挪威郵輪 (NCLH) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Norwegian Cruise Line Holdings Business Update and First Quarter 2022 Earnings Conference Call. My name is Rob, and I'll be your operator. (Operator Instructions) Later, we'll conduct a question-and-answer session and instructions for the session will follow at that time. (Operator Instructions) As a reminder to all participants, this call is being recorded.

早上好，歡迎來到挪威郵輪控股公司業務更新和 2022 年第一季度收益電話會議。我的名字是 Rob，我將成為你的接線員。 （操作員說明）稍後，我們將進行問答環節，屆時將遵循該環節的說明。 （操作員說明）作為對所有參與者的提醒，此通話正在錄音中。

I would now like to turn the conference over to your host, Jessica John, Vice President of Investor Relations, ESG and Corporate Communications. Ms. John, please proceed.

我現在想將會議轉交給您的主持人，投資者關係、ESG 和企業傳播副總裁 Jessica John。約翰女士，請繼續。

Thank you, Rob, and good morning, everyone. Thank you for joining us for our first quarter 2022 earnings and business update call. I'm joined today by Frank Del Rio, President and Chief Executive Officer of Norwegian Cruise Line Holdings; and Mark Kempa, Executive Vice President and Chief Financial Officer. Frank will begin the call with opening commentary, after which, Mark will follow to discuss our financials before handing the call back to Frank for closing remarks. We will then open the call for your questions.

謝謝你，Rob，大家早上好。感謝您加入我們的 2022 年第一季度收益和業務更新電話會議。挪威郵輪控股公司總裁兼首席執行官弗蘭克德爾里奧今天加入了我的行列；和執行副總裁兼首席財務官 Mark Kempa。弗蘭克將以開場評論開始電話會議，之後，馬克將跟進討論我們的財務狀況，然後將電話交回弗蘭克以進行結束髮言。然後，我們將打開電話詢問您的問題。

As a reminder, this conference call is being simultaneously webcast on the company's Investor Relations website at www.nclhltd.com/investors. We will also make reference to a slide presentation during this call, which may also be found on our Investor Relations website. Both the conference call and presentation will be available for replay for 30 days following today's call.

提醒一下，本次電話會議同時在公司的投資者關係網站 www.nclhltd.com/investors 上進行網絡直播。我們還將在本次電話會議期間參考幻燈片演示，該幻燈片也可在我們的投資者關係網站上找到。電話會議和演示文稿都將在今天電話會議後的 30 天內進行重播。

Before we begin, I would like to cover a few items. Our press release with first quarter 2022 results was issued this morning and is available on our Investor Relations website. This call includes forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements. These statements should be considered in conjunction with the cautionary statement contained in our earnings release.

在開始之前，我想介紹一些項目。我們今天上午發布了關於 2022 年第一季度業績的新聞稿，可在我們的投資者關係網站上查閱。本次電話會議包括涉及風險和不確定性的前瞻性陳述，這些風險和不確定性可能導致我們的實際結果與此類陳述存在重大差異。這些聲明應與我們收益發布中包含的警示聲明一起考慮。

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 release and presentation.

我們的評論也可能參考非公認會計準則財務指標。與最直接可比的 GAAP 財務指標和其他相關披露的對賬包含在我們的收益發布和演示文稿中。

With that, I'd like to turn the call over to Frank Del Rio. Frank?

有了這個，我想把電話轉給弗蘭克德爾里奧。坦率？

Thank you, Jessica, and good morning, everyone, and thank you for joining us today. In the last few days, our company marked a significant milestone, if not the most significant milestone thus far in our Great Cruise Comeback. This past Saturday, Norwegian Spirit welcomed guests for the first time since our fleetwide pause in operations back in March of 2020. And in doing so, she became the final ship in our 28-ship fleet to return to service, making Norwegian Cruise Line Holdings the first major cruise operators that have all its ships operating again.

謝謝你，傑西卡，大家早上好，謝謝你今天加入我們。在過去的幾天裡，我們公司標誌著一個重要的里程碑，如果不是迄今為止我們偉大的巡航復出中最重要的里程碑。上週六，Norwegian Spirit 自 2020 年 3 月我們的船隊暫停運營以來首次歡迎客人。在此過程中，她成為我們 28 艘船隊中最後一艘恢復服務的船，使挪威郵輪公司成為控股公司第一個讓所有船舶重新運營的主要郵輪運營商。

The last 2 years and certainly the last few months have been challenging to say the least. But with each new challenge in a row to further complicate an already colossal undertaking, the team at Norwegian stepped up to the plate time and again to demonstrate our extraordinary resilience, dedication and passion. So I want to thank each and every team member across our organization, from shipboard to shore side, for all their efforts to reach this point and our Great Cruise Comeback and position our company to thrive in the years to come.

至少可以說，過去 2 年，當然還有過去幾個月，一直充滿挑戰。但是，隨著每一項新的挑戰都使本已龐大的事業進一步複雜化，挪威航空的團隊一次又一次地挺身而出，展示了我們非凡的韌性、奉獻精神和熱情。因此，我要感謝我們組織中的每一位團隊成員，從船上到岸邊，感謝他們為達到這一點所做的所有努力，以及我們的 Great Cruise 回歸，並讓我們的公司在未來幾年蓬勃發展。

Even more impressive was our team's ability to drive some of the highest guest satisfaction scores ever, ticket revenue and onboard spend in our history, and this trend has persisted even as we ramp up occupancy, carrying more guests across all brands, all itineraries and in all cabin classes. We have reached this milestone with a clear, consistent and focused strategy throughout our relaunch, ensuring that we do not prioritize short-term gains at the expense of jeopardizing our long-term brand equity and industry-leading pricing in the process.

更令人印象深刻的是我們的團隊有能力在我們的歷史上推動一些最高的客人滿意度得分、門票收入和機上支出，即使我們增加入住率，在所有品牌、所有行程和所有客艙等級。在整個重新啟動過程中，我們以明確、一致和集中的戰略實現了這一里程碑，確保我們不會以犧牲我們的長期品牌資產和行業領先的定價為代價而優先考慮短期收益。

First, we have prioritized the health, safety and well-being of our guests, crew and the communities we visit above all else, doing everything possible to create a safe and healthy experience for all stakeholders. Since launching our Great Cruise Comeback, we have carried over 500,000 guests, and we continue to experience significantly lower COVID incidence rates aboard our ships as compared to the population at large, indicating that our health and safety protocols are indeed working as designed.

首先，我們將客人、船員和我們訪問的社區的健康、安全和福祉放在首位，盡一切可能為所有利益相關者創造安全健康的體驗。自從啟動我們的 Great Cruise Comeback 以來，我們已經運送了超過 500,000 名客人，與一般人口相比，我們船上的 COVID 發病率繼續顯著降低，這表明我們的健康和安全協議確實按設計工作。

Second, and throughout the pandemic, we provided steadfast support, both to our guests and travel partners, focusing on doing the right thing and demonstrating our willingness to go to great lengths to support them. And I don't think this commitment has gone unnoticed. I firmly believe that as we exit the pandemic, our 3 brands will be in better standing than ever before with these key partners, the travel public at large and with our key past guests.

其次，在整個大流行期間，我們為我們的客人和旅行合作夥伴提供了堅定的支持，專注於做正確的事情，並表明我們願意竭盡全力支持他們。我認為這一承諾並沒有被忽視。我堅信，隨著我們擺脫大流行，我們的 3 個品牌在這些主要合作夥伴、廣大旅遊公眾以及我們過去的主要客人中的地位將比以往任何時候都更好。

And lastly, we have stood firm on our core go-to-market strategy of marketing to fill and maintaining price integrity by emphasizing value over price. You have heard me say time and time again that we will not sacrifice our industry-leading pricing to temporarily bolster our load factors, and I continue to stand behind that philosophy. Pricing will be the primary driver to net yield growth. As we exit the pandemic and return to a normalized booking performance, this outperformance will be key. And given that consistent net yield growth is the single most important factor in maximizing high-quality and sustainable profitability, this is an area where we will not compromise our efforts.

最後，我們堅持我們的核心市場營銷戰略，通過強調價值而不是價格來填補和保持價格完整性。您一次又一次地聽到我說，我們不會為了暫時提高載客率而犧牲我們行業領先的定價，我將繼續支持這一理念。定價將是淨產量增長的主要驅動力。隨著我們擺脫大流行並恢復正常的預訂表現，這種優異表現將是關鍵。鑑於持續的淨產量增長是實現高質量和可持續盈利能力最大化的最重要因素，我們不會在這一領域做出妥協。

So while our first quarter load factors were somewhat tempered, our net per diem growth over first quarter of 2019 record pricing was, as shown on Slide 5, significant. A trade-off and an outcome that is much more meaningful for the company's long-term success. Now you don't have to take my word for it, our pre-pandemic track record of stellar net yield outperformance year after year speaks for itself.

因此，儘管我們第一季度的載客率有所緩和，但如幻燈片 5 所示，我們在 2019 年第一季度創紀錄的定價中的每日淨額增長是顯著的。對公司的長期成功更有意義的權衡和結果。現在您不必相信我的話，我們在大流行前年復一年的出色淨收益率表現不言而喻。

As you can see on Slide 6, in 2019, our net yields were better than our peers by somewhere between 20% to 40%. This historical outperformance, coupled with the strong pricing we are experiencing for all future periods are evidence that our strategy is a superior one, and the best way to protect our brand's equity while driving long-term shareholder value. Taking a step back to serve the broader landscape, today, we find ourselves in a much more favorable public health regulatory and demand environment than when we last spoke a little over 2 months ago. We have witnessed a continued relaxation of COVID-related protocols across the globe from air travel to concerts and other indoor activities, and this time around, the cruise industry is an active participant.

正如您在幻燈片 6 中看到的那樣，2019 年，我們的淨收益率比同行高出 20% 到 40% 之間。這一歷史性的優異表現，再加上我們在未來所有時期都經歷的強勁定價，證明我們的戰略是一個卓越的戰略，也是保護我們品牌資產同時推動長期股東價值的最佳方式。退一步為更廣闊的環境服務，今天，我們發現自己所處的公共衛生監管和需求環境比兩個多月前上次發言時要好得多。從航空旅行到音樂會和其他室內活動，我們目睹了全球範圍內與 COVID 相關的協議不斷放寬，而這一次，郵輪業是積極的參與者。

First, we are pleased that in late March, the CDC entirely removed its travel health notices for cruise, representing a significant step towards leveling the playing field between cruise and our land-based counterparts. In addition, the CDC continues to modify elements of its voluntary framework for cruise, relaxing certain requirements, the most recent of which includes reducing required vaccination thresholds from 95% to 90%, which further opens up the important family market to cruising.

首先，我們很高興 CDC 在 3 月下旬完全取消了郵輪旅行健康通知，這標誌著郵輪與陸上同行之間的公平競爭邁出了重要一步。此外，疾病預防控制中心繼續修改其自願郵輪框架的要素，放寬某些要求，其中最近的一項包括將所需的疫苗接種門檻從 95% 降低到 90%，這進一步向郵輪開放了重要的家庭市場。

Second, as I mentioned earlier, we have seen an acceleration in the reopening of society to pre-pandemic normalcy, which bodes well for the travel and leisure sector overall. More ports around the world have opened to cruise and we have seen travel restrictions relax in many areas. And while there are still regions where discussions to reopen to cruise are ongoing, particularly certain countries in Asia, the good news is that we do not have ships sailing in those regions until fourth quarter, giving us additional time to monitor the situation, plan for various outcomes and be ready to adapt as needed.

其次，正如我之前提到的，我們已經看到社會加速重新開放到大流行前的正常狀態，這對整個旅遊和休閒行業來說是個好兆頭。世界各地更多的港口已經開放郵輪，我們看到許多地區的旅行限制有所放鬆。儘管仍有一些地區正在討論重新開放郵輪，特別是亞洲的某些國家，但好消息是我們直到第四季度才有船隻在這些地區航行，這讓我們有更多時間來監控情況，計劃各種結果，並準備好根據需要進行調整。

And lastly, we are seeing an explosive showing by consumers, particularly American consumers. Consumer spend is strong, snapping back and even exceeding where we left off in 2019. Gone are the days where the family budget was going to antibacterial wipes, hand sanitizer, delivery apps, stationary bikes and streaming services. Consumers today are spending to catch up on over 2 years of missed experiences. One example of this that we see every day is hotel ADRs and airline fares, which are at or near record levels. And now with our full fleet back up and running in our industry's overwhelming advantage in its value proposition over land-based options, we, along with the entire cruise industry, are well positioned to capitalize on this pent-up demand.

最後，我們看到消費者，尤其是美國消費者的爆發式表現。消費者支出強勁，回升，甚至超過了我們在 2019 年停止的地方。家庭預算用於抗菌濕巾、洗手液、送貨應用程序、固定自行車和流媒體服務的日子已經一去不復返了。今天的消費者正在花錢來彌補兩年多錯過的體驗。我們每天看到的一個例子是酒店 ADR 和機票價格，它們處於或接近創紀錄水平。現在，隨著我們整個船隊的備份和運行，我們的行業在其價值主張方面相對於陸上選擇具有壓倒性優勢，我們以及整個郵輪行業都處於有利地位，可以利用這種被壓抑的需求。

While the public health environment improved over the course of the quarter, the start of the Russia-Ukraine conflict did cause additional disruptions across the world and to our business, as you can see on Slide 7. First and foremost, we continue to hope for a peaceful resolution, which minimizes further impact for those in the region. Our motto is family first and as such, we have focused on assisting our impacted shipboard and shoreside team members as best we can. We have activated our crew relief fund and are providing logistical, communication and mental health support to affected team members. In addition, we also provided a sizable donation to Save the Children of Ukraine Crisis Relief Fund and invited partners, including guests, travel partners and team members to contribute as well.

儘管公共衛生環境在本季度有所改善，但俄羅斯-烏克蘭衝突的開始確實對全球和我們的業務造成了額外的干擾，正如您在幻燈片 7 中看到的那樣。首先，我們繼續希望和平解決方案，最大限度地減少對該地區人們的進一步影響。我們的座右銘是家庭至上，因此，我們專注於盡我們所能幫助受影響的船上和岸上團隊成員。我們已經啟動了船員救助基金，並正在為受影響的團隊成員提供後勤、溝通和心理健康支持。此外，我們還向救助烏克蘭危機救助兒童基金會提供了一筆可觀的捐款，並邀請了包括客人、旅行夥伴和團隊成員在內的合作夥伴也捐款。

Prior to the conflict, approximately 10% of our annual capacity across our 3 brands was scheduled to sail in the Baltic region, with approximately 5% calling on St. Petersburg, Russia. We subsequently canceled or modified approximately 60 sailings, which included all calls to ports in Russia for 2022. And in a move that demonstrates one of the unique strengths of our industry, we quickly redeployed 3 ships scheduled to operate in the region to sail alternate itineraries. Oceania's Marina, Regent's Seven Seas Mariner, will remain in Europe sailing British Isles and Northern European itineraries, respectively.

在衝突之前，我們 3 個品牌的約 10% 的年運力計劃在波羅的海地區航行，約 5% 的航線停靠俄羅斯聖彼得堡。我們隨後取消或修改了大約 60 次航行，其中包括 2022 年到俄羅斯港口的所有停靠。為了展示我們行業的獨特優勢之一，我們迅速重新部署了 3 艘計劃在該地區運營的船舶，以航行替代行程.大洋洲的碼頭，攝政的七大洋水手，將分別留在歐洲航行不列顛群島和北歐航線。

Meanwhile, Norwegian Getaway was redeployed to Port Canaveral to take advantage of pent-up close-in domestic demand, which despite the condensed booking window, has already meaningfully exceeded our occupancy expectations. And in a preemptive measure, our 3 brands will pause all calls to Russia from their 2023 and 2024 itineraries. While this is not an ideal scenario, we are once again demonstrating our ability to pivot as needed and respond to exogenous events.

與此同時，挪威逍遙遊被重新部署到卡納維拉爾港，以利用被壓抑的近距離國內需求，儘管預訂窗口很短，但已經大大超出了我們的入住率預期。作為先發製人的措施，我們的 3 個品牌將暫停 2023 年和 2024 年行程中所有前往俄羅斯的電話。雖然這不是一個理想的場景，但我們再次展示了我們根據需要進行調整併對外部事件做出反應的能力。

Now turning to Slide 8. We shift today's discussions to our broader booking and demand trends. Overall, we continue to experience sequentially improving underlying demand and robust pricing for all future periods. The Omicron surge in December and January did indeed impact net booking momentum, with the vast majority of cancellations concentrated for close-in sailings. The tide began to turn in mid-January, when net booking volumes began to show week-over-week improvement. As bookings regained momentum, we experienced another temporary setback with the emergence of the Russia-Ukraine conflict. This impact was also short lived and was mainly concentrated on the Baltic region, with some leakage to surrounding Mediterranean sailings with cancellations returning to pre-conflict levels by the end of the first quarter.

現在轉到幻燈片 8。我們將今天的討論轉移到更廣泛的預訂和需求趨勢上。總體而言，我們將繼續體驗到潛在需求的連續改善和所有未來時期的強勁定價。 12 月和 1 月的 Omicron 激增確實影響了淨預訂勢頭，絕大多數取消集中在近距離航行。趨勢在 1 月中旬開始轉變，當時淨預訂量開始顯示出每週的改善。隨著預訂恢復勢頭，隨著俄羅斯-烏克蘭衝突的出現，我們又經歷了一次暫時的挫折。這種影響也是短暫的，主要集中在波羅的海地區，一些洩漏到周圍的地中海航行，到第一季度末取消恢復到衝突前的水平。

Overall net booking volumes have continued to improve sequentially, returning to and recently surpassing pre-micron levels and currently at levels approaching the pace needed to consistently sail at historical pre-pandemic load factors. As a result of the impact from Omicron and the Russia-Ukraine conflict, second half 2022 book position is not below an extraordinarily strong 2019. As we look further out in the year, the picture improved sequentially with book position in the fourth quarter remaining in line with 2019.

總體淨預訂量繼續連續改善，恢復並最近超過微米前水平，目前處於接近以歷史大流行前負載率持續航行所需的水平。由於 Omicron 和俄烏衝突的影響，2022 年下半年的賬面排名不低於 2019 年的異常強勁。隨著我們進一步展望今年，情況環比改善，第四季度的賬面排名保持在與 2019 年一致。

More importantly, cumulative full year 2023 book position is ahead of 2019 and ahead of pre-pandemic 2020 at a comparable point in the booking curve. On the all-important pricing front, as mentioned earlier, our go-to-market strategy of marketing to fill versus discounting to fill and emphasizing value over price is paying off in droves, with pricing meaningfully higher for all future periods when compared to the comparable pre-pandemic periods.

更重要的是，在預訂曲線的可比點上，2023 年全年的累計預訂位置領先於 2019 年，並領先於大流行前的 2020 年。在最重要的定價方面，如前所述，我們的市場營銷策略是通過營銷來填充而不是通過折扣來填充和強調價值而不是價格，這些策略正在成群結隊地獲得回報，與可比的大流行前時期。

This holds true even when including the dilutive impact of future cruise credits in 2022, which, as a reminder, will no longer be a headwind in 2023 as FCCs must be applied to sailings through year-end 2022. As the booking environment improves, we will continue our strategic marketing efforts in order to further stoke demand to obtain quality, high-priced and high-value bookings.

即使包括 2022 年未來郵輪積分的稀釋影響也是如此，提醒一下，2023 年將不再是逆風，因為 FCC 必須在 2022 年底之前應用於航行。隨著預訂環境的改善，我們將繼續我們的戰略營銷努力，以進一步激發需求以獲得優質、高價和高價值的預訂。

With each month that goes by, our recovery trajectory becomes a little clearer. 2022 is no doubt a transition year. But as I look towards 2023, I'm excited by the full potential the future holds. We are still operating in an uncertain environment. And if we've learned anything, it's that a return to normalcy will certainly not happen overnight and possibly not without additional bumps in the road. But with each passing day, I'm increasingly confident that we are reaching the milestones needed to propel us forward in this recovery.

隨著每個月的流逝，我們的複蘇軌跡變得更加清晰。 2022年無疑是一個過渡年。但當我展望 2023 年時，我對未來的全部潛力感到興奮。我們仍在不確定的環境中運營。如果我們學到了什麼，那就是恢復正常肯定不會在一夜之間發生，而且可能不會沒有額外的障礙。但隨著時間的推移，我越來越有信心我們正在達到推動我們在這次復蘇中前進所需的里程碑。

We are doing everything in our control to position us for sustained long-term success and we are laying the foundation needed to set the company up for an extremely strong year in 2023 and beyond. From where we sit today and without another black swan event derailing our plans, there is a reasonable and clear path to reach record net yields and record adjusted EBITDA levels in 2023, boosted by the introduction of 4 new ships across our 3 brands over the next 18 months, a goal our entire team is focused on achieving.

我們正在竭盡所能，為實現持續的長期成功做好準備，我們正在為公司在 2023 年及以後的極其強勁的一年奠定基礎。從我們今天所處的位置來看，在沒有另一場黑天鵝事件破壞我們的計劃的情況下，有一條合理而明確的道路可以在 2023 年達到創紀錄的淨收益率和創紀錄的調整後 EBITDA 水平，這得益於我們在接下來的 3 個品牌中推出 4 艘新船18 個月，這是我們整個團隊都在努力實現的目標。

As just mentioned, a key component to this future success will be our industry-leading growth profile, with 9 new ships coming online across our 3 brands through 2027. The first of these ships, Norwegian Prima will join our fleet in just a few short months, as you can see on Slide 9. After her record sales debut in May of 2021, her booking volumes continue to be stellar and her pricing significantly outpacing our past new ship launches.

如前所述，未來成功的一個關鍵因素將是我們行業領先的增長概況，到 2027 年，我們的 3 個品牌將有 9 艘新船上線。這些船中的第一艘，挪威 Prima 將加入我們的船隊。幾個月，正如您在幻燈片 9 上看到的那樣。在 2021 年 5 月首次創下銷售記錄後，她的預訂量繼續保持強勁，她的定價大大超過了我們過去推出的新船。

In March, we announced that pop icon Katy Perry will serves as godmother to Prima and will be the headline entertainer at her christening ceremony in Reykjavik, Iceland. This announcement garnered significant media coverage, further building on the excitement surrounding Prima and allowing us to reach a new-to-cruise audience.

3 月，我們宣布流行偶像 Katy Perry 將擔任 Prima 的教母，並將成為她在冰島雷克雅未克的洗禮儀式上的頭條藝人。該公告獲得了大量媒體報導，進一步激發了 Prima 周圍的興奮，並使我們能夠接觸到新的郵輪觀眾。

As we look to next year, 2023 will be the first year that each of our brands will be welcoming new capacity, the addition of Norwegian Viva, Oceania Cruise's Vista and Regent Seven Seas Grandeur to our fleet. These new hardware introductions are a meaningful driver, not only in net yield growth and overall profitability, but also in attracting new guests to our brands and reigniting loyal past guests to enjoy new and elevated experiences. They also have historically had a significant halo effect in the rest of our fleet.

展望明年，2023 年將是我們每個品牌都迎來新運力的第一年，我們的船隊將新增挪威 Viva、Oceania Cruise 的 Vista 和 Regent Seven Seas Grandeur。這些新硬件的推出是一個有意義的推動力，不僅在淨產量增長和整體盈利能力方面，而且在吸引新客人加入我們的品牌和重新激發忠誠的老客人享受全新和提升的體驗方面。從歷史上看，它們在我們其他艦隊中也產生了顯著的光環效應。

Needless to say, I'm ready and eager to begin welcoming these additional premium capacity to our fleet, which we expect will be meaningful contributors to our top and bottom line financial results. I'll be back with closing comments a little later. But for now, I'll turn the call over to Mark Kempa for his commentary on our financial position. Mark?

毋庸置疑，我已經準備好並渴望開始歡迎這些額外的優質運力加入我們的機隊，我們預計這將對我們的頂線和底線財務業績做出有意義的貢獻。稍後我會帶著結束評論回來。但現在，我將把電話轉給 Mark Kempa，讓他對我們的財務狀況發表評論。標記？

Thank you, Frank, and good morning, everyone. Before I begin my commentary on our financial results and outlook, I would like to take a moment to express my sincere thanks to our truly top-notch team for the successful execution of our return to service plan. Their hard work, collaboration and innovative spirit are unmatched, and their efforts have been critical to getting us to the significant milestone, with all ships now officially back to revenue service.

謝謝你，弗蘭克，大家早上好。在我開始對我們的財務業績和前景發表評論之前，我想花一點時間對我們真正一流的團隊成功執行我們的重返服務計劃表示衷心的感謝。他們的辛勤工作、協作和創新精神是無與倫比的，他們的努力對於讓我們達到重要的里程碑至關重要，所有船隻現在正式恢復收入服務。

Turning to the first quarter results, strong ticket pricing and onboard revenue spend drove positive contribution from the fleet that operated in the quarter despite headwinds we faced from the Omicron variant. During the quarter, we canceled approximately 60 sailings due to Omicron-related operational disruptions from additional travel restrictions, increased health and safety protocols and port closures. This impact, coupled with our focus on maintaining price integrity for the long term, resulted in slightly lower than anticipated load factors in the quarter. However, pricing remained robust in the quarter, and onboard spend per person per day continues to be up meaningfully versus record 2019 levels.

談到第一季度的業績，強勁的票價和機上收入支出推動了本季度運營的機隊的積極貢獻，儘管我們面臨來自 Omicron 變體的逆風。在本季度，由於額外的旅行限制、增加的健康和安全協議以及港口關閉導致與 Omicron 相關的運營中斷，我們取消了大約 60 次航行。這種影響，加上我們對長期保持價格完整性的關注，導致本季度的載客率略低於預期。然而，本季度的定價仍然強勁，與 2019 年的創紀錄水平相比，每人每天的機上支出繼續顯著上升。

Looking ahead, load factors are also improving sequentially each month, and we expect second quarter load factors to come in at approximately 65%. This will continue to build throughout the year, and we expect to reach historical load factor levels in the first half of 2023, and at record pricing, staying consistent with our go-to-market strategy and protecting the long-term pricing strength of our brands. In addition, we are experiencing an uptick in bookings for close-in sailings, which not only help organically boost near-term load factors, but more importantly are a positive indicator that consumer confidence is building as these bookings are typically within the cancellation penalty period.

展望未來，載客率也在逐月提高，我們預計第二季度的載客率將達到 65% 左右。這將在全年繼續建立，我們預計將在 2023 年上半年達到歷史載客率水平，並以創紀錄的價格，與我們的上市戰略保持一致，並保護我們的長期定價實力品牌。此外，我們正在經歷近距離航行的預訂量增加，這不僅有助於有機地提高近期的載客率，而且更重要的是，這是一個積極的指標，表明消費者信心正在建立，因為這些預訂通常在取消處罰期內.

Turning to our financial performance. Slide 10 lays out our expectations for upcoming key financial milestones. In March, we reached a significant inflection point in our financial recovery, with operating cash flow turning slightly positive for the month ahead of our previous projections, which we expect will continue throughout the second quarter. This momentum should continue to gain steam as we progress through the year with both positive operating cash flow and positive adjusted EBITDA expected for the second half of 2022. This sets us up nicely to achieve our goal of record net yields and record adjusted EBITDA for full year 2023.

轉向我們的財務業績。幻燈片 10 列出了我們對即將到來的關鍵財務里程碑的期望。 3 月份，我們的財務復甦達到了一個重要的轉折點，在我們之前的預測之前一個月的運營現金流略微轉正，我們預計這將在整個第二季度持續下去。隨著我們全年的進展，這種勢頭將繼續獲得動力，預計 2022 年下半年的經營現金流為正，調整後的 EBITDA 為正。這使我們能夠很好地實現創紀錄的淨收益率和創紀錄的調整後 EBITDA 的目標2023 年。

Moving to Slide 11. Our cash balance for the quarter increased by approximately $390 million on a net basis to $2.1 billion. This reflects $1.1 billion of cash burn associated with operations, including interest and capital expenditures, partially offset by nearly $600 million of advanced ticket sale collections and other working capital changes. Our cash balance at the end of the quarter was also boosted by an incremental $925 million associated with the balance sheet optimization transactions we executed in February.

轉到幻燈片 11。本季度我們的現金餘額淨增加約 3.9 億美元，達到 21 億美元。這反映了與運營相關的 11 億美元現金消耗，包括利息和資本支出，但被近 6 億美元的預售票款和其他營運資金變動部分抵消。我們在本季度末的現金餘額也因我們在 2 月份執行的資產負債表優化交易而增加了 9.25 億美元。

Our overall liquidity remains strong, standing at $3.1 billion at the end of the first quarter, which positions us well to manage the resumption of debt amortization and newbuild-related payments, which were deferred during the pandemic, the former of which resumed beginning last month. With all ships now sailing and cash generation increasing month after month, our current trajectory would indicate that we are confident we can fund our operations organically.

我們的整體流動性仍然強勁，在第一季度末達到 31 億美元，這使我們能夠很好地管理債務攤銷和與新造船相關的付款的恢復，這些付款在大流行期間被推遲，前者從上個月開始恢復.隨著所有船舶的航行和現金產生逐月增加，我們目前的軌跡表明我們有信心可以有機地為我們的運營提供資金。

A key component of this cash generation is our advanced ticket sales build, which continues to accelerate. As you can see on Slide 13, Total ATS balance stood at $2.2 billion as of the end of the first quarter, up over $400 million versus the prior quarter. On a gross basis, ATS build increased by 60% to $1.1 billion in the quarter, surpassing the $1 billion mark for the first time since the start of the pandemic and approaching pre-pandemic levels. This is another positive indicator demonstrating strong consumer demands for our brands.

這種現金產生的一個關鍵組成部分是我們先進的門票銷售建設，它繼續加速。正如您在幻燈片 13 中看到的那樣，截至第一季度末，ATS 總餘額為 22 億美元，比上一季度增加了 4 億多美元。按總額計算，本季度 ATS 建設增長 60% 至 11 億美元，自大流行開始以來首次超過 10 億美元大關，並接近大流行前的水平。這是另一個積極的指標，表明消費者對我們品牌的強烈需求。

Turning to cash burn. Our monthly burn in the quarter was approximately $375 million, better than our guidance of $390 million despite some cost pressures from inflation and global supply chain constraints. This cash burn figure does not include cash inflows associated with current or future bookings, nor contributions from ships that have already resumed service.

轉向燒錢。儘管通貨膨脹和全球供應鏈限制帶來了一些成本壓力，但我們在本季度的每月消耗約為 3.75 億美元，好於我們 3.9 億美元的指導。該現金消耗數字不包括與當前或未來預訂相關的現金流入，也不包括已經恢復服務的船舶的貢獻。

Moving to the balance sheet. As part of our financial recovery plan shown on Slide 14, our team is focused day in and day out on finding and seizing opportunities to optimize our balance sheet and maximize value for our shareholders. During the quarter, we raised approximately $2.1 billion through a series of debt transactions. Proceeds from these transactions were used to redeem the remaining outstanding balances of the high-cost 12.25% senior notes due 2024 and the 10.25% senior secured notes due 2026, which we incurred out of necessity at the peak of the pandemic.

轉移到資產負債表。作為幻燈片 14 所示財務復甦計劃的一部分，我們的團隊日復一日地專注於尋找和抓住機會，以優化我們的資產負債表並為股東創造最大價值。在本季度，我們通過一系列債務交易籌集了大約 21 億美元。這些交易的收益用於贖回 2024 年到期的高成本 12.25% 優先票據和 2026 年到期的 10.25% 優先有擔保票據的剩餘未償還餘額，這是我們在大流行高峰期出於必要而產生的。

The remaining proceeds of approximately $925 million will be used to make principal and interest payments on scheduled debt amortization due in the short term. These transactions extended our debt maturity profile and released certain collateral and guarantees. The combined benefit of these transactions, coupled with those completed late last year as laid out on Slide 15, reduced our annual cash interest expense by approximately $75 million.

約 9.25 億美元的剩餘收益將用於支付短期到期的預定債務攤銷的本金和利息。這些交易延長了我們的債務期限，並釋放了某些抵押品和擔保。這些交易的綜合收益，加上幻燈片 15 所述的去年底完成的交易，使我們的年度現金利息支出減少了約 7500 萬美元。

As I've touched on in the last few quarters, consistent with what all other industries are also experiencing, inflation in global supply chain constraints continue to put upward pressure on our costs. Fuel prices have risen significantly, accelerated by the ongoing geopolitical unrest. While we are not immune to this spike in pricing, our hedge program, as shown on Slide 24, provides partial protection.

正如我在過去幾個季度中提到的，與所有其他行業也正在經歷的情況一致，全球供應鏈限制的通貨膨脹繼續給我們的成本帶來上行壓力。由於持續的地緣政治動盪，燃料價格大幅上漲。雖然我們不能倖免於價格飆升，但我們的對沖計劃（如幻燈片 24 所示）提供了部分保護。

On the labor front, we remain relatively better positioned than our land-based peers due to our long-term employment agreements, which provide for stable wage inflation and predictability in our operating cost structure. We've also provided incremental guidance on key certain metrics like depreciation and amortization, interest, fuel consumptions and capital expenditures, all of which can be found on Slide 25.

在勞動力方面，由於我們的長期僱傭協議提供了穩定的工資上漲和運營成本結構的可預測性，我們仍然比陸上同行處於相對更好的位置。我們還就折舊和攤銷、利息、燃料消耗和資本支出等關鍵某些指標提供了增量指導，所有這些都可以在幻燈片 25 上找到。

Looking ahead, we are gearing up to deliver on our attractive newbuild program. This transformational growth is an underappreciated cornerstone of our company's investment thesis. Compared to 2019, the addition of -- to our fleet of 9 new ships through 2027 results in a 50% capacity growth versus 2019, as shown on Slide 16. This also reflects the additions of both Norwegian Encore in late 2019 and Regent Seven Seas Splendor in early 2020. These new ships are expected to be top line and margin accretive and with very efficient financing structures, resulting in an expected immediate boost to our profitability.

展望未來，我們正準備實施我們有吸引力的新建項目。這種轉型增長是我們公司投資論點的一個被低估的基石。如幻燈片 16 所示，與 2019 年相比，到 2027 年，我們的 9 艘新船船隊的新增運力與 2019 年相比增長了 50%。這也反映了 2019 年底挪威安可號和攝政七海的新增船隊2020 年初的輝煌。這些新船預計將帶來收入和利潤增長，並具有非常有效的融資結構，從而有望立即提高我們的盈利能力。

As we have showed you in the past, Slide 22 demonstrates how this management team has time and again generated outsized returns on incremental capacity, a trend we fully expect to continue in the future. Another area where we can drive additional value for our stakeholders is our multiyear strategy to capture additional share of the leisure wallet. Cruise vacations continue to offer a unique and incredible compelling value proposition for consumers versus land-based vacation alternatives. In the past, we have said that a cruise typically offers at least 20% to 30% better value than a similar land-based alternative.

正如我們過去向您展示的那樣，幻燈片 22 展示了該管理團隊如何一次又一次地在增量產能上產生巨大的回報，我們完全期望這種趨勢在未來會繼續下去。我們可以為利益相關者帶來額外價值的另一個領域是我們獲取更多休閒錢包份額的多年戰略。與陸上度假相比，郵輪度假繼續為消費者提供獨特且令人難以置信的引人注目的價值主張。過去，我們曾說過，遊輪通常比類似的陸上選擇提供至少 20% 到 30% 的價值。

With the current inflationary backdrop, that gap has widened, making our value proposition even more compelling today than ever before. Without the same labor pressures on many of our land-based peers are facing, we can also provide a consistent and exceptional level of service to our guests as evidenced by our high guest satisfaction scores. These factors combined present another opportunity for us to both drive additional demand and increased prices.

在當前的通脹背景下，這種差距已經擴大，使我們的價值主張在今天比以往任何時候都更具吸引力。我們的許多陸上同行都沒有面臨同樣的勞動力壓力，我們還可以為我們的客人提供一致和卓越的服務水平，我們的高客戶滿意度得分就是證明。這些因素加在一起為我們提供了另一個機會來推動額外需求和價格上漲。

Stepping back and looking at the bigger long-term picture, I am optimistic not only because of the progress we have made so far in our recovery, but also by our future prospects. Each new milestone we reach is another stepping stone as we push forward in our recovery process. And as I touched on, we have several significant catalysts to generate value beyond simply targeting a return to our pre-pandemic performance.

退後一步，從長遠來看，我感到樂觀，不僅因為我們迄今在復蘇方面取得的進展，還因為我們的未來前景。我們達到的每一個新里程碑都是我們推進恢復過程的另一個墊腳石。正如我所提到的，我們有幾個重要的催化劑來創造價值，而不僅僅是簡單地以恢復大流行前的表現為目標。

We are focused on controlling what we can control and finding new and innovative ways, however big or small, to improve each day. I am confident that our strong culture of operational and financial excellence and discipline, which served us well in the past and through the challenges of the pandemic, will serve us even more in the future. With that, I'll turn the call back to Frank for closing comments.

我們專注於控制我們可以控制的東西，並尋找新的和創新的方法，無論大小，每天都在改進。我相信，我們強大的運營和財務卓越和紀律文化在過去為我們提供了良好的服務，並通過了大流行的挑戰，將在未來為我們提供更多服務。有了這個，我將把電話轉回弗蘭克以結束評論。

Thank you very much, Mark. Before we wrap up our prepared remarks this morning, I'd like to provide an update on our global sustainability program, Sail & Sustain, and which Slide 17 outlines key accomplishments and milestones. We have made several significant advances since our last earnings call. First, we announced last month that we are pursuing net zero greenhouse gas emissions by 2050. This ambition spans our entire operation and value chain, as we aim to bring all of our key partners along with us on this important journey.

非常感謝，馬克。在我們結束今天上午準備好的發言之前，我想介紹一下我們的全球可持續發展計劃 Sail & Sustain 的最新情況，幻燈片 17 概述了關鍵成就和里程碑。自上次財報電話會議以來，我們已經取得了幾項重大進展。首先，我們上個月宣布，我們將在 2050 年實現溫室氣體淨零排放。這一雄心跨越了我們的整個運營和價值鏈，因為我們的目標是讓所有主要合作夥伴與我們一起踏上這一重要的旅程。

To support our path to net zero, we have also committed to develop short- and near-term greenhouse gas reduction targets. These new commitments broaden and strengthen our existing and continually evolving climate action strategy, which is centered around 3 key focus areas: first, reducing our carbon intensity; second, investing in technology and exploring alternative fuels; and third, implementing a carbon offset program. We will continue to monitor and invest in opportunities to reduce emissions, including and beyond our fleet, working closely with our vendor partners to accelerate decarbonization efforts.

為了支持我們實現淨零排放，我們還承諾制定短期和近期溫室氣體減排目標。這些新的承諾擴大並加強了我們現有的和不斷發展的氣候行動戰略，該戰略圍繞三個關鍵重點領域：首先，降低我們的碳強度；第二，投資技術和探索替代燃料；第三，實施碳補償計劃。我們將繼續監測和投資減少排放的機會，包括我們的車隊之外，與我們的供應商合作夥伴密切合作，加快脫碳工作。

A key driver to achieve our net zero ambition is the development of alternative fuels along with the associated critical infrastructure at destinations globally to support the usage of these fuels and to accelerate the use of shore power while in ports. We will continue to partner and research to identify appropriate alternative fuel sources that can also be sufficiently scaled. For example, we are currently actively engaging with partners, including shipyards, engine manufacturers and classification societies in exploring path for the development of additional technologies, including potential hybrid engine solutions and safe and effective methanol engine retrofits.

實現我們的淨零目標的一個關鍵驅動因素是在全球目的地開發替代燃料以及相關的關鍵基礎設施，以支持這些燃料的使用並加速在港口使用岸電。我們將繼續合作和研究，以確定也可以充分擴展的適當替代燃料來源。例如，我們目前正積極與包括造船廠、發動機製造商和船級社在內的合作夥伴合作，探索開發其他技術的途徑，包括潛在的混合動力發動機解決方案和安全有效的甲醇發動機改造。

Second, last month, we published our first task force on climate-related financial disclosures or TCFD report. As part of this process, we engaged teams across the organization to conduct an extensive climate risk screening, identifying priority climate-related risks followed by a scenario analysis in our top risks under different hypothetical climate scenarios. We are focused on improving resiliency and the result of this assessment will assist us in further integrating climate-related risks into our long-term strategy and decision-making processes.

其次，上個月，我們發布了第一個氣候相關財務披露工作組或 TCFD 報告。作為此過程的一部分，我們聘請了整個組織的團隊進行廣泛的氣候風險篩查，確定與氣候相關的優先風險，然後對不同假設氣候情景下的主要風險進行情景分析。我們專注於提高彈性，該評估的結果將幫助我們進一步將氣候相關風險納入我們的長期戰略和決策過程。

Lastly, I'm pleased to report that I signed the CEO Action Pledge for Diversity and Inclusion in March, further expanding our commitment to fostering an inclusive workforce, where diverse backgrounds that are represented engaged and empowered to generate and execute on innovative ideas.

最後，我很高興地報告，我在 3 月份簽署了 CEO 多元化和包容性行動承諾，進一步擴大了我們對培養包容性員工隊伍的承諾，在這些員工隊伍中，代表不同背景的人參與並有權產生和執行創新想法。

Before turning the call over to Q&A, I'd like to leave you with some key takeaways, which you can find on Slide 18. First, we are incredibly pleased to have our full fleet back in operation, so we can now singularly focus on wrapping up occupancies in a disciplined and brand accretive manner with the goal of reaching record net yields and record adjusted EBITDA for full year 2023. The public health and regulatory environment has improved, and I am encouraged by the current trajectory and the overall progress we have made as a society in learning how to adapt and live with the virus, allowing us to accelerate our return to normalcy.

在將電話轉至問答環節之前，我想給您一些關鍵要點，您可以在幻燈片 18 上找到這些要點。首先，我們非常高興我們的全部機隊重新投入運營，因此我們現在可以專注於以有紀律和品牌增值的方式結束入住，目標是在 2023 年全年實現創紀錄的淨收益率和創紀錄的調整後 EBITDA。公共衛生和監管環境有所改善，我對目前的軌跡和我們所取得的整體進展感到鼓舞作為一個學習如何適應和與病毒共存的社會，使我們能夠加速恢復正常。

Second, we are encouraged by the improving booking trends and robust pricing we are experiencing, which lay a strong foundation for the second half of '22 and 2023. We will lean on our fundamental go-to-market strategy of market-to-fill in order to set the stage now for high-quality, sustainable long-term profitability and free cash flow generation. And lastly, we will continue to execute on our medium and long-term recovery plan and to capitalize on our attractive growth profile over the coming years.

其次，我們對正在經歷的不斷改善的預訂趨勢和強勁的定價感到鼓舞，這為 22 年下半年和 2023 年奠定了堅實的基礎。我們將依靠我們的基本上市戰略，即市場填充為高質量、可持續的長期盈利能力和自由現金流的產生奠定基礎。最後，我們將繼續執行我們的中長期復蘇計劃，並在未來幾年利用我們有吸引力的增長前景。

As you can see, we've covered a lot today, so I'll conclude our commentary here and open up the call for your questions. Rob, please open up the line.

如您所見，我們今天已經介紹了很多內容，因此我將在此處結束我們的評論並打開電話詢問您的問題。羅布，請打開線路。

(Operator Instructions) Our first question comes from Steve Wieczynski with Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Steve Wieczynski。

So Frank and Mark, I want to ask about your ability to take price moving forward. One of the questions we get a lot from investors is the long-term pricing power of your company and the industry in general. And you guys obviously have remained underpriced relative to a lot of other vacation alternatives. And the fear is with disruptions like you're seeing with Russia, Ukraine and having to redeploy those assets elsewhere, coupled with a decent amount of new supply, those types of factors might keep your pricing ability more in check. So just trying to understand how you think about price ability or price actionability and how you kind of combat those fears that are out there?

所以弗蘭克和馬克，我想問一下你們推動價格上漲的能力。我們從投資者那裡得到的很多問題之一是貴公司和整個行業的長期定價能力。與許多其他度假選擇相比，你們顯然仍然被低估了。令人擔憂的是，您在俄羅斯、烏克蘭看到的中斷以及不得不將這些資產重新部署到其他地方，再加上大量的新供應，這些類型的因素可能會使您的定價能力受到更多控制。因此，只是想了解您如何看待價格能力或價格可操作性，以及您如何應對那些存在的恐懼？

Thanks, Steve. I think it's a great question, especially because we rely on pricing to perform as well as we do, both top line and bottom line. And one of the drivers of that future pricing of performance is going to be the 9 new vessels that's coming online. We have the most growth coming online, percentage-wise. I think as Mark mentioned, 50% in '23 over 2019. And as you know, new vessels, especially the new generation of the Norwegian vessels, the new generation of the Oceania vessels and the last of the Regent vessels, they're all incredibly productive in terms of being able to raise prices.

謝謝，史蒂夫。我認為這是一個很好的問題，特別是因為我們依靠定價來表現得和我們一樣好，無論是頂線還是底線。未來性能定價的驅動因素之一將是即將上線的 9 艘新船。從百分比來看，我們的在線增長最快。我認為正如馬克所提到的，2019 年 23 年的 50%。而且如你所知，新船，尤其是新一代的挪威船、新一代的大洋洲船和最後一艘攝政船，它們都是在能夠提高價格方面令人難以置信的生產力。

No question that the conflict in the Ukraine does have an adapting effect on pricing. St. Petersburg, Russia was a star port. We probably won't be going there anytime soon. But coupled with the new vessels coming online, you know of our history -- I think it's one of the slides, of our history of outperforming the industry in net yield growth year after year after year. Go-to-market strategy of market-to-fill as opposed to discount-to-fill is not a slogan, it's something we do every day. We take it very seriously.

毫無疑問，烏克蘭的衝突確實對定價產生了調整作用。俄羅斯聖彼得堡是一個明星港口。我們可能不會很快去那裡。但是，再加上新船的上線，你知道我們的歷史——我認為這是我們在淨產量年復一年增長方面跑贏行業的歷史中的一張幻燈片。以市場填充而不是折扣填充的進入市場策略不是口號，而是我們每天都在做的事情。我們非常重視它。

Being the small to the 3 big cruise companies, we don't have the scale to control costs as well as some others might. We win our game based on our ability to drive top line revenue and the key to driving top line revenue is pricing. And so we have the best and the brightest in our company focused on that, and we believe that we'll be able to continue to outperform in that area for years to come.

作為三大郵輪公司中的小公司，我們沒有像其他一些公司那樣控製成本的規模。我們贏得比賽是基於我們推動收入增長的能力，而推動收入增長的關鍵是定價。因此，我們公司擁有最優秀和最聰明的人專注於此，我們相信我們將能夠在未來幾年繼續在該領域表現出色。

And Steve, to add to what Frank is saying, we can't overlook as we talk about the value proposition of cruise. We've always said that cruise is underpriced versus our true competitors, which are land-based vacations. And as you've seen consumers more and more willing to pay higher pricing for land-based alternatives, that is additional demand and additional pricing that we can go after and we expect to go after. We'll continue to chase that, and that's an opportunity for the industry as a whole. .

史蒂夫，補充弗蘭克所說的話，當我們談論郵輪的價值主張時，我們不能忽視。我們一直說，與我們真正的競爭對手（陸上度假）相比，郵輪的價格被低估了。正如你所看到的，消費者越來越願意為陸基替代品支付更高的價格，這是我們可以追求的額外需求和額外定價，我們也希望能夠追求。我們將繼續追求這一點，這對整個行業來說都是一個機會。 .

If you look -- go back and look at 2008 and 2009, what happened in pricing after the last recession, pricing rebounded quickly. And I think we were the first in the industry. A couple of our brands never lost pricing power. And our largest brand at the time was the first to rebound. So we're set up well. We think there's continued opportunity down the line, consumers are willing to pay for value and cruise offers a compelling value.

如果你回過頭來看看 2008 年和 2009 年，上次經濟衰退後定價發生了什麼，定價迅速反彈。我認為我們是業內第一家。我們的幾個品牌從未失去定價權。而我們當時最大的品牌是第一個反彈的。所以我們設置得很好。我們認為未來還有持續的機會，消費者願意為價值付費，而郵輪提供了令人信服的價值。

That's great color. And second question, probably a bigger picture question. It's something I've asked some of your peers as well, but it's probably relevant to what's going on right now in the equity markets. And clearly, there's a fear out there, the U.S. is heading into some type of correction or recession or whatever you want to look at it. I just want to understand how you guys think you're positioned at this point, both from a what we call kind of a financial or liquidity position as well as your business in general. And maybe help us think about how you guys have performed in the past during tougher economic times. And if you see any scenario in which you would need to raise additional liquidity?

這顏色真好。第二個問題，可能是一個更大的問題。我也問過你的一些同行，但這可能與股市目前的情況有關。很明顯，人們擔心美國正在走向某種類型的修正或衰退，或者任何你想看到的東西。我只是想了解你們認為自己在這一點上的定位，無論是從我們所說的財務或流動性頭寸，還是從您的整體業務來看。也許可以幫助我們思考你們過去在經濟困難時期的表現。如果您看到需要增加額外流動性的任何情況？

Steve, I'll take that. So first and foremost, let's remember, we have a few inflection points that we just hit as a company. Free -- our positive cash flow from operations turned in March. We expect that to continue in the second quarter and throughout the rest of the year. As I showed in our slides, we expect free cash flow to turn positive in the fourth quarter. So all that plays in well.

史蒂夫，我會接受的。所以首先，讓我們記住，作為一家公司，我們有幾個拐點。免費——我們在 3 月份的運營現金流為正。我們預計這種情況將在第二季度和今年餘下時間繼續。正如我在幻燈片中展示的那樣，我們預計自由現金流將在第四季度轉為正數。所以這一切都很好。

When we look at our liquidity position, we turned the quarter with around $3.1 billion. And as I talked about, not only turning the corner on cash flow, but our advanced ticket sales engine is roaring. And so when you look at that, and are -- we're pretty confident in our ability to fund our operations organically. When you look at the bigger picture against the economic backdrop of whether it's inflation or recession talk, as you think about the cruise industry and our company as a whole, against an inflationary backdrop, we're relatively better positioned than many of our land-based competitors due to the fixed cost nature of our business. So that gives us an advantage.

當我們查看我們的流動性頭寸時，我們以大約 31 億美元的價格完成了本季度。正如我所說，不僅現金流轉好，我們先進的門票銷售引擎也在咆哮。因此，當您看到這一點時，我們對我們有機地為我們的運營提供資金的能力非常有信心。當您從經濟背景（無論是通貨膨脹還是經濟衰退的言論）看大局時，當您考慮郵輪業和我們公司作為一個整體時，在通貨膨脹的背景下，我們比我們的許多土地都處於相對更好的位置-基於我們業務的固定成本性質的競爭對手。所以這給了我們一個優勢。

And again, I'll go back to what I said in the beginning of your question; that, combined with the value proposition of cruise, consumers look for that. So we feel like we're in a great position going forward.

再說一次，我會回到你問題開始時所說的話；這與郵輪的價值主張相結合，是消費者尋找的。所以我們覺得我們在未來處於一個很好的位置。

Our next question is from the line of Vince Ciepiel with Cleveland Research.

我們的下一個問題來自 Cleveland Research 的 Vince Ciepiel。

Helpful comments there and interesting goal on the '23 net yield. I think you had also mentioned a record year for EBITDA, and I'm sure that unit growth is part of that, but I wanted to get your perspective on profitability within that. Obviously, there's been inflation across the business. A lot of companies are dealing with this now, but you guys have made some efficiency improvements through COVID rolling out additional capacity to leverage some land-based fixed costs. So curious kind of how you're thinking about margins into next year in light of those moving pieces?

那裡的有用評論和關於 '23 淨收益率的有趣目標。我認為您還提到了 EBITDA 創紀錄的一年，我相信單位增長是其中的一部分，但我想了解您對盈利能力的看法。顯然，整個企業都存在通貨膨脹。現在很多公司都在處理這個問題，但是你們通過 COVID 推出了額外的能力來利用一些基於土地的固定成本，從而提高了效率。鑑於這些變動因素，您對明年的利潤率有何看法？

Vince, it's Frank. Look, it all starts with record pricing. Today, we've said that our 2023 book position, meaningfully ahead of where we were last year, pricing meaningfully ahead of where we are last year. We can hold, meaning no more black swan events. We think that there will be margin expansion, led not only by the pricing we're seeing, but by the introduction of 4 new ships. We were, in a way, lucky that we didn't take delivery of any new ships during the pandemic. But over the next 18 months, we take delivery of 4. And so we think, like we've seen historically, new ship introductions are a real tailwind to net yield growth, to profitability, to top line revenue.

文斯，是弗蘭克。看，這一切都始於創紀錄的定價。今天，我們已經說過，我們 2023 年的賬面位置明顯領先於去年，定價也明顯領先於去年。我們可以堅持，這意味著不再有黑天鵝事件。我們認為利潤率將會擴大，這不僅是由於我們所看到的定價，而且是由於 4 艘新船的推出。在某種程度上，我們很幸運，在大流行期間我們沒有接收任何新船。但在接下來的 18 個月裡，我們交付了 4 艘。因此，我們認為，就像我們在歷史上看到的那樣，新船的推出對淨收益率增長、盈利能力和頂線收入來說是一個真正的順風。

Inflation is an ugly word, but it's -- there's a pretty side to it, which is pricing power. And you've heard Mark's statements this morning along with mine that we do have pricing power, not only in absolute terms but in relative terms compared to land-based resorts and other vacation options. So we think that in the absence of more black swan events, and we've had more black swan events in the last 2 years than I think we've had in the prior '20, 2023 indeed, could be the record year that we're seeing unfolding before us.

通貨膨脹是一個醜陋的詞，但它有一個很好的一面，那就是定價能力。你今天早上和我一起聽到了 Mark 的聲明，即我們確實擁有定價權，不僅在絕對值上，而且在與陸地度假村和其他度假選擇相比的相對值上。所以我們認為，在沒有更多黑天鵝事件的情況下，而且我們在過去 2 年中發生的黑天鵝事件比我認為我們在之前的 20 年發生的更多，2023 年確實可能是我們創紀錄的一年'正在我們面前展開。

And Vince, we're -- not only unit growth, as we said, in 2023, we effectively have a 20% capacity growth over '19. We're going to drive the top line. But on the cost side, you have to remember that if you look at our costs, we're not immune to inflation, but about 25% to 30% of our cost basket is exposed to that hyperinflation, so to speak. That's a lot less than many of our comparable type of leisure industry, so to speak. So we have some protection against that backdrop. We're going to continue to push on price. We continue to gain scale as we grow. And all that's going to reduce -- result in expansion of margin and increased profitability.

文斯，我們不僅是單位增長，正如我們所說，到 2023 年，我們實際上比 19 年的產能增長了 20%。我們將推動收入增長。但在成本方面，你必須記住，如果你看看我們的成本，我們不能免受通貨膨脹的影響，但是可以說，我們成本籃子中大約 25% 到 30% 的成本會受到惡性通貨膨脹的影響。可以說，這比我們許多類似類型的休閒產業要少得多。因此，在這種背景下，我們有一些保護措施。我們將繼續推高價格。隨著我們的成長，我們繼續擴大規模。所有這一切都會減少 - 導致利潤擴大和盈利能力增加。

That's helpful. And curious, I wanted to dig into the customer mix a little bit. I think there was a comment in the slide deck about loyalty guests driving a good portion of occupancy. But curious how you've seen new-to-cruise bookings transition in the last 60 days and if there's been any catch-up there?

這很有幫助。好奇，我想深入了解一下客戶組合。我認為幻燈片中有一條評論說忠誠的客人推動了很大一部分入住率。但好奇您在過去 60 天內如何看到新的郵輪預訂轉變，是否有任何追趕？

Early in the pandemic recovery, there was an overwhelming skewness towards past guest booking. They were the most comfortable with cruising, most comfortable with particular brand. What we have seen really, since the beginning of the year, is a return to normal breakout between past guest booking with us, new-to-brand guests booking with us and new-to-cruise booking with us. So I think from that perspective, we've either reached or about to reach the normal breakout of the different groups of passengers, which is good to see. Cruise line can't live with past guests alone. So it's good to see the return of new to cruise and new to brand to us.

在大流行恢復初期，過去的客人預訂存在壓倒性的偏差。他們對巡航最舒服，對特定品牌最舒服。自今年年初以來，我們真正看到的是過去與我們預訂的客人、與我們預訂的新品牌客人和與我們預訂郵輪的新客人之間的正常突破。所以我認為從這個角度來看，我們要么已經達到或即將達到不同乘客群體的正常突破，這很高興看到。郵輪公司不能單獨與過去的客人一起生活。所以很高興看到新郵輪和新品牌回歸我們。

Next question is from the line of Stephen Grambling with Goldman Sachs.

下一個問題來自高盛的 Stephen Grambling。

Outside of the startup costs, is there any way you can frame the impact of COVID-related costs this year to sustain, whether it's social distancing, testing, et cetera? And what you would look for to start easing some of these, maybe as we get out to 2023?

除了啟動成本之外，您還有什麼方法可以確定今年與 COVID 相關的成本的影響來維持，無論是社交距離、測試等等？你會尋找什麼來開始放鬆其中的一些，也許是在我們到 2023 年的時候？

Yes. I -- Steve, I think outside of testing, we've effectively stopped the social distancing with the reduced regulations that were issued by the CDC recently. We're now going to be taking back some cabins over time that we had to put aside for quarantine or for isolation. So that produces additional opportunity. There's going to be certain staff areas that we can reduce. So I think as we cycle through the second quarter and probably, somewhat into the third quarter, you're going to start to see some of those kind of what we'll classify as pandemic-specific related costs go away. I don't foresee any major cost components going forward from 2023 onward as a result of the pandemic, just some things on the margin, but nothing significant.

是的。我——史蒂夫，我認為在測試之外，我們已經通過 CDC 最近發布的減少法規有效地阻止了社會疏離。隨著時間的推移，我們現在將收回一些我們不得不擱置以進行隔離或隔離的小屋。這樣就產生了額外的機會。我們可以減少某些員工區域。因此，我認為，隨著我們在第二季度以及可能進入第三季度的循環，您將開始看到我們將歸類為與大流行相關的一些成本消失。由於大流行，我預計從 2023 年起不會有任何主要的成本構成，只是一些邊際上的東西，但沒什麼大不了的。

And then maybe to harp on your answer to the questions on record net yields, I think some of the skeptics have been concerned that this bullish outlook 6 months out has been kind of successively, always 6 months out each quarter for about a year. So I guess, what do you feel has changed this quarter to give greater confidence in those trends finally materializing?

然後也許是為了回答你對創紀錄淨收益率問題的回答，我認為一些懷疑論者一直擔心，這種看漲的前景在 6 個月後是連續的，總是在每個季度持續 6 個月，持續大約一年。所以我想，您認為本季度發生了什麼變化，從而對最終實現的這些趨勢更有信心？

Well, the reason why the phenomena that you just described has occurred because we keep having these black swan events. First, it was Delta, then it was Omicron and then there was the Ukraine-Russian situation. And so we have tempered all our remarks by saying as long as there are no additional black swan events, we're seeing fantastic pricing strength. It is meaningful over what our record 2019 pricing was. And therefore, again, in the absence of anything new, but this will hold. In the past, that hasn't held because of these black swan events. So promise me no more black swan event, Steve, and I'll promise you record net yields. .

那麼，你剛才描述的現象之所以發生，是因為我們一直在發生這些黑天鵝事件。首先是Delta，然後是Omicron，然後是烏克蘭-俄羅斯局勢。因此，我們通過說只要沒有額外的黑天鵝事件，我們已經看到了驚人的定價優勢，從而緩和了我們所有的言論。這對我們創紀錄的 2019 年定價意義重大。因此，再一次，在沒有任何新東西的情況下，但這將成立。過去，由於這些黑天鵝事件，這種情況沒有發生。所以向我保證不再發生黑天鵝事件，史蒂夫，我會向你保證創紀錄的淨收益率。 .

But let's balance that, Steve, with the fact that we did turn cash flow positive in March. We are confident we are going to be cash flow positive in the second quarter. It's been over 2.5 years as a company since we've been able to say that. And that's going to translate into EBITDA and then ultimately, profitability. So the tide is turning and the future looks bright. So those are key milestones that we should not discount. I want to highlight that pretty strongly today.

但是，讓我們平衡一下，史蒂夫，我們確實在 3 月份將現金流轉為正。我們有信心在第二季度實現正現金流。自從我們能夠這麼說以來，作為一家公司已經超過 2.5 年了。這將轉化為 EBITDA，然後最終轉化為盈利能力。因此，潮流正在轉變，未來看起來很光明。因此，這些是我們不應忽視的關鍵里程碑。我今天想非常強烈地強調這一點。

On that point, have the close-in booking trends then flipped as well? It seems like it has from your commentary, I think because that's what people have been concerned by, that you get to the close-in and maybe there's just been some impact to people's willingness to get on cruises and get on the ships. So has that flipped where you'd say, definitively, no, there's been no inherent damage to the consumers' behavior getting on the ships or that close-in booking and new-to-cruise?

在那一點上，近距離預訂趨勢是否也發生了逆轉？從你的評論看來，我認為因為這是人們一直關注的問題，所以你接近了，也許對人們乘坐遊輪和上船的意願產生了一些影響。那麼，這是否發生了轉變，您肯定會說，不，消費者上船的行為或近距離預訂和新遊輪沒有固有的損害？

Well, I think we -- in our commentary, I talked about that. And we are seeing close-in demand, which is good. And it's close-in demand that is showing that consumers have confidence, they're booking within the cancellation period. We had not seen that during the pandemic. So we've been seeing that over the last few months, which is a good sign. We're still seeing strong demand for the longer term as well. But again, that's a sign of confidence that consumers are willing to go, and they're confident that the voyage is going to sail and there's proper protocols in place. So it's actually a very good sign in relation to where -- as we exit the pandemic.

好吧，我想我們——在我們的評論中，我談到了這一點。而且我們看到了近在咫尺的需求，這很好。接近需求表明消費者有信心，他們在取消期內預訂。在大流行期間，我們沒有看到這一點。所以我們在過去幾個月裡看到了這種情況，這是一個好兆頭。我們仍然看到對長期的強勁需求。但同樣，這是消費者願意去的信心的標誌，他們相信航程將會航行並且有適當的協議。所以這實際上是一個非常好的跡象，說明我們在哪裡擺脫了大流行。

Our next question comes from the line of Patrick Scholes with Truist Securities.

我們的下一個問題來自於 Truist Securities 的 Patrick Scholes。

A question for you, with the CDC last week lowering the requirement for vaccination from 95% to 90%, does that change at all how you folks think about your requirement? And correct me if I'm wrong, I believe you're still at 100% vaccination requirement?

問你一個問題，CDC 上週將疫苗接種的要求從 95% 降低到 90%，這是否會改變你們對你的要求的看法？如果我錯了，請糾正我，我相信您仍然需要 100% 接種疫苗？

No, Patrick, that's not correct. We have -- we had reduced from 100% to 95% when the CDC allowed it, and now we are -- at least for the Oceania -- at least for the Norwegian brand, which is the family brand in our company, we're going to be allowing 90% of the folks to be vaccinated, 10% not. That opens up the family market in a big way just in time for the summer season.

不，帕特里克，這是不正確的。我們已經 - 當疾病預防控制中心允許時，我們已經從 100% 減少到 95%，現在我們 - 至少對於大洋洲 - 至少對於挪威品牌，這是我們公司的家族品牌，我們將允許 90% 的人接種疫苗，10% 的人不接種。正好趕上夏季，這在很大程度上打開了家庭市場。

Our next question comes from the line of Robin Farley with UBS.

我們的下一個問題來自瑞銀的 Robin Farley。

A bunch of my questions have already been answered. I guess one thing you're always talking about the second half, the strength in bookings meaningfully ahead. I think you mentioned that still includes itineraries going to Asia. I'm just wondering how -- sort of based on how things are now, if it continued and those markets didn't open up to cruising, when would you make those changes? Just thinking about sort of when your bookings may be sort of past the point of having any more disruptions for the year, how far in advance of anything Q4 going to Asia, would you make those changes?

我的一堆問題已經得到解答。我猜你總是在談論下半場的一件事，那就是提前預訂的實力。我想你提到的仍然包括去亞洲的行程。我只是想知道如何——基於現在的情況，如果它繼續下去並且那些市場沒有對巡航開放，你什麼時候會做出這些改變？想想你的預訂什麼時候可能會超過今年的任何中斷點，在第四季度去亞洲之前多長時間，你會做出這些改變嗎？

Yes, Asia is really booking strong for us and at very, very high prices. But there is that risk, Robin. And so we will likely take some chips off the board in the coming weeks to balance that risk reward, likely at the Norwegian brand, which has more flexibility in where it can achieve good pricing and accelerate the bookings much faster than Oceania, Regent can because of the longer booking curve there.

是的，亞洲的預訂量真的很大，而且價格非常非常高。但是有這樣的風險，羅賓。因此，我們可能會在未來幾週內減少一些籌碼以平衡風險回報，可能是挪威品牌，該品牌在實現良好定價和加快預訂速度方面比大洋洲擁有更大的靈活性，Regent 可以，因為那裡更長的預訂曲線。

The good news is that just today, we heard from the Minister of Tourism in New Zealand that they expect New Zealand to open up no later than October to cruising. That opens up that whole Australasia area for us. Australia, New Zealand, Tahiti, and we hear good commentary coming out of some Asian countries, some Asian ports, not China, and we're not very big in China, as you know. So we're hopeful, but there is a risk there, no question. But we are hopeful that it will reopen. I know South America, which also caused some issues this past winter, looks like it's going to be open. Argentina has announced, Uruguay has announced, Chile has announced. So again, the world is reopening, perhaps at a different pace, but it is reopening and that's good news for us.

好消息是，就在今天，我們從新西蘭旅遊部長那裡得知，他們預計新西蘭最遲會在 10 月份開放巡航。這為我們打開了整個澳大拉西亞地區。澳大利亞、新西蘭、大溪地，我們聽到一些亞洲國家、一些亞洲港口而不是中國的良好評論，正如你所知，我們在中國的規模不是很大。所以我們充滿希望，但毫無疑問存在風險。但我們希望它會重新開放。我知道在過去的冬天也引起了一些問題的南美洲看起來將要開放。阿根廷宣布，烏拉圭宣布，智利宣布。再說一次，世界正在重新開放，也許以不同的速度重新開放，但它正在重新開放，這對我們來說是個好消息。

Okay. No, that's great. And maybe just as a last follow-up. Just going back to the close-in booking question. I don't know if there's anything that you can share, that you can kind of quantify with the close-in. In other words, like what percent of bookings are for departures in the next 6 weeks? Or anything like that, just to see that because it seems like that's the piece, right, that obviously that with the disruptions earlier this year, all the cruise lines have -- got lost a little bit of ground in terms of the recovery. And is there a way to quantify anything with the close-in bookings? Because that's sort of as we head into the peak summer season, a way to think about what strength may not be showing up in your numbers yet, but is there?

好的。不，那太好了。也許只是作為最後的後續行動。回到近距離預訂問題。我不知道你是否可以分享任何東西，你可以用近距離來量化。換句話說，比如未來 6 週內出發的預訂率是多少？或者類似的東西，只是為了看看，因為這似乎是一塊，對，很明顯，隨著今年早些時候的中斷，所有的郵輪公司都 - 在復蘇方面失去了一點點。有沒有辦法通過近距離預訂來量化任何事情？因為這有點像我們進入夏季旺季時，一種思考你的數據中可能還沒有出現什麼力量的方式，但是有嗎？

Robin, I'm not going to give you a number per se, but I will tell you that close-in bookings defined as bookings for the next 60 days, are running significantly higher than history. Now part of that is because historically, there typically is very little inventory to sell inside 60 days, and that's not necessarily the case today. But it is strong, much stronger than quite frankly, than we anticipated 2 or 3 months ago.

羅賓，我本身不會給你一個數字，但我會告訴你，被定義為未來 60 天預訂的近距離預訂的運行情況明顯高於歷史記錄。現在部分原因是因為從歷史上看，通常在 60 天內出售的庫存很少，而今天不一定如此。但它比我們 2 或 3 個月前預期的要強，比坦率地說要強得多。

And another positive green shoot as Mark mentioned. I mean, we got to get momentum back. And I'll take momentum anywhere I can get it. That means bookings are strong for the next close in, that's a start. Just last week, the Oceania brand introduced late '23, all of 24 departures that had one of its top 3 booking days in history. So we're seeing people booking way into the future. And now we're seeing very, very strong bookings, very close in.

正如馬克所說，另一個積極的綠芽。我的意思是，我們必須恢復動力。我會在任何我能得到它的地方抓住動力。這意味著下一次收盤的預訂量很大，這是一個開始。就在上週，大洋洲品牌推出了 23 年末，所有 24 個班次的航班都是其歷史上前 3 個預訂日之一。因此，我們看到人們預訂未來的方式。現在我們看到非常非常強勁的預訂，非常接近。

And so in time, if there is a gap between the long and the relatively short, it's going to be -- it's going to start to fill in. And again, another green shoot as the summer rolls around, top prime cruising season, it's going to continue to get better. So again, I preface it, no more black swan events, the industry is going to progressively get stronger, better, going back to normalcy, reaching the normal high occupancies that we've always enjoyed.

因此，如果長期和相對較短的時間之間存在差距，它將是 - 它會開始填補。再一次，隨著夏天的到來，又是一個綠芽，頂級黃金巡航季節，它是會繼續變得更好。所以，我再說一遍，不再有黑天鵝事件，該行業將逐漸變得更強大，更好，恢復正常，達到我們一直享有的正常高入住率。

(Operator Instructions) The next question comes from the line of Dan Politzer with Wells Fargo.

（操作員說明）下一個問題來自富國銀行的 Dan Politzer。

You guys typically have higher pricing than peers and certainly that's the case today. I mean, to what extent do you think that your pricing power right now is a reflection of maybe a skew to the higher end consumer? And what have you seen kind of across your database and the different brands in terms of booking and pricing strength?

你們通常比同行有更高的定價，當然今天就是這種情況。我的意思是，您認為您現在的定價能力在多大程度上反映了可能向高端消費者傾斜？在預訂和定價強度方面，您在您的數據庫和不同品牌中看到了什麼？

I think we're seeing pricing strength. I know we're seeing pricing strength across all 3 brands. Certainly, the upscale brands are doing terrific because of the nature of their itineraries or customer base. Their booking curve is always further out than the close-in or Norwegian brand. And that is certainly playing out again for the back half of '22 and into '23. I just mentioned one of the upscale brands just announced here 24 itineraries and had a near-record day, one of the top 3 days in the company's history.

我認為我們看到了定價優勢。我知道我們看到了所有 3 個品牌的定價優勢。當然，高檔品牌由於其行程或客戶群的性質而表現出色。他們的預訂曲線總是比近距離或挪威品牌更遠。這肯定會在 22 年的後半段和 23 年再次上演。我剛剛提到了一個高檔品牌剛剛在這裡宣布了 24 條行程，並且有一個接近創紀錄的一天，是公司歷史上前 3 天之一。

So we're not seeing any isolation of one brand versus another in terms of pricing, pricing is strong across the board. And that's very encouraging for us. Partly it's because all 3 of our brands have the same go-to-market strategy where we focus on marketing and the value proposition over pricing. It's not one brand does one thing and one another brand does another. We harmonize that and curate it and that's why we have such a strong historical performance and year-over-year yield growth, and have the highest yields in the industry by a very wide margin.

因此，在定價方面，我們沒有看到一個品牌與另一個品牌之間存在任何孤立，定價全面強勁。這對我們來說非常鼓舞人心。部分原因是我們所有 3 個品牌都有相同的上市策略，我們專注於營銷和價值主張而不是定價。不是一個品牌做一件事，另一個品牌做另一件事。我們對其進行協調和策劃，這就是為什麼我們擁有如此強勁的歷史表現和同比收益率增長，並且以非常大的幅度擁有業內最高的收益率。

Got it. And then in terms of just markets, I mean, is it safe to assume it's your North American markets that are really driving that pricing power? Or are you seeing any stabilization for outbound in Europe?

知道了。然後就市場而言，我的意思是，假設真正推動定價能力的是您的北美市場是否安全？或者您是否看到歐洲出境游的穩定？

No. I think Europe has come back very, very nicely. I was just talking to one of our brand presidents this morning and he tells me that European source business is strong. He can't believe how strong it is, especially in Europe, U.K. is doing well. Australia is still lagging a bit, that country has been closed for a while. But again, these are all green shoots, we're waking up the bear.

不，我認為歐洲已經非常非常好地回來了。今天早上我剛剛和我們的一位品牌總裁交談，他告訴我歐洲採購業務很強勁。他無法相信它有多強大，尤其是在歐洲，英國做得很好。澳大利亞仍然有點落後，那個國家已經關閉了一段時間。但同樣，這些都是綠芽，我們正在喚醒熊。

Look, it's been 26 months since we were shut down on March 10. It took us 26 months to get our fleet back operating at full strength. And so it's going to take some time to get all the pieces right to get consumers thinking in the right direction, getting the ports opened around the world. And it all starts with a moderation of COVID. And I think we've seen that even when there are spikes here and there, society is learning to live with COVID. And we have to do that. It's not going away. No vaccine is going to make it disappear. It is now one of the many novel coronaviruses that affect our lives every day, and I'm glad to see that we're all learning to live with it.

看，自 3 月 10 日我們被關閉以來已經 26 個月了。我們花了 26 個月的時間才讓我們的機隊恢復滿負荷運轉。因此，需要一些時間來做好所有工作，讓消費者朝著正確的方向思考，讓港口在世界各地開放。而這一切都始於對 COVID 的適度控制。而且我認為我們已經看到，即使到處都有高峰，社會也在學習與 COVID 共存。我們必須這樣做。它不會消失。沒有疫苗可以讓它消失。它現在是每天影響我們生活的眾多新型冠狀病毒之一，我很高興看到我們都在學習與它相處。

But learnings take a while. And so that's what we're seeing. We're seeing green shoots. We're not 100% back to where we need to be. But certainly, we are approaching the levels we need to sail full, to generate the highest net yields in the company's history, the highest EBITDA in the company's history in the coming quarters.

但是學習需要一段時間。這就是我們所看到的。我們看到了綠芽。我們不是 100% 回到我們需要的地方。但可以肯定的是，我們正在接近實現全速航行所需的水平，以在未來幾個季度產生公司歷史上最高的淨收益率，以及公司歷史上最高的 EBITDA。

With that, we have one more question -- time for one more question, and then we'll conclude today's presentation.

有了這個，我們還有一個問題- 是時候再提一個問題了，然後我們將結束今天的演示。

And that question will come from the line of James Hardiman with Citi.

這個問題將來自花旗的詹姆斯哈迪曼。

This is Sean Wagner on for James. Just kind of within that 28% total per diem growth versus 2019, is there any kind of color you can give on the ticket NPDs and onboard spend in the quarter and sort of how they've trended sequentially, as maybe on a kind of comparable ship basis as more ships have gotten under the water and the ships are getting kind of closer to normal occupancy?

這是詹姆斯的肖恩瓦格納。與 2019 年相比，在每日 28% 的總增長中，您是否可以在本季度的機票 NPD 和機上支出上給出任何顏色，以及它們的順序趨勢如何，可能是一種可比的隨著越來越多的船隻進入水下並且船隻越來越接近正常佔用，船舶基礎？

Yes, Sean. So look, we continue to see strength in both ticket and onboard revenue. As we've talked about in our last few calls, the strength of the consumer is resonating well on the ships. Obviously, if you look at our financials and realize we do have our bundling strategy, which sort of somewhat artificially inflates our onboard revenue by a couple of percentage points, nothing major. So if even if you isolate that out, the onboard revenue performance is just strong. But more importantly, it starts with the ticket. It starts with getting that right customer, that high-quality customer booking far out in advance. Those are the customers we target. We get a -- we offer them a significant value. And then in turn, they spend on board. So it's coming across in all areas. And that's what -- we're glad to see that. That's what we want to see. That's what we're targeting. That's what's behind our go-to-market strategy. So it's not just one or the other. It's a combined effort.

是的，肖恩。所以看，我們繼續看到機票和機上收入的強勁勢頭。正如我們在最近幾次電話會議中談到的那樣，消費者的力量在船上引起了很好的共鳴。顯然，如果您查看我們的財務並意識到我們確實有我們的捆綁策略，這有點人為地將我們的船上收入提高了幾個百分點，沒什麼大不了的。因此，即使您將其隔離開來，船上收入表現也很強勁。但更重要的是，它從門票開始。首先是獲得合適的客戶，即提前很久的高質量客戶預訂。這些是我們的目標客戶。我們得到了——我們為他們提供了重要的價值。然後反過來，他們在船上消費。所以它在所有領域都出現了。就是這樣——我們很高興看到這一點。這就是我們想要看到的。這就是我們的目標。這就是我們進入市場戰略背後的原因。所以這不僅僅是一個或另一個。這是一個共同的努力。

Okay. That's very helpful. And just real quick, you mentioned in the slide deck returning to historical load factors in 2023. Is there any specific time you expect to kind of get to maybe normalized historical occupancy levels?

好的。這很有幫助。真的很快，你在幻燈片中提到在 2023 年恢復到歷史負載率。你是否有任何具體的時間希望達到可能正常化的歷史入住率水平？

I think what's going to be in early -- in the first half of 2023, like we said, we continue to build. Q2, we expect is going to be in the 65% range. Obviously, when you look at the third and fourth quarter, that's going to continue to build. But we're going to maintain our price discipline, our pricing integrity. We are not going to chase short-term load and damage the brand for the long term. We do not believe -- that's not our strategy, and that is not the right strategy for our company. So we will maintain that price discipline. We expect in the -- over the first half of 2023, we're going to be back at those 105%, 110% load factors that we're used to seeing, but more importantly, at high pricing.

我認為早在 2023 年上半年會發生什麼，就像我們說的那樣，我們會繼續建設。第二季度，我們預計將在 65% 的範圍內。顯然，當您查看第三和第四季度時，這將繼續建立。但我們將保持我們的價格紀律，我們的定價誠信。我們不會追逐短期負荷並長期損害品牌。我們不相信——這不是我們的戰略，也不是我們公司的正確戰略。因此，我們將保持價格紀律。我們預計，在 2023 年上半年，我們將回到我們習慣看到的 105%、110% 的負載率，但更重要的是，以高定價。

Before we go, we'd like to remind everyone that our Annual General Meeting is coming up on June 16. This year, we have a number of very important proposals on the ballot. We are extremely appreciative of the support we've received from our shareholders during this extraordinary time, and we are asking for our shareholders' continued support. On behalf of every shareholder account that vote, we will make a $1 charitable donation to American Cancer Society, up to $100,000. Please vote and support our Board's recommendations for our Annual General Meeting proposals so that we can continue to deliver on our mission to provide exceptional vacation experiences, delivered by passionate team members committed to world-class hospitality and innovation.

在我們出發之前，我們想提醒大家，我們的年度股東大會將於 6 月 16 日召開。今年，我們有一些非常重要的提案正在投票中。我們非常感謝在這個特殊時期我們從股東那裡得到的支持，我們要求股東繼續支持。我們將代表每個投票的股東賬戶向美國癌症協會捐贈 1 美元，最高 100,000 美元。請投票並支持董事會對我們年度股東大會提案的建議，以便我們能夠繼續履行我們的使命，提供卓越的假期體驗，由致力於世界級熱情好客和創新的團隊成員提供。

Thanks, everyone, for your time and support. As always, we will be available to answer your questions. Have a great day.

謝謝大家，感謝您的時間和支持。與往常一樣，我們將隨時回答您的問題。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。