挪威郵輪 (NCLH) 2025 Q4 法說會逐字稿

Good morning and welcome to Norwegian Cruise Line Holdings, fourth quarter in full year 2025 earnings conference call.

早安，歡迎參加挪威郵輪控股公司2025年第四季及全年業績電話會議。

My name is Rob and I'll be your operator. (Operator Instructions)

我叫羅伯，我將是你的接線生。（操作說明）

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

提醒所有與會人員，本次電話會議正在錄音。現在我將把會議交給主持人莎拉·英蒙。因蒙小姐，請繼續。

Good morning everyone.

大家早安。

Thank you for joining us for our fourth quarter and full year 2025 earnings call. I'm joined today by John Chidsey, President and CEO of Norwegian Cruise Line Holdings; and Mark Kempa, Executive Vice President and Chief Financial Officer.

感謝您參加我們2025年第四季及全年業績電話會議。今天與我一同出席的有挪威郵輪控股公司總裁兼執行長約翰·奇德西，以及執行副總裁兼財務長馬克·肯帕。

As a reminder, this conference call is being simultaneously webcast on the company's Investor Relations website.

提醒各位，本次電話會議將同時在公司投資人關係網站上進行網路直播。

We will be referring to a slide presentation during this call, which can also be found on our website. Both the conference call and presentation will be available for replay for 30 days following today's event. Before we begin, I would like to cover a few items. Our press release with fourth quarter and full year 202,025 results was issued this morning and it's also available on our website.

本次通話中我們將參考一份幻燈片簡報，該簡報也可在我們的網站上找到。本次電話會議和簡報將在今天的活動結束後30天內提供回放。在開始之前，我想先說明幾點。今天早上我們發布了包含第四季度和全年業績（202,025）的新聞稿，該新聞稿也可在我們的網站上找到。

This call includes forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements. These statements should be considered in conjunction with the cautionary statement contained in our earnings release.

本次電話會議包含前瞻性陳述，其中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。這些聲明應與我們盈利報告中包含的警示性聲明一併考慮。

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. Unless otherwise noted, all references to 2025 and 2026 net yield and adjusted debt cruise costs excluding fuel for capacity day are on a constant currency basis, and comparisons are in the same period in the prior year.

我們的評論也可能提及非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調節表及其他相關揭露資訊包含在我們的獲利報告和簡報中。除非另有說明，所有提及 2025 年和 2026 年淨收益和調整後債務航次成本（不包括產能日燃料）均以固定匯率為基礎，比較對象為去年同期。

With that, I'd like to turn the call over to our CEO, John Chidsey.

接下來，我想把電話交給我們的執行長約翰·奇德西。

John?

約翰？

Thank you, Sarah, and good morning everyone. It's my pleasure to be here with you today, and I'd like to thank my Norwegian Cruise Line Holdings colleagues for their warm welcome and Mark for his partnership. There are many reasons that I agreed to join the board last February and now become CEO.

謝謝你，莎拉，大家早安。今天能和大家在這裡相聚，我感到非常榮幸。我要感謝挪威郵輪控股公司的同事們的熱情歡迎，也要感謝馬克先生的合作。我去年二月同意加入董事會並成為執行長的原因有很多。

This is a special company. It founded the modern cruise industry. We have iconic brands, an extremely loyal guest base, and a dedicated team. At the same time, NCLH has clearly not been performing to its full potential.

這是一家特別的公司。它奠定了現代郵輪產業的基礎。我們擁有標誌性品牌、極其忠實的客戶群和敬業的團隊。同時，NCLH 顯然還沒有發揮出其全部潛力。

Over the past two weeks since becoming CEO, I have been moving quickly to immerse myself in all aspects of our business and culture. I've begun a deep review of operations, spending time with our leadership, and beginning to engage across the organization to better understand where we are performing well and where we are not.

自從兩週前擔任執行長以來，我一直在迅速行動，深入了解我們業務和文化的各個方面。我已開始對營運情況進行深入審查，花時間與領導層溝通，並開始與整個組織進行互動，以更好地了解我們在哪些方面做得好，哪些方面做得不好。

As someone who has built a career at consumer focused companies, I share the team's passion for delivering an unbeatable guest experience.

作為一名在以消費者為中心的公司工作多年的從業者，我與團隊一樣，熱衷於提供無與倫比的客戶體驗。

I've seen our company at moments of real strength, as well as through some of its most challenging periods, including the pandemic. I've experienced firsthand the resilience of this company and its people.

我見證了我們公司最強勁的時刻，也經歷了一些最具挑戰性的時期，包括疫情期間。我親身感受到了這家公司及其員工的韌性。

I bring deep familiarity with the cruise industry from my prior years on the NCLH Board of Directors. We span transportation, hospitality, entertainment, construction, logistics, revenue management, touring, and more. We do this while managing various distribution channels and regulatory frameworks around the world. Our industry relies on guests booking their voyages months, sometimes even years in advance.

我曾在 NCLH 董事會任職多年，對郵輪產業非常熟悉。我們的業務涵蓋交通運輸、飯店服務、娛樂、建築、物流、收益管理、旅遊等領域。我們在管理世界各地各種分銷管道和監管框架的同時，也實現了這一目標。我們這個行業依賴客人提前數月甚至數年預訂航程。

I've also successfully led a number of yield-driven asset intensive businesses through periods of transformation and performance improvement. Those experiences have reinforced a simple lesson sustainable improvement comes from disciplined execution, operational rigor, and a clear focus on the fundamentals. This is the approach I intend to bring to NCLH.

我也成功帶領多家以收益為導向的資產密集型企業度過了轉型和績效提升期。這些經驗強化了一個簡單的道理：永續的改進源自於嚴謹的執行、嚴格的營運和對基本要素的清晰關注。這就是我打算帶到NCLH的方法。

We are operating a capital intensive business with a balance sheet that is overly levered and a cost structure that must continue to be streamlined. Indeed we have some challenges that need to be addressed immediately and others that will take more time.

我們經營的是資本密集型業務，資產負債表槓桿率過高，成本結構必須持續精簡。的確，我們面臨一些需要立即解決的挑戰，而有些挑戰則需要更多時間才能解決。

We also have strengths to leverage. My takeaway after these first two weeks, we have to create a burning platform sense of urgency, balanced against optimism and excitement for the opportunities ahead of us. Let me be clear, our strategy is sound. Our execution and coordination have not been. And a culture of accountability is essential and necessary going forward.

我們還擁有可以利用的優勢。經過這兩週的觀察，我的結論是，我們必須創造一種緊迫感，就像迫在眉睫的危機一樣，同時也要對未來的機會保持樂觀和興奮。我要明確一點，我們的策略是合理的。我們的執行和協調工作做得不夠好。而建立問責文化對於未來的發展至關重要。

The good news is that we have the assets, we have the brands, and we now have the right focus. Job one is fixing execution and driving accountability and urgency. This comes from optimizing the organization and eliminating bureaucracy.

好消息是我們擁有資產，我們擁有品牌，現在我們找到了正確的方向。首要任務是改善執行情況，提高問責制和緊迫感。這是透過優化組織結構和消除官僚主義來實現的。

There were clear failures in the basics of developing coordinated plans and a clear operating cadence around key enterprise-wide initiatives. The culture was very siloed with the lack of a one team mentality which fed into this lack of cohesion. And I found that while there was work being done, the alignment and focus was not where it needed to be.

在製定協調一致的計劃和圍繞關鍵企業級措施建立清晰的營運節奏等基本方面，存在明顯的失敗。這種文化非常封閉，缺乏團隊精神，導致了這種缺乏凝聚力的情況。我發現，雖然有人在做工作，但方向和重點並沒有達到應有的水準。

Job 2 is improving efficiency and return on invested capital, ensuring that our capital allocation decisions are grounded in measurable returns.

第二項任務是提高效率和投資資本報酬率，確保我們的資本配置決策以可衡量的回報為基礎。

The company invested heavily in our ships, and as a result, our product is strong. However, we underinvested in technology, revenue management capabilities, and customer facing systems. Correcting this imbalance is one of our top priorities.

本公司在船舶方面投入巨資，因此我們的產品品質優良。然而，我們在技術、收益管理能力和麵向客戶的系統方面的投入不足。糾正這種不平衡是我們的首要任務之一。

And job 3 is unlocking operational upside in revenue management, itinerary optimization, and monetization of our private destinations. There is important work ahead to return our company to sustained growth and value creation.

第三項任務是釋放我們私有目的地在收益管理、行程最佳化和貨幣化方面的營運潛力。要讓公司恢復持續成長和價值創造，我們還有很多重要工作要做。

It is the combination of my turnaround experience and tenure leading consumer focused companies and industry understanding that provides me with the confidence that we can deliver for our shareholders, guests, and team members.

正是我扭轉局面的經驗、領導以消費者為中心的公司的多年經驗以及對行業的深刻理解，使我有信心我們能夠為股東、顧客和團隊成員創造價值。

What will make this possible is our leadership team. As of the past few months, we have put in place essentially an all new leadership team in most of our critical functions with a skill set and experience level that is well suited for the work ahead.

讓這一切成為可能的，就是我們的領導團隊。在過去的幾個月裡，我們已經在大多數關鍵職能部門組建了一支全新的領導團隊，他們的技能和經驗水平非常適合未來的工作。

Now this group needs to bond, and we need to create a culture of accountability and empowerment.

現在這個團隊需要凝聚在一起，我們需要創造一種問責和賦權的文化。

The pieces are definitely here, and I'm already encouraged by the team's excitement and commitment to this turnaround.

所有條件都已具備，團隊對扭轉局勢的熱情和投入也讓我倍受鼓舞。

Some actions are already underway, and you will see further announcements over coming quarters as we streamline and reorganize the business to better execute. To that end, I'm working closely with our brand and executive leadership teams to take a fresh look at how we can improve day to day execution and drive more consistent results.

一些措施已經在進行中，隨著我們精簡和重組業務以更好地執行，未來幾季您將看到更多公告。為此，我正與我們的品牌和高階主管團隊緊密合作，重新審視如何改善日常執行並取得更穩定的成果。

[Mark Kaslowskas] was named President of Norwegian Cruise Lines in December, bringing more than three decades of experience across sales, operations, and innovation in the global travel industry. Mark has a strong track record of driving commercial performance and enhancing the guest experience, and his leadership will be instrumental at the brand level.

馬克·卡斯洛夫斯卡斯 (Mark Kaslowskas) 於 12 月被任命為挪威郵輪公司總裁，他在全球旅遊業的銷售、營運和創新方面擁有超過 30 年的經驗。馬克在提升商業業績和改善顧客體驗方面有著卓越的業績記錄，他的領導能力將在品牌層面發揮關鍵作用。

I'm also working closely with Jason Montague, our Chief Luxury Officer, as he continues to lead Regent Seven Seas Cruises and Oceanic cruises. Together we are focused on ensuring that each of our brands continues to deliver distinctive, high-quality experiences that resonate with our guests.

我同時也與我們的首席奢華官傑森·蒙塔古密切合作，他將繼續領導麗晶七海郵輪和海洋郵輪。我們共同致力於確保旗下每個品牌持續提供能引起顧客共鳴的獨特、高品質體驗。

Our Executive leadership team brings together experienced company and industry veterans alongside new seasoned leaders from outside the industry, particularly in areas like technology and strategy.

我們的執行領導團隊匯集了經驗豐富的公司和行業資深人士，以及來自行業外的新晉資深領導者，尤其是在技術和策略等領域。

At the Norwegian brand, we recently onboarded a seasoned industry veteran to lead that brand's revenue management function along with the Chief Marketing Officer that is honing our brand messaging and the way we engage with our guests.

挪威航空品牌最近聘請了一位經驗豐富的業內資深人士來領導該品牌的收益管理職能，同時還有首席行銷長負責完善我們的品牌訊息和與客人互動的方式。

Going forward, our decisions will be driven with a focus on revenue management, which will work with and direct sales and marketing to better align our resources. This is just one example of our teams coming together across the company around a common goal of improving performance.

展望未來，我們的決策將以收入管理為重點，這將與銷售和行銷部門合作，更好地協調我們的資源。這只是我們公司各團隊為了提高績效這個共同目標而團結協作的一個例子。

My priorities are straightforward, improve execution, strengthen financial discipline, reduce leverage, and focus the organization on the areas that will drive sustainable value creation over time.

我的首要任務很明確：提高執行力，加強財務紀律，降低槓桿率，並將組織重點放在能夠隨著時間推移推動永續價值創造的領域。

Once we complete our review and finalize our operating plan, progress will require patience, discipline, and consistent execution. I look forward to sharing more detail on these priorities as we progress.

一旦我們完成審查並最終確定營運計劃，取得進展就需要耐心、自律和持續執行。隨著工作的推進，我期待與大家分享更多關於這些優先事項的細節。

With that, I'll turn it over to Mark to walk through our fourth quarter results and our outlook for 2026. Mark.

接下來，我將把發言權交給馬克，讓他來介紹我們第四季的業績以及我們對 2026 年的展望。標記。

Thank you, John, and good morning, everyone. I'll begin with our fourth quarter results on slide 5 which were ahead of or in line with our expectations. Net yields in the fourth quarter grew 3.8% while adjusted net cruise cost ex fuel of $158 was below guidance, increasing only 0.2%, driven by strong cost controls which ultimately drove adjusted EBITDA of $564 million exceeding our guidance.

謝謝你，約翰，大家早安。我將首先介紹投影片 5 的第四季業績，該業績超出或符合我們的預期。第四季淨收益率成長 3.8%，而調整後的淨郵輪成本（不含燃油）為 158 美元，低於預期，僅成長 0.2%，這主要得益於強有力的成本控制，最終推動調整後的 EBITDA 達到 5.64 億美元，超過了我們的預期。

Adjusted net income for the quarter was $130 million. Adjusted EPS of $0.28, which excludes an approximately $95 million or $0.20 write-off related to certain information technology assets included in depreciation and amortization expense.

本季調整後淨利為1.3億美元。調整後每股收益為 0.28 美元，其中不包括與某些資訊技術資產相關的約 9,500 萬美元（即 0.20 美元）的減值，這些資產計入折舊和攤銷費用。

Now moving to our full year '25 results on slide 6. Starting with our top-line performance, net yields rose 2.4% compared to the prior year as expected. We continue to have a disciplined cost management approach and our adjusted net cruise cost ex fuel per capacity day rose only 0.7%, slightly better than our guidance and well below inflation.

現在來看我們2025年全年業績，請看第6張投影片。首先來看我們的整體業績，淨收益率如預期般比上年增長了 2.4%。我們繼續採取嚴格的成本管理方法，經調整後的每運力日淨郵輪成本（不含燃油）僅上漲了 0.7%，略好於我們的預期，遠低於通貨膨脹率。

Overall we made important strides in 2025. Our adjusted EBITDA increased 11% to $2.73 billion. Our adjusted operational EBITDA margin improved 160 basis points to 37.1%, and our adjusted EPS increased 19% to $2.11.

整體而言，我們在 2025 年取得了重要進展。經調整後的 EBITDA 成長 11%，達到 27.3 億美元。我們調整後的營運 EBITDA 利潤率提高了 160 個基點，達到 37.1%，調整後的每股盈餘成長了 19%，達到 2.11 美元。

Moving to slide 7, I'll touch on a few operational highlights since our last earnings call. At the Norwegian brand under the leadership of our new Chief Marketing Officer, we launched a refreshed brand platform reintroducing our iconic 1990s tagline, it's different out here and anchoring the brand and the values that have always set Norwegian apart freedom and flexibility.

接下來請看第 7 張投影片，我將簡要介紹自上次財報電話會議以來的一些營運亮點。在新任首席行銷長的領導下，挪威航空推出了煥然一新的品牌平台，重新引入了我們標誌性的 1990 年代標語“這裡不一樣”，並鞏固了品牌和一直以來使挪威航空脫穎而出的價值觀——自由和靈活。

Norwegian also opened bookings for Norwegian Aura, the largest of our Prima class ships, with her first voyages setting sail in 2027. At Oceana, we continue to sharpen the brand's positioning in the luxury space, announcing an adults-only policy fleetwide.

挪威郵輪公司同時開放了旗下Prima級郵輪中最大的郵輪－挪威光環號的預訂，該郵輪將於2027年首航。Oceana 繼續鞏固其在豪華領域的品牌定位，並宣佈在整個船隊實行僅限成人乘坐的政策。

The shift is already yielding results. The sales of Oceana Sonata delivered a record breaking opening day, with bookings surpassing the launch of Oceana Lura by 45%. Strength in our luxury portfolio was also evident at Region Seven Seas, where January bookings were up 20% year over year with robust demand across the destination portfolio.

這種轉變已經開始見效。Oceana Sonata 的首日銷售創下紀錄，預訂量比 Oceana Lura 的首日銷售量高出 45%。在七海地區，我們豪華產品組合的強勁表現也顯而易見，1 月份的預訂量同比增長了 20%，整個目的地組合的需求都很旺盛。

In addition, we recently announced new ship orders across all three brands one for Norwegian Cruise Line, one Sonata class ship for Oceanic cruises, and one Prestige class ship for region. We now have 17 ships on order through 2037 securing coveted shipyard building slots and locking in our long-term growth plan.

此外，我們最近宣布了三大品牌的新船訂單，包括一艘挪威郵輪公司的郵輪、一艘海洋郵輪公司的奏鳴曲級郵輪和一艘區域郵輪公司的尊貴級郵輪。我們目前已訂購了 17 艘船舶，直至 2037 年，從而確保了夢寐以求的造船廠建造名額，並鎖定了我們的長期增長計劃。

Importantly, given the timing of the deliveries for these new ship orders, they require only modest initial capital outlays, and we do not expect them to have a material impact on our near term leverage. Turning to great [stirrup K] on slide 8.

重要的是，考慮到這些新船訂單的交付時間，它們只需要適度的初始資本支出，我們預計它們不會對我們的近期槓桿率產生實質影響。轉向大[馬鐙K]在第8張幻燈片上。

We are very encouraged by the early results following the opening of the pier, a new expansive pool, and enhanced guest amenities on the island. Initial guest feedback has been incredibly positive, with strong guest satisfaction scores across the Board.

碼頭開放、新建大型游泳池以及島上賓客設施提升後，我們取得了令人鼓舞的初步成果。初步賓客回饋非常積極，賓客滿意度普遍很高。

The early feedback reinforces our confidence that our investments are improving the guest experience. And will drive strong returns. Importantly, we remain on track to open the Great Tides Water Park later this summer, which will further elevate the island's offering and strengthen demand as we move into 2027.

早期的回饋增強了我們的信心，即我們的投資正在改善賓客體驗。並將帶來豐厚的回報。重要的是，我們仍按計劃於今年夏季晚些時候開放大潮水上樂園，這將進一步提升島上的旅遊吸引力，並在我們邁入 2027 年之際增強需求。

Great [Stirrupcay] is a central pillar of our Caribbean strategy.

斯特魯普凱大飯店是我們加勒比海戰略的核心支柱。

We remain highly confident in the long-term opportunity in the region, which delivers strong financial returns, attracts a broad and growing guest base, provides a stable operating environment, and allows us to target more new to cruises and premium family guests.

我們對該地區的長期發展機會仍然充滿信心，它能帶來強勁的財務回報，吸引廣泛且不斷增長的客戶群體，提供穩定的經營環境，並使我們能夠吸引更多郵輪新客戶和高端家庭客戶。

While our Caribbean strategy required a shift in deployment to the region, In hindsight, it is clear that this shift, which resulted in a 40% capacity increase in Q1, was executed without the necessary enterprise-wide coordination as John referenced.

雖然我們的加勒比海戰略需要將部署轉移到該地區，但事後看來，很明顯，正如約翰所提到的，這一轉移導致第一季產能增加了 40%，但卻沒有進行必要的全企業範圍的協調。

In addition, the capacity increase was premature as the supporting infrastructure and commercial initiatives around Great [Stirrup Ky] were not yet ready to support and accommodate the additional capacity.

此外，產能的增加為時過早，因為大斯特拉普（肯塔基州）周圍的配套基礎設施和商業舉措尚未準備好支持和容納額外的產能。

While Phase 1 of the enhancements opened at the tail end of 2025, we increased capacity into the region ahead of the full buildout at Great Stirrup Ky, which includes the Great Tides Water Park. Importantly, we did not sufficiently align revenue management, sales, marketing, itinerary planning, and on island monetization strategies to support that deployment shift.

雖然第一階段的改進工程於 2025 年底開放，但我們在肯塔基州大斯特拉普（包括大潮汐水上樂園）全面建成之前，就提高了該地區的產能。重要的是，我們沒有充分協調收益管理、銷售、行銷、行程規劃和島上獲利策略，以支持這種部署轉變。

The individual components were moving forward, but they were not integrated under a single cohesive operating plan designed to absorb the capacity at the right yield. As a result, the headwinds we are experiencing in the first quarter are more pronounced than we anticipated last quarter, which I will address in more detail shortly.

各個組成部分都在向前發展，但它們沒有整合到一個統一的營運計劃下，以合適的收益率吸收產能。因此，我們在第一季遇到的不利因素比上個季度預期的要明顯得多，我稍後會詳細討論這個問題。

As we stepped back and evaluated our 2026 deployment, it became clear that our commercial strategy, including our sales, marketing, pricing strategy, and revenue management tools, were not aligned with our deployment. As a result, certain itineraries did not receive the coordinated commercial support required to maximize performance and yields, which is weighing on our expected performance for the full year.

當我們回顧並評估 2026 年的部署計劃時，我們清楚地認識到，我們的商業策略（包括銷售、行銷、定價策略和收入管理工具）與我們的部署計劃並不一致。因此，某些航線沒有得到必要的協調商業支持，無法最大限度地提高業績和收益，這影響了我們全年的預期業績。

We entered 2026 slightly behind our ideal booking curve in certain itineraries, creating near term pressure on pricing and yield, which is evident in our guidance.

進入 2026 年，我們某些行程的預訂情況略微落後於理想曲線，這給價格和收益帶來了短期壓力，這一點在我們的預測中顯而易見。

Moving forward, we expect that creating tight integration between deployment planning and commercial execution will ensure itineraries are fully supported by a cohesive plan around revenue management, pricing, and marketing from day one.

展望未來，我們期望透過加強部署計畫和商業執行之間的緊密聯繫，確保從一開始，行程安排就能得到圍繞收益管理、定價和行銷的統一計畫的全面支持。

We are embarking on a disciplined business review to ensure full alignment across our deployment, marketing, pricing, and look forward to sharing more with you on this process in the coming quarters.

我們正在進行一項嚴謹的業務審查，以確保我們在部署、行銷、定價等方面完全一致，並期待在接下來的幾個季度與您分享更多關於此過程的資訊。

As John mentioned earlier, we are moving with a sense of urgency to overcome these challenges, however, given the booking lead times, the benefits will phase in over time. We are confident that these steps will position us for stronger, more sustainable performance over the long-term.

正如約翰之前提到的，我們正在以緊迫感克服這些挑戰，但是，考慮到預訂提前期，這些好處將隨著時間的推移逐步顯現。我們相信，這些措施將使我們在長期內取得更強勁、更永續的業績。

This leads me to our 2026 guidance on slide 10. Let's start with net yields. As a result of the headwinds I discussed earlier, we expect net yield growth in the first quarter to decline approximately 1.6% as higher occupancy was more than offset by pricing pressure.

這讓我想到了幻燈片 10 中的 2026 年指導方針。我們先來看淨收益率。由於我之前提到的不利因素，我們預計第一季淨收益率成長將下降約 1.6%，因為更高的入住率被價格壓力所抵消。

Looking to the balance of the year, we expect net yields to stabilize and modestly improve, growing at approximately 0.6%, bringing our full year net yields to approximately flat. However, we do not expect this gradual improvement to be symmetrical across all three quarters.

展望今年剩餘時間，我們預計淨收益率將趨於穩定並略有提高，成長約 0.6%，使全年淨收益率基本持平。然而，我們預計這種逐步改善不會在所有三個季度中對稱發生。

At our Norwegian brand, we are experiencing pricing headwinds in select markets as a result of certain execution missteps, including sailings in the Caribbean and Bahamas and itineraries out of our new home port of Philadelphia.

由於某些執行失誤，我們的挪威品牌在部分市場面臨定價方面的阻力，包括加勒比海和巴哈馬群島的航線以及從我們新的母港費城出發的航線。

In Europe, the tailwinds we had expected to occur in Q3 are not as strong as previously anticipated, given the aforementioned execution missteps. Outside of these markets, we note that heightened competitive activity in Alaska has also pressured yields due to elevated industry capacity levels.

在歐洲，由於上述執行失誤，我們原本預期在第三季出現的利多因素並沒有先前預期的那麼強勁。除了這些市場之外，我們注意到，由於阿拉斯加的行業產能水平較高，日益激烈的競爭活動也對收益率造成了壓力。

That said, we remain focused on improving our commercial strategy and expect these headwinds to fade as we better align our strategy with deployment. We recognize that this level of top-line performance falls short of our expectations and our long-term objectives.

儘管如此，我們仍將專注於改善我們的商業策略，並預期隨著我們更好地將策略與部署結合，這些不利因素將會逐漸消失。我們意識到，目前的業績水準遠未達到我們的預期和長期目標。

As I mentioned earlier, we are undertaking a disciplined business review to fully assess the drivers of this underperformance and to ensure we realign deployment, pricing, and marketing to restore sustainable net yield growth.

正如我之前提到的，我們正在進行嚴格的業務審查，以全面評估導致業績不佳的原因，並確保我們重新調整部署、定價和行銷策略，以恢復可持續的淨收益成長。

Turning to the costs, our discipline on the expense side remains firmly intact, and this marks the third consecutive year of strong cost control. In the first quarter we expect adjusted net cruise cost ex fuel to decrease approximately 0.8%. Looking to the remaining nine months of the year, we expect unit cost to grow approximately 1.4%, bringing full year unit cost growth to approximately 0.9%, well below inflation.

就成本而言，我們在支出方面的紀律依然嚴明，這標誌著我們連續第三年實現了強而有力的成本控制。我們預計第一季調整後的淨郵輪成本（不含燃油）將下降約0.8%。展望今年剩餘的九個月，我們預計單位成本將成長約 1.4%，使全年單位成本成長率達到約 0.9%，遠低於通貨膨脹率。

Our cost savings program represents a structural change in culture. We are building the muscle to continuously identify efficiencies, remove waste, and improve processes. That will-- continue throughout 2026 and beyond as we remain focused on driving sustainable margin expansion.

我們的成本節約計畫代表企業文化的結構性變革。我們正在增強自身能力，以便不斷發現提高效率的機會、消除浪費並改善流程。這種情況將持續到 2026 年及以後，我們將繼續專注於推動可持續的利潤成長。

As a result, we expect first quarter adjusted operational EBITDA margin to improve to approximately 29.1% compared to 28.4% in the first quarter of '25 and adjusted EBITDA of $515 million.

因此，我們預計第一季調整後的營運 EBITDA 利潤率將提高至約 29.1%，而 2025 年第一季為 28.4%，調整後的 EBITDA 為 5.15 億美元。

For the full year we expect margins to remain essentially flat year over year at approximately 37% while adjusted EBITDA increases approximately 8% to $2.95 billion. Adjusted EPS is expected to be approximately $0.16 in the first quarter and for the full year we expect adjusted EPS to increase approximately 13% to $2.38.

我們預計全年利潤率將與上年基本持平，約為 37%，而調整後的 EBITDA 將成長約 8%，達到 29.5 億美元。預計第一季調整後每股收益約為 0.16 美元，全年調整後每股收益預計將成長約 13% 至 2.38 美元。

Deleveraging remains a top financial priority and for the full year 2026 we expect net leverage to remain approximately flat at 5.2 times. Keep in mind this reflects the delivery of [Norwegian Luna in March and Seven Seas Prestige] in December, which temporarily increases reported leverage by approximately a quarter turn as the associated EBITDA contribution phases in.

去槓桿化仍然是首要的財務優先事項，我們預計 2026 年全年淨槓桿率將保持在 5.2 倍左右。請記住，這反映了 [挪威 Luna 號於 3 月交付，七海 Prestige 號於 12 月交付]，隨著相關 EBITDA 貢獻逐步實現，這將暫時使報告的槓桿率增加約四分之一。

While we continue to grow capacity at a healthy pace, we are focused on driving stronger topline performance and margin expansion to support further net leverage reduction over time. As these new ships ramp and contribute meaningful to EBITDA, we expect net leverage to resume its downward trajectory.

在繼續以健康的速度擴大產能的同時，我們專注於推動更強勁的營收成長和利潤率擴張，以支持隨著時間的推移進一步降低淨槓桿率。隨著這些新船投入營運並對 EBITDA 做出重大貢獻，我們預計淨槓桿將恢復下降趨勢。

At the holding company level, at the brand level, and within revenue management, we are taking an appropriately disciplined approach to guidance. Rebuilding credibility with the market starts with setting clear, realistic expectations and delivering on them consistently.

在控股公司層級、品牌層級以及收入管理方面，我們都採取了適當的、有紀律的指導方針。重建市場信譽，首先要設定清晰、切合實際的預期，並且始終如一地兌現這些預期。

We are acting with urgency to strengthen the business, but we are also realistic that meaningful improvement requires deliberate execution over time. Our focus is on building a stronger, more durable foundation and restoring performance in a way that is sustainable and credible.

我們正在緊急採取行動加強業務，但我們也清楚地認識到，有意義的改進需要隨著時間的推移而有計劃地執行。我們的重點是建立更強大、更持久的基礎，並以可持續和可信的方式恢復業績。

Before I turn the call back over to John, I want to take a moment to highlight the progress we've made on our cost savings initiatives over the past several years on slide 11.

在將電話轉回給約翰之前，我想花一點時間在第 11 張投影片上重點介紹我們在過去幾年中在成本節約計劃方面取得的進展。

We expect 2026 to mark another year of subinflationary adjusted net cruise cost ex fuel growth. That would represent nearly three consecutive years of essentially flat unit cost growth while we deliver on our $300 million plus savings target.

我們預計 2026 年將是經通膨調整後的淨郵輪成本（不含燃油）成長低於通膨水準的另一年。這將意味著連續近三年單位成本成長基本持平，同時我們實現超過 3 億美元的節省目標。

These results are the product of a disciplined work of our transformation office which has methodically reviewed cost structures across the business identifying efficiencies and removing waste all without compromising the guest experience.

這些成果是我們轉型辦公室嚴謹工作的成果，該辦公室有條不紊地審查了整個業務的成本結構，找出提高效率和消除浪費的方法，同時又不影響顧客體驗。

While much of the early focus was on shipboard efficiencies, we are now expanding and accelerating the program to drive further operating leverage by optimizing SG&A. Importantly, this is not a one-time program. We have embedded cost discipline into our culture, and we intend to continue driving efficiencies and margin expansion well beyond 2026.

雖然早期重點主要放在提高船上效率上，但我們現在正在擴大和加速該計劃，透過優化銷售、一般及行政費用來進一步提高營運槓桿作用。重要的是，這並非一次性項目。我們已將成本控制融入企業文化中，並計劃在 2026 年以後繼續提高效率和擴大利潤率。

With that, I'll turn it back to John for closing remarks.

接下來，我將把發言權交還給約翰，請他作總結發言。

Thank you, Mark. Before opening the call to questions, I want to underscore our focus going forward. Together with our Board and Executive leadership team, we are focused on improving execution, strengthening financial performance, and reducing leverage over time.

謝謝你，馬克。在正式開始提問環節之前，我想先強調我們接下來的工作重點。我們與董事會和執行領導團隊一起，致力於提高執行力、增強財務表現並隨著時間的推移降低槓桿率。

While remaining firmly committed to delivering the exceptional vacation experiences our guests have come to expect across our three incredible brands, as I said before, we have the assets, we have the brands, we now have the focus.

正如我之前所說，我們將繼續堅定不移地致力於為賓客提供他們期望在我們三大卓越品牌下獲得的非凡度假體驗，我們擁有資產，我們擁有品牌，我們現在有了重點。

I recognize that our 2026 outlook is below the long-term aspirations we previously communicated. Closing that GAAP requires focus, rigor, and accountability. And that is exactly what we are bringing to this next phase. We look forward to keeping you apprised of our progress.

我意識到，我們對 2026 年的展望低於我們先前公佈的長期目標。落實公認會計準則需要專注、嚴謹和責任感。而這正是我們將要帶入下一階段的內容。我們期待隨時向您報告我們的進度。

Before we move to Q&A, I want to briefly address the current conflict in the Middle East. We are closely monitoring the situation in Iran and the broader region. The safety of our guests and crew is always our top priority. At this time we are not operating in the affected areas and there are no impacts to our scheduled itineraries. As it relates to fuel, the longer-term impact remains uncertain.

在進入問答環節之前，我想先簡單談談當前中東的衝突。我們正密切關注伊朗及週邊地區的局勢。乘客和船員的安全始終是我們的首要任務。目前我們尚未在受影響地區開展業務，因此我們的既定行程不會受到影響。就燃料而言，其長期影響仍不確定。

However, we are currently approximately 51% hedge for 2026 and 27% hedge for 2027, which helps mitigate near-term volatility. We will continue to monitor developments closely and will adjust as necessary. With that operator, please open the line for questions.

不過，我們目前對 2026 年的對沖比例約為 51%，對 2027 年的對沖比例約為 27%，有助於緩解近期波動。我們將繼續密切關注事態發展，並根據需要做出調整。請與該接線員聯繫，開通提問通道。

Thank you.

謝謝。

(Operator Instructions) Steve Wieczynski, Stiefel.

（操作員說明）Steve Wieczynski，Stiefel。

Yeah thanks guys, good morning, John, welcome in and congratulations on the CEO appointment. So I have two questions that I'm going to try to ask here in one. So John, obviously you, you've only been in your seat for a very short period of time, but you noted and Mark commented in his prepared remarks that, there have been execution missteps with aligning your commercial strategy with your deployment.

謝謝各位，早安，約翰，歡迎加入，祝賀你榮任CEO。所以我想把兩個問題一起問出來。所以約翰，顯然你上任時間很短，但你注意到，馬克也在事先準備好的發言稿中評論說，在將你的商業戰略與部署相結合方面存在執行失誤。

So, I guess my first question is about, these Caribbean deployments and maybe how you address these capacity overhangs moving forward. I mean, or if you start to, pivot away from decisions that previous management implemented, in the Caribbean.

所以，我想我的第一個問題是關於這些加勒比地區的部署，以及你們將如何解決未來可能出現的產能過剩問題。我的意思是，或者如果你開始改變策略，不再像之前的管理層在加勒比地區那樣做出決策。

And then second question is probably for you, Mark, but if we look at slide 10 and look at the implied guidance for the, for 2Q through 4Q, you obviously have a negative yield cost spread, but from our seat that seems somewhat conservative even with your deployment headwinds.

第二個問題可能要問你，馬克，但如果我們看一下第 10 張投影片，看看對第二季到第四季的隱含指引，顯然你們的收益成本差為負，但從我們的角度來看，即使考慮到你們部署方面的不利因素，這似乎也有些保守。

So Mark, not sure what you would say about that, but any comments, would be helpful, especially, given the fact Caribbean capacity starts to ease after the first quarter and maybe it's, more about Alaska and Europe that you called out in your preparing remarks, but any comments there would be super helpful. Thanks guys.

馬克，我不知道你對此有何看法，但任何評論都將很有幫助，尤其考慮到加勒比地區的運力在第一季後開始下降，也許你更關注的是你在準備發言中提到的阿拉斯加和歐洲，但任何評論都將非常有幫助。謝謝各位。

Yeah, so, in terms of your question about Caribbean deployments, clearly, I think the Caribbean is the place to be. I think it really ties back to when I said it was a very siloed effort, organization, not a cohesive plan. So I think clearly as we said in our remarks, our timing was off. I think we got a little ahead of ourselves again. There wasn't a great cohesive plan. Marketing was going in one direction, timing of the island was going in a different direction.

是的，所以，就你問的關於加勒比海地區部署的問題而言，顯然，我認為加勒比海地區是理想的部署地點。我認為這其實和我之前說的有關，那是一個非常孤立的行動和組織，而不是一個統一的計劃。所以我覺得很明顯，正如我們在發言中所說，我們的時機把握得不好。我覺得我們又有點操之過急了。並沒有一個完善的整體計劃。行銷朝著一個方向發展，而島嶼建設的時機卻朝著另一個方向發展。

So I think in the intermediate to long-term we were very confident about the Caribbean. Again, I just think this is where we've got to do a better job of running, a very well coordinated, well executed plan, and I think we'll be fine. It's just a lot of, short-term misfires if that's kind of how I think I would describe it.

所以我認為，從中長期來看，我們對加勒比海地區非常有信心。我再次認為，我們需要在這方面做得更好，制定一個協調有序、執行到位的計劃，我相信我們就能成功。如果非要形容的話，那就是很多短期失誤。

Yes, Steve, so the strategy around Caribbean is sound.

是的，史蒂夫，所以圍繞加勒比海地區的策略是合理的。

We've said that our private island, [Great Stirky] is a central pillar of that. I think this squarely reflects the pretty dramatic shift in capacity toward the region without the right commercial apparatus working in sync as a cohesive unit across the Board, hence why we've seen some, changes over the last few months of, our various leadership.

我們曾說過，我們的私人島嶼[大斯特基島]是其中的核心支柱。我認為這充分反映了該地區產能的巨大轉變，因為缺乏合適的商業機制，無法作為一個整體協調運作。因此，在過去的幾個月裡，我們看到了領導階層的變動。

So I think going forward as we correct those missteps and we align our strategies as one unit, I think we'll continue to see improved performance around that. I think, Steve, on your second portion there was a mouthful, but I think you were referencing.

所以我認為，展望未來，隨著我們糾正這些錯誤，並將我們的策略統一起來，我們將會看到這方面的績效持續改善。史蒂夫，我覺得你第二部分說的話有點囉嗦，但我想你是指什麼。

The implied guidance, Q2 to Q4 as well as, maybe a negative spread there. Apart from the Caribbean and Bahamas where we've had a significant capacity increase, I think, when we reference some of the commercial missteps or execution, that is also affecting us in Europe.

隱含的業績指引是，第二季到第四季度，甚至可能出現負利差。除了加勒比海和巴哈馬群島（我們的產能已大幅提升）之外，我認為，當我們提到一些商業失誤或執行不力時，這也影響了我們在歐洲的業務。

While Europe as a whole, the market is fine, we are not seeing the expected tailwinds that we expected to harvest over the summer as a result of some of our own missteps. So we are in the process of again working on that and correcting that.

雖然整個歐洲市場狀況良好，但由於我們自身的一些失誤，我們並沒有看到預期的夏季利好因素。所以我們正著手解決這個問題，並且進行改正。

Apart from that, I think we are seeing softness in Alaska. I think Alaska has seen mid-single digit, increase in capacity across the industry, and I think that is putting pressure on the broader industry around that. So that is a little bit of a drag for us this year.

除此之外，我認為我們看到阿拉斯加的局勢趨於溫和。我認為阿拉斯加航空業的運能成長幅度達到了中等個位數，我認為這給整個航空業帶來了壓力。所以這對我們來說今年有點不利。

Okay thanks guys appreciate it.

好的，謝謝各位，感激不盡。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, thanks for taking my questions. Just to maybe follow-up on Europe, so last year you kind of did these long duration immersive strategies into Europe in 3Q, and you did that in the heels of April second, which, seems like an obvious formula for weakness, but, as you were kind of suggesting the previous comments that you were not expecting 3Q this year to be a tailwind.

嘿，謝謝你回答我的問題。或許可以就歐洲市場做個後續說明，去年第三季度你們在歐洲採取了長時間的沉浸式策略，而且是在四月二日之後進行的，這似乎是一個明顯的疲軟策略，但是，正如你們之前的評論所暗示的那樣，你們並不指望今年第三季度會是順風。

As a result of your own missteps, I guess I'm just, can you, can we flush this out? Can we unpack that a little more? We got, I believe Caribbean should be, either your lowest or close to your lowest from a capacity mix standpoint.

由於你自己的失誤，我想我只是，你能，我們能把這件事弄清楚嗎？我們能再詳細探討一下嗎？我認為，從產能組合的角度來看，加勒比海地區應該是你們最低的或接近最低的。

Yeah, so help us unpack like how the missteps in the Caribbean impact that that 3Q kind of year over year comparison versus last year.

是的，請幫我們分析一下加勒比地區的失誤是如何影響第三季與去年同期相比的業績的。

Yeah, thank you, Ben. Look, you're absolutely right. We did have a shift in itinerary or deployment that was already preplanned for 2026 prior to any events last year in March, April. I think the issue around Europe is we in fact did decrease our longer deployment itineraries.

是啊，謝謝你，本。沒錯，你說得完全正確。去年三、四月份，在發生任何事件之前，我們已經對 2026 年的行程或部署進行了預先規劃，但確實有所改變。我認為歐洲的問題在於，我們實際上減少了​​較長的部署行程。

In fact, as a stat, I think we had about 160 voyages last year which were 9 to 14 days. This year, those same voyagers are down to the low 60s, so, we did in fact reduce it by 50% to 60%. Where we're seeing some pressure is on a good portion of those sailings. We do have quite a bit of open jaw itineraries.

事實上，根據統計，我們去年大約有 160 次航行，航程為 9 至 14 天。今年，同樣的旅行者人數下降到 60 人左右，所以，我們實際上將其減少了 50% 到 60%。我們看到很大一部分航次都面臨壓力。我們確實有不少開口行程。

And as a result of that we're seeing a little bit of pressure from our consumers around those open jaws and that's something again that goes back to what I would call commercial misalignment in terms of our deployment and commercial strategy. So while we cannot correct that for 2026, it is something that we are focusing on in the future that we believe is very correctable, but of course we will not see the fruits of that until 2027 and beyond.

因此，我們看到消費者對這些懸而未決的問題施加了一些壓力，而這又回到了我所說的我們在部署和商業策略方面的商業錯位問題。因此，雖然我們無法在 2026 年糾正這個問題，但這是我們未來將重點關注的問題，我們相信這個問題是可以糾正的，但當然，我們最早也要到 2027 年及以後才能看到成果。

Okay. And then John, in your prepared remarks, I believe you spoke about, these are a mix of my words and your words, but I believe you spoke about a culture of inefficiency and bureaucracy. Maybe you could expand on this. How did this manifest in results? Was this a cost headwind or more of a strategy and capacity allocation related? And then what are you doing specifically to change this culture? Thanks.

好的。然後，約翰，我相信你在事先準備好的發言稿中談到了——以下內容是我的話和你的話的混合——但我相信你談到了低效和官僚主義的文化。或許你可以就此展開說說。這在結果中是如何體現的？這是成本上的阻力，還是更與策略和產能分配有關？那麼，你們具體採取了哪些措施來改變這個文化呢？謝謝。

Yeah, I think it was a little bit of both. I think, as I said, it was very, siloed, and not, I hate to keep using the word cohesive, but cohesive strategy and cohesive execution which allowed a lot of these sort of missteps. I find a culture that really has no sense, not no sense, but it needs a much greater sense of urgency, and accountability. I think both of those, were missing.

是的，我覺得兩者兼具。我認為，正如我所說，它非常各自為政，缺乏凝聚力，雖然我不想一直用「凝聚力」這個詞，但確實缺乏凝聚力的策略和凝聚力的執行，這導致了許多這類失誤。我發現一種​​文化，它其實缺乏常識，不是完全沒有常識，而是需要更強的緊迫感和責任感。我認為這兩個都缺失了。

And yes they're clearly as we said in our remarks I think the company's done a great job ship side in terms of looking at cost but I think we have definite opportunities on the shore side to optimize the company. And so you know what am I doing to get after it, again trying to create that culture of one, trying to create cohesive plans, trying to go after the cost, but I also think the other huge opportunity is revenue because it was so disjointed, underinvested, as I said, in technology, in revenue management, sales going in one direction, marketing in another, itinerary planning in another, lack of real focus on revenue management. I think pulling all that together, I actually think our biggest opportunity is revenue.

是的，正如我們在演講中所說，我認為公司在船舶方面在成本控制方面做得非常出色，但我認為我們在岸上方面肯定有機會優化公司運營。所以你知道我正在做什麼來爭取實現這個目標，再次嘗試創造一種團結一致的文化，嘗試制定協調一致的計劃，嘗試控製成本，但我認為另一個巨大的機會是收入，因為正如我所說，它在技術、收入管理方面投入不足，銷售朝著一個方向發展，市場營銷朝著另一個方向發展，行程規劃朝著另一個方向發展，缺乏對收入管理的真正關注。我認為綜合所有因素來看，我們最大的機會其實在於營收。

And while you might not see that one immediately given the nature of our industry and you know people are already fairly well booked in 26, but you should definitely start to see the fruits of that 27. So I kind of look at it as a tale of two cities. I think both sides of the coin are opportunities for us and the culture is what will drive both of those at the end of the day.

雖然鑑於我們行業的性質，你可能不會立即看到這一點，而且你也知道人們在 26 日的檔期已經安排得滿滿噹噹，但你肯定會在 27 日開始看到成果。所以我把它看作是兩個城市的故事。我認為硬幣的兩面對我們來說都是機遇，而最終推動這兩方面發展的將是企業文化。

Thanks.

謝謝。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

Hi everyone, thank you John, maybe we could just stick with you on maybe following up to to Ben's comments, a little bit there. Just you mentioned that you're going through a full review process now. Just curious on when that will actually be understand a lot of its culture and more of a broader strategy as you kind of take the reins.

大家好，謝謝約翰，或許我們可以繼續聽你對本的評論的回應，就此打住。你剛才提到你現在正在接受全面的審查。我只是好奇，當你真正接管公司後，什麼時候才能真正了解它的文化和更廣泛的策略。

Well, as I said, I think our strategy is correct. I like, as Mark noted, we have as a company invested a lot in our ships, so I think our ships and our guest experience, our sort of crew enthusiasm and crew dedication is good, whether it takes three months, four months, five months to kind of really dig into where we, gotten a little bloated, where are we not efficient, where should we be looking to invest short-term. I can't tell you exactly, but I mean it's not a one year process by any stretch of the imagination to kind of pull together, what do we want to do immediately? What do we want to do, but for certain reasons maybe we can't get after until '27, sort of racking and stacking those priorities. So you know I would say in the next couple quarters we should have that pretty buttoned up, but I'm, I don't know, I can't give you an exact date by any stretch. I've I've been here all of two weeks, so.

正如我所說，我認為我們的策略是正確的。正如馬克所指出的，我喜歡我們公司在船舶方面投入了很多資金，所以我認為我們的船舶、賓客體驗、船員的熱情和奉獻精神都很好，無論需要三、四、五個月的時間來真正深入研究我們哪些方面有點臃腫，哪些方面效率低下，以及我們應該在哪些方面進行短期投資。我無法確切地告訴你，但我的意思是，無論如何，要弄清楚我們接下來要做什麼，絕對不是一個需要一年的過程。我們想做什麼，但由於某些原因，也許要到 2027 年才能實現，這需要對這些優先事項進行重新排序和安排。所以，我覺得在接下來的幾個季度裡，我們應該能把這件事處理得比較妥當，但是，我不知道，我絕對無法給你一個確切的日期。我在這裡才待了兩週而已。

Yeah, no, I realize that you've been there for a short period of time. Just, okay, so just as a follow-up, maybe have you guys been in actually been in contact with [Elliott]? And then when you look at their presentation, what would you actually agree with, as you've kind of digested what they've.

是的，我知道你到那裡的時間還不長。好的，那麼作為後續問題，你們是否已經與…聯繫過了？[艾略特]？然後，當你仔細檢視他們的陳述，消化吸收他們所表達的內容之後，你究竟會同意他們的哪些觀點？

The answer is yes, we have been in touch with Elliott like we have with all of our shareholders.

答案是肯定的，我們一直與艾利歐特保持聯繫，就像我們與所有股東保持聯繫一樣。

And we're actually headed out for like a two week road show basically with our with our investors which were literally hitting the road this week and next week so that was already set up that's one of the first things I wanted to do when I stepped in is you know go talk to share and get their, perspective on what we've done well and clearly what we haven't done well so that's all underway and obviously, hearing from Elliott is just like any other shareholder, meaning we're very interested in what they have to say and their thoughts on how we better drive long-term shareholder value, so yeah that would that's what I would say.

實際上，我們即將進行為期兩週的路演，主要面向我們的投資者，他們本週和下週就要出發了。這已經安排好了，我上任後最想做的第一件事就是去和他們交流，了解他們對我們做得好的地方和做得不好的地方的看法。目前一切都在進行中。顯然，聽取埃利奧特的意見就像聽取其他股東的意見一樣，這意味著我們非常感興趣，也很想知道他們對如何更好地提升股東長期價值有什麼想法。所以，這就是我想說的話。

And Connor, I think as John said, I think there's a huge opportunity here as we focus on the revenue side.

康納，我覺得就像約翰說的那樣，當我們專注於收入方面時，這裡蘊藏著巨大的機會。

We brought in a top notch, commercial, revenue officer who has, who's an industry veteran who has significant experience in other areas of the industry of correcting this issue. And while that's going to take some time to harvest, we believe that again we're putting in the right structural components underneath that to really drive the top-line as well.

我們聘請了一位頂尖的商業收入主管，他是一位業內資深人士，在其他行業領域擁有豐富的經驗，能夠解決這個問題。雖然這需要一些時間才能實現，但我們相信，我們正在為此建立正確的結構性組成部分，以真正推動營收成長。

Appreciate it, thank you.

非常感謝。

Matthew Boss, JP Morgan

馬修‧博斯，摩根大通

Great thanks. So John, as you entered '26, slightly below your optimal booking range, could you speak to actions maybe more in the immediate term to support improvement in in booking trends and maybe specifically your mindset on preserving price relative to load factors?

非常感謝。約翰，你進入了 2026 年，預訂量略低於你的最佳預訂範圍，你能否談談近期內可以採取哪些措施來改善預訂趨勢，以及你對於保持價格與客座率之間關係的看法？

I think again, having been here two weeks, I'm going to defer to Mark on that one. That's, I'm not that deep in the weeds yet, to be honest.

我想，我在這裡待了兩週之後，還是應該聽馬克的意見。也就是說，老實說，我還沒深入到那個程度。

Yeah, Matt, great question. So yeah, we are slightly behind the optimal booking curve as we mentioned. And as a result, when you look at our guidance, I think that's reflective of both the 1, first quarter as well as the remaining three quarters. It is always a delicate balance between price and load, but I think when you step back and you think about our longer-term strategy of, a central pillar around the Caribbean, getting more premium, families on board, monetizing our island.

是的，馬特，問得好。是的，正如我們之前提到的，我們的預訂進度稍微落後於最佳預訂曲線。因此，當你查看我們的業績指引時，我認為這既反映了第一季的情況，也反映了剩餘三個季度的情況。價格和載客量之間始終存在微妙的平衡，但我認為，當你退後一步，思考我們更長遠的策略，即以加勒比海為中心支柱，吸引更多高端家庭加入，實現我們島嶼的盈利時，就會發現這一點。

We will continued to to focus on load factor and in fact I think our load factor this year is increasing by over 200 basis points. So the balance is going to be finding that right price, together with the right yield and load factor and I think again as we get as we align all of our commercial departments growing in one direction, I think you're naturally going to see, increases in both.

我們將繼續關注客座率，事實上，我認為我們今年的客座率提高了200多個基點。因此，關鍵在於找到合適的價格、合適的收益率和載客率。我認為，隨著我們所有商業部門朝著同一個方向發展，自然而然地，價格和載客率都會提高。

Great. And then maybe Mark to that point, could you elaborate on your cost growth outlook for for this year? Meaning I know this has been a strong area of focus in particular for you personally over the last couple of years, but any areas of incremental low hanging fruit that you see to further rationalize the cost structure or maybe on the flip side investments needed to drive yields multi-year in your view, just what's the best way to to think about the balance that we should consider here?

偉大的。那麼，馬克，關於這一點，你能否詳細說明一下你今年的成本成長預期？我知道這在過去幾年裡一直是您個人重點關注的領域，但您認為在哪些方面可以採取一些容易實現的措施來進一步優化成本結構，或者反過來，在您看來，為了在多年內提高收益，需要進行哪些投資？我們該如何權衡利弊，才能更好地考慮這個問題？

Yeah, I think, as John mentioned, one of the areas that we have not invested in enough is customer facing systems, technology, and both marketing and revenue management technology. I think as you guys all recall we did, we started investing in a new revenue management system last year. It is, just started up and running, over the last 6 to 8 weeks, so that'll take some time. But I think, again, from when you step back and you look at where our cost culture over the last two to three years has been, yes, we've made good progress, we've always said this is a 300 million plus program, but a lot of that was focused on shipboard efficiencies, and now our eyes are squarely turning on the SG&A component using that same muscle. So while. While you dig down, there's never any low hanging fruit, but I think you're going to see us taking much more methodical urgent actions around that side of the equation going forward to right size that piece of the business.

是的，我認為，正如約翰所提到的那樣，我們投入不足的領域之一是面向客戶的系統、技術以及行銷和收入管理技術。我想你們應該都還記得，我們​​去年開始投資建造一套新的收入管理系統。是的，它才剛剛啟動運行，過去六到八週時間一直在運行，所以還需要一些時間。但我認為，從過去兩三年我們的成本文化來看，是的，我們取得了良好的進展，我們一直說這是一個超過 3 億美元的項目，但其中很多都集中在提高船上效率上，而現在我們正利用同樣的力度，將目光完全轉向銷售、管理及行政費用部分。所以，雖然。當你深入挖掘時，你會發現永遠不會有唾手可得的成果，但我認為你會看到我們今後將圍繞這方面採取更有條理、更緊迫的行動，以調整業務的這一部分。

Great color. Best of luck.

顏色很棒。祝你好運。

Brandt Montour, Barclays

布蘭特·蒙圖爾，巴克萊銀行

Good morning, everybody. Thanks for taking my questions. So, John, I want to get your sense, I mean, in your prepared remarks, you, touched on technology and revenue management, customer-facing systems. Do, you're putting these together, do you think--that there is a, disadvantage at Norwegian of scale? And the reason I ask is, you said that this would require patience. How long in your experience does it take to see these types of turnarounds start to come to fruition?

大家早安。謝謝您回答我的問題。約翰，我想了解你的看法，我的意思是，在你準備好的發言中，你談到了技術和收入管理、面向客戶的系統。您在匯總這些資訊時，是否認為挪威在規模上存在劣勢？我這麼問是因為你說過這需要耐心。根據您的經驗，這類轉變通常需要多長時間才能開始達到成效？

Yeah, I do not think we're at a disadvantage, it scale, I think again, if we show the same discipline on the shore side, the SG&A side that that we've done on the ship side, I think we can definitely, see some.

是的，我不認為我們處於劣勢，規模方面，我認為，如果我們能在岸上（銷售、一般及行政費用方面）展現出與船上一樣的自律性，我認為我們肯定能看到一些成效。

Improvements over the next, '26 and '27 because cost, you can go after faster than the revenue side given again how far out people book, but I think our investments in revenue management, as Mark said, and some of our guests facing technology, the island coming online, better monetization of that island. I think the revenue side again you're going to see more '27, '28, so they kind of go at slightly different paces just given how our industry sets up, but. I think we're all can.

接下來的 2026 年和 2027 年將會有所改進，因為成本方面，你可以比收入方面更快地採取行動，考慮到人們預訂的時間已經過去很久了，但我認為，正如 Mark 所說，我們在收益管理方面的投資，以及我們的一些客人面對技術，島嶼上線，更好地實現該島嶼的盈利。我認為收入方面，你會看到更多 '27'、'28' 的數據，所以鑑於我們行業的結構，它們的進展速度略有不同，但是。我認為我們都能做到。

Mark might not say it's low hanging fruit, but I would say there's lots of opportunities, so I'll quibble with him a little bit there, and you know that's our job to go after that and go get it and again focus on it as much as we did on the shipping side costs, so.

馬克可能不會說這是唾手可得的，但我認為有很多機會，所以我在這點上會和他稍微爭論一下，你知道，我們的工作就是去爭取，去實現它，並且像我們關注運輸成本一樣關注它。

Thanks for that. And then just a follow-up question, it's been all of 1.5 days since the geopolitical events unfolded in the Middle East, understanding that you don't have direct exposure there. But, have you seen or do you expect to see, near-term bookings pressure on other international itineraries, namely, Europe, from Americans, and have you baked anything for that into, your guidance?

謝謝。還有一個後續問題，中東地緣政治事件發生至今不過一天半，我知道您在那裡沒有直接接觸。但是，您是否看到或預計會看到美國人對其他國際行程（特別是歐洲行程）的近期預訂壓力？您是否已將此因素納入您的指導方針中？

Yeah, good morning, Brent. So far we're, what, a day or two into this, and, I cannot say that we've seen anything noticeable around that, in terms of the guidance, our guidance is our best view of what we, how we see the world, but we, I would certainly would not say we've baked anything in for the last two days of geopolitical issues. Well, as I think John noted in his prepared remarks, we will see, obviously we could see a little bit of pressure on fuel. The good news is that we're over 50% hedge for the year, and the one thing that we can control is fuel consumption.

早上好，布倫特。到目前為止，我們已經進行了一兩天了，就指導方針而言，我不能說我們已經看到了任何明顯的進展。我們的指導方針是我們對世界的最佳看法，但我肯定不會說我們已經為過去兩天的地緣政治問題制定了任何計劃。正如約翰在他準備好的演講稿中提到的那樣，我們拭目以待，顯然燃料方面可能會面臨一些壓力。好消息是，我們今年的對沖比例已超過 50%，而我們唯一能控制的因素就是燃料消耗。

And I think when you look at this year where we're heading, our implied forecast implies that we're going to be down about 3% in fuel consumption per capacity day, and that comes off of 2025 where we're we were down 6% per capacity day. So we're controlling what we can control and, hopefully we're hopeful that this this unrest in the Middle East area settles soon.

我認為，展望今年的發展方向，我們隱含的預測表明，每產能日的燃料消耗量將下降約 3%，而 2025 年我們預計每產能日的燃料消耗量將下降 6%。所以我們正在控制我們能控制的事情，並且希望中東地區的動盪局勢能夠盡快平息。

Thanks Everyone.

謝謝大家。

James Hardiman, Citi

花旗集團的詹姆斯哈迪曼

Hey, good morning. Thanks for taking my questions and John, welcome aboard and good luck. So we've talked a lot today about some of the missteps, along the way, the misalignment, and I think, investors very much appreciate sort of the ownership on that front.

嘿，早安。感謝您回答我的問題，約翰，歡迎加入，祝您好運。今天我們談了很多關於一路走來的一些失誤和偏差，我認為，投資人非常讚賞公司在這方面的責任感。

I maybe wanted to dig into if there might be other factors also at play here, namely, sort of the cyclicality piece, right? The strength of the consumer broadly, and then, maybe the competitive piece, right? Your relative positioning within the industry, obviously you guys have some really impressive peers. And so just trying to dig in a little bit more, do you think the consumer is slowing? Do you think that.

我或許想深入探究一下這裡是否還有其他因素在起作用，例如週期性因素，對吧？消費者的整體實力，以及競爭因素，對吧？顯然，你們在業界的相對地位是這樣的：你們有一些非常優秀的同行。那麼，我想更深入地了解一下，您認為消費者的購買速度正在放緩嗎？你這麼認為嗎？

You've lost any credibility with consumers, as we think about, fixing this going forward, just trying to make sure we understand all the pieces. Thanks.

我們已經失去了消費者的所有信任，我們正在考慮如何解決這個問題，並努力確保我們了解所有細節。謝謝。

Yeah, so I would start out by saying I'm going to let Mark get a little more granular, but I think the other thing, besides our missteps, I think the other thing investors really need to focus on is that, as we talked about it really is a whole new team which I was kind of lucky. I mean, a lot of people have been brought in, not just, the head of Norwegian, but you know we have a new head of technology who came from two Fortune 500 companies and. A new head of strategy and a new revenue management I would say just even having been on the board, I got back on the board about a year ago, that the quality of the team is infinitely better, but the downside, which turns into an opportunity is, most of them only been here three or four months. So yes, we had missteps, but I think we have much higher caliber. People in the in the key roles.

是的，首先我想說的是，我會讓馬克更詳細地解釋一下，但我認為除了我們犯的錯誤之外，投資者真正需要關注的另一件事是，正如我們討論過的，這確實是一個全新的團隊，我對此感到相當幸運。我的意思是，我們引進了很多人，不僅是挪威航空的負責人，而且你知道，我們還有一位來自兩家財富 500 強公司的新技術負責人。新的策略主管和新的收入管理團隊，即使我曾經是董事會成員（大約一年前我重新回到了董事會），我也認為團隊的素質有了極大的提升，但缺點（同時也帶來了機會）是，他們中的大多數人只在這裡待了三四個月。所以，是的，我們犯過一些錯誤，但我認為我們的水平要高得多。擔任關鍵職務的人員。

So now we've just got to gel, as I said, and become one team, and I think they're equally excited about what we can accomplish. So I would say, yes, missteps, but also, you don't, in some of my previous turnarounds you have to go in and kind of clear the field, spend three to four months going to find the right people to put in place. I think for the most part we have that here. I think, in terms of what Mark is seeing with the consumer, I think he can give you a little more color on that, so.

所以現在我們只需要像我剛才說的那樣，磨合在一起，成為一個團隊，我認為他們也同樣對我們能夠取得的成就感到興奮。所以我會說，是的，會有失誤，但是，在我之前的一些扭虧為盈案例中，你必須進去清理場地，花三到四個月的時間去尋找合適的人選來安排到位。我認為我們這裡大部分情況都符合這個條件。我認為，就馬克觀察到的消費者情況而言，他可以為你提供更多細節。

Yeah, James, good morning. Look, I think overall, we're not seeing issues with the consumer. The consumer continues to be a strong relative to cruise and relative to our space. I think what we're seeing in terms of our specific results throughout the areas are really as a result of some of the missteps that we've taken, equally as important, our luxury brands continue to do very strong. And we're very happy with that. I think the big focus is really on our mass brand Norwegian aligning our commercial strategy and getting much sharper on our execution. So I would say, from our standpoint, a good portion of this is probably self-inflicted wounds that we can correct course correct over time.

是的，詹姆斯，早安。你看，我認為總體而言，我們沒有看到消費者方面出現問題。消費者對郵輪和我們所在領域的需求依然強勁。我認為，我們在各個領域取得的具體成果，實際上是我們之前犯的一些錯誤造成的；同樣重要的是，我們的奢侈品牌繼續保持強勁的成長勢頭。我們對此非常滿意。我認為重點在於我們的大眾品牌挪威航空​​，要調整我們的商業策略，並在執行上更加精益求精。所以我認為，從我們的角度來看，這其中很大一部分可能是我們自己造成的傷害，我們可以隨著時間的推移來糾正這些問題。

Got it. That's really helpful color. And then, maybe staying with you, Mark, you touched on a little bit of this, but as we think about the phasing of the year, I guess particularly on the top-line, I think most of us were bracing for a pretty rough first quarter as we think about that sort of 0.6% yield growth in the back of the year. Obviously 2, you're still not going to have the benefit of great tides.

知道了。這個顏色真的很有幫助。然後，馬克，也許可以繼續聽你談談，你剛才也稍微提到了這一點，但當我們考慮今年的階段性變化時，我想特別是就營收而言，我認為我們大多數人都預料到第一季度會相當艱難，因為我們預計年底收益率增長率只有 0.6%。顯然，第二點，你仍然無法享受大潮汐帶來的好處。

So I'm assuming we should maybe still be modeling 2 to be down in terms of yields before we get maybe some relief in the back half of the year. Also just really just trying to get an understanding as to what the exit rate looks like and how that might influence 2027, and then anything to call out in terms of cost phasing as well. Thanks.

所以我假設，在下半年情況可能會緩解之前，我們或許仍然應該預測收益率會下降 2%。另外，我還想了解一下退出率的情況，以及這可能會對 2027 年產生怎樣的影響，還有，關於成本分階段方面有什麼需要指出的嗎？謝謝。

Yeah, James, so you look, I think, when you look at the balance of the year, as we've said, Q2 is probably is for the most part pretty well sold. We, as we did mention, we are seeing some pressure in Europe as a result of our own missteps. Alaska is seeing pressure from the abroad industry.

是的，詹姆斯，所以你看，我認為，當你縱觀今年剩餘的時間，正如我們所說，第二季度的大部分銷售情況可能都相當不錯。正如我們之前提到的，由於我們自己的失誤，我們在歐洲感受到了一些壓力。阿拉斯加正面臨來自海外產業的壓力。

But I think when you start to look toward the 4th quarter and where we are, given that we will have our full island amenities as well as the water park, we'll have about a third of our passengers touching the island in the fourth quarter. That's where we're, I think that's where we're going to really start to see some of the turnaround starting to occur. So don't want to get too far ahead of our skis here, but we've got some work to do over the next couple quarters.

但我認為，當我們展望第四季度以及我們所處的位置時，考慮到我們將擁有完整的島嶼設施以及水上樂園，我們將有大約三分之一的乘客在第四季度登陸該島。我覺得我們現在就處在這個階段，也正是在這裡，我們將真正開始看到一些轉變發生。所以，我們不想操之過急，但在接下來的幾個季度裡，我們還有一些工作要做。

Got it. Thanks guys.

知道了。謝謝各位。

Vince Ciepel, Cleveland Research.

Vince Ciepel，克里夫蘭研究公司。

Hi, thanks for taking my question.

您好，感謝您回答我的問題。

Obviously, the old target for low to mid single-digit yield growth in '26 versus the flat today, there's been some degradation in the last 90 plus days and just trying to understand kind of the shape and pace of it. Is it, when you look at your bookings, is it just things overall have been a little bit worse versus plan, or when you look at it by month, has there been anything. Encouraging, discouraging, that when you kind of look at the more recent trend line in bookings, how it has informed, kind of your perspective on the year, and when you think about kind of this starting negative and moving towards some of like more positive yield growth in the fourth quarter, does that require an improvement in the in the bookings trajectory that you're seeing right now, or just kind of assume more of the same?

顯然，此前預計 2026 年收益率將實現個位數低至中等增長，而如今收益率卻持平，過去 90 多天裡收益率有所下降，我們只是想了解其下降的幅度和速度。從你的預訂情況來看，是不是整體情況比計劃略有惡化？或者按月來看，有沒有什麼改變？令人鼓舞，也令人沮喪。當你觀察最近的預訂趨勢線，以及它如何影響你對今年的看法時，當你考慮到年初的負增長，以及第四季度收益增長趨於正增長時，這是否意味著預訂軌跡需要改進，還是應該假設情況會繼續保持不變？

Hi Vince, good morning. So, look, I think, when you think about bookings, it all starts with momentum and, as you start to see some changes in the momentum and you start to get slightly behind the booking curve, that has, as we all know that has ramifications down the line over the next few quarters. The positive news is again we've gotten, we've made some organizational changes, more of which you're going to see, I think over the course of the next few weeks.

嗨，文斯，早安。所以，你看，我認為，當你考慮預訂量時，一切都始於勢頭，而當你開始看到勢頭發生一些變化，並且你開始稍微落後於預訂曲線時，我們都知道，這會在接下來的幾個季度產生影響。好消息是，我們又進行了一些組織結構上的調整，我認為在接下來的幾周里，你們將會看到更多這樣的調整。

We're aligning our organization to ensure that they're operating as one cohesive unit, and we've got some, good industry, talent that are now running the key areas. So yes, it's going to take some time. But it is a, it takes time to turn the ship, so to speak, but we are seeing some positive green shoots. It's just, time is needed, and, we've got a lot of opportunities on the horizon.

我們正在調整組織架構，以確保各個部門作為一個整體協同運作，並且我們擁有一些優秀的行業人才，他們現在負責關鍵領域。是的，這需要一些時間。但是，正如俗話說“扭轉乾坤需要時間”，我們已經看到了一些積極的跡象。只是，我們需要時間，而且我們未來有很多機會。

And I think Mark, as you noted on I think the last question, like the luxury brands are, performing very well so I think again our missteps and our lack of cohesion is really with the Norwegian brand but because that's the largest brand by far, that's where you're seeing it pull the overall NCLH down. So I'm actually encouraged by the fact that we're executing well with two out of three I think our, not I think I know our opportunity is really around the Norwegian brand, as well as all the other things we talked about we can do better on revenue management across all three brands we can take SG&A, optimize SG&A across all three, but specifically I think our big opportunity on the revenue side is Norwegian.

我認為，正如你在上一個問題中提到的，像奢侈品牌這樣的品牌表現非常出色，所以我認為我們犯的錯誤和缺乏凝聚力實際上都出在挪威品牌上，但因為它是迄今為止最大的品牌，所以你會看到它拖累了整個NCLH的業績。所以，我其實很受鼓舞，因為我們在三個品牌中的兩個都執行得很好。我認為，不，應該說我知道，我們的機會真正在於挪威航空品牌，以及我們討論過的所有其他方面。我們可以在所有三個品牌的收入管理方面做得更好，我們可以優化所有三個品牌的銷售、一般及行政費用，但具體來說，我認為我們在收入方面最大的機會在於挪威航空。

Great. And maybe digging in a little bit more there, like when you step back and think about flat yield for the year, Caribbean's 40% of the mix, and it's probably safe to assume that's negative, but based on some of your other commentary, it doesn't sound like Europe and Alaska are kind of like hitting it out of the park for you. So, I don't know, I feel like going into this call, there was probably more concern that Caribbean would be even more negative than maybe what this overall guidance and blits.

偉大的。或許我們可以更深入地探討一下，例如當你退後一步，考慮全年持平的收益率時，加勒比海地區佔總收益率的 40%，可以肯定地說，這應該是負收益。但根據你其他的評論來看，歐洲和阿拉斯加似乎並沒有帶給你任何驚喜。所以，我不知道，我覺得在這次電話會議之前，大家可能更擔心加勒比海地區的情況會比這份整體指導意見和簡報更糟。

So, can you just talk about how you have managed price in the region, what you're seeing overall, and, I think in years past, you've talked about how, price matters a lot more, and it takes a lot longer to go earn it back. So, just how you're navigating the pricing side in the Caribbean, through this, reshuffling.

那麼，您能否談談您在該地區是如何進行價格管理的，您總體上看到了什麼？而且，我認為在過去幾年裡，您曾說過價格變得更加重要，而且需要更長的時間才能收回成本。所以，您是如何透過這種重新洗牌來應對加勒比地區的定價問題的呢？

Yeah, hi. So as I said earlier, it's always a delicate balance between price and load factor, and as we continue to build our presence in the Caribbean, we're going to continue to balance that. Obviously we are seeing some pricing pressure as a result of our missteps, and we're working on correcting that. When you think about Europe, I thought I was clear earlier, Europe as a whole is not, we don't see issues with the market, we see issues with our execution in the market.

嗨，你好。正如我之前所說，價格和客座率之間始終需要保持微妙的平衡，隨著我們在加勒比地區的業務不斷拓展，我們將繼續努力平衡兩者。顯然，由於我們的失誤，我們面臨了一些價格壓力，我們正在努力糾正這一點。說到歐洲，我之前已經說得很清楚了，歐洲整體而言並非如此，我們不認為市場本身有問題，我們認為問題出在我們自身在市場上的執行上。

And again there's opportunities around the margin to fix that for 2026, but we certainly can fix that for '27. It's just a matter of we're not seeing the expected tailwinds that we would have thought year over year on that that that we had expected earlier and Alaska again is a little bit of soft spot. We are seeing some pressure there just from a broad industry standpoint, so. Again, these are all things, that we believe are fixable, and, it's going to take time, but with the right alignment, the right leadership, I think, we have a huge opportunity in front of us.

2026 年還有一些機會可以解決這個問題，但我們絕對可以在 2027 年解決這個問題。問題在於，我們沒有看到預期的順風，而這些順風本應逐年持續下去，阿拉斯加再次成為一個弱點。從整個行業的角度來看，我們看到了一些壓力。再次強調，這些都是我們認為可以解決的問題，雖然需要時間，但只要方向正確、領導得當，我認為眼前就有一個巨大的機會。

Thanks.

謝謝。

Lizzie Dove, Goldman Sachs

莉齊多芙，高盛

Hi, thanks for taking the question. John is just stepping into this new role as CEO and taking a bit of a fresh look at things. I'm curious, as you think about the portfolio long-term, how are you defining what is strategically core versus maybe noncore within the brand portfolio? And I'll ask my second question at the same time, which is, obviously Oceana and Region have a different profile as Norwegian yield margins, etc. Any way that you can help us think about, those relative margins or return profile of those brands versus the Norwegian brand.

您好，感謝您回答這個問題。約翰剛走馬上任執行長這個新角色，他正以全新的視角審視公司事務。我很好奇，當您考慮長期投資組合時，您是如何定義品牌組合中哪些是策略核心，哪些是非核心的？同時，我再問第二個問題，很明顯，Oceana 和 Region 與 Norwegian 的收益率等情況有所不同。您能否幫助我們思考一下，這些品牌與 Norwegian 品牌相比，其相對收益率或回報情況如何？

Yeah, so.

是啊，就是這樣。

I think.

我認為。

We absolutely, as I said, I like the strategy. I like the assets and the brands we have. I think the quickest, and most predictable way, to get back on the right track and deliver long-term shareholder value is again to execute work on revenue management, work on making sure we have an aligned cohesive plan.

正如我所說，我非常贊同這個策略。我喜歡我們擁有的資產和品牌。我認為，重回正軌並為股東創造長期價值的最快、最可預測的方法是再次執行收入管理工作，確保我們有一個協調一致的計劃。

Going after where we need to optimize the business, so I, I'm actually very pleased with the portfolio we have. I just think there's lots of work to do around all three brands, and I couldn't begin to tell you about the margins on the three brands because I really haven't dug in that much. I don't really think we go into that kind of level of detail anyway, but I look at them all as core is my honest answer.

我們會努力優化業務，所以我對我們目前的投資組合非常滿意。我認為這三個品牌都還有很多工作要做，至於這三個品牌的利潤率，我根本無法告訴你，因為我真的還沒有深入研究過。我並不認為我們會深入到那種細節層面，但我誠實地回答說，我把它們都視為核心。

Thank you.

謝謝。

Thank you.

謝謝。

Trey Bowers, Wells Fargo

Trey Bowers，富國銀行

Hey guys, thanks for the question. I guess just quickly, getting back to the Elliott question from before, they've obviously proposed, one named new board member and would like to have a few more. How open are you guys to some fresh set of eyes on the board? Yeah, I'll just stop there.

大家好，謝謝你們的提問。我想簡單回到之前提到的艾利歐特的問題，他們顯然已經提名了一位新的董事會成員，並且希望再增加幾位。你們對引進新鮮血液加入董事會有多大開放態度？嗯，我就說到這裡吧。

Yeah, I would say like any company you would expect to say, we're always looking at renewing our board. I think we've added three or four Board members over the last couple of years, so I think that's a constant process that [nomin] government committee goes over. So I would just say, all kinds of people throw us suggestions and we will definitely look at those as a board and go from there.

是的，就像任何一家公司都會說的那樣，我們一直在考慮更新董事會。我認為在過去的幾年裡，我們增加了三到四名董事會成員，所以我認為這是政府委員會一直在審查的持續過程。所以我想說的是，各種各樣的人都會給我們建議，我們一定會認真考慮這些建議，並以此為指導。

And I guess just following up on on Lizzie's question, if someone was to approach you guys, and we're interested in one of the brands, would you explore that or you feel like everything's so devalued right now that that would not be an option?

我想接著莉齊的問題問一句，如果有人來找你們，對你們的某個品牌有興趣，你們會考慮收購嗎？還是覺得現在所有東西都貶值了，所以根本不可能？

Yeah, I think again I believe in these three brands. I think the best way to drive shareholder value is to go execute well, take out the excesses, and let this team coalesce because again it's pretty brand new and to me that's the best path to go down. Obviously you you always reevaluate things like any company over a longer time period, but I'm pretty confident in what what our plan is here.

是的，我再次重申，我對這三個品牌很有信心。我認為提升股東價值的最佳方法是好好執行，剔除冗餘，讓團隊凝聚起來，因為這支團隊相當新，對我來說，這是最好的發展路徑。顯然，像任何公司一樣，我們會隨著時間的推移不斷重新評估各項事宜，但我對我們目前的計劃相當有信心。

Thanks guys.

謝謝各位。

So, I think you said operator, that was the last question. So I just again I want to thank you. All for joining us today, and for your continued engagement, and we look forward to updating you on our progress next quarter, as we move down the road and put some plans together here. Thank you very much.

所以，我想你說的是操作員，那是最後一個問題。所以，我再次感謝你。感謝各位今天蒞臨指導，也感謝各位的持續參與，我們期待在下個季度向大家匯報我們的進展，屆時我們將繼續推進各項計劃並製定方案。非常感謝。

Thank you. This will conclude today's conference. May disconnect your lines at this time. Thank you for your participation and have a wonderful day.

謝謝。今天的會議到此結束。此時可能會斷開您的線路。感謝您的參與，祝您有美好的一天。