵輪成本（不包括燃料）將增加 1%。

This is primarily due to the timing of certain expenses that shifted from Q1 into Q2, along with additional costs related to the delivery and debut of Norwegian Aqua. As a result, we expect adjusted EBITDA for the second quarter to be approximately $670 million and adjusted EPS to be $0.51.

這主要是因為某些費用的時間從第一季轉移到第二季度，以及與挪威水上郵輪的交付和首航相關的額外成本。因此，我們預計第二季調整後的 EBITDA 約為 6.7 億美元，調整後的 EPS 為 0.51 美元。

Moving to our full-year outlook, we expect occupancy to average 102.5%. This reflects a 3% increase in deployment in Asia, Africa, and Pacific sailings compared to last year during the third quarter as well as our continued focus on maintaining price overload factor. By prioritizing price we believe we are setting a stronger foundation, and when demand normalizes, we should be restarting from a place of strength.

展望全年前景，我們預期入住率平均為 102.5%。這反映出與去年第三季相比，亞洲、非洲和太平洋航線的部署增加了 3%，我們繼續致力於維持價格超載因素。透過優先考慮價格，我們相信我們正在奠定更堅實的基礎，當需求恢復正常時，我們應該從強大的地方重新開始。

Moving to net yield, as Harry mentioned, based on what we know today and assuming a stabilization in the current environment as the year progresses, we expect full-year net yield growth in the range of 2% to 3%. This assumes that our pricing remains very strong, growing in the range of 4.3% to 5.4% with both metrics coming off record performance in 2024.

談到淨收益率，正如 Harry 所提到的，根據我們目前所了解的情況，並假設隨著時間的推移當前環境將趨於穩定，我們預計全年淨收益率增長率將在 2% 至 3% 之間。這假設我們的定價仍然非常強勁，成長率在 4.3% 至 5.4% 之間，這兩個指標在 2024 年都將創下歷史新高。

Should we see pressure on the top line, we believe we can effectively offset this with continued execution and acceleration of our cost savings initiatives. And we are prepared to proactively accelerate additional efficiency measures. As a result, we are improving our full-year adjusted net cruise cost excluding fuel guidance to a range of 0% to 1.25% growth.

如果我們看到營業收入面臨壓力，我們相信我們可以透過繼續執行和加速成本節約計劃來有效地抵消這種壓力。我們準備積極加快採取更多效率措施。因此，我們將全年調整後的淨郵輪成本（不包括燃料指引）提高到 0% 至 1.25% 的成長範圍。

We do not expect our costs to be meaningfully impacted by recently proposed or implemented tariffs. Our global sourcing strategies and diversified procurement practices help insulate us from potential volatility in this regard.

我們預計我們的成本不會受到最近提出或實施的關稅的重大影響。我們的全球採購策略和多樣化的採購實踐有助於我們免受這方面的潛在波動的影響。

Our disciplined approach to cost control, anchored in a more efficient operating model and empowered by our transformation office, reinforces our ability to protect margins and profitability even in a dynamic environment.

我們嚴謹的成本控制方法以更有效率的營運模式為基礎，並得到我們轉型辦公室的支持，增強了我們即使在動態環境中保護利潤率和盈利能力的能力。

We believe this flexibility sets us apart from others. Of course, should the macroeconomic or geopolitical environment shift materially, we will reassess and adjust our guidance as appropriate.

我們相信這種靈活性使我們與眾不同。當然，如果宏觀經濟或地緣政治環境發生重大變化，我們將重新評估並適當調整我們的指導。

That said, we remain confident in our long-term strategy, execution, and growth trajectory. Moving on, as a result of balancing challenges in the current environment, combined with our robust cost efficiency program, we are maintaining our full-year 2025 adjusted EBITDA of guidance at $2.72 billion.

儘管如此，我們仍然對我們的長期策略、執行和成長軌跡充滿信心。展望未來，透過平衡當前環境中的挑戰，加上我們強大的成本效益計劃，我們將 2025 年全年調整後 EBITDA 預期維持在 27.2 億美元。

Our full-year adjusted EPS guidance is also unchanged at $2.05 as the reduced share count from our convertible note transaction in early April is offset by FX headwinds of $0.04.

我們的全年調整後每股收益指引也保持不變，為 2.05 美元，因為 4 月初可轉換票據交易導致的股份數量減少被 0.04 美元的外匯不利因素所抵消。

Moving to margins on slide 12, the combination of top-line growth and a more efficient cost structure continues to drive meaningful improvement. Trailing 12-month adjusted operational EBITDA margin expanded by nearly 280 basis points to 35.5% in the first quarter compared to the same quarter in 2024.

轉到第 12 張投影片上的利潤率，營業收入成長和更有效率的成本結構的結合繼續推動有意義的改善。與 2024 年同期相比，第一季過去 12 個月調整後營業 EBITDA 利潤率擴大近 280 個基點，達到 35.5%。

For full-year 2025, we continue to expect further expansion reaching approximately 37%. As I've mentioned before, we believe we have a structural advantage. We've been building our cost-efficiency capability for over 18 months now through our transformation office, and that work is already paying off.

對於 2025 年全年，我們預計成長將進一步達到約 37%。正如我之前提到的，我們相信我們具有結構性優勢。18 個多月來，我們一直透過轉型辦公室來建立成本效益能力，這項工作已初見成效。

The fact that we continue to progress towards our charting the course margin target of 39%, even in the current consumer environment, underscores the strength of our execution and culture, the resilience of our business model, and our ongoing commitment to improving the balance sheet.

即使在當前的消費環境下，我們仍繼續朝著 39% 的利潤率目標邁進，這凸顯了我們的執行力和文化的力量、我們商業模式的彈性以及我們對改善資產負債表的持續承諾。

Turning to slide 13, I'll walk you through our pro-forma balance sheet and debt maturity profiles. As many of you know, we've been active on the capital markets front since quarter end. Most recently, we refinanced the majority of our 2025 exchangeable notes with new 2030 exchangeable notes and a shareholder accretive transaction that reduced our diluted share count by approximately 15.5 million shares. All without increasing our net leverage.

翻到第 13 張投影片，我將向您介紹我們的預測資產負債表和債務到期。大家可能都知道，自本季末以來，我們一直活躍在資本市場上。最近，我們用新的 2030 年可交換票據和股東增值交易對大部分 2025 年可交換票據進行了再融資，這使我們的稀釋股數減少了約 1550 萬股。所有這些都不會增加我們的淨槓桿率。

Looking at the rest of our 2025 maturities of approximately $640 million, which consists of ECA-backed loans, capital leases, and other items that we can comfortably cover with our current operating cash flows.

我們剩餘的 2025 年到期債務約為 6.4 億美元，其中包括 ECA 支持的貸款、資本租賃和其他項目，我們可以用當前的經營現金流輕鬆支付。

Looking ahead to 2026, we have just $1 billion in scheduled maturities, which we also expect to be able to service through organic cash generation. And as a reminder, 93% of our debt is fixed rate, so movement and market interest rates will have minimal impact on our overall interest expense.

展望 2026 年，我們僅有 10 億美元的預定到期債務，我們也希望能夠透過有機現金產生來償還。需要提醒的是，我們的 93% 債務都是固定利率，因此變動和市場利率對我們的整體利息支出的影響很小。

Turning to leverage on slide 14, I want to reaffirm that reducing leverage remains our top financial priority, as is maintaining a strong liquidity position. Net leverage temporarily increased to 5.7 times in the first quarter, reflecting the delivery of Norwegian Aqua at the end of March.

談到第 14 張投影片上的槓桿率，我想重申，降低槓桿率仍然是我們的首要財務重點，保持強勁的流動性狀況也是如此。第一季淨槓桿暫時上升至 5.7 倍，反映了 3 月底挪威水運公司的交付。

Keep in mind that when we take delivery of a new ship, we also take on the related debt onto our balance sheet. However, because our net debt to adjusted EBITDA is calculated on a trailing 12-month basis, that ship has not yet contributed to any EBITDA. So our leverage calculation temporarily increases. That said, we continue to expect net leverage to decline steadily over the course of the year, improving to approximately 5.4 times in the second quarter and ending the year at approximately 5 times.

請記住，當我們接收一艘新船時，我們也會將相關債務計入我們的資產負債表。然而，由於我們的淨債務與調整後 EBITDA 之比是按過去 12 個月計算的，因此該船尚未對任何 EBITDA 做出貢獻。因此我們的槓桿計算暫時增加。儘管如此，我們仍預期淨槓桿率將在年內穩定下降，第二季改善至約 5.4 倍，年底約 5 倍。

This puts us firmly on track to achieve our 2026 target of reaching the mid-4s. With that, I'll hand the call back over to Harry.

這使我們堅定地朝著實現 2026 年進入 4 強中段的目標邁進。說完這些，我就把電話轉回給哈利。

Well, thanks, Mark. I'll close today with a few reminders about the long-term fundamentals of both our industry and NCLH.

好吧，謝謝，馬克。今天，我將以幾點關於我們行業和 NCLH 的長期基本面的提醒作為結束。

Cruiser remains a highly compelling sector with significantly runway for growth. It still accounts for just 2% of the global vacation market, yet offers a differentiated value proposition, multiple destinations, world-class service, and on-board entertainment. All at a better value than comparable land-based vacations. Add in long booking windows, rising consumer awareness, and limited supply growth, and it's clear this industry. Is set out to outperform.

巡洋艦仍然是一個極具吸引力的行業，具有巨大的成長空間。它仍然只佔全球度假市場的 2%，但卻提供了差異化的價值主張、多個目的地、世界一流的服務和船上娛樂。所有這些都比同類的陸上度假更划算。再加上較長的預訂窗口、不斷增強的消費者意識以及有限的供應成長，這個行業的情況就變得很明確了。旨在取得優異表現。

As for NCLH, I'm equally optimistic. We have clearly defined brands, a premium guest demographic, and the leading growth profile in the space. Our performance is underpinned by a proven algorithm supported by a transformational cost-savings program. This makes our business model sustainable in the long term.

至於 NCLH，我同樣樂觀。我們擁有明確的品牌、優質的客戶群以及該領域的領先成長前景。我們的業績以經過驗證的演算法為基礎，該演算法由轉型成本節約計劃支援。這使得我們的商業模式能夠長期可持續發展。

We're also backed by an experienced management team, a disciplined capital allocation strategy, and a firm commitment to strengthening the balance sheet and reducing net leverage. We believe those fundamentals will continue to drive strong shareholder returns.

我們還擁有經驗豐富的管理團隊、嚴謹的資本配置策略以及加強資產負債表和降低淨槓桿率的堅定承諾。我們相信這些基本面將繼續推動強勁的股東回報。

Despite the uncertainty in the macroenvironment and based on what we know today, we are reiterating our full year adjusted EBITDA and adjusted EPS guidance, underscoring our ability to perform and execute. We remain committed and on track to deliver all of our 2026 charting the course targets. This includes meaningful margin expansion, continued deleveraging, and record ROIC driven by our clear strategy, focus, and strength of executions.

儘管宏觀環境存在不確定性，但根據我們目前所了解的情況，我們重申全年調整後的 EBITDA 和調整後的 EPS 指引，強調我們的履行和執行能力。我們將繼續致力於並按計劃實現 2026 年制定的所有目標。這包括有意義的利潤率擴張、持續的去槓桿以及由我們明確的策略、重點和執行力推動的創紀錄的 ROIC。

While the current macroenvironment presents its share of challenges, we remain confident and optimistic about the long term. We are managing the business with discipline, staying focused on what we can control, and maintaining a clear commitment to balancing cost efficiencies with guests' experience.

儘管當前的宏觀環境面臨諸多挑戰，但我們對長期前景仍充滿信心和樂觀。我們嚴謹地管理業務，專注於我們能夠控制的事情，並明確地致力於平衡成本效率和客人體驗。

I could not be more proud of the dedication of our 41,000 team members, both shoreside and shipboard around the world, who bring our vision to life every day. With their unwavering focus on performance and delivering results in all environments, I am confident we are charting the right course. With that, I hand the call back to our operator.

我為我們遍布全球的 41,000 名岸上和船上團隊成員的奉獻精神感到無比自豪，他們每天都在將我們的願景變為現實。由於他們始終專注於績效並在所有環境中取得成果，我相信我們正在走上正確的道路。說完，我將電話交還給了我們的接線生。

(Operator Instructions)

（操作員指示）

Matthew Boss, JPMorgan Chase.

摩根大通的馬修·博斯（Matthew Boss）。

Great, thanks. So Harry, could you elaborate on recent changes in the booked position for 2025 and early ‘26? Maybe just how this compares to historical levels? And then relative to customer behavior that you've seen in April, what exactly have you contemplated in your updated guidance for volumes and pricing over the balance of the year?

太好了，謝謝。那麼 Harry，您能詳細說明一下 2025 年和 2026 年初預訂情況的最新變化嗎？也許這只是與歷史水平相比如何？然後，相對於您在四月看到的客戶行為，您在更新的全年銷售和定價指南中具體考慮了什麼？

Thank you, Matthew, and good morning. So I think there are three questions in there, and I'll do my best to remember all three of them, and I'll do it in reverse because that's how my memory works. You know in terms of customer behavior, listen, clearly we saw a little bit of choppiness, that's what we referred to it as in the first part of April, mostly related to our Q3 itineraries, mostly related to our European Q3 areas to be as clear as possible with perhaps some hesitancy for Americans to do long-haul trips during this environment. But I'm pleased to say that we've already seen return to normality, for example, the week that we're in now from a booking and pricing perspective is going to equal what we were doing towards the end of March.

謝謝你，馬修，早安。所以我認為其中有三個問題，我會盡力記住所有這三個問題，我會反過來做，因為這是我的記憶方式。您知道，就客戶行為而言，我們顯然看到了一些波動，這就是我們在 4 月初所說的，主要與我們的第三季度行程有關，主要與我們的歐洲第三季度地區有關，以便盡可能清晰地了解美國人在這種環境下對進行長途旅行可能有些猶豫。但我很高興地說，我們已經看到恢復正常，例如，從預訂和定價的角度來看，我們現在所處的一周將與 3 月底的水平相當。

So it's nice to see that this slow weakness, if you will, or the short-lived weakness if you will, or choppiness was relatively short-lived and we're very pleased with that. Listen, we're not assuming any miracle or hockey stick in the back half of the year, we think perhaps this challenge with Q3 Europe will continue, but while maintaining a focus on price over occupancy, we believe that as demand returns back to normal, we are going to be operating from a position of strength.

因此，很高興看到這種緩慢的疲軟，或者說短暫的疲軟，或者波動相對較短，我們對此感到非常高興。聽著，我們不認為今年下半年會出現任何奇蹟或曲棍球棒，我們認為歐洲第三季度的這一挑戰可能會持續下去，但在繼續關注價格而非入住率的同時，我們相信，隨著需求恢復正常，我們將從強勢地位運營。

In fact, if you look at our implied guidance, we have by far the highest year over year price increases of the three major cruise lines that are out there. I'm not here to talk about the competition. But it's a very healthy number for the back half of the year. I think the implied guidance is something like 4.5% at the midpoint of our guidance, which is really good, and it leads to a reasonably good yield as well, highest implied guidance for yield as well in the back half of the year. So hard not to be happy with that.

事實上，如果你看一下我們的隱含指導，你會發現我們的年比價格漲幅是目前三大郵輪公司中最高的。我來這裡不是為了談論比賽。但對於今年下半年來說，這是一個非常健康的數字。我認為隱含指引約為我們指引中點的 4.5%，這非常好，而且它也帶來了相當不錯的收益率，也是下半年收益率的最高隱含指引。很難不對此感到高興。

Turning to '26, we are right now, from a historical perspective, go back to the normal years in the late teens, we are booked far ahead of where we were, say, in '17, '18, '19, any of those three years individually or on a combined basis and of course at higher prices than last year, which is always our goal. So we remain optimistic. I think there's some nuances that may have been lost in our in our commentary as I read some of the preliminary reports that came out this morning, yet Q3 Europe is an idiosyncratic thing which I'm going to come back to in a minute. But part of this shift in the booking curve is just a reflection of the fact that we have a lot more Caribbean itineraries in Q4. I think our Caribbean deployment is about 10 points higher in Q4 this year than last year, and that goes close to home and to some extent shorter itineraries or some three-, four-, and seven-day itineraries in that mix naturally book closer. And that's not a weakness that's just a manifestation of consumer behavior which we expect, and which is why despite this perhaps what you would call a slight decrease in forward book position over a 12-month period, I wouldn't even refer to it as a softness.

談到 26 年，從歷史角度來看，我們現在回到了十幾歲後期的正常年份，我們的預訂量遠遠超過 2017 年、2018 年、2019 年，這三年中任何一年單獨或合併後的預訂量當然都高於去年，這一直是我們的目標。因此我們保持樂觀。我認為，當我閱讀今天早上發布的一些初步報告時，我們的評論中可能忽略了一些細微差別，但第三季度歐洲的情況很特殊，我稍後會再談這個。但預訂曲線的這種變化只是反映了我們在第四季有更多的加勒比海行程。我認為，今年第四季度我們的加勒比海航線部署比去年高出約 10 個百分點，這些航線距離我們家很近，而且在某種程度上，較短的行程或一些三天、四天和七天的行程自然預訂得更緊密。這並不是一種弱點，而只是我們預期的消費者行為的一種表現，這也是為什麼儘管你可能會說 12 個月內遠期賬面餘額略有下降，但我什至不會稱之為一種疲軟。

We continue to remain within the optimal book position because that takes into account the situation with the Caribbean and the somewhat different booking curve. I just also want to talk a little bit about what we're doing from your perspective. If you go to 2026, we've actually shifted our deployment to be a little bit less reliant on Europe in '26 versus '25 and also are coming out with shorter itineraries, seven days a lot more seven days versus 9 and 10, which we think have a couple of benefits. Number one, that too shrinks the booking curve a little bit closer in, which is good.

我們繼續保持最佳預訂位置，因為這考慮到了加勒比地區的情況和略有不同的預訂曲線。我還想從您的角度稍微談談我們正在做的事情。如果到 2026 年，我們實際上已經調整了部署，與 2025 年相比，2026 年對歐洲的依賴程度有所降低，而且行程也變得更短，七天比九天或十天要多得多，我們認為這有幾個好處。首先，這也會使預訂曲線稍微縮短一些，這是件好事。

So it allows us a further or a longer period to book these itineraries. It also lowers the price point and it also allows to have a more comprehensive pre and post hotel stay program, which we believe will add to margin of the company without adding capacity days, so to speak, because we get the margin on the hotel stay separate from the margin we get from the cruise stay while for example this year with lots of 9 and 10 day itineraries we had much fewer hotel stays. So I think when you look at those things altogether, I'm very bullish about both our current position and the future.

因此，我們可以有更長的時間來預訂這些行程。它還降低了價格點，並且還可以製定更全面的遊前和遊後酒店住宿計劃，我們相信這將在不增加容量天數的情況下增加公司的利潤，因為我們從酒店住宿中獲得的利潤與我們從遊輪住宿中獲得的利潤是分開的，而例如今年有很多 9 天和 10 天的行程，因此酒店住宿次數要少得多。因此，我認為，當你綜合考慮這些因素時，我對我們目前的地位和未來都非常樂觀。

That's great, great color, Harry. Maybe Mark, just to follow up on historical lead indicators, have you seen any notable change with recent on-board spending? And then just on the cost side, if you could walk through flexibility with the cost structure, your ability to maintain EBITDA forecasts for this year, and just your confidence on the '26 bottom line targets.

太棒了，顏色太棒了，哈利。也許馬克，只是為了跟進歷史領先指標，您是否看到最近的船上支出有任何顯著變化？然後僅在成本方面，如果您可以展示成本結構的靈活性、維持今年 EBITDA 預測的能力以及對 26 年底線目標的信心。

Great. Good morning, Matt. Listen, I think from a, from an onboard revenue standpoint we have continued to see very strong trends both in Q1 and where we are month to date in April. So it seems like once guests are on the ship, they're very happy to spend and they continue to spend it at solid level. So we're very pleased with that.

偉大的。早安，馬特。聽著，我認為從船上收入的角度來看，我們在第一季以及 4 月份的月度收入中都繼續看到非常強勁的趨勢。因此看起來，一旦客人登上船，他們就會非常樂意消費，並且會繼續穩定地消費。所以我們對此感到非常高興。

In terms of the flexibility on the cost structure. I want to remind everybody, first and foremost, we've always said that we're not cutting costs just to cut. We have been taking a very targeted approach, an approach where we will not sacrifice the guest experience or the brand equity. And in fact, since we started our program roughly 18 months ago, in most or all areas, our guest satisfaction scores have actually increased.

就成本結構的彈性而言。我想提醒大家，首先，我們一直說，我們削減成本並不是為了削減而削減。我們一直採取非常有針對性的方法，這種方法不會犧牲客人體驗或品牌資產。事實上，自從我們大約 18 個月前啟動該計劃以來，在大多數或所有領域，我們的客戶滿意度分數實際上都有所提高。

We are focused on removing waste and gaining more efficiency out of the system. And we've been doing this for 18 months now, leveraging our transformation office. We've been gaining that muscle, building that muscle, and it's really starting to pay off. So as we're seeing some potential pressures in the top line, we're flexing that muscle. We're simply doing things a little bit quicker than we had initially planned. We're accelerating certain things in our supply chain system, we're leveraging better commercial negotiations, we're leveraging technologies. And in many cases, we've actually increased the product on board the ships. So all in all, we continue on our path. We've always said this was a $300 million-plus program and we're very firm on that on that target. We're not going to stop at $300 million, it's $300 million-plus.

我們致力於消除浪費並提高系統效率。我們利用我們的轉型辦公室已經這樣做了 18 個月。我們一直在增加肌肉、鍛鍊肌肉，而且確實開始獲得回報。因此，當我們看到營收方面存在一些潛在壓力時，我們就會展現自己的實力。我們只是比原先計畫的做事速度快了一點。我們正在加速供應鏈系統中的某些事項，我們正在利用更好的商業談判，我們正在利用科技。在很多情況下，我們實際上增加了船上的產品數量。總而言之，我們繼續前進。我們一直說這是一個耗資 3 億多美元的項目，我們非常堅定地實現這個目標。我們不會止步於 3 億美元，而是 3 億美元以上。

In terms of your question on our overall 2026 targets, still very confident in our 2026 targets. We've said we have the ability to flex if there's pressures on the top line, we're flexing on the bottom line for any near term softness. And as we continue to gain and improve our margins, we firmly believe that we're on a solid track to meet our 2026 targets.

關於您關於我們 2026 年總體目標的問題，我們仍然對我們的 2026 年目標非常有信心。我們說過，如果營收面臨壓力，我們有能力做出調整；如果短期內出現疲軟，我們也會在利潤上做出調整。隨著我們利潤率的不斷提高，我們堅信我們正穩步實現 2026 年的目標。

And if I could just add on for a second to Mark's comments, which I think he did a fantastic job, I think the single biggest metric we can use to gauge guest satisfaction is the percentage of guests that book their next cruise either while they're on the ship or the immediate aftermath of when they came in.

如果我可以補充馬克的評論，我認為他做得非常出色，我認為我們可以用來衡量客人滿意度的最大指標是客人在船上或抵達後立即預訂下一次郵輪的百分比。

And I can report that across the NCLH level, we are at a record future-booked position. So if you look at the number of guests that cruise with us, for example, in 2024 and how many of them have a cruise for '25 or the guests that have already cruised for us in the first four months of '25 and how many of them have a cruise on the books for ‘26, those are all at record levels.

我可以報告，在 NCLH 層面，我們的未來預訂情況處於創紀錄的水平。因此，如果您查看 2024 年乘坐我們遊輪的客人數量，以及其中有多少人計劃在 2025 年乘坐遊輪，或者 2025 年前四個月已經乘坐我們遊輪的客人數量，以及其中有多少人計劃在 2026 年乘坐遊輪，那麼您就會發現，這些數字都達到了創紀錄的水平。

So I think perhaps more important than a specific guest satisfaction score, or some other metric one may contemplate for forget satisfaction, that's where the rubber hits the road. And if we can continue with those record numbers, it gives us absolutely the signals that we are focused on the right things. Mark made a very important comment that I just want to emphasize. This is not cutting for the sake of cutting, and this is not cutting the important things.

因此，我認為也許比特定的客戶滿意度分數或人們可能考慮的其他一些衡量滿意度的指標更重要的是，這就是關鍵所在。如果我們能夠繼續保持這些創紀錄的數字，這絕對表明我們專注於正確的事情。馬克發表了一個非常重要的評論，我只想強調一下。這不是為了削減而削減，也不是削減重要的東西。

I think Mark referenced the fact that we're actually spending more money in certain areas, things like meats, proteins, fishes, the things that really make a difference to our guests, we've actually increased our spend over year in order to improve the quality.

我認為馬克提到的事實是，我們實際上在某些方面花費了更多資金，例如肉類、蛋白質、魚類，這些對我們的客人真正重要的東西，我們實際上逐年增加了支出，以提高品質。

So despite that, there are so many efficiencies in the other areas. I mean, our favorite things are things like fuel, where I don't think the guest cares how much we buy fuel for as long as the ship gets them from point A to point B, which we're very successful at doing massive savings there, and in other areas like that.

儘管如此，其他領域的效率仍然很高。我的意思是，我們最喜歡的東西是燃料之類的東西，我認為只要船能把他們從 A 點送到 B 點，客人就不會關心我們買多少燃料，我們在這方面非常成功地節省了大量成本，在其他類似領域也是如此。

All great to hear. Best of luck.

很高興聽到這些。祝你好運。

Thank you.

謝謝。

Thank you, Matt.

謝謝你，馬特。

[Steve Wozinski], CEFO.

[史蒂夫·沃津斯基]，執行長。

Hey guys, good morning. So Harry or Mark, wondering if you could break, and I know you don't like to do this, but wondering if you could break the brands down a little bit here. And can we -- can you maybe help us think about what bookings have looked like for the Norwegian brand versus the luxury brands?

大家好，早安。所以 Harry 或 Mark，想知道您是否可以打破這種局面，我知道您不喜歡這樣做，但想知道您是否可以在這裡稍微打破一下品牌。您能否幫助我們思考挪威品牌與奢侈品品牌的預訂？

I guess what I'm trying to get at here is that your booking commentary in terms of mentioning choppiness seems a little bit different versus what we've heard from some of your peers. So trying to understand this choppiness is more tied to your luxury brands versus the Norwegian brand, and then, maybe help us think about the recent Oceana promotional work that you did around the remaining '25 sailings. And does this have something to do with the European issues that you called out, Harry? Thanks. I know that's probably confusing.

我想我在這裡想要表達的是，您在提到波動性方面的預訂評論似乎與我們從您的一些同行那裡聽到的東西有些不同。因此，試圖理解這種波動與您的奢侈品牌而非挪威品牌有關，然後，也許可以幫助我們思考您最近在剩餘的 25 次航行中所做的 Oceana 促銷工作。哈里，這與您所提到的歐洲問題有關嗎？謝謝。我知道這可能有點令人困惑。

No, very good, Steve. Thank you for the question. So I'll again do this in reverse order. I think all three brands are seeing pretty much the same booking patterns, some pressure on Q3 Europe, which perhaps, is a slightly larger percentage of Oceania regions itineraries than it is for NCL, but really just limited to that. We're very happy with the winter itineraries.

不，非常好，史蒂夫。謝謝你的提問。因此我將再次以相反的順序執行此操作。我認為這三個品牌的預訂模式都差不多，Q3 歐洲地區面臨一些壓力，其在大洋洲地區行程中所佔的比例可能比 NCL 略大，但實際上也僅限於此。我們對冬季行程非常滿意。

Even the winter exotic itineraries are doing very good for places like Asia, Africa, South America, Australia, et cetera, and the world cruise on the luxury brands. N26 is looking very well from a booking perspective as well. So no weakness luxury versus [Edcel], they all seem to be doing well and all just seem to have this one Achilles heel.

甚至冬季的異國行程，如亞洲、非洲、南美洲、澳洲等地以及豪華品牌的環球遊輪，都表現非常出色。從預訂角度來看，N26 的表現也非常好。因此，奢侈品與 [Edcel] 相比沒有任何弱點，它們似乎都做得很好，只是似乎都有一個致命弱點。

I think this thing about the oceanic promotion. I've seen a bit of write up on that as well. Listen, we do promotions all the time. This promotion is not necessarily different in tenor and discounting. We keep price sacrosanct. I already mentioned the fact that we have -- we're guiding towards a high 4%, close to 5% price increase year over year for the back half of the year, which we think is fantastic. Obviously, Oceana region play a part in that mix and are helpful towards that.

我認為這是有關海洋推廣的事情。我也看過一些關於此的文章。聽著，我們一直在做促銷。此促銷在期限和折扣上並無一定差異。我們堅守價格至上原則。我已經提到過，我們預計下半年價格將年增 4% 至 5%，我們認為這非常棒。顯然，Oceana 地區在這一組合中發揮了作用，並對此有所幫助。

So I think this is a little bit of marketing packaging, if you will, in terms of reality, in terms of discounting. And hopefully, that that comment is clear. Past that, wouldn't necessarily say you're right, we don't give detailed guidance by brand, but wouldn't necessarily say that we're seeing any difference between the three brands.

所以我認為，從現實角度、從折扣角度來說，這有點像是行銷包裝。希望這個評論是明確的。除此之外，並不一定說你是對的，我們不會根據品牌提供詳細的指導，但也不一定說我們看到了這三個品牌之間的任何差異。

Okay, thanks for that, Harry. And then second question, you mentioned that on-board trends remain strong. You know that probably also assumes that close and demand has been strong as well, and I think Mark mentioned that if I remember correctly.

好的，謝謝你，哈利。第二個問題，您提到入職趨勢依然強勁。你知道這可能也假設關閉和需求也很強勁，如果我沒記錯的話，我想馬克提到了這一點。

So as we as we think about your revised yield guidance, is the difference in the yield guidance now versus back in February the challenges, just strictly the challenges that you called out around 3Q bookings, or are you assuming that there is some kind of change in on-board or close in demand. And then, Harry, when you mentioned the word choppiness, but it seems like you really said that was only tied to one week. So I just -- is that the way to think about it, that it was really just one week, or is there something else that we're kind of missing there?

因此，當我們思考您修改後的收益率指引時，現在的收益率指引與 2 月份的收益率指引有什麼不同？這些挑戰是否嚴格來說是您在第三季預訂量方面提到的挑戰？或者您是否假設在機器需求或接近需求方面存在某種變化。然後，哈利，當你提到“波動性”這個詞時，但似乎你真的說這只與一周有關。所以我只是──這樣想嗎？這真的只是一個星期，還是我們還忽略了其他什麼？

Well, I think two things again in reverse order. It was more like two to three weeks. I wouldn't call it one week because there's now been there four weeks in April. I'm talking about now the last week of April doing better. So I'd say it was more three weeks, if you will, of choppiness, although we started to see some recovery last week already and as I mentioned before, more this week.

好吧，我再次以相反的順序思考兩件事。大概持續了兩到三週。我不會稱之為一周，因為四月已經過去了四周。我現在談論的是四月最後一周的進展。因此，如果你願意的話，我想說這是長達三週的動盪，儘管我們上週就已經開始看到一些復甦，而且正如我之前提到的，本週復甦的勢頭更為強勁。

I think, listen, there's also a realization that it's hard to read the future. And not to get political here, but it's hard to know what's going to happen in the tariff environment and other things, although tariffs don't directly impact us, they do impact consumer sentiment, and tough to read what's going to happen in 30, 60, 90 days.

我認為，聽著，人們也意識到預測未來是困難的。這裡不想談政治，但很難知道關稅環境和其他方面會發生什麼，雖然關稅不會直接影響我們，但它們確實會影響消費者情緒，而且很難預測 30、60、90 天內會發生什麼。

So I don't want to assume that every day is a perfect sunny day ahead or every day will mirror, for example, the success we're having this week. And just, to come back to some of these comments, there's a difference between bookings and revenue. So yes, we've seen two to three weeks of challenging bookings, but you can hear our commentary, which should be loud and clear, that we have maintained price, a 4.6%, 4.7% price increase year over year compared to last year and the back half of the year when the back half of last year was spectacular from a pricing perspective as well. I think record price increases; we think it's a very strong paper and compares well to the competitive set.

因此，我不想假設未來每一天都是完美的晴天，或者每一天都會反映出我們本週所取得的成功。回到這些評論，預訂量和收入之間是有區別的。所以是的，我們已經看到了兩到三週的預訂挑戰，但你可以聽到我們的評論，這應該是響亮而清晰的，我們保持了價格，與去年和下半年相比，價格同比上漲了 4.6%、4.7%，而從定價角度來看，去年下半年也是非常出色的。我認為價格上漲幅度創紀錄；我們認為這是一篇非常出色的論文，與競爭對手相比毫不遜色。

I can make bookings happen by lowering prices. So when you look at our booking trends versus perhaps others, I think that's just something to think about, not that I'm suggesting anything else is happening. I'm just saying that we are super focused on price, and if there's two or three slower weeks of bookings that we can maintain price, we're going to do it and we're going to continue doing that in order to set us up for a foundation for a strong future. We actually even saw some of the competitors that do dollar deposits. Don't know if you guys track that as well. Things like that, we're not going to go into.

我可以透過降低價格來促成預訂。因此，當您將我們的預訂趨勢與其他趨勢進行比較時，我認為這只是值得思考的事情，而不是我建議發生其他任何事情。我只是說我們非常關注價格，如果有兩三個星期的預訂量較少​​，我們可以維持價格，我們就會這樣做，並且會繼續這樣做，為我們強大的未來奠定基礎。實際上，我們甚至看到了一些進行美元存款的競爭對手。不知道你們是否也跟蹤這一點。諸如此類的事情，我們不會去深入探討。

Hey Steve, and then in terms of onboard revenue as we think about it going ahead, look, based on what we're seeing in our trading patterns today, on-board revenue remains strong. We expect and we continue to believe it's going to remain strong. As I said, once the passengers are on board, they continue to spend money.

嘿，史蒂夫，就船上收入而言，當我們考慮未來時，根據我們今天的交易模式，船上收入仍然強勁。我們期望並且繼續相信它會保持強勁。正如我所說，一旦乘客上車，他們就會繼續花錢。

So you know as we look forward, we're not anticipating any significant reductions in on-board spend obviously it's always a variable, but we have not seen any sort of indicators on that front of any sort of weakening in the on-board side.

所以你知道，展望未來，我們並不認為機上支出會有任何顯著的減少，顯然這始終是一個變量，但我們還沒有看到任何跡象表明機上支出有任何減弱的跡象。

Okay, great. Thanks, Harry. Thanks, Mark. I really appreciate it.

好的，太好了。謝謝，哈利。謝謝，馬克。我真的很感激。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great, thank you. I just wanted to understand kind of what's on your books going forward. You mentioned preserving price and the booking volume being in line. Can you tell us a bit about what price on the books is sort of on a year-over-year basis? And I ask because when I looking at your -- the advanced ticket sales being up kind of high 2%, maybe round to 3%. But your capacity for the year is up 5%, it's up 8% in the second half. So just trying to think about what price looks like on a year-over-year basis, what you actually have on your books. I understand you're guiding it to be up quite a bit, but just kind of wondering what you have already. Thank you.

太好了，謝謝。我只是想了解您接下來的書籍內容。您提到保持價格和預訂量一致。您能否告訴我們一下帳面價格與去年同期相比的情況？我之所以問這個問題，是因為我看到你的預售票銷售額上漲了 2% 左右，大概是 3%。但今年的運能成長了 5%，下半年成長了 8%。因此，只需嘗試思考一下與去年同期相比價格情況如何，你的帳簿上實際上有多少。我知道您正在引導它實現相當大的成長，但我只是有點想知道您已經擁有了什麼。謝謝。

Good morning, Robin, and thanks for the question. I think the first comment is when you think about ATS being up 3%, 4% and capacity's up 5%, part of that what you're seeing is remember as we're shifting into more closer to home itineraries both in in Q4 and then 2026, that will have an impact on our ATS.

早安，羅賓，謝謝你的提問。我認為第一個評論是，當您想到 ATS 上漲 3%、4%，容量上漲 5% 時，您看到的部分情況是，記住，隨著我們在第四季度和 2026 年轉向更接近家鄉的行程，這將對我們的 ATS 產生影響。

Obviously, we all know that that's a shorter booking window. And they tend to book closer in, so nothing surprising there. I think as we look forward, I think the core question is where is our load and where is our pricing today? And I think we've been very very clear that as we look forward, our pricing is up.

顯然，我們都知道預訂窗口會更短。而且他們往往會在更近的時間預訂，所以這並不奇怪。我認為，當我們展望未來時，核心問題是我們今天的負荷在哪裡以及我們的定價在哪裡？我認為我們已經非常清楚，展望未來，我們的價格將會上漲。

And as we look at our load factor, it is in line with historical ranges. And as Harry said, what we're seeing is we're seeing a little bit of choppiness on rounding out that that Q3 European destination. And as we look at where we are in our overall booking curve, we remain in our optimal range. We're just seeing some slight volatility in rounding out that Q3 European. So things continue to look healthy. There is a little bit of uncertainty out there, but as Harry said, we've seen an uptick in the last week and a half, and that's very encouraging for us.

當我們查看我們的負載率時，它與歷史範圍一致。正如哈利所說，我們看到的是，第三季歐洲目的地的情況有些不穩定。當我們查看我們的整體預訂曲線時，我們仍然處於最佳範圍內。我們只是看到歐洲第三季末出現了一些輕微的波動。因此，情況看起來仍然很健康。雖然存在一些不確定性，但正如哈利所說，我們在過去一周半中看到了回升，這對我們來說非常令人鼓舞。

Okay, great, thank you, and maybe just as a follow up. You mentioned, you have more Caribbean in the second half and so kind of a little bit like, books closer in, so in theory, optimal range would mean, that your volumes are down, in terms of like visibility for that period. So I know there's still a lot of time to go between now and sort of fall Caribbean, but I guess are you seeing -- it feels like historically that's sort of where, the industry would tend to see softness, not so much like peak European summer.

好的，太好了，謝謝你，也許只是作為後續。您提到，下半年加勒比海地區會有更多的航班，所以有點像，預訂更近，所以理論上，最佳範圍意味著您的航班數量會下降，就那段時期的可見性而言。所以我知道從現在到秋季加勒比海地區還有很長的一段時間，但我想您是否看到了——從歷史上看，這有點像是旅遊業趨於疲軟的時期，不像歐洲夏季高峰期那樣。

So I just wondering how that sort of fall Caribbean, understanding that it's -- there's more of that it books closer in, but just what you're seeing with the consumer. Booking, for that period and that product.

所以我只是想知道加勒比海地區的秋季情況如何，了解到它 - 它的預訂量越來越大，但這只是你在消費者身上看到的。針對該時段和該產品進行預訂。

Thanks. Yeah, I think first and foremost, you're absolutely correct that we do have less visibility in that product but what I think you've seen from the industry and particularly fun and sun itineraries is that those continue to remain strong. We've seen that both in in Q4 of last year and more recently, you have Q1.

謝謝。是的，我認為首先，您完全正確，我們在該產品上的知名度確實較低，但我認為您從行業，特別是有趣和陽光行程中看到，這些產品仍然保持強勁。我們已經看到，無論是去年第四季還是最近第一季。

Close-to-home cruising is doing well, and we believe it'll continue to do well as we go forward. We're attracting lots of new to cruises, new to industry, and I think those markets are perfect to cater to that.

近距離巡航目前表現良好，我們相信，隨著我們繼續前進，它將繼續保持良好的動力。我們吸引了許多新遊客、新產業新人，我認為這些市場非常適合滿足這項需求。

I think where we're seeing is, Americans are -- seem to be a little bit more comfortable staying close to home given what's going on in the macroeconomic environment. So that's where we're seeing a little bit of slight volatility on rounding out that Q3 European destination. So -- but all indicators from what we're seeing, Q4 and the closer to home itineraries continue to build wealth, and we expect them to do well.

我認為，我們看到的是，考慮到宏觀經濟環境的現狀，美國人似乎更願意待在家附近。因此，我們看到第三季歐洲目的地出現了一些輕微的波動。所以——但從我們所看到的所有指標來看，第四季和更接近家庭的行程繼續累積財富，我們預計它們會表現良好。

And we also have a little bit of a tailwind with the announcements we made on our enhancements to Great Stirrup Cay which go live in mid-November. So you're right, Robin, sometimes Q4 Caribbean isn't as strong as we hope, but we think that this gives us a unique tailwind for this year.

此外，我們還獲得了一些有利因素，因為我們宣布了對大馬鐙島進行改進的計劃，這些改進將於 11 月中旬上線。羅賓，你說得對，有時第四季的加勒比地區並不像我們希望的那麼強勁，但我們認為這為我們今年帶來了獨特的順風。

Okay, thank you very much.

好的，非常感謝。

Thank you, Robin.

謝謝你，羅賓。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hi, good morning. Thanks for taking my questions. Switching gears a little bit, all the pricing commentary is helpful, but how do you think about the ROI of the investments you're making in Great Stirrup Cay? Are these investments you believe are kind of like marketable and can drive price? And I guess related should we expect more marketing of the island over the next 12, 18 months and I guess I asked that in the question of customers who historically have not always reached the island on a regular basis. So curious how you balance that dynamic. Thanks.

嗨，早安。感謝您回答我的問題。稍微轉換一下主題，所有的價格評論都是有幫助的，但是您如何看待在 Great Stirrup Cay 進行的投資的投資回報率？您是否認為這些投資具有一定的市場價值並能推動價格上漲？我想，我們是否應該期待在未來 12 到 18 個月內對該島進行更多的營銷，我想我是在問那些歷史上並不經常到達該島的顧客時提出這個問題的。我很好奇你是如何平衡這種動態的。謝謝。

So again, to answer your second question first, we absolutely are going to market Great Stirrup Cay more not only in the next 12 to 18 months in the next 12 to 18 days as we've now made the announcements and we believe we have a much more competitive product both because there's more things to do and also with the pier. As you mentioned, we are going to have a close to 100% success rate of actually visiting there.

所以，再次回答您的第二個問題，我們絕對會在未來 12 到 18 個月內，甚至在未來 12 到 18 天內大力推廣大馬鐙島，正如我們現在已經宣布的那樣，我們相信我們擁有更具競爭力的產品，因為有更多的事情要做，而且還有碼頭。正如您所說，我們實際訪問那裡的成功率將接近 100%。

So we're very excited about that and we are eager to get the word out and so we will. In terms of ROI, listen, we have long term ROI goals. We've talked about them in terms of our of our charting the course. And clearly, the investments in GSC have to meet or exceed that threshold that we wouldn't have made it, and we believe they will.

因此，我們對此感到非常興奮，並渴望傳播這一消息，我們確實會這麼做。就投資報酬率而言，聽著，我們有長期的投資報酬率目標。我們在規劃路線時已經討論過這些問題。顯然，對 GSC 的投資必須達到或超過我們無法達到的門檻，而且我們相信我們會做到的。

We absolutely believe it makes it more marketable. We absolutely believe that it can drive price on the cruise and actually also drive on-board spend, so to speak, or spend on the island. I'll remind you that with these improvements, we've talked in the past that we'll go from about 400,000 guests visiting her a year, which I believe was what we did last year to over a million guests visiting her next year, and it will only grow from there. Which, considering where we move somewhere between 2.5 to 3 million guests a year, it's a sizable percentage of our overall guest count will visit GSC.

我們堅信這會使其更具市場價值。我們堅信它可以提高遊輪價格，實際上也可以提高船上消費，或者說島上消費。我要提醒大家的是，透過這些改進，我們過去曾談到，每年來訪的客人數量將從大約 40 萬增加到明年的 100 多萬，我相信去年的客人數量是這樣的，而且這個數字還只會繼續增長。考慮到我們每年接待 250 萬到 300 萬名遊客，GSC 遊客數量占我們遊客總數的相當大一部分。

Got it. That's helpful. And then one broader '26 question if I may. As you mentioned, Terry, there's greater Alaska and Africa and Asia capacity which lowers occupancy this year and 2, 3Q there's a mechanical headwind to yields. As you think about the greater mix of Caribbean and sun and sun next year, is that a yield tailwind under the context that occupancy is higher, or do those some itineraries have a lower relative price thus netting out the guild benefit one would get otherwise from greater occupancy? Curious how you think about those two kind of like opposing forces if that makes sense. Thanks.

知道了。這很有幫助。如果可以的話，我再問一個更廣泛的 26 個問題。正如您所提到的，特里，阿拉斯加、非洲和亞洲的運力增加，導致今年的入住率降低，並且第二、第三季的收益面臨機械阻力。當您考慮明年加勒比海地區和陽光旅遊的更多組合時，在入住率較高的背景下，這是否會帶來收益順風，還是某些行程的相對價格較低，從而抵消了入住率較高所帶來的協會利益？好奇您如何看待這兩種對立的力量，如果這說得通的話。謝謝。

Yeah, I think you're thinking about it right, but we still believe the net of that is going to be a yield tailwind if you net those two things together, and we're excited about that. But in addition to and a yield tailwind, it's also going to be a cost tailwind because the cost to operate those itineraries, I mean, you think about the logistics of shipping, food for a 3,000 passenger ship to places like South Africa, or Argentina, or Asia or places like that. So it's really a double benefit, a modest yield tailwind, and actually a real cost tailwind.

是的，我認為你的想法是對的，但我們仍然相信，如果將這兩件事結合起來，最終的收益將會順風，我們對此感到興奮。但除了收益順風之外，成本也會順風，因為運營這些航線的成本，我的意思是，想想運輸的物流，為一艘載有 3,000 名客輪運送食物到南非、阿根廷、亞洲或類似的地方。因此，這其實是一種雙重好處，既有適度的收益順風，又有真正的成本順風。

Got it understood.

明白了。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hi, good morning, and thanks for taking my question. So I wanted to connect the dots on maybe a couple comments that have been made so far. So I think in the prepared remarks, there was some reference to the idea that the 2025 guidance assumes that whatever choppiness you've seen stabilizes as the year progresses.

大家好，早安，感謝您回答我的問題。因此，我想將目前為止提出的一些評論連結起來。因此，我認為在準備好的發言中，有人提到了這樣的想法，即 2025 年的指導假設你所看到的任何波動都會隨著時間的推移而穩定下來。

I guess my question is stabilizes from what, right? We've talked about the idea that, and I think everybody can appreciate that sort of the weeks around liberation day, that was sort of maximum uncertainty and fear, but that things have gotten better since then.

我想我的問題是，從哪裡開始穩定下來，對嗎？我們已經討論過這個想法，我想每個人都能體會到解放日前後幾週的情況，那是極度的不確定性和恐懼，但從那時起情況已經好轉了。

So I guess, do we still need trends to improve from here and I know I can also appreciate that difficult to extrapolate the last week into the rest of the year. But if the current run rate is sustained, is that enough to get to your numbers for the year or do you need continued improvement from the most recent data that that you've seen?

所以我想，我們是否仍然需要從現在開始改善趨勢，而且我知道我也可以理解很難將上週的情況推斷到今年剩餘時間的情況。但是，如果當前的運行率持續下去，是否足以達到今年的數字，或者您是否需要根據所看到的最新數據繼續改進？

A really good question, something we think about a lot, as you might imagine.

這是一個非常好的問題，正如您可能想像的那樣，我們對此進行了大量的思考。

Listen, I think I mentioned in the response to a previous question that this current week that we're in looks like it's going to about match the last week of March, which actually is a tailwind because this time of year is usually a little bit slower than the last week of March still being within wave and this period being.

聽著，我想我在回答上一個問題時提到過，我們本週的情況看起來將與三月的最後一周大致相同，這實際上是一個順風，因為一年中的這個時候通常比三月的最後一周慢一點，仍然在波動之中，而這個時期是。

So of more traditionally slower summer period. So we're actually a bit encouraged by that. But James, I would never extrapolate from one week of bookings to the rest of the year. That's a little bit of wishful thinking. That being said, if the current pace and pricing continues, we absolutely will hit our guidance for the year.

因此傳統上夏季的節奏會比較慢。所以我們其實對此感到有些鼓舞。但是詹姆斯，我絕對不會根據一週的預訂情況推斷出今年剩餘時間的預訂情況。這有點一廂情願。話雖如此，如果以目前的速度和定價繼續下去，我們絕對會達到今年的預期。

I don't think we would have suggested our guidance for the year if we didn't believe that it was that it was achievable. I think our concern, as we talked about before, is it is difficult to tell whether the current conditions are going to continue or not, so I'll leave it at that.

我認為，如果我們不相信這是可以實現的，我們就不會提出今年的指導方針。我認為，正如我們之前談到的，我們擔心的是，很難判斷目前的情況是否會持續下去，所以我就此打住。

That's really helpful and then I guess maybe a similar question as we think about 2026, I think a lot of people on the call are are much more focused on '26, which I think it's fair.

這真的很有幫助，然後我想也許當我們考慮 2026 年時也會有一個類似的問題，我認為電話會議上的許多人都更加關注 26 年，我認為這是公平的。

And I guess, whether what the takeaway should ultimately be as we think about adjusting 2026, maybe the answer is you know, we haven't seen enough of anything to adjust '26 at all but maybe as I think about what you're saying for 2025 right higher price lower occupancy. Net net sort of slightly lower yields but better cost. Is that how we should be thinking about 2026 as well, or is it way too early to really draw much of any conclusion on 26 relative to a couple of months ago?

我想，當我們考慮調整 2026 年時，最終的結論應該是什麼，也許答案是，您知道，我們還沒有看到足夠多的東西來調整 26 年，但也許當我思考您所說的 2025 年時，價格更高，入住率更低。淨收益略低，但成本更低。我們是否也應該這樣看待 2026 年，還是說相對於幾個月前而言，現在就對 26 日下結論還為時過早？

I think it's a little early, of course, where we are buoyed by the fact that our book position, as I mentioned prior, is well ahead of historical averages when we look at '26 compared to say a year like '17, '18, and '19, which we consider to be a pretty good time in this industry. So to be ahead of them, we started April ahead, we ended April ahead, it didn't really move that one way or another in terms of the lead during the month of April, so we are buoyed by that.

當然，我認為現在下結論還為時過早，但正如我之前提到的，與 2017 年、2018 年和 2019 年相比，2026 年我們的帳面狀況遠高於歷史平均水平，我們認為這是該行業相當不錯的時期。因此，為了領先於他們，我們在 4 月份開始就提前了，在 4 月份結束時也提前了，4 月份的領先優勢並沒有發生太大的變化，因此我們對此感到振奮。

But to draw conclusions on the full year based on a few week booking pattern is a little bit difficult. But I think we have enough visibility to confirm, as Mark had earlier in the call, that our charting the course targets for '26 are real, obtainable, and we are very confident that we can achieve them.

但根據幾週的預訂模式來對全年做出結論有點困難。但我認為，正如馬克早些時候在電話會議上所說的那樣，我們有足夠的透明度來確認，我們為 26 年制定的路線目標是真實的、可實現的，而且我們非常有信心能夠實現這些目標。

Got it, that's helpful. Thanks sir.

明白了，很有幫助。謝謝先生。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi everyone, thank you, just on the -- I mean, I know you've talked about bookings a lot, but just when the soft patch does happen, how does your inventory management philosophy change at all? Like, are you talk a lot about being at the optimal book position, but does this -- does an environment like this make you look at that in general, just how you may put out inventory to folks in general, just any thoughts on how that may change. Thank you.

大家好，謝謝大家，只是——我的意思是，我知道你們已經談論了很多關於預訂的事情，但是當疲軟時期確實發生時，你們的庫存管理理念會發生怎樣的變化？例如，您是否經常談論處於最佳圖書位置的問題，但是，這樣的環境是否會讓你從總體上看待這個問題，如何向一般人提供庫存，以及任何關於這種情況可能如何改變的想法。謝謝。

Okay, it's a good question, Conor. I hate to get too granular on this call, so I'll try to keep this at a high level, although it's certainly a granular question. Listen, clearly over this last three week period, we did look at our revenue management techniques. I meet regularly with our heads of revenue management across the three brands to discuss at a high level what we did or what we should do, and clearly we've made a few changes. But this pricing integrity, it's not just a cliche, we are super focused, especially for, the longer the further out periods Q4, Q1, summer of '26 to maintain price integrity.

好的，這是個好問題，康納。我不想在這次通話中談論得太詳細，所以我會盡量將其保持在較高的水平，儘管這確實是一個細緻的問題。聽著，顯然在過去的三週裡，我們確實研究了我們的收入管理技術。我定期與三個品牌的收入管理主管會面，高層討論我們做了什麼或應該做什麼，顯然我們已經做出了一些改變。但這種定價完整性不僅僅是陳腔濫調，我們非常專注，特別是對於第四季、第一季、26 年夏季越長越遠的時期，以保持價格完整性。

So while yes, we did do a little bit of closer discounting for Q3 around this problem area of Europe as we described, super passionate about keeping price integrity because as Mark mentioned in his prepared comments, that provides us with a solid foundation for growth as things start to return back to normal.

因此，雖然是的，正如我們所描述的，我們確實針對歐洲這個問題區域在第三季度做了一些更接近的折扣，但我們非常熱衷於保持價格完整性，因為正如馬克在他準備好的評論中提到的那樣，這為我們在事情開始恢復正常時的增長提供了堅實的基礎。

And Conor, keep in mind, we have a lot of tools in our in our arsenal that we go to before we really hit price, with our bundling packages, it's all about value and what we're giving the customer. So we tend to flex those in and out, which is a normal course part of our business, and certain pricing promotions, they happen -- tend to happen in very small pockets, very isolated need sailings.

康納，請記住，在我們真正確定價格之前，我們的武器庫裡有很多工具，對於我們的捆綁包，一切都關乎價值以及我們能為客戶提供什麼。因此，我們傾向於靈活調整這些價格，這是我們業務的正常部分，某些價格促銷活動往往發生在非常小的地區，非常孤立的需要航行的地方。

And I'll also point out and I'm -- I don't think anyone ask this question along the way, so I'll volunteer an answer. We are not cutting our marketing spend. In fact, we are increasing our marketing spend, and the guide that we provided of the 0% to 1.25% year over year NCC cost increase assumes a higher marketing budget than we would have normally done in our base case, as Mark mentions is one of our levers in order to increase demand and keep pricing at the levels that we'd like to see.

我還要指出的是──我認為沒有人問過這個問題，所以我會主動回答。我們不會削減行銷支出。事實上，我們正​​在增加行銷支出，而我們提供的 NCC 成本同比增加 0% 至 1.25% 的指導假設行銷預算高於我們通常在基準情況下所做的預算，正如馬​​克提到的，這是我們增加需求並將價格保持在我們希望看到的水平的槓桿之一。

But ironically that was my next question just on marketing, but (multiple speakers) --

但諷刺的是，我的下一個問題只是關於行銷，但是（多位發言者）——

I read your mind. (laughter)

我讀懂了你的心思。（笑聲）

Maybe you could talk about it a little bit different. So yeah, so marketing's off, obviously, and then Mark, you've talked a lot about the cost efficiency. It's not entirely clear like where those adjustments and costs are coming from as marketing increases. So if you could just maybe double click a little bit on what's going on the cost side, where you're seeing a lot of success in general? Thank you.

也許你可以換個說法來談論這個問題。是的，顯然行銷已經失敗了，然後馬克，你已經談了很多關於成本效率的問題。隨著行銷的增加，這些調整和成本從何而來尚不完全清楚。因此，如果您可以稍微雙擊成本方面的情況，您總體上在哪裡看到了很多成功？謝謝。

Yeah, Conor, look, it's -- as I've always said, it's system-wide. It's not -- we're not cutting product on the ship. We're actually increasing product. We're what we're doing is we're eliminating waste and we're gaining efficiencies. And that is system-wide, both whether it be on our ships but also on our back-office systems. As I said earlier, I said we are really starting to leverage our new commercial capabilities out of our supply-chain management system. We've really made big strides. There those are things that do not impact the customer. We've really made big strides on our commercial negotiations around there, but also technology, we've made some soft minor technology investments that are really allowing us as well to gain more efficiencies on the back end -- on the back office.

是的，康納，你看，正如我一直說的，它是全系統的。不是——我們不會在船上切割產品。我們實際上正在增​​加產品。我們正在做的是消除浪費並提高效率。這是全系統的，無論是在我們的船上，還是在我們的後台系統上。正如我之前所說，我們確實開始利用我們的供應鏈管理系統來發揮新的商業能力。我們確實取得了長足的進步。這些事情不會影響客戶。我們在那裡的商業談判上確實取得了長足的進步，而且在技術方面，我們也進行了一些小型的技術投資，這確實使我們在後端——後台辦公室——獲得了更高的效率。

So again, everything we're doing, it's all around the margin, all with the lens of not impacting the guest experience. And in fact, we're focused on increasing the guest experience, as I said earlier. And that's testament to both our guest satisfaction scores as well as our crew's next increase certificate. So it's a lot of little things, Conor, but as we gain the muscle, we're able to execute faster and still maintain that that philosophy of not impacting the guests but providing more to the guest in many cases.

所以，我們所做的一切都是在邊緣範圍內進行的，都是以不影響客人體驗為前提的。事實上，正如我之前所說，我們專注於提高客人體驗。這證明了我們的客人滿意度分數以及我們工作人員的下一次增加證書。所以，康納，有很多小事，但隨著我們實力的增強，我們能夠執行得更快，並且仍然堅持不影響客人但在很多情況下為客人提供更多服務的理念。

So Donna, we have time for one more question.

唐娜，我們還有時間再問一個問題。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning, everybody, and thanks for taking my question. So you covered a lot of ground so far this morning. I'm wondering, Harry, if we double click on Europe, which you do keep coming back to that, we kind of can get the messaging that Europe is where you're seeing the most acute challenge.

大家早安，感謝您回答我的問題。今天早上到目前為止你已經討論了很多內容。哈利，我想知道，如果我們雙擊歐洲，你確實一直在重複這一點，我們就能得到這樣的訊息：歐洲是你面臨最嚴峻挑戰的地方。

Why do you think there's American hesitation to go to Europe this summer when you're not seeing any hesitation for Europe for Americans to go elsewhere around the world? Is it just a supply-and-demand issue in Europe particularly, but maybe you can touch on a little bit more about the American hesitation?

為什麼您認為為什麼美國人今年夏天不願意去歐洲，而您卻沒有看到美國人對去世界其他地方旅遊猶豫不決？這是否只是歐洲的供需問題？也許您可以再多談談美國的猶豫？

It's a really good question, and I wish I had a better answer for you, Brad. I don't want to pontificate or make things up. All I can tell you is what we're seeing. I don't know what to say. I don't, Mark, if you have any color on that either.

這是一個非常好的問題，我希望我能給你一個更好的答案，布拉德。我不想發表高談闊論或編造故事。我所能告訴你的只是我們所看到的。我不知道該說什麼。馬克，我不知道你對此有什麼看法。

Yeah. Look, Brent, I think, as we've said, it's about rounding out the European product. We have a very good base of business there on the books. We have good load factors there, but it's about rounding out that those last few percentage points of load. And best we can see is that consumers going on those little bit of a longer haul trips are possibly a little more hesitant at this stage.

是的。聽著，布倫特，我認為，正如我們所說的，這是為了完善歐洲產品。我們在那裡擁有非常好的業務基礎。我們在那裡擁有良好的負載率，但關鍵在於四捨五入最後幾個百分點的負載。我們可以看到的是，現階段進行長途旅行的消費者可能會更加猶豫。

And we're not seeing that in other markets, but we are seeing that in the round rounding out of European itineraries, and it's coming from the North American customers. So that's the best we can see, and I think it's just generally related to the larger macroeconomic uncertainty that's out there.

我們在其他市場沒有看到這種情況，但我們在歐洲行程中看到了這種情況，而且它來自北美客戶。這是我們所能看到的最好的結果，我認為這通常與更大的宏觀經濟不確定性有關。

Okay, that's helpful. Maybe a supply issue there and then -- okay, my second question is a follow up on that --

好的，這很有幫助。可能是那裡的供應問題——好的，我的第二個問題是跟進這個問題--

I would hesitate. I don't believe it's a supply issue. I think those are two different things: supply issue versus maybe some consumer hesitancy. I want to make that very clear before you go on to your next question.

我會猶豫。我不認為這是一個供應問題。我認為這是兩件不同的事情：供應問題與消費者的猶豫。在您繼續回答下一個問題之前，我想先明確這一點。

Appreciate that, Mark. Fair enough. The follow on would just be Europe into '26, it's a far away time frame for Americans to book summer ‘26, but not necessarily for your luxury brands. Those folks are older, they book further out. These are more expensive itineraries, and you would expect to see those that you sort of -- you're moving into a core booking season for '26 or near thereabouts for those customers now. And so I guess the question is that something where -- are you seeing hesitancy for Americans to go to to Europe for summer 2026 already? Or is it just too far out or are people saying, look, we'll book ‘26 now because we're not worried about what's happening in the macro now that's just far enough away that we can go ahead and book?

非常感謝，馬克。很公平。接下來將是進入 26 年的歐洲，對於美國人來說，預訂 26 年夏季是一個遙遠的時間範圍，但對於您的奢侈品牌來說不一定如此。這些人年紀較大，預訂的時間也較遠。這些都是更昂貴的行程，而且您預計會看到這些行程——對於這些客戶來說，現在正進入 26 年或接近這個數字的核心預訂季節。所以我想問題在於——您是否已經看到美國人對 2026 年夏天去歐洲旅遊猶豫不決了？或者是時間太長了，或者人們會說，看，我們現在就預訂 26 號航班，因為我們不擔心現在宏觀上會發生什麼，現在時間已經足夠長了，我們可以繼續預訂？

So I think there's three answers I can give. The short answer is no, we are not seeing any challenges with the Europe '26. The medium answer is listen, the first week of April was not a great week anywhere, but taking that week or the week after out, we're back to normal booking patterns for next year that we're happy with, and our book position is doing well, similar to the rest of '26. So no, I'm not -- we're not seeing any challenges to that. Go back to my original answer, not seeing any challenges there.

所以我認為我可以給三個答案。簡短的回答是沒有，我們沒有看到 26 屆歐洲盃面臨任何挑戰。中等答案是，聽著，四月的第一周在任何地方都不是很好的一周，但除去那一周或下一周，我們恢復了明年的正常預訂模式，我們對此感到滿意，我們的預訂情況良好，與 26 年剩餘時間的情況類似。所以，不，我沒有——我們沒有看到任何挑戰。回到我最初的答案，沒有看到任何挑戰。

Excellent. Thanks, everybody.

出色的。謝謝大家。

So you know with that I want to thank everyone for joining us today. I just want to reiterate that we're super focused on our long-term strategy. We are not going to do anything that will eat into all the progress we're making on things like our new ships or onboard products, our deployment patterns, our investment in GSE, our improvements to our brand. All these things are alive and well, and I have tremendous tailwinds for the future. We're very excited about Q4, Q1, all of ‘26, and we look forward to welcoming you all to the Aurora when she inaugurates later this year and to continuing our dialogue. Thank you all very much.

所以你們知道，我想感謝大家今天的參加。我只是想重申，我們非常關注我們的長期策略。我們不會做任何會損害我們在新船或船上產品、部署模式、對 GSE 的投資、品牌改進等方面所取得進展的事情。所有這些事情都進展順利，我對未來充滿信心。我們對 2026 年第四季、第一季以及全年的表現感到非常興奮，我們期待在今年稍後 Aurora 號下水時歡迎大家前來，並繼續我們的對話。非常感謝大家。

Thank you. Ladies and gentlemen, this does include today's teleconference and webcast. We thank you for your participation, and you may disconnect your lines at this time.

謝謝。女士們、先生們，這包括今天的電話會議和網路廣播。感謝您的參與，現在您可以斷開線路了。