Onespaworld Holdings Ltd (OSW) 2024 Q3 法說會逐字稿

Good day, and welcome to the OneSpaWorld third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 OneSpaWorld 2024 年第三季財報電話會議。（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Allison Malkin of ICR. Please go ahead.

現在，我想將會議交給 ICR 的 Allison Malkin。請繼續。

Thank you. Good morning, and welcome to OneSpaWorld's third-quarter 2024 earnings call and webcast. Before we begin, I'd like to remind you that certain statements and information made available on today's call and webcast may be deemed to constitute forward-looking statements. These forward-looking statements reflect our judgment and analysis only as of today, and actual results may differ materially from current expectations based on a number of factors affecting our business.

謝謝。早上好，歡迎參加 OneSpaWorld 2024 年第三季財報電話會議和網路廣播。在我們開始之前，我想提醒您，今天的電話會議和網路廣播中提供的某些聲明和資訊可能被視為前瞻性陳述。這些前瞻性陳述僅反映我們截至今天的判斷和分析，由於影響我們業務的多種因素，實際結果可能與當前預期有重大差異。

Accordingly, you should not place undue reliance on these forward-looking statements. For a more thorough discussion of the risks and uncertainties associated with the forward-looking statements to be made in this conference call and webcast, we refer you to the disclaimer regarding forward-looking statements that is included in our third-quarter 2024 earnings release, which was furnished to the SEC today on Form 8-K.

因此，您不應過度依賴這些前瞻性陳述。有關本次電話會議和網路廣播中前瞻性陳述的風險和不確定性的更深入討論，請參閱我們 2024 年第三季財報中有關前瞻性陳述的免責聲明，該報告已於今日以8- K 表格形式提交給美國證券交易委員會。

We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. In addition, the company may refer to certain adjusted non-GAAP metrics on this call. An explanation of these metrics can be found in our earnings release issued earlier this morning.

我們不承擔更新或修改任何前瞻性陳述的義務，無論其是由於新資訊、未來事件或其他原因。此外，本公司可能會在本次電話會議上參考某些調整後的非公認會計準則指標。這些指標的解釋可以在我們今天早上發布的收益報告中找到。

Joining me today are Leonard Fluxman, Executive Chairman, Chief Executive Officer, and President; and Stephen Lazarus, Chief Financial Officer and Chief Operating Officer. Leonard will begin with a review of our third-quarter 2024 performance and provide an update on our key priorities. Then Stephen will provide more details on the financials and guidance. Following our prepared remarks, we will turn the call over to the operator to begin the question-and-answer portion of the call.

今天與我一起出席的還有執行主席、執行長兼總裁 Leonard Fluxman；以及財務長兼營運長 Stephen Lazarus。倫納德將首先回顧我們 2024 年第三季的業績，並介紹我們的主要優先事項的最新情況。然後史蒂芬將提供有關財務和指導的更多細節。在我們準備好發言之後，我們將把電話轉給接線員，開始電話的問答部分。

I would now like to turn the call over to Leonard.

現在我想把電話轉給倫納德。

Thank you, Allison. Good morning, and welcome to OneSpaWorld's third-quarter 2024 earnings conference call. It's a pleasure to speak to you today and share another period of record performance. Our team delivered exceptional third-quarter results, achieving all-time records for total revenues, income from operations, and adjusted EBITDA that once again surpassed our expectations.

謝謝你，艾莉森。早上好，歡迎參加 OneSpaWorld 2024 年第三季財報電話會議。我很高興今天能與你們交談並分享另一段創紀錄的表現。我們的團隊取得了出色的第三季業績，總收入、營業收入和調整後 EBITDA 均創下歷史新高，再次超出了我們的預期。

Our sustained strong performance continues to evidence the talent of our team to leverage our complex operating model and competitive strengths to deliver outstanding guest experiences for our cruise line and destination resort partners. This positions us well to continue to achieve outstanding results for our company and our partners.

我們持續強勁的業績繼續證明了我們團隊的才能，他們利用我們複雜的營運模式和競爭優勢，為我們的郵輪公司和目的地度假村合作夥伴提供卓越的客戶體驗。這使我們能夠繼續為公司和合作夥伴取得卓越的成果。

As outlined in our earnings release issued earlier this morning, based on our performance, our continued momentum, and positive outlook across the business, we have increased our annual guidance for the third time this year. Turning to the highlights of the quarter. Total revenues increased 12% to a record $241.7 million compared to $216.3 million in the third quarter of 2023. Income from operations increased 48% to a record $25 million compared to $17 million in the third quarter of 2023.

正如我們今天早上發布的收益報告中所述，基於我們的業績、持續的發展勢頭以及對整個業務的積極展望，我們今年第三次上調了年度業績預期。回顧本季的亮點。總營收較 2023 年第三季的 2.163 億美元成長 12%，達到創紀錄的 2.417 億美元。營業收入較 2023 年第三季的 1,700 萬美元成長 48%，達到創紀錄的 2,500 萬美元。

Adjusted EBITDA increased to 33% to a record $33 million compared to $24.9 million in the third quarter of 2023. And unlevered after-tax free cash flow increased 28% to a record $31 million compared to $24.2 million in the third quarter of 2023. The unlevered after-tax free cash flow conversion rate was 94% in the third quarter of 2024.

調整後 EBITDA 較 2023 年第三季的 2,490 萬美元成長 33%，達到創紀錄的 3,300 萬美元。無槓桿稅後自由現金流較 2023 年第三季的 2,420 萬美元成長 28%，達到創紀錄的 3,100 萬美元。2024 年第三季無槓桿稅後自由現金流轉換率為 94%。

We continue to grow our ship count year over year. At quarter end, we operated health and wellness centers on 196 ships with an average ship count of 195 for the quarter. This compares with a total of 189 ships and an average ship count of 185 ships for the third quarter of 2023. At quarter end, we had 4,204 cruise ship personnel on vessels compared with 3,927 cruise ship personnel on vessels at the end of the third quarter of 2023.

我們的船數量逐年增加。截至季末，我們在 196 艘船舶上運營了健康和保健中心，本季平均船舶數量為 195 艘。相較之下，2023 年第三季的船舶總數為 189 艘，平均船舶數量為 185 艘。截至本季末，我們的遊輪人員總數為 4,204 名，而 2023 年第三季末的遊輪人員總數為 3,927 名。

The quarter included continued progress toward our key strategic priorities. Let me share some of those highlights with you. First, we captured highly visible new ship growth with current cruise line partners and added new cruise line partners to our fold. To this end, during the third quarter, we opened a health and wellness center on the new ship build, Utopia of the Seas. With this opening for the first nine months of the year, we have introduced health and wellness centers on five new ship builds. Looking ahead, we continue to expect to end fiscal 2024 operating on board 198 vessels.

本季度，我們的關鍵策略重點持續取得進展。讓我與你們分享其中的一些亮點。首先，我們與現有的郵輪合作夥伴一起看到了非常明顯的新船成長，並將新的郵輪合作夥伴添加到我們的範圍之內。為此，我們在第三季在新船「海洋烏托邦號」上開設了一個健康和保健中心。隨著今年前九個月的開業，我們在五艘新船上引入了健康和保健中心。展望未來，我們預計到 2024 財年結束時，我們的船舶數量仍將達到 198 艘。

Second, as it relates to our higher value services and products, as you recall, we introduced new cryotherapy body services, which saw strong double-digit growth in revenue in Q3 as compared to Q2. Additionally, our new cryotherapy and LED light facial services that complement the new technology driven Elemis Biotec 2.0 facial and LightStim therapy continues to be a very successful addition to our facial and acupuncture revenue. We will continue to ramp these new services to the entire fleet over the next few quarters.

其次，就我們更高價值的服務和產品而言，正如您記得的那樣，我們推出了新的冷凍療法身體服務，與第二季度相比，該服務在第三季度的收入實現了強勁的兩位數增長。此外，我們新的冷凍療法和 LED 光面部護理服務與新技術驅動的 Elemis Biotec 2.0 面部護理和 LightStim 療法相得益彰，繼續成功增加我們的面部護理和針灸收入。我們將在接下來的幾個季度繼續向整個機隊提供這些新服務。

Third, we focused on enhancing health and wellness center productivity. We grew key maritime operating metrics with continued strong growth in revenue passenger per day, weekly revenue, and revenue per staff per day. This was driven by growth in total cruise guests utilizing the spa and an increase in the number of treatments per guest, both of which benefit from the success of our technology enhancements, our expertise in staff training, and the simplification of our service menu options and treatment lengths.

第三，我們致力於提高健康和保健中心的生產力。我們提高了關鍵的海運營運指標，每日乘客收入、每週收入和每位員工每日收入持續強勁成長。這是由於使用水療中心的郵輪客人總數的增長以及每位客人接受的物理治療次數的增加所致，這兩者都得益於我們技術改進的成功、我們在員工培訓方面的專業知識以及我們服務菜單選項的簡化以及治療長度。

Additionally, we continue to attract and retain staff, which has led to an increasing percentage of experienced staff members working on board. We continue to see more of our staff members sign on for additional contracts, reflecting the compelling workplace environment we provide and their affinity toward our company.

此外，我們不斷吸引和留住員工，這使得船上經驗豐富的員工比例不斷增加。我們不斷看到越來越多的員工簽署了額外的合同，這反映了我們所提供的引人注目的工作環境以及他們對我們公司的喜愛。

These more experienced staff members are also skilled at recommending product and service options, which, combined with the simplification of our service menu and treatment, led to growth in higher price products and services. We remain focused on initiatives that retain our best staff. Prebooking revenue as a percentage of service revenue remains strong at 22%, even as we phase in new partners that are just beginning to scale. We continue to see passengers that prebook services spend 30% more than those who do not prebook.

這些較有經驗的員工也擅長推薦產品和服務選項，再加上我們服務菜單和處理方式的簡化，帶來了更高價格產品和服務的成長。我們將持續致力於保留最優秀員工的措施。即使我們逐步引入剛開始擴大規模的新合作夥伴，預訂收入佔服務收入的百分比仍然保持 22% 的強勁水平。我們持續發現預訂服務的乘客比未預訂服務的乘客花費高出 30%。

And finally, we continue to expand productivity within our med spas. The quarter saw same-spa revenue overall up double digit year over year. We continue to increase the number of doctors and nurses we have on board and add to the service offering. At quarter end, Medi-Spa services were available on 144 ships and up from 135 ships at the end of the third quarter of 2023. We now expect to have Medi-Spa services offerings to 144 ships this year.

最後，我們持續提高醫療水療中心的生產力。本季同店水療中心整體營收較去年同期成長兩位數。我們將繼續增加醫生和護士的數量並豐富服務內容。截至季末，144 艘船舶提供 Medi-Spa 服務，高於 2023 年第三季末的 135 艘。我們預計今年將為 144 艘船提供醫療水療服務。

Fourth, as it relates to capital allocation, we further enhanced our capital structure and financial flexibility. During the quarter, we refinanced our first-lien term loan with a new $100 million five-year facility at a lower interest rate and entered into a five-year revolving credit facility up to $50 million, which was undrawn at quarter end.

第四，在資本配置方面，我們進一步增強了資本結構和財務彈性。在本季度，我們以較低的利率為我們的一級留置權定期貸款進行了再融資，獲得了一筆新的1 億美元五年期信貸額度，並達成了一筆最高5,000 萬美元的五年期循環信貸額度，但該筆信貸在季度末尚未提取。

Our efficient capital structure, asset-light business model, and robust cash flow generation allows us to invest in support of our future growth while paying an ongoing quarterly dividend and evaluating opportunities to optimize our capital structure. With this in mind, the quarter saw us deliver on each of these activities.

我們高效的資本結構、輕資產業務模式和強勁的現金流創造使我們能夠進行投資以支持未來成長，同時持續支付季度股息並評估優化資本結構的機會。考慮到這一點，本季我們完成了每項活動。

We ended the quarter with $50 million in cash after paying down debt of $24.6 million and investing $11.3 million to repurchase our common shares in the quarter as well as dispersing $4.2 million in quarterly dividends. We believe we will remain well positioned to continue to invest in support of our growth and return value to shareholders.

在償還了 2,460 萬美元的債務、投資 1,130 萬美元回購本季度的普通股以及派發 420 萬美元的季度股息後，我們在本季度結束時持有 5,000 萬美元的現金。我們相信，我們將繼續保持良好的地位，繼續投資以支持我們的成長並為股東帶來回報。

First, earlier this month, we issued our inaugural Sustainability and Social Responsibility Report, which highlights our commitment to exemplary care for employees, outstanding service to our partners and their guests, and responsible stewardship of the environment and communities of our community impact across the globe, this commitment and our ongoing ability to leverage our industry-leading operating platform, integrated growth initiatives, and asset-light business model to generate consistently increasing after-tax key cash flow positions as well as to deliver continued strong near-term and long-term financial performance.

首先，本月初，我們發布了首份《永續發展和社會責任報告》，其中強調了我們對員工的模範關懷、對合作夥伴及其客人的卓越服務以及對環境和社區的負責任管理的承諾。

In summary, we are pleased with the ongoing strength of our business and excited about our business prospects. With a clear path for growth, a highly talented team and successful strategies in place, we continue to expect fiscal 2024 to represent another year of record growth and increased value to our shareholders.

總而言之，我們對業務的持續強勁感到滿意，並對我們的業務前景感到興奮。憑藉著清晰的成長道路、高素質的團隊和成功的策略，我們繼續預計 2024 財年將再創成長紀錄，為股東創造更多價值。

With that, I'll turn you over to Stephen, who will provide more details on our third-quarter results and guidance. Stephen?

接下來，我將把時間交給史蒂芬，他將提供有關我們第三季業績和指引的更多詳細資訊。史蒂芬？

Thank you, Leonard. Good morning, everybody. We are pleased to report ongoing strength with the delivery of better-than-expected results across all key financial metrics in the third quarter. We continue to drive shareholder value with the quarter generating record revenue, record net income, record adjusted EBITDA, and record unlevered after-tax free cash flow. And we enhanced our already strong balance sheet, ending the period with a strong cash position even as we utilize cash to reduce debt, repurchase our shares, and pay a quarterly dividend.

謝謝你，倫納德。大家早安。我們很高興地報告，公司繼續保持強勁勢頭，第三季所有關鍵財務指標均優於預期。我們本季創造了創紀錄的收入、創紀錄的淨收入、創紀錄的調整後 EBITDA 和創紀錄的無槓桿稅後自由現金流，繼續推動股東價值的提升。我們增強了原本就強勁的資產負債表，儘管我們利用現金減少債務、回購股票和支付季度股息，但本季結束時我們仍保持強勁的現金狀況。

Sharing more detail on the third quarter that we reported earlier today, total revenues were $241.7 million compared to $216.3 million in the third quarter of 2023. The increase primarily was attributable to our average ship count increasing to 195 health and wellness centers onboard ships operating during the quarter compared with our average ship count of a 185 health and wellness centers in the third quarter of 2023 together with continued productivity gains across our operations.

關於我們今天早些時候報告的第三季度的更多詳細信息，總收入為 2.417 億美元，而 2023 年第三季度為 2.163 億美元。成長的主要原因是，本季度我們營運的船舶上健康與保健中心的平均數量增至195 個，而2023 年第三季度我們運營的船舶上健康與保健中心的平均數量為185 個，同時我們運營部門的生產力持續提高。

Cost of service were $159.6 million compared to $146.1 million, and the increase was primarily attributable to costs associated with our increased service revenue of $194 million compared to service revenue of $175 million in the third quarter of prior year. As to be expected, cost of products, $40.1 million compared to $34.5 million in the third quarter of 2023, with the increase primarily attributable to costs associated with increased product revenue of $47.3 million in the quarter compared to product revenue of $40 million in the third quarter of 2023.

服務成本為 1.596 億美元，而去年同期為 1.461 億美元，成長主要歸因於與服務收入增加相關的成本，本季服務收入為 1.94 億美元，而去年同期服務收入為 1.75 億美元。正如預期的那樣，產品成本為 4,010 萬美元，而 2023 年第三季為 3,450 萬美元，成長主要歸因於本季產品收入增加 4,730 萬美元，而第三季產品收入為 4,000 萬美元2023 年第一季。

Net income was $21.6 million or net income per diluted share of $0.20, as compared to net income of $23.4 million or net income per diluted share of $0.16 in the third quarter of prior year. The change in net income was primarily attributable to a $7.4 million decline in the fair value of warrant liabilities reflected in other expense in Q3 of 2023 and an $8.1 million increase in income from operations.

淨收入為 2,160 萬美元，即每股攤薄淨收入為 0.20 美元，而去年同期淨收入為 2,340 萬美元，即每股攤薄淨收入為 0.16 美元。淨收入的變動主要歸因於 2023 年第三季其他費用中反映的認股權證負債公允價值下降 740 萬美元以及營業收入增加 810 萬美元。

As you know, the change in fair value of warrant liabilities was the result of the remeasurement to fair value of the warrants exercised during the third quarter of 2023, reflecting changes in market prices of our common stock and other observable inputs deriving the value of these financial instruments.

如您所知，認股權證負債公允價值的變動是對2023 年第三季行使的認股權證公允價值進行重新計量的結果，反映了我們普通股市場價格的變化以及得出這些認股權證價值的其他可觀察輸入。

As a reminder, we have no outstanding warrants as of the 2024 quarter end. The $8.1 million change in income from operations primarily derived from an increase in the number of health and wellness centers onboard ships operating during the quarter and our productivity gains across our operations.

提醒一下，截至 2024 年季度末，我們沒有未償還的認股權證。810 萬美元的營業收入變化主要源自於本季營運的船舶上健康和保健中心數量的增加，以及我們整個營運的生產力的提高。

Adjusted net income was $27.3 million or adjusted net income per diluted share of $0.26 as compared to adjusted net income of $22 million or adjusted net income per diluted share of $0.22 in the third quarter of 2023. And adjusted EBITDA was $33 million compared to adjusted EBITDA of $24.9 million in the third quarter of the prior year.

調整後淨收入為 2,730 萬美元或調整後每股攤薄淨收入為 0.26 美元，而 2023 年第三季的調整後淨收入為 2,200 萬美元或調整後每股攤薄淨收入為 0.22 美元。調整後 EBITDA 為 3,300 萬美元，而去年同期調整後 EBITDA 為 2,490 萬美元。

Turning to the balance sheet, we ended the quarter with a stronger balance sheet including total cash of $50 million after repaying $24.6 million on our first lien term loan, repurchasing 745,000 common shares for $11.3 million and paying the $4.2 million dividend during the quarter. At quarter end, we had $38.7 million therefore remaining on our current share repurchase authorization.

談到資產負債表，我們以更強勁的資產負債表結束了本季度，包括償還第一留置權定期貸款2,460 萬美元、以1,130 萬美元回購745,000 股普通股以及在本季度支付420 萬美元股息後，總現金為5,000 萬美元。截至季末，我們仍有 3,870 萬美元的現有股票回購授權。

Since returning to service in fiscal 2022, we have repaid over $133 million of indebtedness, reducing our debt to $99 million and have also repurchased a total of 2.14 million shares in total for $28 million. In addition, we refinanced our first-lien term loan with a new $100 million five-year facility, lengthening our maturity and reducing our ongoing interest expense to so-called plus 1.9%. Also in the third quarter, unlevered after-tax free cash flow was a record $31 million compared to $24.2 million in the third quarter of 2023.

自 2022 財年恢復服務以來，我們已償還了超過 1.33 億美元的債務，將債務減少到 9,900 萬美元，並且還總計以 2,800 萬美元回購了總計 214 萬股。此外，我們還以新的 1 億美元五年期貸款對我們的第一留置權定期貸款進行了再融資，延長了貸款期限，並將我們的持續利息支出降低至所謂的正 1.9%。此外，在第三季度，無槓桿稅後自由現金流達到創紀錄的 3,100 萬美元，而 2023 年第三季為 2,420 萬美元。

Moving now onto guidance, with our strong third-quarter performance and a continued positive outlook for the third time this year, we have increased our fiscal year 2024 guidance. We now expect revenue to increase 12% and adjusted EBITDA to increase 24% at the midpoint of the guidance ranges from fiscal 2023 actual results. For the full year of fiscal 2024, we expect total revenues in the range of $888 million to $893 million versus our previous guidance of $870 million to $890 million, and adjusted EBITDA is now expected in the range of $110 million $112 million versus our previous guidance of $102 million to $108 million.

現在談到指引，憑藉我們第三季的強勁表現和今年第三次持續的積極前景，我們上調了 2024 財年的指引。我們現在預計，根據 2023 財年實際業績預測範圍的中位數，營收將成長 12%，調整後 EBITDA 將成長 24%。對於2024 財年全年，我們預計總營收將在8.88 億美元至8.93 億美元之間，而我們先前的預期為8.7 億美元至8.9 億美元，調整後的EBITDA 目前預計在1.1 億美元至1.12 億美元之間，而我們之前的預期為1.02 億美元至 1.08 億美元。

We expect to end fiscal 2024 operating on 198 cruise ships and at 51 land-based resorts. For the fourth quarter, we expect total revenue in the range of $210 million to $215 million and adjusted EBITDA in the range of $25 million to $27 million. So in summary, we enter the fourth quarter strongly positioned. We are confident in our outlook and our ability to continue to deliver increased value for our shareholders as we execute on our proven strategy supported by our advantageous operating platform, robust growth initiatives, and asset-light business model.

我們預計到 2024 財年末，我們將在 198 艘遊輪和 51 個陸上度假村營運。對於第四季度，我們預計總營收在 2.1 億美元至 2.15 億美元之間，調整後 EBITDA 在 2,500 萬美元至 2,700 萬美元之間。總而言之，我們以強勁的勢頭進入第四季度。我們對我們的前景和繼續為股東創造更大價值的能力充滿信心，因為我們將實施我們行之有效的策略，並以我們有利的營運平台、強勁的成長計劃和輕資產業務模式為支持。

With that, Betty, could you please open the call for questions?

貝蒂，您能開始回答問題嗎？

(Operator Instructions) Steven Wieczynski, Stifel.

（操作員指示）Steven Wieczynski，Stifel。

Hey, guys, good morning. So Leonard or Stephen, I want to ask about the margin expansion in the quarter that was probably much, much better than what we were kind of expecting. I mean, if we look at the service margins, those expanded by about 100 basis points. And then on top of that, on the operating expense side, your salary line was actually down about 100 basis points.

嘿，大家早安。所以倫納德或史蒂芬，我想問本季的利潤率成長情況，它可能比我們預期的要好得多。我的意思是，如果我們看服務利潤率，它擴大了約 100 個基點。除此之外，在營運費用方面，您的薪資線實際上下降了約 100 個基點。

So you put that all together, you've got this massive 200-basis-point kind of plus move in EBITDA margin. So just wondering if there was anything we need to think about in terms of maybe one-time benefits, or maybe a better question is just how were you able to push those margins so much? And how should we think about margin expansion moving forward?

所以，如果將所有這些綜合起來，就會發現 EBITDA 利潤率出現了 200 個基點以上的大幅成長。所以我只是想知道我們是否需要考慮一些一次性福利的事情，或者更好的問題是你是如何能夠如此大地提高這些利潤率的？那麼，我們該如何看待未來的利潤率擴大呢？

Yes, Steve. Good morning. Let me start off with the second part of your question as it relates to salary and payroll taxes being down versus the same quarter of prior year. And really, that is just a function of incremental expense in the prior year related to the timing of higher performance-based compensation. And so this year, that has been spread more evenly throughout the quarters, and so it reflected itself now in the third quarter of current year being less than the third quarter of prior year.

是的，史蒂夫。早安.讓我先回答你問題的第二部分，因為它與去年同期相比，工資和薪金稅有所下降。實際上，這只是上一年與更高績效薪酬時機相關的增量費用的一個函數。因此，今年，這一情況在各個季度中分佈得更均勻，因此反映在今年第三季度，低於去年第三季度。

As it relates to the service margin, I would say two things, right? So number one, as you've heard from the cruise lines that have already reported to date, onboard demand remains particularly strong. Guest spend remains robust. That translates for us into minimal promotional activity that we need to do, which we're obviously delighted and encouraged about. And so to the extent that those continue to play out, we continue to feel very, very good.

就服務利潤而言，我想說兩件事，對嗎？首先，正如您從迄今為止已經報告的郵輪公司那裡聽到的那樣，船上需求仍然特別強勁。客人消費依然強勁。對我們來說，這意味著我們需要做的促銷活動很少，我們對此顯然感到高興和鼓舞。所以，只要這些事情繼續發生，我們就會繼續感覺非常非常好。

I'd also just remind you that as we continually preach, right, we will focus on absolute dollars. So at a point in time, if there is any softening and we have not seen any, then we would do promotional activity in order to drive the absolute dollars. But where we stand right now, we feel really good about how things are playing out.

我還要提醒你們，正如我們不斷宣揚的那樣，我們將專注於絕對的金錢。因此，在某個時間點，如果出現任何疲軟而我們尚未看到，那麼我們就會進行促銷活動，以推動絕對美元收入。但就目前情況而言，我們對事情的進展感到非常滿意。

Okay. Got you. Thanks for that, Stephen. And then, second question, I'm not sure if this is for Leonard or you, Stephen, but -- and maybe we're meeting -- we might be reading too much into this. But if we look at your land-based weekly production relative to your maritime weekly production, I mean, there's quite a big difference going on there between the two of them.

好的。明白了。謝謝你，史蒂芬。然後，第二個問題，我不確定這是給倫納德的還是給你的，史蒂芬，但是——也許我們正在見面——我們可能對此進行了過度的解讀。但如果我們比較一下陸上每週產量與海上每週產量，就會發現兩者之間有很大差異。

Obviously, the cruise industry is doing so well right now and I think a lot of that's just due to the massive value proposition. But just wondering or if you have any idea why those land-based spas aren't seeing the same type of kind of revenue generation that you're seeing on the maritime side? (Multiple speakers)

顯然，郵輪產業現在發展得很好，我認為這很大程度上歸功於其巨大的價值主張。但我只是想知道或您是否知道為什麼那些陸上水療中心沒有像海上水療中心那樣產生相同的收入？（多位發言者）

A number of the hotels, Steve, are actually undergoing renovation projects, and so that has negatively impacted some of the performance in the land-based resorts, particularly at some of the bigger locations.

史蒂夫，許多酒店實際上正在進行翻新工程，這對陸上度假村的部分業績產生了負面影響，特別是在一些較大的度假村。

Yes. We had like three or four this year versus last year, Steve. So that has impacted, certainly revenue per week on average at the resorts. We've also had some softness in Asia where they have not had the same occupancy. I mean, room occupancy is down overall across Asia and the Caribbean, just not getting as many people as they had last year. And the business is a little challenged because some of the biggest spas, as Stephen mentioned, have not been opened because of the construction.

是的。史蒂夫，與去年相比，今年我們有三到四個。所以這肯定會對度假村每週的平均收入產生影響。在亞洲，我們的業務也出現了一些疲軟，那裡的入住率不太一樣。我的意思是，亞洲和加勒比海地區的客房入住率整體下降，沒有去年那麼多人入住。而且，正如史蒂芬所說，一些最大的水療中心由於施工原因尚未開業，因此業務也面臨一些挑戰。

So as those renovations kind of come to a close and as we think about '25, we should start to think about that land-based spa side of the business starting to grow again. Is that kind of fair?

因此，隨著這些翻修工作接近尾聲，當我們展望25年時，我們應該開始考慮讓陸上水療業務再次成長。這樣公平嗎？

I think it's fair to assume. We've got to work harder on penetrating and capture rate in the resorts. We have to make sure that all of our marketing tools are in play. And so we're doing a number of different things right now to put some more energy and life into producing those results. And I think 2025 should be a little better.

我認為這個假設是合理的。我們必須在度假村的滲透率和捕獲率上做出更多努力。我們必須確保我們所有的行銷工具都能發揮作用。因此，我們現在正在做許多不同的事情，以投入更多的精力和精力來產生這些結果。我認為 2025 年應該會更好。

Okay. Got you. Thanks, guys. Appreciate it, and congrats on the solid quarter.

好的。明白了。謝謝大家。非常感謝，並祝賀本季業績穩健。

Thank you.

謝謝。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科（Max Rakhlenko），TD Cowen。

Hey, great. Thanks a lot, guys, and congrats on a really nice quarter. So first, how are you thinking about pricing on the service side, both for fourth quarter and 2025? Are you seeing consumer acceptance to higher price points? And just how are you thinking about how much room you may have to push that a little bit further?

嘿，太棒了。非常感謝大家，恭喜你們度過了一個非常愉快的季度。那麼首先，您如何考慮第四季和 2025 年服務的定價？您是否看到消費者接受更高的價格？那麼，您認為還有多少空間可以進一步推動這一目標？

So I think, based upon the comments both Stephen and I have made, I mean demand -- the cruise lines have also spoken about demand for an incremental onboard spend still continuing to be robust. We've taken -- we obviously took pricing last year, we took very little pricing this year, except in some cases, in some of the Med-Spa treatments.

因此，我認為，根據史蒂芬和我所發表的評論，我的意思是需求——郵輪公司也談到了對增加船上消費的需求仍然強勁。我們已經採取了——顯然，去年我們採取了定價措施，今年我們採取的定價措施很少，除了在某些情況下，在一些 Med-Spa 治療中。

But as we deploy or innovate or add to the lineup new services, those will be incrementally higher. We also continue to look within the pricing transformation process that we've done, which is simplification of menu, et cetera, moving people from shorter services to longer services with higher price points.

但隨著我們部署、創新或增加新服務，這些成本將會逐漸提高。我們也將繼續研究我們已經完成的定價轉型過程，即簡化菜單等，讓人們從較短的服務轉向價格更高的較長的服務。

To the extent that we think the demand, and we firmly believe that right now, will continue, we will look across the board at some of the services and see if more pricing can be taken. Look, we don't want to get ahead of ourselves. We never have. But I think there's some opportunities in some of the services to still have some smaller increases in '25 and '26.

如果我們認為需求會持續下去，而我們堅信現在的需求會持續下去，我們將全面審視一些服務，看看是否可以採取更多的定價。瞧，我們不想超越自己。我們從來沒有。但我認為，在25年和26年，某些服​​務仍有機會實現小幅成長。

That's helpful, and then just switch over to margins. Obviously, as we just touched on really nice outperformance versus the initial guide provided earlier this year, do you view 2024 as the correct jumping-off point with potentially small levels of expansion there on out? Or how should we just think about 2024 EBITDA margin versus where the company can go over the medium to longer-term?

這很有幫助，然後只需切換到邊距。顯然，正如我們剛剛提到的與今年早些時候提供的初始指南相比，其表現確實非常出色，您是否認為 2024 年是正確的起點，並且從那時起可能會出現小幅擴張？或者我們應該如何看待 2024 年 EBITDA 利潤率以及公司在中長期內可以達到的水平？

I think you phrased it appropriately in terms of a jumping-off point, so to speak. With more incremental improvements over time, as you know, with such a high variable cost nature business, it is difficult to drive those margins. Obviously, we saw them flow through very, very nicely in the third quarter with significant outsized revenue. That then helps as it relates to scale and covering some of your fixed costs.

我認為你從起點的角度表達得恰當。如您所知，隨著時間的推移，隨著越來越多的漸進式改進，對於如此高可變成本性質的業務，很難提高利潤率。顯然，我們看到它們在第三季表現非常出色，收入大幅增加。這有助於擴大規模並覆蓋部分固定成本。

So I think I would put it to you this way, right? We're obviously, as you know, in the process now of looking at 2025. There is nothing at this point that gives us pause with relates to 2025. We don't talk specifically around those numbers just yet. But as we go through our budget process, and then early next year, we would come up more formally with our expectations for 2025. But as of right now, we remain optimistic about where we're at as of today and how we see the outlook playing out.

所以我想我會這樣跟你說，對嗎？顯然，如你所知，我們現在正處於展望 2025 年的過程中。目前，沒有什麼可以讓我們暫停 2025 年相關的事宜。我們目前還沒有具體討論這些數字。但隨著我們完成預算流程，並在明年年初，我們將更正式地提出對 2025 年的期望。但截至目前，我們對目前的狀況以及前景的看法仍然保持樂觀。

Okay, great. Thanks a lot guys. Best regards.

好的，太好了。非常感謝大家。此致。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, good morning. I was hoping, just given the election that's coming up next week, could you go over any tariff risk that you guys might have, either in the maritime or land-based resort business as it relates to your acquisition of products or anything along those lines?

嗨，早安。我希望，考慮到下週即將舉行的選舉，您能否談談您可能遇到的關稅風險，無論是在海上還是陸上度假村業務中，因為這與您的產品收購或類似的事情有關？

There's an election next week? Good morning.

下周有選舉？早安.

Sorry to remind you.

抱歉提醒你。

Yes. The majority of our product technically does not come into the United States, although physically, it enters into a bonded warehouse and then goes straight back out onto the ships and into international waters. And so for the vast majority of our activities, we are not anticipating any impact from any tariffs.

是的。從技術上講，我們的大部分產品並未進入美國，但從物理上講，它們會進入保稅倉庫，然後直接裝上船，進入國際水域。因此，對於我們的絕大多數活動來說，我們預計不會受到關稅的影響。

Great, and thank you. Sorry, I'm getting all choked up as I talked about the election. I also wanted to ask, I know your long-term algorithm, I think, is for high single-digit revenue growth, and you've obviously been doing better than that for this entire kind of post-pandemic timeframe. And I think the fourth quarter implied revenue is kind of in that 10%-ish range. Do you think that you can sustain kind of something a bit above that long-term algorithm just given the momentum, both in the cruise space and what's happening with prebooking, specifically for your business?

非常好，謝謝。抱歉，談到選舉的時候我有點哽咽了。我還想問一下，我知道你們的長期演算法是實現高個位數的收入成長，而在整個疫情後的時間範圍內，你們的表現顯然比這要好。我認為第四季的隱含收入大概在 10% 左右。您是否認為，考慮到郵輪領域和預訂領域的發展勢頭，特別是對於您的業務而言，您可以維持略高於長期演算法的水平？

I don't think we'd be comfortable just yet in taking that up above what we've typically talked to. We certainly feel very comfortable with all of the initiatives in place with the 10 newbuilds coming into service next year. That high single-digit revenue growth is certainly achievable. Obviously, to the extent that we can do better than that, we will be delighted, and we will continually strive to do that. But at this point in time, I don't think we want to go out and change the long-term algorithm metrics as we've previously communicated.

我認為我們現在還不願意在通常討論的範圍之外討論這個問題。隨著明年 10 艘新船投入使用，我們對所有實施的措施感到非常滿意。這種高個位數的收入成長肯定是可以實現的。顯然，如果我們能夠做得更好，我們會很高興，並且我們會不斷努力做到這一點。但目前為止，我認為我們不想像之前傳達的那樣去改變長期演算法指標。

And Stephen, do you want to keep any debt on the balance sheet? I mean, it seems like you could be debt free at this time next year if you want to.

史蒂芬，你想在資產負債表上保留一些債務嗎？我的意思是，如果你願意的話，明年這個時候你似乎可以還清債務。

Yes, so it's interesting, so we did restructure the debt, not only in the quantum of the debt but also in where it is divided. And we put a large portion of the debt now actually in the US, where we will get some interest shield. So if you ask me and Leonard personally, do we want to keep any debt due to our conservative nature, the response would be no.

是的，這很有趣，我們確實重組了債務，不僅在債務量上，而且在債務分配上。現在我們實際上把很大一部分債務放在了美國，在那裡我們將獲得一些利息保護。因此，如果你問我和倫納德本人，我們是否願意因為我們的保守性質而保留任何債務，答案是否定的。

Why? Why would we pay interest to somebody else when we can rather just return all of that money and do something better with it? I will tell you that with the refinancing, with the increasing of the maturity, with the hedge that we get entered into, that gives us an incremental slight benefit at least for now on the interest rate. The focus on paying down debt will perhaps not be as high as it has been in the past.

為什麼？如果我們可以直接歸還所有錢並用它們做一些更好的事情，那麼為什麼還要向別人支付利息呢？我會告訴你，隨著再融資，隨著期限的增加，隨著我們進行的對沖，至少目前在利率上我們會獲得微小的增量利益。對償還債務的關注或許不會像過去那麼高。

And I think we will continue to employ a balanced capital allocation strategy where we've talked about doing all three things, which is pay down debt, buy back shares, and pay a dividend. And that balance allocation strategy is something that we remain very, very focused on.

我認為我們將繼續採用平衡的資本配置策略，也就是我們討論過的三件事，即償還債務、回購股票和支付股利。我們始終非常關注平衡分配策略。

It's likely though that over the shorter term, the next year or so, there is less of a focus on debt and more of a focus elsewhere, but we will pay down some debt. And again, the stock repurchase, as we've said all along, is opportunistic. So when there's weakness, we'll go ahead with it. It's not programmed. It's not a certain amount per quarter or anything like that.

不過，從短期來看，也就是未來一年左右的時間裡，我們很可能不再關注債務，而更專注於其他方面，但我們會償還一些債務。正如我們一直所說，股票回購是機會主義的。因此，當存在弱點時，我們將繼續前進。它不是經過編程的。它並不是每季的特定金額或類似的金額。

Thank you.

謝謝。

Gregory Miller, Truist Securities.

格雷戈里·米勒（Gregory Miller），Truist Securities。

Thanks, good morning, gentlemen. I have a couple of questions related to the cruise line private islands. First off, do you anticipate that your revenue generation would be better or worse as these islands increasingly become part of the Caribbean itineraries, they're relative to a Central American or Western Caribbean port of call?

謝謝，先生們，早安。我有幾個與遊輪私人島嶼相關的問題。首先，隨著這些島嶼日益成為加勒比海航線的一部分，相對於中美洲或西加勒比海的停靠港，您是否預計您的收入會變好還是變壞？

The islands, when we first started to see a lot more of them being developed, some are different to others. Some offer sort of massage treatment, some don't, some will. We continue to work with the cruise lines on exploring the opportunities to develop more real estate on the island to do more services. I think that would be a good addition. I certainly think that they're listening. And hopefully, as we move forward with some of the new developments that are happening with two of the cruise lines we'll be able to improve the offering onboard that.

當我們第一次看到越來越多的島嶼被開發時，發現有些島嶼與其他島嶼不同。有些提供按摩治療，有些不提供，有些提供。我們將繼續與郵輪公司合作，探索在島上開發更多房地產以提供更多服務的機會。我認為這會是一個很好的補充。我當然認為他們在聽。並且希望，隨著這兩條郵輪航線的一些新進展的推進，我們將能夠改善船上的服務和產品。

But I think people are smart. So they know they're going to go to one of the islands for x number of hours a day, and depending who's with them, they will either prebook in the morning to do something, or they'll do it when they come back from the Island. So in and of itself, it's not a net negative. But I think as time goes by and we see more of our services being offered in addition to the waterpark stuff, I think it will be accretive to us.

但我認為人們很聰明。因此，他們知道他們每天要去其中一個島嶼待幾個小時，並且根據他們的同行者，他們要么在早上預訂做某事，要么在回來後再做島上。因此就其本身而言，這並不是一個淨負面因素。但我認為，隨著時間的推移，除了水上樂園之外，我們還將提供更多的服務，這將為我們帶來收益。

Thanks. And just as a brief follow up, what makes a cruise line determined to add your services after a private island becomes operational?

謝謝。簡單問一下，為什麼郵輪公司決定在私人島嶼投入營運後增加你們的服務？

Can you just repeat that? What makes them what?

你能重複一遍嗎？是什麼讓他們變成了什麼樣？

So if you have an existing private island that's already in operation, what would make a cruise line make that determination to add OSW services at a later time?

那麼，如果你有一個已經投入營運的私人島嶼，那麼是什麼促使郵輪公司決定稍後增加 OSW 服務？

Well, usually, it's feedback from passengers, things that they'd like to see on the island. I mean, they do a lot of census on board the ships to see which amenities they like, which they'd like to see, which they didn't see. And so I think, collectively, they take all the feedback they can get from us as well as the cruise passengers and to the extent there's demand and they move forward.

嗯，通常是來自乘客的回饋，他們希望在島上看到的東西。我的意思是，他們在船上做了很多調查，了解他們喜歡哪些設施，他們希望看到哪些設施，以及他們沒有看到哪些設施。因此，我認為，他們會綜合考慮我們以及遊輪乘客的所有回饋，並根據需求推動相關工作。

I appreciate it. Thank you.

我很感激。謝謝。

Yes, no problem.

是的，沒問題。

Assia Georgieva, Infinity Research.

Infinity Research 的 Assia Georgieva。

Good mooring, guys. Congratulations on this record quarter and hopefully continued smooth sailings into 2025. Gregory basically asked pretty much my first half of the question. So are the economics on those private islands similar to what you would get onboard during a sea day? Or would you be competing sort of with your port pricing onboard the ship if you're offering the same type of services at a private island?

停泊得很好，夥計們。恭喜本季創下紀錄，希望 2025 年一切順利。格雷戈里基本上問了我問題的前半部分。那麼這些私人島嶼上的經濟狀況與海上航行時的經濟狀況相似嗎？或者，如果您在私人島嶼上提供相同類型的服務，您是否會與船上的港口定價競爭？

Generally speaking, they're going to be similar, Assia. To the extent we can't complete the same length of service, obviously, it's priced accordingly. But other than that, it's very similar.

一般來說，它們會很相似，阿西亞。如果我們無法完成相同長度的服務，那麼顯然需要相應地定價。但除此之外，它非常相似。

Okay. And a second somewhat unrelated question. You mentioned the 22% prebooked rate. And I think from what we've heard so far from the cruise companies, they are looking at much higher prebooked onboard, and I understand that the mix is certainly different where they're looking at the Wi-Fi, beverage packages.

好的。還有第二個不太相關的問題。您提到了 22% 的預訂率。我認為，從我們目前從郵輪公司聽到的消息來看，他們正在考慮更高的船上預訂價格，而且我了解到，他們在考慮 Wi-Fi、飲料套餐時的組合肯定有所不同。

And given the fact that you have new cruise partners, what would you say is the max penetration rate that you have at this point with the more established partners? And do you still see an opportunity for them? Let's say it's 30%. Do you still see an opportunity for that to grow?

鑑於您有了新的郵輪合作夥伴，您認為目前與更成熟的合作夥伴相比，您最大的滲透率是多少？您還認為他們還有機會嗎？假設是 30%。您是否也看到其成長機會？

Yes. I think as I mentioned in my call, we have one particular larger banner that's not yet at scale. We've continued to work with their shoreside revenue and marketing folks to try and improve that. It's really a function of allocating. Some allocate more resources, some understand it, some actually have folks in marketing that own it.

是的。我想正如我在電話中提到的那樣，我們有一個特別大的橫幅，但尚未達到規模。我們一直與他們的岸上收入和行銷人員合作，試圖改善這一點。這實際上是一種分配功能。一些公司分配了更多的資源，一些公司了解它，一些公司實際上有行銷人員來掌握它。

I think we have a big and strong focus for 2025 in how to move the needle on the prebooking because it's a real opportunity, because they spend better and they tend to have more -- the frequency of services is higher. So we go to our quarterly meetings. We demonstrate some of the metrics to them. We show them where there's room for improvement.

我認為，2025 年我們將重點關注如何推動預訂業務的發展，因為這是一個真正的機會，因為他們的支出更高，而且往往會獲得更多——服務頻率更高。因此，我們參加季度會議。我們向他們展示了一些指標。我們向他們展示哪些地方有待改進。

And it's really up to them then to allocate more resources, because look, it's more money for everybody. So I think there's a strong understanding and they're receptive to it. It just comes down to do they have the resources at the time to allocate, but there is room for improvement overall.

然後實際上就由他們來分配更多的資源，因為這對每個人來說都是更多的錢。所以我認為他們對此有很深的理解並且很容易接受。問題只是他們當時是否有足夠的資源可以分配，但整體來說還有改進的空間。

And do you think -- and again, I understand that it will probably depend on each marketing team and each management team and whether they're more focused on the services that they provide directly. Do you think that it's possible to move that needle by5 percentage points, meaning from 22% to 27% over the course of 12 months or so?

您是否認為——我再次明白，這可能取決於每個行銷團隊和每個管理團隊，以及他們是否更專注於他們直接提供的服務。您認為有可能在 12 個月左右的時間內將這一數字提高 5 個百分點，即從 22% 提高到 27% 嗎？

Look, we'd certainly love to see it move above 25%. Our target internally is definitely above 25%. But we're really -- it's not -- the dependency is not on what we're capable of doing because we manage very efficiently the back end of that prebooking function and the yield management. I think if we can get more of our cruise lines to give more attention to it, particularly because the spend is so much higher, then I think the potential to go above 25% is certainly there for the future.

你看，我們當然希望看到它超過 25%。我們內部的目標肯定是25%以上。但我們實際上 - 不是 - 依賴的不是我們的能力，因為我們非常有效地管理預訂功能和收益管理的後端。我認為，如果我們能夠讓更多的郵輪公司對此給予更多關注，特別是因為支出要高得多，那麼我認為未來肯定有超過 25％ 的潛力。

Perfect. Makes a lot sense. Thank you, Leonard.

完美的。非常有道理。謝謝你，倫納德。

Yes, you’re welcome.

是的，別客氣。

Laura Champine, Loop Capital.

勞拉‧尚皮恩 (Laura Champine)，Loop Capital。

Hi. Thanks for taking my question. Sorry if this has already come up, but any progress on getting the cruise lines to share more data so that you can offer more personalized discounts to passengers?

你好。感謝您回答我的問題。抱歉，如果這個問題已經出現，但是在讓郵輪公司共享更多數據以便為乘客提供更多個人化折扣方面有任何進展嗎？

No. Laura, no. They don't like -- they never have, and I don't think they ever will. They're very protective about the data. I mean, we try different ways to get more granularity on the data we need, but honestly, it's unlikely they're going to share more than they have to.

不。勞拉，不。他們不喜歡——他們從來就不喜歡，而且我認為他們永遠不會喜歡。他們非常保護資料。我的意思是，我們嘗試不同的方法來獲取我們所需的更精細的數據，但老實說，他們不太可能分享超出他們需要的數據。

Understood. So what are the things that move the needle on prebookings for you guys? What are the tools you can use to drive that number even higher?

明白了。那麼，對你們來說，哪些因素會影響預訂呢？您可以使用什麼工具來進一步提高這個數字？

So to the extent that -- firstly, all the visual, all the occupancy, navigation, the offering, the way that which the website looks when you land on it from the front end of the cruise line, we're working with a lot of different banners to improve that, to improve the imagery, adding videos, showing people things that they just didn't know we offered. All of that capability is certainly things where they can improve the way in which people view our services and get to book them.

因此，就視覺效果、入住率、導航、服務、以及從郵輪線路前端登陸網站時網站的外觀而言，我們正在進行大量的工作使用不同的橫幅來改善這一點，改進圖像，添加視頻，向人們展示他們不知道我們提供的東西。所有這些功能無疑可以改善人們查看我們的服務和預訂服務的方式。

I think if there are inefficiencies on the booking side of the navigation, we certainly point those out. But more importantly, it's how they market what can be prebooked. So if they're marketing meals, if they're marketing shore excursions, we would love to see more of a focus around the spa as part of what they're prebooking and just having them point out, there are certain days where if you don't prebook, you're not going to get that service. So I think it's really collaborating with their marketing folks in a much more meaningful way that will drive a better result out of the prebooking for us.

我認為，如果導航預訂方面存在效率低下的問題，我們肯定會指出來。但更重要的是，他們如何行銷可預訂的產品。因此，如果他們在行銷餐飲，如果他們在行銷岸上觀光，我們希望看到他們更專注於水療，作為他們預訂的一部分，並讓他們指出，在某些日子，如果你不要提前預訂，否則您將無法獲得該服務。因此，我認為這確實是一種以更有意義的方式與他們的行銷人員進行的合作，這將為我們的預訂帶來更好的結果。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Leonard Fluxman for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Leonard Fluxman 並請他作最後發言。

Right. Thanks, everybody, and thank you for joining us today. We look forward to speaking with many of you at the upcoming investor conferences that we'll be attending and when we report our fiscal year results in February. Thanks for joining today. Take care.

正確的。謝謝大家，謝謝你們今天加入我們。我們期待在即將召開的投資者會議上以及在二月份報告我們的財政年度業績時與你們中的許多人進行交談。感謝您今天的加入。小心。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。