挪威郵輪 (NCLH) 2021 Q3 法說會逐字稿

Good morning, and welcome to Norwegian Cruise Line Holdings Third Quarter 2021 Earnings Conference Call. My name is Laurie, and I will be your operator. (Operator Instructions)

早上好，歡迎來到挪威郵輪控股公司 2021 年第三季度收益電話會議。我的名字是勞裡，我將成為你的接線員。 （操作員說明）

And as a reminder to all participants, this conference call is being recorded. I would now like to turn the conference over to your host, Ms. Jessica John, Vice President of Investor Relations, Corporate Communications and ESG. Ms. John, please proceed.

作為對所有參與者的提醒，本次電話會議正在錄音中。我現在想將會議轉交給您的主持人，投資者關係、企業傳播和 ESG 副總裁 Jessica John 女士。約翰女士，請繼續。

Thank you, Laurie, and good morning, everyone. Thank you for joining us for our third quarter 2021 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，勞裡，大家早上好。感謝您加入我們的 2021 年第三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，之後馬克將隨後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.

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。

Both the conference call and presentation will be available for replay for 30 days following today's call. Before we begin, I would like to cover a few items. Our press release for the third quarter of 2021 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.

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。在開始之前，我想介紹一些項目。我們於今天上午發布了關於 2021 年第三季度業績的新聞稿，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。

These statements should be considered in conjunction with the cautionary statement contained in our earnings release. 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. With that, I'd like to turn the call over to Frank Del Rio. Frank?

這些聲明應與我們收益發布中包含的警示聲明一起考慮。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。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. And as always, I hope that all of you as well as your loved ones remain healthy and safe.

謝謝你，傑西卡，大家早上好，謝謝你今天加入我們。和往常一樣，我希望你們所有人以及你們所愛的人都保持健康和安全。

Today, we will discuss commentary on 3 areas: first, the progress we have made on our great cruise come back; second, our recent booking and demand trends, which have shown particular strength for sailings operating in the second half of '22 and for all of 2023, when our fleet is expected to be back in full operation and at normalized occupancy levels. And finally, on our exciting pipeline of new vessels, which we expect to contribute outsized EBITDA growth and other important financial metric improvements.

今天，我們將討論三個方面的評論：第一，我們在偉大的巡航中取得的進展回來了；其次，我們最近的預訂和需求趨勢顯示出 22 年下半年和 2023 年全年運營的航行特別強勁，屆時我們的船隊預計將恢復全面運營並處於正常的入住率水平。最後，關於我們令人興奮的新船管道，我們預計這些新船將為 EBITDA 增長和其他重要的財務指標改進做出貢獻。

Slide 4 outlines how far we have come on our return to service plan. When we last spoke in early August, we had just relaunched the first vessel in our fleet, Norwegian Jade in Greece, and we're on the verge of resuming cruising in the U.S. with Norwegian Encore, making her West Coast debut, sailing to Alaska from Seattle.

幻燈片 4 概述了我們在恢復服務計劃方面取得的進展。當我們上次在八月初講話時，我們剛剛在希臘重新啟動了我們船隊中的第一艘船，挪威翡翠號，我們即將恢復與挪威安可號在美國的巡航，在西海岸首次亮相，駛往阿拉斯加來自西雅圖。

Since then, we have successfully relaunched 11 of our 28 vessels with all 3 of our award-winning brands resuming operations. We couldn't be more pleased with the performance of our relaunch ships. First, our crew has not missed a beat since returning, seamlessly adapting to our new health and safety protocols and going above and beyond to deliver the exceptional vacation experiences our brands are known for. This commitment to service has resulted in record high guest satisfaction scores with each month sequentially better than the month before. And second, we are seeing the power of our industry-leading bundling strategy pay off as guests are boarding our vessels with fresh wallets, which coupled with robust pent-up demands for all kinds of experiences is translating to remarkably strong onboard revenue generation.

從那時起，我們已成功重新啟動了 28 艘船舶中的 11 艘，我們的 3 個屢獲殊榮的品牌全部恢復運營。我們對重新啟動船隻的性能感到非常滿意。首先，我們的工作人員自返回以來從未錯過任何一個節拍，無縫地適應我們新的健康和安全協議，並超越並提供我們品牌聞名的非凡假期體驗。這種對服務的承諾導致客戶滿意度得分創歷史新高，每個月都比前一個月好。其次，我們看到我們行業領先的捆綁策略的力量得到了回報，因為客人帶著新的錢包登上我們的船隻，再加上對各種體驗的強烈壓抑的需求正在轉化為非常強勁的船上收入。

In fact, onboard revenue has exceeded our baseline expectations by over 20% with broad-based strength across all ships, region and revenue streams. While I would caution though, against extrapolating these figures as permanent, or indicative of steady-state future performance just yet. As there are several transitory factors that may be contributing to the elevated current levels, including pent-up demand, cabin and guest mix, it is nonetheless an encouraging and positive signal of the healthy consumer demand we are experiencing.

事實上，船上收入已超出我們的基線預期 20% 以上，在所有船舶、地區和收入流中都有廣泛的實力。雖然我會警告，但不要將這些數字推斷為永久性的，或者只是表示未來穩定狀態的表現。由於有幾個暫時性因素可能導致當前水平升高，包括被壓抑的需求、客艙和客人組合，但這仍然是我們正在經歷的健康消費者需求的一個令人鼓舞和積極的信號。

Lastly and most importantly, these relaunch ships have already contributed positive cash flow in the third quarter, even with our self-imposed occupancy level caps. Despite of return to service coinciding with the unfortunate summer surge as a Delta variant, I'm happy to say there are robust multilayered SailSAFE health and safety protocols work as designed to mitigate the introduction and transmission of COVID-19 aboard our vessels. The prevalence of cases we identified in preboarding testing, mid cruise and then in (inaudible) were inconsequential and well below what we all saw in the general population during this time.

最後也是最重要的是，這些重新啟動的船舶在第三季度已經貢獻了正現金流，即使我們自行設定了入住率上限。儘管恢復服務恰逢作為 Delta 變體的不幸的夏季激增，但我很高興地說，有強大的多層 SailSAFE 健康和安全協議工作，旨在減少 COVID-19 在我們的船上的引入和傳播。我們在登機前測試、中途巡航和（聽不清）中發現的病例發生率無關緊要，遠低於我們在此期間在普通人群中看到的情況。

In short, we were able to fairly evaluate and fine-tune our rigorous protocols during one of the heights of the pandemic and the stellar results speak for themselves. Today, all ships in our fleet continue operating with a strict 100% vaccination requirement, coupled with universal pre-embarkation testing and multiple layers of additional protection once on board, including upgraded air filtration systems and well resourced medical centers.

簡而言之，我們能夠在大流行最嚴重的時期之一公平地評估和微調我們的嚴格協議，而出色的結果不言而喻。今天，我們船隊中的所有船舶繼續按照嚴格的 100% 疫苗接種要求運營，並在船上進行通用的登船前測試和多層額外保護，包括升級的空氣過濾系統和資源充足的醫療中心。

We will continue to follow the science and evaluate and modify our protocols as needed with guidance from our team of experts led by former FDA Commissioner Dr. Scott Gottlieb and from applicable public health authorities. As I have said time and time again, our commitment to health and safety is far and away the most important principle that guides how our company operates at all levels.

我們將在前 FDA 專員 Scott Gottlieb 博士領導的專家團隊和適用的公共衛生當局的指導下，繼續遵循科學並根據需要評估和修改我們的方案。正如我一再說過的，我們對健康和安全的承諾無疑是指導我們公司在各個層面運作的最重要原則。

And not just now but pre- and post-pandemic as well, and we are willing to go to great lengths to protect our guests, crew and the communities we visit. Just last week, we were pleased to receive positive news from the CDC with a temporary extension of the framework for conditional sailing order through January 15, 2022, at which point the order will revert to a voluntary program.

不僅是現在，大流行前後也是如此，我們願意竭盡全力保護我們的客人、船員和我們訪問的社區。就在上週，我們很高興收到 CDC 的積極消息，將有條件航行令的框架臨時延長至 2022 年 1 月 15 日，屆時該命令將恢復為自願計劃。

We view this as a positive step forward for our company and the industry at large, and we were encouraged to see positive recognition by the CDC of the successful resumption of cruising and the length we have all taken to enhance our already stringent health and safety protocols and respond to COVID-19, which continue to be much more rigorous and much more comprehensive than those implemented by any other travel, leisure or hospitality sector.

我們認為這是我們公司和整個行業向前邁出的積極一步，我們很高興看到 CDC 對成功恢復巡航以及我們為加強我們已經嚴格的健康和安全協議所做的努力給予了積極的認可並響應 COVID-19，它繼續比任何其他旅行、休閒或酒店業實施的措施更加嚴格和全面。

With the progress society has made with vaccinations, therapeutics and adapting to living in the ongoing pandemic environment, the worst is seemingly behind us. Each day, we become increasingly confident in our ability to flawlessly execute on our phased voyage resumption, which is detailed by brand and by vessel on Slide 5. We continue to expect our full fleet to be back in operation by April 1, 2022. And with the steady and improving trajectory, we are well positioned for a projected return to pre-pandemic occupancy levels across our fleet no later than the beginning of the third quarter of 2022 and in time to capture peak summer season demand and pricing. While we expect to continue seeing some fits and starts as we ramp up our relaunch, we are keeping a close watch on port availability, travel restrictions and any other changes to the global public health environment, which could affect our return to service plans as we are ready to adapt accordingly.

隨著社會在疫苗接種、治療和適應在持續流行的環境中生活方面取得的進步，最糟糕的情況似乎已經過去。每一天，我們都對我們完美執行分階段航行恢復的能力越來越有信心，幻燈片 5 上按品牌和船舶詳細說明了這一點。我們繼續期待我們的全部船隊在 2022 年 4 月 1 日之前恢復運營。憑藉穩定且不斷改善的軌跡，我們有能力在不遲於 2022 年第三季度開始之前將我們的機隊的入住率恢復到大流行前的水平，並及時捕捉夏季旺季的需求和定價。雖然隨著我們加快重新啟動的步伐，我們預計會繼續看到一些間歇性和開始，但我們正在密切關注港口可用性、旅行限制和全球公共衛生環境的任何其他變化，這可能會影響我們在我們恢復服務計劃時已準備好相應地適應。

Turning to Slide 6. We shift today's discussion to our booking and demand trends. I am pleased to report that we continue to see robust future demand for cruising, particularly for sailings operating in the second half of 2022 and all of 2023 as evidenced by our record cumulative book position during these periods. You'll recall at the beginning of our third quarter, our book position for full year 2022 was meaningfully and significantly ahead of 2019's record levels and at higher pricing.

轉到幻燈片 6。我們將今天的討論轉移到我們的預訂和需求趨勢上。我很高興地報告，我們繼續看到未來對巡航的強勁需求，特別是對於 2022 年下半年和 2023 年全年運營的航行，我們在這些時期的創紀錄的累計賬面頭寸證明了這一點。您會記得，在我們第三季度初，我們 2022 年全年的賬面頭寸顯著領先於 2019 年的創紀錄水平和更高的定價。

However, and consistent with the pullback seen by the broader economy and in particular, the travel and leisure sector, the summer Delta variance surge resulted in a marked slowdown in our net booking volumes. The impact was heavily weighted to closer in sailings, particularly for fourth quarter 2021 and first quarter 2022, with the impact lessening sequentially throughout 2022 and beyond.

然而，與整體經濟，特別是旅遊和休閒行業的回調一致，夏季三角洲差異激增導致我們的淨預訂量顯著放緩。這種影響在航行中佔很大比重，特別是在 2021 年第四季度和 2022 年第一季度，影響在整個 2022 年及以後依次減少。

Rather than chase scarce demand during the Delta surge by dropping prices and/or spending marketing funds in a less than optimal manner, we strategically chose to wait for consumer sentiment to rebound as we have seen direct ebbs and flows in our booking patterns throughout the pandemic, coinciding with the changes in the public health environment.

在達美航空激增期間，我們沒有通過降低價格和/或以不太理想的方式花費營銷資金來追逐稀缺需求，而是戰略性地選擇等待消費者情緒反彈，因為我們在整個大流行期間看到我們的預訂模式直接起起落落，與公共衛生環境的變化相吻合。

Throughout this difficult 10-week period, we remain disciplined and continue to hold or even raise pricing and the outcome is that today, we see both record load and record pricing for the second half of 2022 and for all of 2023. We are intently focused on the long-term brand positioning and profitability of the company and are simply not willing to sacrifice pricing in order to increase load factors in the upcoming transitional quarters.

在這艱難的 10 週期間，我們保持紀律並繼續保持甚至提高定價，結果是今天，我們看到了 2022 年下半年和 2023 年全年的創紀錄負載和創紀錄的定價。我們全神貫注對公司的長期品牌定位和盈利能力，根本不願意犧牲定價來增加即將到來的過渡季度的載客率。

As has happened in past surges and as the COVID-19 situation recently improved, we have experienced a rebound in bookings with net booking volumes improving sequentially over the past 6 weeks. We believe this improvement will accelerate moving forward as first, our brands begin to ramp up their demand-generating marketing investments in mid-November, coinciding with Black Friday and Cyber Monday promotion; and second, the much anticipated and expected recovery in the travel agent channel space.

正如過去的激增和最近 COVID-19 情況的改善一樣，我們經歷了預訂量的反彈，淨預訂量在過去 6 週內環比增長。我們相信這種改善將加速向前發展，因為首先，我們的品牌在 11 月中旬開始增加其產生需求的營銷投資，恰逢黑色星期五和網絡星期一的促銷活動；其次，旅行社渠道領域備受期待和期待的複蘇。

And lastly, the approval of vaccines for children ages 5 to 11, which came just last night and will allow for an expanded group of 100% vaccinated guests, especially families to sale on our brand.

最後，針對 5 至 11 歲兒童的疫苗於昨晚獲得批准，這將允許更多 100% 接種疫苗的客人，尤其是家庭，以我們的品牌進行銷售。

Our go-to-market and full vaccination strategy has paid off and drove. And today, our full year 2022 load factor remains in line with 2019 record levels and at higher pricing even when including the dilutive impact of future cruise credits. In addition, we are meaningfully better booked for second half of '22 and full year '23 sailings and at better pricing than at any similar point in time in the past. Our primary focus continues to be on these periods when our fleet is expected to be in full operation and at normalized occupancy levels. And as I mentioned before, just in time to capture the all-important third quarter peak summer season, which traditionally is the most profitable quarter for the industry. Now breaking down our book position for full year 2022 further, more than 55% of bookings are from loyal repeat cruises to our brand.

我們的上市和全面疫苗接種戰略取得了成效並取得了成效。而今天，我們的 2022 年全年載客率仍與 2019 年的創紀錄水平保持一致，並且即使包括未來郵輪積分的稀釋影響，其定價也更高。此外，與過去任何類似時間點相比，我們在 22 年下半年和 23 年全年航行的預訂量明顯更好，價格也更優惠。我們的主要關注點仍然是我們的機隊預計將全面運營並處於正常佔用水平的這些時期。正如我之前提到的，正好趕上最重要的第三季度夏季旺季，這傳統上是該行業最賺錢的季度。現在進一步細分我們 2022 年全年的預訂情況，超過 55% 的預訂來自對我們品牌的忠誠重複遊輪。

In addition, approximately 75% is comprised of new cash bookings with the remainder comprised of future cruise credits. So far, approximately 60% of the total value of our outstanding FCCs have been redeemed. As a reminder, the value-added 125% future cruise credits will issue -- that we issued at the beginning of the pandemic can only be applied to sailings through year-end 2022, resulting in zero yield dilution when we look to 2023 and beyond.

此外，大約 75% 由新的現金預訂組成，其餘由未來的郵輪積分組成。到目前為止，我們未償還的 FCC 總價值的大約 60% 已被贖回。提醒一下，未來將發行 125% 的增值郵輪積分——我們在大流行開始時發行的只能應用於 2022 年底的航行，導致我們展望 2023 年及以後的零收益稀釋.

And while still early, booking trends for 2023 as I hinted thus far, are also off to an impressive start. Our booking windows continue to be elongated versus historical levels with guests booking further into the future, particularly for the Oceania Cruises and Regent Seven Seas Cruises brand, case in point, in August, Regent set a record for the largest booking day in its 29-year history with the launch of its 2023, 2024 Voyage Collection. Reservation surpassed its previous record by approximately 15%.

雖然還為時過早，但正如我迄今為止所暗示的那樣，2023 年的預訂趨勢也有了一個令人印象深刻的開端。與歷史水平相比，我們的預訂窗口繼續拉長，客人預訂的時間更遠，特別是大洋洲郵輪和麗晶七洋郵輪品牌，例如，麗晶在 8 月創下了 29- 2023, 2024 Voyage Collection 的推出是一年的歷史。預訂量比之前的記錄高出約 15%。

And while all itineraries were popular, notable destinations of interest were Africa, Asia and the Baltics, demonstrating our guests continued appetite for long and exotic itineraries. And in September, the sales launch of just a single ship, Oceania Cruise's new 1,200 passenger Vista, which doesn't debut until April of '23, set an all-time single-day booking record for that brand that surpassed the most recent record set in March of 2021 by nearly 60%. Half of the available inventory for Vista's inaugural season was sold in a single day, with 30% of bookings coming from new-to-brand guests.

雖然所有行程都很受歡迎，但值得注意的目的地是非洲、亞洲和波羅的海，這表明我們的客人對漫長而充滿異國情調的行程仍然有興趣。而在 9 月，只有一艘船的銷售推出，即 Oceania Cruise 的新 1,200 名乘客 Vista，直到 23 年 4 月才首次亮相，創下了該品牌的單日預訂記錄，超過了最近的記錄於 2021 年 3 月設定的近 60%。 Vista 首季可用庫存的一半在一天內售出，其中 30% 的預訂來自新品牌客人。

These incredible record-breaking milestones are further proof of the exceptional demand we continue to experience for our brand's unique product offerings from both new and loyal guests alike. Strong future demand in both load, factor and pricing is also empirically evident in our advanced ticket sales build. Our advanced ticket sales increased approximately $500 million on a gross basis in the quarter, equating to an approximately 65% increase versus the prior quarter's build.

這些令人難以置信的破紀錄里程碑進一步證明了新客人和忠實客人對我們品牌獨特產品的持續需求。在我們先進的門票銷售構建中，未來對負載、因素和定價的強勁需求也很明顯。本季度我們的預售票總銷售額增加了約 5 億美元，與上一季度相比增長了約 65%。

In addition, and more importantly, our cash advance ticket sales for sailings beginning in the second quarter of 2022 and beyond, are approximately 45% higher than at the same time for the record year 2019. As we move forward with phasing in the rest of our fleet, we expect this tremendous momentum to continue sequentially. Looking to the future, 2022 will also mark an exciting new chapter for our company as we welcome the first ship in the next class of vessels for Norwegian Cruise Line, Norwegian Prima in summer of 2022.

此外，更重要的是，我們從 2022 年第二季度及以後開始的航行現金預售票銷售額比創紀錄的 2019 年同期高出約 45%。隨著我們逐步推進其餘部分我們的艦隊，我們預計這種巨大的勢頭將繼續保持下去。展望未來，2022 年也將標誌著我們公司的激動人心的新篇章，因為我們將於 2022 年夏季迎來挪威郵輪公司下一級船舶的第一艘船，挪威 Prima。

I just returned from the shipyard in Italy a few weeks ago, while I was able to witness firsthand what an evolution Prima is for the Norwegian brand and for the industry at large, which you can see on Slide 7. Everything about her was impressive. As she has been meticulously designed to elevate the guest experience.

幾週前我剛從意大利的造船廠回來，我親眼目睹了 Prima 對挪威品牌和整個行業的演變，你可以在幻燈片 7 上看到。關於她的一切都令人印象深刻。因為她經過精心設計，旨在提升客人的體驗。

Last month, we unveiled Prima's entertainment lineup, including its interactive headline show, the Tony Award nominated musical summer, the Donna Summer Musical. Norwegian Prima will also showcase numerous cruise industry first and new-to-brand experiences, including the world's first transforming venue that converts a 3-story theater into a Vegas-style nightclub, exhilarating freefall drop-dry slide and a tri-level 1,200-foot long racetrack, the largest at see.

上個月，我們公佈了 Prima 的娛樂陣容，包括互動頭條秀、托尼獎提名音樂之夏、唐娜夏季音樂劇。挪威 Prima 還將展示眾多郵輪行業首創和全新品牌體驗，包括世界上第一個將 3 層劇院改造成拉斯維加斯風格夜總會的改造場地、令人振奮的自由落體幹滑滑梯和三層 1,200-足長的跑道，最大的看不到。

The Prima speedway will be the first-ever 3-level racetrack and is over 20% larger than that on Norwegian Encore, featuring 14 turns where drivers can reach speeds of nearly 40 miles per hour. Prima's advanced sales continue to impress even after her record-shattering sales debut in May, which set a single best booking day and best initial booking week record, doubling the previous record set by Norwegian Bliss in 2018.

Prima 賽道將是有史以來第一個 3 級賽道，比挪威安可賽道大 20% 以上，設有 14 個轉彎，駕駛員可以達到每小時近 40 英里的速度。即使在 5 月創下銷售紀錄的首次亮相後，Prima 的超前銷售仍給人留下深刻印象，創下了單次最佳預訂日和最佳首次預訂週記錄，是挪威幸福在 2018 年創下的先前記錄的兩倍。

And despite her introduction being 6 weeks later than Norwegian Bliss, her booking volumes are trending in line with that of Bliss, the previous fastest selling new builds for the line and at materially higher prices. As you can see on Slide 8, Norwegian Prima is just the first ship to look forward to in our industry-leading growth profile of 9 world-class ships coming online through 2027.

儘管她的介紹比挪威極樂晚了 6 週，但她的預訂量趨勢與極樂的趨勢一致，後者是該系列之前銷售最快的新車型，價格也大幅上漲。正如您在幻燈片 8 中看到的那樣，挪威 Prima 只是我們行業領先的 9 艘世界級船舶到 2027 年上線的增長概況中的第一艘期待的船舶。

These new builds will grow our berth count by approximately 40%, adding 24,000 additional berths across our 3 brands. In 2023, when our fleet is back in full force, we expect our berth capacity to be approximately 20% higher than 2019's pre-endemic levels. The addition of these new cutting-edge ships will also favorably change our cabin mix, as illustrated on Slide 9, with premium cabins increasing to approximately 65% of total berths, versus approximately 60% today.

這些新建造將使我們的泊位數量增加約 40%，為我們的 3 個品牌增加 24,000 個額外的泊位。到 2023 年，當我們的船隊滿負荷運轉時，我們預計我們的泊位容量將比 2019 年流行前的水平高出約 20%。這些新的尖端船舶的加入也將有利地改變我們的客艙組合，如幻燈片 9 所示，高級客艙增加至總泊位的約 65%，而目前約為 60%。

In addition to the premium mix of real estate on board, our new ships have all the bells and whistles, additional streams for onboard revenue generation with new and innovative experiences and the latest technology to improve efficiency versus our existing fleet. Excitement around new ship is also a significant demand driver and a powerful engine to fuel future yields, EBITDA, cash flow and ROIC growth. It brings new guests to our brand, and it brings back repeat guests as well, helping us to appeal to every segment that we are targeting. And given our base of only 28 ships in our fleet, we are ready and eager to easily and profitably absorb this new capacity as it will allow us to further diversify our product offerings and penetrate numerous attractive and high potential unserved and underserved markets globally.

除了船上房地產的優質組合外，我們的新船還擁有所有的花里胡哨、額外的船上創收來源、新的和創新的體驗以及與我們現有船隊相比提高效率的最新技術。圍繞新船的興奮也是一個重要的需求驅動因素，也是推動未來收益率、EBITDA、現金流和投資回報率增長的強大引擎。它為我們的品牌帶來了新客人，也帶回了回頭客，幫助我們吸引了我們所針對的每個細分市場。鑑於我們的船隊中只有 28 艘船舶，我們已準備好並渴望輕鬆且有利地吸收這一新產能，因為這將使我們能夠進一步多樣化我們的產品供應，並滲透全球眾多具有吸引力和高潛力的未服務和服務不足的市場。

The strategic addition of the Prima and Prima Plus Class, for example, which are smaller but more upscale than our previous Breakaway and Breakaway Plus Class at approximately 3,200 berths for the first 2 Prima Class ships and increasing to nearly 3,600 berths for the next 4 Prima Plus Class ships will give us additional bandwidth and flexibility to optimize the deployments that are most profitable and allow the line to continue commanding premium pricing with the right size shift in the right place and at the right time.

例如，Prima 和 Prima Plus 級的戰略性增加，它們比我們之前的 Breakaway 和 Breakaway Plus 級更小但更高檔，前 2 艘 Prima 級船舶約有 3,200 個泊位，接下來的 4 艘 Prima 將增加到近 3,600 個泊位Plus Class 船舶將為我們提供額外的帶寬和靈活性，以優化最有利可圖的部署，並允許該線路在正確的地點和正確的時間通過正確的尺寸轉移繼續控制溢價。

And as Slide 10 shows we have historically demonstrated, our success in not only absorbing capacity, but translating this capacity growth into outsized revenue, outside adjusted EBITDA and operating cash flow growth that significantly outpaces the growth in absolute capacity. We fully expect to continue this trend and drive meaningful growth to the top and bottom line with the addition of these exciting new ships. I'll be back here to provide an update on our ESG efforts as well as provide closing remarks. But for now, I'd like to turn the call over to Mark for a financial update. Mark?

正如幻燈片 10 所示，我們歷來證明，我們不僅在吸收產能方面取得了成功，而且將這種產能增長轉化為超額收入，調整後的 EBITDA 和運營現金流增長顯著超過絕對產能的增長。我們完全期望隨著這些令人興奮的新船的加入，繼續這一趨勢並推動收入和利潤的有意義的增長。我將回到這裡，提供我們 ESG 工作的最新信息，並提供結束語。但現在，我想將電話轉給 Mark 以獲取財務更新。標記？

Thank you, Frank. We reached a significant financial milestone in the third quarter with our first voyages resuming sailing after a previously unimaginable 500-plus days with zero revenue-generating operations. Our return to service has been very successful, and we remain on track to execute on our phased voyage resumption plan. By the end of the third quarter, we had started 37 voyages, completed 29 and had 8 ships in service, representing approximately 40% of our berth capacity.

謝謝你，弗蘭克。我們在第三季度達到了一個重要的財務里程碑，我們的第一次航行在經歷了以前難以想像的 500 多天且零創收運營之後恢復航行。我們的複航非常成功，我們將繼續按計劃執行分階段的航行恢復計劃。截至第三季度末，我們已開航 37 次，完成 29 次，服務船舶 8 艘，約占我們泊位容量的 40%。

Occupancy in the third quarter was approximately 57%, in line with our expectations and reflecting our self-imposed occupancy limits. As we have outlined previously, we have taken a conservative approach to occupancy with our voyage resumption, which proved to be prudent with the rise of the Delta variant to ensure that health and safety remains our #1 priority. Increasing our occupancy is not a race, and we are focused on being diligent and thoughtful in ramping up of occupancy levels to protect not just our guests and crew, but also our long-term brand equity. Despite the reduced occupancy levels in the quarter, I am extremely happy to report that the fleet that operated in the period was cash flow positive.

第三季度的入住率約為 57%，符合我們的預期並反映了我們自行設定的入住率限制。正如我們之前所概述的那樣，我們在恢復航行時採取了保守的入住方式，事實證明，隨著 Delta 變體的興起，這種做法是謹慎的，以確保健康和安全仍然是我們的第一要務。增加我們的入住率不是一場競賽，我們專注於努力提高入住率，不僅保護我們的客人和船員，也保護我們的長期品牌資產。儘管本季度的入住率有所下降，但我非常高興地報告，在此期間運營的機隊現金流為正。

Looking ahead, by year-end, we expect to have 17 ships representing approximately 75% of capacity back in service with the full fleet operating as we enter the second quarter 2022. Turning to liquidity and cash burn on Slide 11. We ended the quarter with approximately $1.9 billion of cash and cash equivalents. In addition, earlier this week, we further enhanced our liquidity profile by entering into a $1 billion commitment through mid-August 2022. This liquidity backstop enhances our financial flexibility and provides immediate and additional liquidity should the need arise.

展望未來，到年底，我們預計到 2022 年第二季度，將有 17 艘船舶重新投入使用，約佔運力的 75%，整個船隊仍在運營。轉向幻燈片 11 上的流動性和現金消耗。我們結束了本季度擁有約 19 億美元的現金和現金等價物。此外，本週早些時候，我們承諾在 2022 年 8 月中旬之前承諾 10 億美元，進一步增強了我們的流動性狀況。這種流動性支持增強了我們的財務靈活性，並在需要時提供即時和額外的流動性。

If drawn, the commitment would convert into an unsecured note, maturing in April 2024. For sake of clarity, we have not drawn on this facility and do not intend to do so given our current projected recovery at this time. As for cash burn for the third quarter, our average monthly cash burn rate was approximately $275 million, lower than prior guidance of $285 million. For the fourth quarter, we expect our average monthly cash burn to increase to approximately $350 million as we continue to ramp up restart expenses and as this additional vessels reenter service. During the quarter, we are expecting a ramp-up of demand-generating marketing investments as we head into the holidays with Black Friday, Cyber Monday and Wave season.

如果提款，該承諾將轉換為無擔保票據，於 2024 年 4 月到期。為清楚起見，鑑於我們目前預計的複蘇，我們沒有動用該工具，也不打算這樣做。至於第三季度的現金消耗，我們的平均每月現金消耗率約為 2.75 億美元，低於之前 2.85 億美元的指引。對於第四季度，我們預計我們的平均每月現金消耗將增加到約 3.5 億美元，因為我們將繼續增加重啟費用以及這些額外的船隻重新投入服務。在本季度，隨著我們進入黑色星期五、網絡星期一和 Wave 季節的假期，我們預計需求產生的營銷投資會增加。

It is important to note that this cash burn estimate does not include our expected cash inflows from both new and existing bookings or the contribution from ships that have reentered service, both of which we expect to accelerate as we move forward. On a net basis, based on our current resumption plan, we continue to expect to reach a crucial inflection point with operating cash flow turning positive towards the tail end of the first quarter of 2022.

重要的是要注意，這一現金消耗估計不包括我們預期的新預訂和現有預訂的現金流入或重新投入服務的船舶的貢獻，我們預計隨著我們的前進，這兩者都會加速。在淨額基礎上，根據我們目前的恢復計劃，我們繼續預計將達到一個關鍵拐點，運營現金流在 2022 年第一季度末轉為正數。

In addition, based on our current trajectory and market conditions, we are on a solid path to return to profitability for the second half of 2022. Turning to Slide 12. Our cash balance in the third quarter decreased to $1.9 billion of cash and equivalents, driven by approximately $825 million of operating cash burn, including OpEx expenses, SG&A, interest and CapEx, customer cash refunds of approximately $115 million and net working capital and other inflows of approximately $125 million, which is net of health and safety investments and cash collections from current and future voyages. With 2022 now just around the corner, we have provided some additional guidance to assist with modeling for certain metrics on Slide 17, including depreciation and amortization, interest expense, fuel consumption and capital expenditures.

此外，根據我們目前的軌跡和市場狀況，我們在 2022 年下半年恢復盈利的穩健道路。轉向幻燈片 12。我們第三季度的現金餘額減少到 19 億美元的現金和等價物，由約 8.25 億美元的運營現金消耗推動，包括運營支出、SG&A、利息和資本支出、約 1.15 億美元的客戶現金退款以及約 1.25 億美元的淨營運資本和其他流入，其中扣除健康和安全投資以及現金收集從當前和未來的航程。隨著 2022 年即將到來，我們提供了一些額外的指導來幫助對幻燈片 17 上的某些指標進行建模，包括折舊和攤銷、利息費用、燃料消耗和資本支出。

In addition, we have provided detail on our annual capacity growth expectations on Slide 18. As we gear up to deliver on our impressive growth profile through 2027, which we expect to be meaningfully accretive to both earnings and cash flow generation. Lastly, with much of the focus in the market on inflationary pressure, I wanted to touch quickly on what we are experiencing. We are still fine-tuning our 2022 plans and related projections, and we'll provide more color on our cost outlook on our next earnings call.

此外，我們在幻燈片 18 中提供了關於我們的年度產能增長預期的詳細信息。隨著我們準備在 2027 年之前實現令人印象深刻的增長狀況，我們預計這將對收益和現金流產生有意義的增長。最後，由於市場主要關注通脹壓力，我想快速談談我們正在經歷的事情。我們仍在微調我們的 2022 年計劃和相關預測，我們將在下一次財報電話會議上為我們的成本前景提供更多色彩。

However, similar to almost all other industries, we are seeing pockets of pressures in areas such as fuel, food and other commodities. Our supply chain group continues to work diligently to mitigate these costs, and we are fortunate that the timing of our ramp-up in operations is relieving some of the transitory cost pressures. The good news is that we are a primarily fixed cost business, which is beneficial in an inflationary environment. On the labor front, we have a high degree of visibility on our costs as the vast majority of our crew, which comprises the bulk of our employee base are covered under multiyear agreements. On the flip side, we are also seeing very strong pricing power, which is helping to offset inflationary pressure.

然而，與幾乎所有其他行業類似，我們在燃料、食品和其他商品等領域看到了一些壓力。我們的供應鏈團隊繼續努力降低這些成本，幸運的是，我們擴大運營的時機正在緩解一些暫時的成本壓力。好消息是，我們主要是固定成本業務，這在通脹環境中是有利的。在勞動力方面，我們對成本有高度的了解，因為我們的絕大多數員工（包括我們員工的大部分）都受到多年協議的保護。另一方面，我們也看到了非常強大的定價能力，這有助於抵消通脹壓力。

Even with the pricing power we are seeing, cruise vacations continue to offer an incredibly compelling value proposition versus a land-based vacation alternative. We have said in the past that a cruise vacation typically offers at least 20% to 30% better value than a similar land-based alternative. With the current inflationary backdrop, and on a relative scale, we believe our offering and value proposition is even more compelling now than ever before.

即使有了我們所看到的定價能力，與陸上度假選擇相比，郵輪度假仍然提供令人難以置信的價值主張。我們過去曾說過，郵輪假期通常比類似的陸上替代方案提供至少 20% 到 30% 的價值。在當前的通脹背景下，在相對規模上，我們相信我們的產品和價值主張現在比以往任何時候都更具吸引力。

Without the same labor market pressures that many of our land-based peers are experiencing, we can provide a consistent and exceptional level of service for our guests, which is evidenced by our record high guest satisfaction scores since resuming sailing. These factors combined will continue to allow us to further increase our prices on our multiyear strategy to achieving pricing parity to that of land-based vacation offerings.

在沒有我們許多陸上同行所面臨的勞動力市場壓力的情況下，我們可以為我們的客人提供一致和卓越的服務水平，自恢復航行以來我們創紀錄的高客人滿意度得分證明了這一點。這些因素結合在一起，將繼續使我們能夠進一步提高我們多年戰略的價格，以實現與陸上度假產品的價格平價。

Before handing the call back to Frank, I want to reiterate that while the global public health environment remains fluid, and we are not yet completely out of the woods, we are increasingly optimistic as we continue on our road to recovery.

在將電話轉回弗蘭克之前，我想重申，儘管全球公共衛生環境仍然不穩定，我們還沒有完全擺脫困境，但隨著我們繼續走上復甦之路，我們越來越樂觀。

We are now in a position to pivot to a more offensive approach and shift our attention to executing on our medium- and long-term financial recovery plan, which is outlined on Slide 13. As part of this plan, we will remain focused on rebuilding our strong track record of financial performance, optimizing our balance sheet and delivering on our attractive and disciplined growth profile. I look forward to updating you on our progress in our next call. But for now, I'll hand the call back over to Frank to provide closing commentary. Frank?

我們現在能夠轉向更具進攻性的方法，並將注意力轉移到執行幻燈片 13 中概述的中長期財務復甦計劃。作為該計劃的一部分，我們將繼續專注於重建我們在財務業績、優化資產負債表以及實現具有吸引力和紀律性的增長方面的良好記錄。我期待在下一次電話會議中向您通報我們的進展情況。但現在，我將把電話交還給弗蘭克，以提供結束評論。坦率？

Thank you, Mark. Before we wrap up our prepared remarks, I'd like to provide an update on our global sustainability program, Sail and Sustain on Slide 14. We are committed to driving a positive impact on society and the environment through the advancement of this program. On the environmental front, in addition to ongoing initiatives to reduce our greenhouse gas emissions rate, during the quarter, we made the first purchase under our new carbon offset program. As a reminder, over the summer, we announced that we have committed to purchasing high-quality, verified carbon credits to offset the equivalent of 3 million metric tons of carbon dioxide over a 3-year period.

謝謝你，馬克。在結束我們準備好的評論之前，我想在幻燈片 14 上提供有關我們全球可持續發展計劃 Sail and Sustain 的最新信息。我們致力於通過推進該計劃對社會和環境產生積極影響。在環境方面，除了正在進行的降低溫室氣體排放率的舉措外，在本季度，我們根據新的碳抵消計劃進行了首次採購。提醒一下，今年夏天，我們宣布我們已承諾購買經過驗證的高質量碳信用額度，以在 3 年內抵消相當於 300 萬噸的二氧化碳。

This is a measurable step in near-term emissions reductions, which will help bridge the gap in our decarbonization efforts until new technologies become feasible. Our 3 million-ton commitment is sizable, and we plan to increase offset purchases in future years to help us reach our goal of carbon neutrality. We also strive to maintain a supportive and empowering workplace for our team members across the globe who are without doubt our most valuable asset.

這是近期減排的一個可衡量的步驟，這將有助於彌合我們在脫碳工作中的差距，直到新技術變得可行。我們 300 萬噸的承諾相當可觀，我們計劃在未來幾年增加抵消採購，以幫助我們實現碳中和的目標。我們還努力為我們在全球的團隊成員維持一個支持和授權的工作場所，他們無疑是我們最寶貴的資產。

As such, we recently announced that we have been definitely moved to a 4/1 flexible work model for our shoreside team members globally, which requires employees to work in office Monday through Thursday and remotely on Friday. This new work model allows us to provide additional flexibility for our team members while also supporting our business goals, maintaining productivity and fostering the in-person collaboration and workplace culture that we are so proud of. We are honored that this commitment to our team was recognized with our naming to the Forbes World's Best Employers list. This recognition came after also being named to the Forbes' America's Best Employers list earlier this year in which we ranked among the top 75 companies in the overall large employer category and among the top 10 companies in the travel and leisure sector.

因此，我們最近宣布，我們的全球岸邊團隊成員已明確轉向 4/1 靈活工作模式，這要求員工週一至週四在辦公室工作，週五遠程工作。這種新的工作模式使我們能夠為我們的團隊成員提供額外的靈活性，同時還支持我們的業務目標、保持生產力並培養我們引以為豪的面對面協作和工作場所文化。我們很榮幸能夠對我們團隊的這一承諾得到認可，併入選福布斯全球最佳雇主名單。這一認可是在今年早些時候入選福布斯美國最佳雇主名單之後獲得的，在該名單中，我們躋身大型雇主類別的前 75 家公司和旅遊和休閒行業的前 10 名公司之列。

And while we are pleased with the progress we have made to date on our ESG efforts, we have no plans to stop here. We are committed to continuing to drive positive change and make a lasting impact on the world as responsible corporate citizens. In addition, we remain focused on enhancing disclosures around our ESG efforts to ensure transparency and accountability around this critical topic for our key stakeholders. And I look forward to sharing additional details with you as we continue on our ESG journey.

雖然我們對迄今為止在 ESG 努力方面取得的進展感到滿意，但我們沒有計劃就此止步。作為負責任的企業公民，我們致力於繼續推動積極的變革，並對世界產生持久的影響。此外，我們仍然專注於加強有關 ESG 工作的披露，以確保我們的主要利益相關者圍繞這一關鍵主題的透明度和問責制。在我們繼續 ESG 之旅時，我期待與您分享更多細節。

Turning to Slide 15. I'd like to leave you with a few final key takeaways. First, our return to service is on track and initial voyages have been successful on all fronts. Our health and safety protocols are working as intended, and we are seeing strong onboard revenue and high guest satisfaction scores. We are increasingly confident in our ability to execute on our phased voyage resumption plan with a target to have our full fleet in operation by April 1 of next year. Despite headwinds in the third quarter related to the Delta variant, we continue to experience strong future demand for cruising with positive booking and pricing trends, particularly for the back half of 2022 and throughout 2023.

轉到第 15 張幻燈片。我想給您留下一些最後的關鍵要點。首先，我們的複航步入正軌，首航在各方面都取得了成功。我們的健康和安全協議正在按預期工作，我們看到了強勁的機上收入和高客人滿意度得分。我們對執行分階段航行恢復計劃的能力越來越有信心，目標是在明年 4 月 1 日之前讓我們的全部船隊投入運營。儘管第三季度與 Delta 變體相關的逆風，我們繼續經歷強勁的未來巡航需求以及積極的預訂和定價趨勢，特別是在 2022 年下半年和整個 2023 年。

And lastly, we believe we are nearing an inflection point with the worst of the pandemic now appearing to be behind us. Our future is bright, and we look forward to the next chapter in our company's storied history as we deliver on our industry-leading growth profile, which we expect will provide a meaningful boost to our financial results and shareholder value in the coming years. And with that, Laurie, let's open up for questions.

最後，我們相信我們正接近一個拐點，最嚴重的流行病現在似乎已經過去。我們的未來是光明的，我們期待著我們公司傳奇歷史的新篇章，因為我們實現了行業領先的增長概況，我們預計這將在未來幾年為我們的財務業績和股東價值提供有意義的提升。有了這個，Laurie，讓我們敞開心扉回答問題。

(Operator Instructions)

（操作員說明）

Our first question comes from Stephen Grambling of Goldman Sachs.

我們的第一個問題來自高盛的 Stephen Grambling。

I know you don't want to give too much color on 2022 yet, but I would love to just hear any kind of guardrails to think about for a load factor over the course of the year. And then maybe looking longer term, as you compare and contrast the company versus 2019, what structural changes are you contemplating as it relates to either itineraries, marketing approaches or otherwise as you assess consumer behavior and changes to your own operations?

我知道你還不想在 2022 年給出太多的顏色，但我很想听到任何類型的護欄來考慮一年中的負載係數。然後從長遠來看，當您比較和對比公司與 2019 年時，您在考慮與行程、營銷方法或其他方面相關的結構性變化，因為您評估消費者行為和您自己的運營變化？

That's a mouthful, Steve, but I'll try to get through it. Look, we thought we have perfected our itineraries, our deployment. And so I don't see major changes in how we deploy our vessels in '22 and beyond, assuming even if the world reopens. Today, the world is in the process of reopening. As you know, Asia is still primarily closed.

史蒂夫，那是滿嘴的，但我會努力克服它。看，我們認為我們已經完善了我們的行程，我們的部署。因此，我認為即使世界重新開放，我們在 22 年及以後部署船隻的方式也不會發生重大變化。今天，世界正處於重新開放的過程中。如您所知，亞洲仍然主要是封閉的。

But we believe that by the time our next Asia season begins, which would be about this time in '22, that it will be open. We do have new vessels coming online, like I said, for over the next 2 years, and we're eager to take possession of those vessels. We said time and time again, we have many unserved and underserved markets because we only have a fleet of 28 vessels. So we're anxiously awaiting the receipt of those vessels, which we believe will be accretive to the yields and certainly EBITDA and ROIC and all the financial metrics.

但我們相信，當我們的下一個亞洲賽季開始時，也就是 22 年的這個時候，它將會開放。就像我說的，在接下來的 2 年裡，我們確實有新的船隻上線，我們渴望擁有這些船隻。我們一次又一次地說，我們有許多未得到服務和服務不足的市場，因為我們只有 28 艘船。因此，我們焦急地等待收到這些船隻，我們認為這將增加收益率，當然還有 EBITDA 和 ROIC 以及所有財務指標。

Turning to 2022. We have to start looking at '22 not as a year, not as a block but sequentially, certainly, the back half of '22 today is looking much better than the first half, partly because of the effects of the Delta variant and on booking trends and consumer behavior will affect Q1 more than Q2 and Q2 more than Q3.

轉向 2022 年。我們必須開始將 22 年視為一年，而不是一個區塊，而是按順序來看，當然，今天 22 年的後半部分看起來比上半年要好得多，部分原因是三角洲的影響變體以及預訂趨勢和消費者行為對 Q1 的影響大於 Q2，Q2 的影響大於 Q3。

But sequentially, 2022 is ramping up very, very nicely. We said in our prepared remarks, the back half of '22 today is meaningfully and significantly better booked than we were at this time for 2019 or any year. So we're way ahead in load and that gives us confidence to continue with the price discipline because today, not only do we have that meaningful load, but we're ahead in pricing.

但從順序上看，2022 年的增長非常非常好。我們在準備好的講話中說，今天的 22 年下半年的預訂量比我們在 2019 年或任何一年的這個時候都有意義且明顯更好。因此，我們在負載方面遙遙領先，這使我們有信心繼續執行價格紀律，因為今天，我們不僅擁有有意義的負載，而且在定價方面也處於領先地位。

So I feel very, very good about 2022, and I can make the same identical remarks about '23. Ahead in load, meaningfully, and ahead in pricing. Q2 is a -- what I would really call the pivot quarter. We see our demand coming back strongly for '22. But as you know, we're -- we still have -- by the end of the year, we'll have 17 ships in the water. That means that we're going to introduce 11 vessels between January 1 and April 1, and those will be ramping up. And so second quarter will be a transition year -- a transitioning quarter where all the vessels will be in operation. But we look -- we feel very, very good about Q2 as well. So look, I'm feeling better than I have in nearly 2 years. Advanced bookings are strong.

所以我對 2022 年感覺非常非常好，我可以對 23 年發表同樣的評論。在負載方面領先，有意義，在定價方面領先。第二季度是一個——我真正稱之為樞軸季度。我們看到 22 年的需求強勁回升。但如你所知，我們 - 我們仍然有 - 到今年年底，我們將有 17 艘船在水中。這意味著我們將在 1 月 1 日至 4 月 1 日期間推出 11 艘船，而且這些船將不斷增加。所以第二季度將是一個過渡年——一個所有船隻都將投入運營的過渡季度。但我們看起來 - 我們對第二季度也感覺非常非常好。所以看，我感覺比近 2 年來好多了。提前預訂很強勁。

One of the wonderful things about this industry is that we have incredible visibility into the future. And because consumers are booking earlier than ever as I mentioned in my prepared remarks, we have visibility into -- further into the future than we ever have, and that visibility is a very positive one.

這個行業的美妙之處之一是我們對未來有著難以置信的洞察力。正如我在準備好的講話中提到的那樣，由於消費者比以往任何時候都更早預訂，因此我們比以往任何時候都更了解未來，這種可見性是非常積極的。

Perhaps as a quick follow-up. When you look at the strong booking trends in the back half of the year, can you provide any color on the composition between new-to-brand or new-to-cruise versus the existing customer base and what's driving that?

也許作為快速跟進。當您查看下半年強勁的預訂趨勢時，您能否就新品牌或新郵輪與現有客戶群之間的構成提供任何顏色，以及是什麼推動了這一點？

Look, I think it's not much different than what I -- what we said earlier, about 55% are repeat or is slightly higher than normal. We've moderated our marketing spend. And so when you moderate your marketing spend, you tend to go to that segment of the market that you know best, that's the easiest and least expensive to go after, and that's our past guests. So we have a little bit of an elevated past guest, which is good.

看，我認為這和我說的沒什麼不同——我們之前說過，大約 55% 是重複的或略高於正常水平。我們已經調整了營銷支出。因此，當您減少營銷支出時，您往往會進入您最了解的市場細分市場，這是最容易和最便宜的市場，也就是我們過去的客人。所以我們有一點高貴的過去客人，這很好。

They know the brand, that's what you want. We're not getting ready to roll out our big marketing push in anticipation of ways to promote Black Friday, to promote Cyber Monday. And we have high hopes for a very, very good Wave season.

他們知道品牌，這就是你想要的。我們還沒有準備好推出我們的大型營銷活動，以期待推廣黑色星期五和網絡星期一的方式。我們對一個非常非常好的 Wave 賽季寄予厚望。

And our next question is from Brandt Montour of JPMorgan.

我們的下一個問題來自摩根大通的 Brandt Montour。

Frank or Mark, I was hoping you could provide a little bit more color on occupancy near term, perhaps maybe exit rate coming out of the third quarter or maybe even better. Just talk a little bit about the self-imposed caps and how you foresee your ability to raise those in the next, call it, 2 to 5 months?

弗蘭克或馬克，我希望你能在短期內提供更多的入住率，也許第三季度的退出率甚至更好。簡單談談自我設定的上限，以及您如何預見您在接下來的 2 到 5 個月內提高這些上限的能力？

Yes, look, so third quarter was in line with our expectations. I think we had roughly 57% occupancy. As we've said time and time and again, we're not in a race to just fill volume. We want to maintain price discipline, and we're going to do that. When we look ahead at the fourth quarter, we're going to have, I believe, 17 ships in operation, approximately 75% of our capacity. And as we continue in the first quarter, we'll have almost our entire fleet operational effectively by the end of the first quarter.

是的，看，所以第三季度符合我們的預期。我想我們大約有 57% 的入住率。正如我們一次又一次所說的那樣，我們並不是在競相填補數量。我們希望保持價格紀律，我們將這樣做。當我們展望第四季度時，我相信，我們將有 17 艘船舶投入運營，約占我們運力的 75%。隨著我們在第一季度的繼續，我們將在第一季度末讓幾乎我們的整個機隊有效運營。

So rather than look at occupancy, I think a better metric is looking at the number of passengers that we're carrying. I think in the third quarter, we had about 60,000 roughly passengers carried. That's going to increase to roughly 150,000, 175,000 in Q4. 250,000 or to 300,000 in Q1 and then you're up back into the 0.5 million. So our occupancy is ramping up in line with our fleet rollout.

因此，與其看入住率，我認為更好的衡量標準是看我們搭載的乘客數量。我認為在第三季度，我們大約運送了大約 60,000 名乘客。這將在第四季度增加到大約 150,000、175,000。第一季度達到 250,000 或 300,000，然後您又回到 50 萬。因此，我們的入住率隨著我們車隊的推出而增加。

Pricing discipline is important to us. We've said time and time and again, we want to protect that. We want to protect the long-term brand equity. So we're going to do it in a thoughtful and rational manner rather than chasing that cheap customer just to gain that point of occupancy.

定價紀律對我們很重要。我們一次又一次地說過，我們想要保護它。我們希望保護長期的品牌資產。所以我們將以一種深思熟慮和理性的方式來做這件事，而不是為了獲得那個入住點而追逐那個便宜的客戶。

Mark, that's helpful. And then as a follow-up, I think one of the themes of travel and leisure this quarter is just trying to figure out how long the pent-up demand can last and positively impact consumer spend.

馬克，這很有幫助。然後作為後續行動，我認為本季度旅遊和休閒的主題之一隻是試圖弄清楚被壓抑的需求可以持續多長時間並對消費者支出產生積極影響。

Frank, I was wondering if you wanted to just give some thoughts on the onboard spend picture. And is there any reason why it doesn't eventually revert to 2019 levels? Anything structural you would call out as why it might settle above those levels going forward?

弗蘭克，我想知道你是否想就船上支出圖片發表一些想法。是否有任何理由最終不會恢復到 2019 年的水平？您會提出任何結構性問題，說明為什麼它可能會在未來穩定在這些水平之上？

In terms of your pent-up demand question, no one has a crystal ball. All I can tell you is the empirical evidence that we have based on bookings people are booking out -- booking further out than ever before. That's the combination of the fact that we have introduced iConcierge earlier than ever. So they're available for sale. But people's -- the psyche of the consumer, they want to cruise, they want to travel, maybe they don't want to travel this quarter or maybe even next quarter and they're pushing it out further and further, hoping that the COVID situation improves drastically. So I do believe that we're going to continue having greater visibility than we've had in the past then that will continue for some time.

就您被壓抑的需求問題而言，沒有人有水晶球。我只能告訴你的是我們基於人們正在預訂的預訂的經驗證據——預訂比以往任何時候都更遠。這就是我們比以往更早引入 iConcierge 的事實的結合。所以它們可以出售。但是人們——消費者的心理，他們想乘船遊覽，他們想旅行，也許他們不想在本季度甚至下個季度旅行，他們將其推得越來越遠，希望 COVID情況急劇好轉。因此，我確實相信我們將繼續擁有比過去更高的知名度，然後這種情況將持續一段時間。

In terms of onboard revenue, look, we see the consumer spending across lots of different sectors are up and it's no different onboard our vessels. As you know, we lead the industry by a very wide margin in onboard yield, onboard revenue yield and that continues. I cautioned in my prepared remarks that I'm not ready to declare victory in a sense that the very positive trends in onboard revenue higher than they've ever been before, will continue indefinitely and then you can put it in the permanent column because it's just too early.

就船上收入而言，我們看到許多不同行業的消費者支出都在上升，在我們的船上也不例外。如您所知，我們在船上收益、船上收入收益方面以非常大的優勢領先於行業，並且這種情況仍在繼續。我在準備好的評論中告誡說，我還沒有準備好宣布勝利，因為船上收入比以往任何時候都高的非常積極的趨勢將無限期地持續下去，然後你可以把它放在永久欄中，因為它是只是太早了。

Is the reason why people are spending so much because of the pent-up demand. Is it because of cabin mix. We're at least in the third quarter, and you'll see it in the fourth quarter as well, slightly elevated percentage of our cabins that have sold are in the upper categories, the suites, the balcony cabins. And one of the truisms of this business is those who pay more to get on board, pay or spend more once on board.

是因為被壓抑的需求，人們花費如此之多的原因。是不是因為機艙混合。我們至少在第三季度，你也會在第四季度看到它，我們已售出的客艙比例略高，屬於高級類別、套房、陽台客艙。這項業務的一個老生常談是那些支付更多費用才能上船的人，一旦上船就支付或花費更多。

But it also goes to the fundamental strength of our industry-leading bundling strategy. We believe in the bundling strategy. We're doing more and more bundling across the 3 brands and that gives people a very fresh wallet because the combination of them booking further out means they have even more time to refill that wallet and make it even fresher, if you will.

但這也體現了我們行業領先的捆綁戰略的基本實力。我們相信捆綁策略。我們正在對 3 個品牌進行越來越多的捆綁，這為人們提供了一個非常新鮮的錢包，因為他們預訂的時間更遠意味著他們有更多的時間來重新裝滿那個錢包並讓它更新鮮，如果你願意的話。

And so all these factors are contributing to the higher onboard spend. I hope it continues. We'll do everything possible to fuel that continuation. But I just wanted to throw a little bit of caution to the win that I'm not ready to chalk it up as a permanent shift, if you will, or a permanent source of revenue above and beyond what we've always led the industry on.

因此，所有這些因素都導致了更高的機上支出。我希望它繼續下去。我們將盡一切可能推動這種延續。但我只是想對勝利稍微謹慎一點，我還沒有準備好將其視為永久性轉變，如果你願意的話，或者是超越我們一直引領行業的永久性收入來源在。

And Brandt, one -- just one piece of additional color there is we are getting smarter, not only with the bundling but our marketing systems around the pre-onboard sell. We're getting smarter throughout the booking cycle. We started really working on that heavily a couple of years ago, and we started to see some fruit bearing on that in 2019. So again, that's just going to be another propellent to help us. But I think as Frank has said, we'd be naive to think that there's not going to be some settling.

布蘭特，一個——只是一種額外的顏色，我們變得越來越聰明，不僅是捆綁銷售，還有我們圍繞車載前銷售的營銷系統。在整個預訂週期中，我們變得越來越聰明。幾年前，我們開始真正投入大量精力，並在 2019 年開始看到一些成果。因此，這將再次成為幫助我們的另一種推動力。但我認為正如弗蘭克所說，我們天真地認為不會有一些和解。

Our next question is from Vince Ciepiel of Cleveland Research.

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

I'd be curious, a lot of moving pieces as it relates to occupancy ramp and it sounds like pricing is quite strong. You alluded to some cost pressures in the business. Fuel prices are up. Curious on the other side of this exiting next year when hopefully, things are more back to normal, what do you think the margin opportunity is within the business going into even '23. And if you think efficiencies gained can put your margins higher than they were pre-COVID?

我會很好奇，很多與入住率有關的移動部件，聽起來定價相當強勁。您提到了業務中的一些成本壓力。燃油價格上漲。對明年退出的另一面感到好奇，希望事情能恢復正常，您認為甚至 23 年的業務中的利潤機會是什麼。如果您認為獲得的效率可以使您的利潤高於 COVID 之前的水平？

Vince, look, I think we're setting ourselves up nicely for margin expansion and ROIC improvement. It's quite so important to keep that pricing discipline. We've seen time and time again that companies that dropped prices as we saw back in 2008 and 2009, during the Great Recession, it takes years. There are some who have not yet recovered to their pre-great recession yields, a decade later, or more than a decade later. So we're fixated on maintaining pricing. We'll sacrifice short-term load factors in order to preserve long-term pricing.

文斯，看，我認為我們正在為利潤率擴張和投資回報率提高做好準備。保持定價紀律非常重要。我們一次又一次地看到公司降價，就像我們在 2008 年和 2009 年看到的那樣，在大衰退期間，這需要數年時間。有些人在十年後或十多年後仍未恢復到大衰退前的收益率。因此，我們專注於維持定價。我們將犧牲短期負載係數以保持長期定價。

And long-term pricing at the end of the day is what's going to drive margins, along with the fact that we're going to be introducing 4 vessels that our premium -- including the Norwegian new Prima vessels, more balcony cabins. We're increasing our percentage of the -- of our premium accommodations to 65%.

最終的長期定價將推動利潤增長，同時我們將推出 4 艘我們的優質船舶——包括挪威新的 Prima 船舶、更多的陽台客艙。我們正在將我們在高級住宿中的百分比提高到 65%。

And so all those factors, including the fact that we're getting -- we have gone a lot smarter during the pandemic about how we market to our customers using technologies. The so-called Zoom world, marketing is becoming more efficient. And we'll see whether the general inflation pressures that are being called transitory are transitory or not.

所以所有這些因素，包括我們得到的事實——在大流行期間，我們在如何使用技術向客戶推銷方面變得更加聰明。所謂的Zoom世界，營銷越來越有效率。我們將看看被稱為暫時性的一般通脹壓力是否是暫時性的。

But as Mark mentioned, we are primarily a fixed cost business. And during inflationary times, we come out ahead. And we're seeing it that we have pricing power. Pricing power is the pretty word of inflation. Yes, we have inflation pressures on some line items, as Mark mentioned, fuel, commodities, food, but we've got that pricing power that is translating into high yield. So we believe that in late '22, '23 forward, our margins should improve.

但正如馬克所說，我們主要是一家固定成本的企業。在通貨膨脹時期，我們領先一步。我們看到我們擁有定價權。定價權是通貨膨脹的漂亮詞。是的，正如馬克所提到的，燃料、大宗商品、食品等某些項目存在通脹壓力，但我們擁有正在轉化為高收益的定價能力。因此，我們相信在 22 年末、23 年以後，我們的利潤率應該會提高。

And Vince, on those -- on the new capacity that comes online, generally speaking, as we're bringing new capacity, it tends to be anywhere from 10% to 15% more efficient on a unit basis. So that inherently provides some tailwind for us as we move forward. And with our growth profile, I think we can -- there's some tremendous opportunity there.

而文斯，關於那些上線的新產能，一般來說，隨著我們帶來新產能，它的單位效率往往會提高 10% 到 15%。因此，在我們前進的過程中，這本質上為我們提供了一些順風。根據我們的增長概況，我認為我們可以——那裡有一些巨大的機會。

Great. As a follow-up to that, I thought your comments were interesting (inaudible) cruising, relative to land-based alternatives. If you look at hotel, leisure prices are a good amount ahead of 2019 levels. Curious if there's any way to kind of quantify that gap? I mean do you see it being a significant opportunity, 10%, 20% of value relative to land based? Or anyway to qualify moving towards parity of land-based and what that can mean for yield?

偉大的。作為後續行動，我認為你的評論很有趣（聽不清），相對於陸地替代品。如果您查看酒店，休閒價格比 2019 年的水平高出很多。好奇是否有任何方法可以量化這種差距？我的意思是你認為這是一個重要的機會，相對於土地價值的 10%、20%？或者無論如何，有資格朝著以土地為基礎的平價發展，這對產量意味著什麼？

Look, I think there's a great opportunity, and you have to do it almost brand by brand. You want to compare a Regent Cruise to a stay at a Four Seasons hotel, you want to compare a Norwegian Cruise to perhaps a Sheraton or a Hyatt.

看，我認為這是一個很好的機會，你必須幾乎逐個品牌地去做。您想將攝政郵輪與入住四季酒店進行比較，您想將挪威郵輪與喜來登或凱悅進行比較。

But I can tell you that all the internal analysis that we do, when you combine the cost -- the total cost of a vacation, transportation, accommodations, your meals, your drinks, entertainment in any location, a cruise vacation's value is just off the charts. And while we want to continue offering consumers that great value, which is why our ships are always full, the industry ships are always full, hotel chains can't say that their hotel rooms are always full, but we can because of the value proposition, the way we market, and therefore, that's where the opportunity is. The opportunity is to claw back some of that value that we're giving away and still provide consumers with a very attractive vacation experience.

但我可以告訴你，我們所做的所有內部分析，當你結合成本時——假期的總成本，交通，住宿，你的膳食，你的飲料，在任何地方的娛樂，一個遊輪假期的價值就差不多了圖表。雖然我們想繼續為消費者提供巨大的價值，這就是為什麼我們的船總是滿的，行業的船總是滿的，連鎖酒店不能說他們的酒店房間總是滿的，但我們可以因為價值主張，我們的營銷方式，因此，這就是機會所在。機會是收回我們正在放棄的一些價值，並仍然為消費者提供非常有吸引力的假期體驗。

And every dollar we compare -- we can claw back in that gap, the vast majority of that drops directly to the bottom line. So it really becomes this really bottom line economic driver pretty quickly. So we're very, very focused on that.

我們比較的每一美元 - 我們都可以彌補這個差距，其中絕大多數直接下降到底線。所以它真的很快成為這個真正的底線經濟驅動力。所以我們非常非常關注這一點。

Our next question is from Steven Wieczynski of Stifel.

我們的下一個問題來自 Stifel 的 Steven Wieczynski。

So Frank, going to ask you another question about load factors and kind of getting that path -- the path back to normalized load factors while you talked about the third quarter of next year. I'm just wondering if you could elaborate on that a little bit more. It seems like the most debatable vaccine demographic, so to speak, is obviously around kids, meaning that it seems a lot of parents are not going to get their kids vaccinated. So I guess the actual question here is once this CSO is eventually relaxed in January, do you see yourself starting to potentially relax that vaccine mandate for kids in order to get your load factors back to normal? Or that just won't be the case? And if that's not the case, maybe help us bridge that gap.

所以弗蘭克，在你談到明年第三季度時，要問你另一個關於負載因子和獲得路徑的問題 - 回到標準化負載因子的路徑。我只是想知道您是否可以詳細說明一下。可以這麼說，似乎最有爭議的疫苗人口顯然是圍繞著孩子的，這意味著很多父母似乎不會讓他們的孩子接種疫苗。所以我想這裡的實際問題是，一旦這個 CSO 最終在 1 月份放寬，您是否認為自己開始可能放鬆對兒童的疫苗要求，以使您的負荷率恢復正常？或者情況並非如此？如果不是這樣，也許可以幫助我們彌合這一差距。

Yes. Steve, I don't -- we're going to announce very, very soon that we have indefinitely extended our 100% vaccination requirement. I think that today, that continues to be a competitive advantage to our 3 brands, I think that our 3 brands emerge from this COVID crisis in a much better standing in the consumer's eyes because of our strong early stands on health and safety, vaccinations, et cetera, and it's something we want to build on.

是的。史蒂夫，我沒有——我們將非常非常快地宣布，我們已經無限期地延長了 100% 的疫苗接種要求。我認為今天，這仍然是我們三個品牌的競爭優勢，我認為我們的三個品牌從這場 COVID 危機中脫穎而出，在消費者眼中的地位要好得多，因為我們早期在健康和安全、疫苗接種、等等，這是我們想要建立的東西。

The children's vaccination, for 5- to 11-year-olds were just announced yesterday. My understanding is that likely sometime in Q1, the same vaccination approval be given for up to 4 year olds. So I do believe that the target market that cruise is, is more likely than general population to, number one, be vaccinated. We see time and time again where a cruiser, a past cruiser or one who intends to cruise is significantly more vaccinated than those who don't intend to cruise.

昨天剛剛宣布了針對 5 至 11 歲兒童的疫苗接種。我的理解是，很可能在第一季度的某個時候，對最多 4 歲的兒童給予相同的疫苗接種批准。因此，我確實相信郵輪的目標市場比普通人群更有可能接種疫苗。我們一次又一次地看到巡洋艦、過去的巡洋艦或打算巡航的人比那些不打算巡航的人接種的疫苗要多得多。

So it's a bit of a self-selection situation. I believe that will translate also into children. But we're not going to sacrifice the health and safety of anyone for the sake of adding a point or 2 or 3 or whatever the number is to load. So we will continue mandating 100% vaccination as long as the science dictates that, that's what we ought to do.

所以這是一種自我選擇的情況。我相信這也將轉化為兒童。但是我們不會為了增加一個點或 2 或 3 點或任何要加載的數字而犧牲任何人的健康和安全。因此，只要科學表明，我們將繼續強制要求 100% 接種疫苗，這是我們應該做的。

Understood. Second question would be around direct booking. And it seems to us from the outside that direct bookings are -- have moved a good bit higher relative to pre-pandemic levels. And I'm wondering if that's kind of what you guys are seeing as well and maybe what you think is potentially driving that? And is this something that could change long-term booking patterns? Or is it just something else that's causing uplift right now in direct?

明白了。第二個問題是關於直接預訂。在我們看來，直接預訂似乎比大流行前的水平高了很多。我想知道你們是否也看到了這種情況，也許你們認為可能會推動這種情況？這是否可以改變長期預訂模式？還是只是其他東西現在直接導致提升？

No, we've seen it as well. We're hoping that the travel agent community comes back in full force. They've also been out of work. And unlike the big public cruise companies that can go to Wall Street and raise billions of dollars, these are mostly smaller businesses and they can't. And so I'm praying and hoping that they do come back in full force.

不，我們也見過。我們希望旅行社社區能夠全力以赴。他們也失業了。與可以去華爾街籌集數十億美元的大型公共郵輪公司不同，這些公司大多是小型企業，他們不能。所以我在祈禱，希望他們能全力以赴。

But at the end of the day, we have to fill our vessels in any way we can. And we do offer consumers multiple choices of how to engage with us. We prefer the travel agency channel. It is our biggest channel. It is coming back. We've seen improvement sequentially quarter-by-quarter in terms of the percentage of our business that is being booked by travel agents. And I do believe that once our fleet is back in operation along with that of our peers, that they will come back. But if not, we have adapted. We are prepared. We have the technology. We have the wherewithal to take the bookings.

但歸根結底，我們必須盡我們所能裝滿我們的容器。我們確實為消費者提供了多種與我們互動的選擇。我們更喜歡旅行社渠道。這是我們最大的渠道。它回來了。就旅行社預訂的業務百分比而言，我們已經看到逐季改善。我確實相信，一旦我們的機隊與我們的同行一起恢復運營，他們就會回來。但如果不是，我們已經適應了。我們準備好了。我們有技術。我們有足夠的資金接受預訂。

And our next question is from James Ainley of Citi.

我們的下一個問題來自花旗的 James Ainley。

Could I ask you maybe for some color on the brand performances. I guess the data we are tracking suggests that the higher-end brands have been garnering much stronger interest. Is that something you're seeing? Or are you seeing that demand spreading out down the brand scales, please?

我能問你一些關於品牌表演的顏色嗎？我想我們正在追踪的數據表明，高端品牌已經獲得了更強烈的興趣。那是你看到的東西嗎？或者您是否看到需求在品牌範圍內蔓延？

Well, look, the upscale brands, the luxury brands, typically book further out than the contemporary brands because their itineraries are longer, more exotic and therefore the planning process. And so we do have more visibility into -- especially into 2023 on the Oceania and the Regent brands than we do in Norwegian.

好吧，看，高檔品牌，奢侈品牌通常比當代品牌預訂得更遠，因為它們的行程更長，更具異國情調，因此規劃過程也更加複雜。因此，我們對大洋洲和 Regent 品牌的知名度確實比我們在挪威的知名度更高——尤其是到 2023 年。

But we're seeing steady progress throughout the ecosystem, the Norwegian brand customer coming back and booking as they normally would book, except that for second half of '22 and in all of '23, that booking volume is better than ever. And so we're very pleased with that, that the demand is such that consumers want to cruise. And as I said earlier, everything else being equal, they feel more confident being able to cruise in Q3 of next year than in Q1, for example, because of the ever present threat of the -- of COVID.

但我們看到整個生態系統都在穩步發展，挪威品牌客戶回來並按照他們通常的預訂方式進行預訂，除了 22 年下半年和 23 年全年，預訂量比以往任何時候都要好。因此，我們對此感到非常滿意，因為需求如此之大，以至於消費者想要巡航。正如我之前所說，在其他條件相同的情況下，他們對明年第三季度的航行比第一季度更有信心，例如，因為 COVID-19 的威脅一直存在。

And as COVID starts to fade into the background, all the experts have said, COVID is not going to go away in 1 day. It will pivot from being a pandemic to an epidemic and we'll all have to learn to live with it. We may have to take COVID-booster shots every year like the flu. But I do -- I am encouraged to see how in different parts of the world, and I traveled internationally for the first time in the last few weeks, went to Italy, went to the U.K., went to New York for the first time in almost 2 years, how people have adapted.

所有專家都說，隨著 COVID 開始淡出人們的視線，COVID 不會在 1 天內消失。它將從流行病轉變為流行病，我們都必須學會與之共存。我們可能不得不像流感一樣每年都注射 COVID 增強劑。但我確實 - 我很高興看到世界不同地區的情況，我在過去幾週第一次出國旅行，去了意大利，去了英國，第一次去紐約快2年了，人怎麼適應了。

And like I said earlier, the cruising population, the target cruiser is a better versed individual than the average population. They can afford to cruise. They're better vaccinated. And so all those points, I'm encouraged that, again, the pandemic is not going to go away or the COVID is never going to disappear, but we will learn to live with it.

就像我之前說的，巡航人口，目標巡洋艦比普通人口更精通。他們買得起遊輪。他們最好接種疫苗。綜上所述，我再次感到鼓舞的是，大流行不會消失，或者 COVID 永遠不會消失，但我們將學會忍受它。

Great. And as a follow-up, could I ask about how you're handling the sort of operating restrictions. I mean are you able to sail your ships to the majority of places you want to go to? And I suppose the reason I'm asking is, a loyal Regent Seven Seas customer might come back for one cruise, but then it's looking for something new and something different. And do you feel that you can offer enough variety given the kind of state of, port restrictions as you see them today?

偉大的。作為後續行動，我能否詢問您如何處理這種運營限制。我的意思是你能把你的船開到你想去的大部分地方嗎？我想我問的原因是，一位忠誠的 Regent Seven Seas 客戶可能會回來乘坐一次遊輪，但隨後它正在尋找新的和不同的東西。鑑於您今天看到的港口限制狀態，您是否認為您可以提供足夠的多樣性？

We are -- the short answer is yes. The longer answer is we are staging the return of our vessels, not haphazardly, but in a very measured way, based on the availability of ports. And so by the time that our entire fleet is operating, which will be very early in Q2 on April 1, we believe that the seasonal nature of the cruise industry being heavily in Alaska and Europe, beginning in Q2 throughout Q3 that the world will be open.

我們是——簡短的回答是肯定的。更長的答案是，我們正在安排我們的船隻返回，不是隨意的，而是根據港口的可用性以一種非常謹慎的方式。因此，當我們的整個船隊開始運營時，也就是 4 月 1 日第二季度的早些時候，我們相信郵輪業的季節性性質在阿拉斯加和歐洲占主導地位，從第二季度開始，整個第三季度，世界將打開。

By the time we get to Q4 of '22 and you start sailing to exotic places throughout Asia, South America. We believe that by then, the closures that we are seeing today will abate. And so yes, itineraries are a big deal. It's one of the secret sauce ingredients that make our company the highest yielding company because we go to high-yielding itineraries with wonderful vessels that have a lot of cabins that are with balconies and Suites which, as I said many times, is the second driver of yield after itineraries. We believe all those pressures that we're seeing today will subside by the time that our operations are back in full.

到 22 年第 4 季度時，您開始航行到亞洲、南美洲的異國情調的地方。我們相信，到那時，我們今天看到的關閉情況將會減少。所以是的，行程很重要。這是使我們公司成為產量最高的公司的秘訣之一，因為我們乘坐美妙的船隻進行高產量的行程，這些船隻有很多帶陽台和套房的小屋，正如我多次說過的那樣，這是第二個驅動程序行程後的收益。我們相信，當我們的運營全面恢復時，我們今天看到的所有這些壓力都會消退。

Operator, I think we have time for one more question.

接線員，我想我們還有時間再問一個問題。

Our last question is from Robin Farley of UBS.

我們的最後一個問題來自瑞銀的 Robin Farley。

I wanted to ask a balance sheet question. You mentioned in the slides, before returning to paying dividends that you wanted to focus on the balance sheet. I'm just wondering if there's kind of a targeted leverage range you're thinking? And then kind of a related on the balance sheet is -- I'm curious why is the $1 billion facility undrawn? You're so close to positive cash flow and you have no big maturities in the next 2 years. Just kind of curious behind setting that up.

我想問一個資產負債表問題。您在幻燈片中提到，在返回支付股息之前，您希望將重點放在資產負債表上。我只是想知道您是否在考慮某種目標槓桿範圍？然後資產負債表上的相關內容是——我很好奇為什麼沒有提取 10 億美元的貸款？您的現金流非常接近正數，並且在未來 2 年內沒有大的到期日。只是有點好奇背後的設置。

Robin. So yes, first, covering the targeted leverage. Pre-pandemic, we had said our goal was to get to that 2.5x, 2.75x range, and we haven't lost sight of that. But I think when we look at the near and midterm, our first goal is going to be to get -- let's get below 5x, and then we're going to target to get below 4x. So we're going to continue to take a chop it down year after year with accelerating cash flows and get that back down into that 3x, 4x. It's going to take some time to do that, but we're focused on it. We've done it before. We know how to do it, this management team. So we're confident we can get there. We have the ability and the business.

羅賓。所以是的，首先，覆蓋目標槓桿。在大流行之前，我們曾說過我們的目標是達到 2.5 倍、2.75 倍的範圍，而我們並沒有忘記這一點。但我認為，當我們看近期和中期時，我們的第一個目標是——讓我們低於 5 倍，然後我們的目標是低於 4 倍。因此，隨著現金流的加速，我們將繼續年復一年地削減它，並將其恢復到 3 倍、4 倍。這需要一些時間來做到這一點，但我們專注於它。我們以前做過。我們知道該怎麼做，這個管理團隊。所以我們有信心能做到。我們有能力和業務。

In terms of the $1 billion commitment, look, I think as we look forward, I stated in my remarks that we're now going into a more offensive approach -- offensive approach around our balance sheet management. So what this does is this really is -- we look at it as a very low cost, but yet effective backstop rather than us having to necessarily go out and commit to permanent debt and/or permanent further dilution. So it is an extremely low cost measure to have on the books, which will allow us independently of that, to start taking some balance sheet action and not have to worry about the broader picture.

就 10 億美元的承諾而言，我認為在我們展望未來時，我在我的講話中表示，我們現在正在採取一種更具進攻性的方法——圍繞我們的資產負債表管理採取進攻性方法。所以這確實是——我們將其視為成本非常低但有效的支持，而不是我們必須走出去承擔永久債務和/或永久進一步稀釋。因此，這是一項成本極低的措施，這將使我們能夠獨立於這些措施，開始採取一些資產負債表行動，而不必擔心更廣泛的情況。

So again, we do not intend to draw on it. Our intention is not to draw on it. We have the facility there, as part of our larger game plan. But in the event we need to draw on it or something in that nature, most likely or more than likely, we would go out to the public markets and go after some paper that is much more cost effective. So again, in balancing all of our needs, we think this provides a backstop without committing us for any long-term additional debt and/or dilution.

同樣，我們不打算利用它。我們的目的不是利用它。作為我們更大的遊戲計劃的一部分，我們在那裡有設施。但如果我們需要利用它或類似性質的東西，很可能或更有可能，我們會去公共市場尋找更具成本效益的紙張。因此，再一次，在平衡我們所有的需求時，我們認為這提供了一種支持，而不會使我們承擔任何長期的額外債務和/或稀釋。

And look, one additional thought is that we've seen what Delta does, and we want to make sure we're always in a position to be ahead of some of the unknown. So again, this is more of us going to an offensive approach in terms of our balance sheet on a go-forward basis.

看，另外一個想法是，我們已經看到了 Delta 所做的事情，我們希望確保我們始終能夠領先於一些未知數。再說一次，我們中的更多人在前進的基礎上在資產負債表方面採取進攻性方法。

Okay. Great. That makes sense. Maybe just one final thing. Are you back to issuing future cruise credits again when you have to cancel a cruise, which I realize there's not probably that...

好的。偉大的。這就說得通了。也許只是最後一件事。當您必須取消遊輪時，您是否又重新發行未來的遊輪積分，我意識到這可能不是...

No. We stopped that, I believe, in the -- either at the end of 2020 or the first quarter -- end of first quarter of 2021, actually much earlier than that, I'm sorry, mid-2020, I think it was. So we have not issued future cruise credits. I want to say probably since second quarter-ish of '20. I might be off there slightly, but generally speaking, that was the time frame.

不。我相信，在 2020 年底或第一季度——2021 年第一季度末，我們停止了這種情況，實際上比這更早，對不起，2020 年中期，我認為是曾是。所以我們沒有發放未來的郵輪積分。我想說可能是從 20 年第二季度開始。我可能會稍微離開那裡，但一般來說，那是時間框架。

Thank you, Robin. And thank you, everyone, for your time and support today. We will be available to answer any of your questions a little later on. So have a great day, and stay safe.

謝謝你，羅賓。感謝大家今天的時間和支持。我們稍後會回答您的任何問題。所以祝你有美好的一天，並保持安全。

Thank you, everyone. Bye-bye.

謝謝大家。再見。

And 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。