OneSpaWorld Holdings Ltd (OSW) 2026 Q1 法說會逐字稿

Greetings, and welcome to OneSpaWorld first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Allison Malkin, partner with ICR. Thank you. You may begin.

各位好，歡迎參加 OneSpaWorld 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。現在我想把會議交給今天的主持人、ICR 合夥人 Allison Malkin。謝謝。您可以開始了。

Thank you. Good morning, and welcome to OneSpaWorld's first quarter 2026 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. Accordingly, you should not place undue reliance on these forward-looking statements.

謝謝。各位早安，歡迎收聽 OneSpaWorld 2026 年第一季財報電話會議與網路直播。在開始之前，我想提醒各位，今天電話會議與網路直播中所提出的某些陳述與提供的資訊，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日的判斷與分析；由於多項影響我們業務的因素，實際結果可能與目前預期存在重大差異。因此，您不應過度依賴這些前瞻性陳述。

For a more thorough discussion of the risks and uncertainties associated with the forward-looking statements to be made on this conference call and webcast, we refer you to the disclaimer regarding forward-looking statements that is included in our first quarter 2026 earnings release, which was also furnished to the SEC today on Form 8-K.

如需更完整地了解本次電話會議與網路直播中將作出的前瞻性陳述所涉及的風險與不確定性，請參閱我們 2026 年第一季財報新聞稿中所載的前瞻性陳述免責聲明；該新聞稿亦已於今日以 Form 8-K 形式提交給美國證券交易委員會（SEC）。

We do not undertake any obligation to update or alter any information regarding 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. Explanation of these metrics can be found in our earnings release issued earlier this morning. Joining me today are Leonard Fluxman, Executive Chairman and Chief Executive Officer; and Stephen Lazarus, President, Chief Operating Officer and Chief Financial Officer.

我們不承擔更新或修改任何與前瞻性陳述相關資訊的義務，無論係因新資訊、未來事件或其他原因。此外，公司可能在本次電話會議中提及若干經調整的非 GAAP 指標。這些指標的說明可見於我們今早稍早發布的財報新聞稿。今天與我一同出席的有：執行董事長兼執行長 Leonard Fluxman，以及總裁、營運長兼財務長 Stephen Lazarus。

Leonard will begin with a review of our first quarter of 2026 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.

Leonard 將先回顧我們 2026 年第一季的表現，並更新我們的關鍵優先事項。接著 Stephen 將提供更多財務與財測指引的細節。在我們的準備發言結束後，我們將把電話交回接線員，開始問答環節。

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

現在我想把電話交給 Leonard。

Thank you, Allison. Good morning, and welcome to OneSpaWorld's first quarter 2026 earnings conference call. We began the year with continued strong momentum in the first quarter, reporting better-than-expected top and bottom line results. The period marked our 20th consecutive quarter of record total revenues and adjusted EBITDA, evidencing the strength of our global operations and the disciplined execution of our strategy by our outstanding team. Our highly trained and motivated staff delivered exceptional experiences for our health and wellness center guests, driven by ongoing innovation in our product and service offerings.

謝謝你，Allison。各位早安，歡迎參加 OneSpaWorld 2026 年第一季財報電話會議。我們在第一季延續強勁動能，年初開局良好，營收與獲利表現均優於預期。本期為我們連續第 20 個季度創下總營收與經調整 EBITDA 的歷史新高，展現我們全球營運的實力，以及我們優秀團隊對策略的紀律性執行。我們受過高度訓練且充滿動力的員工，透過持續在產品與服務上的創新，為健康與養生中心的賓客帶來卓越體驗。

The long-standing strength reinforces our leading position in the global operations of health and wellness services at sea. I continue to be very proud of our exceptional team members worldwide for their unwavering commitment and the outstanding performance, which has led to our ongoing strong results. As outlined in our earnings release, based on our first quarter performance and favorable momentum, we currently expect to deliver 10% growth in total revenues and adjusted EBITDA for the second quarter at the midpoint of our guidance ranges, excluding the results of exited and reorganized operations. Turning to the highlights of the quarter. Total revenues increased 13% to $247.6 million.

這份長期的強勁表現進一步鞏固我們在海上健康與養生服務全球營運領域的領先地位。我持續為全球各地傑出的團隊成員感到非常自豪，他們堅定不移的投入與卓越表現，帶來我們持續強勁的成果。如同我們在財報新聞稿中所述，基於第一季表現與有利動能，在排除已退出與重整之營運結果後，我們目前預期第二季在指引區間中點，總營收與經調整 EBITDA 均可達成 10% 成長。接著說明本季重點：總營收成長 13% 至 2.476 億美元。

Income from operations increased 36% to $22.9 million. Net income increased 40% to $21.3 million and adjusted EBITDA increased 21% to $32.2 million. At quarter end, we operated health and wellness centers on 208 ships with an average ship count of 202 for the quarter. This compares to a total of 199 ships and an average ship count of 193 ships at the end of the first quarter of fiscal 2025. Also at quarter end, our cruise ship health and wellness centers were staffed with 4,585 personnel compared with 4,240 personnel on vessels on March 31, 2025.

營業利益成長 36% 至 2,290 萬美元。淨利成長 40% 至 2,130 萬美元，經調整 EBITDA 成長 21% 至 3,220 萬美元。季末我們在 208 艘船上營運健康與養生中心，本季平均船舶數為 202 艘。相較之下，2025 會計年度第一季季末為 199 艘船，本季平均船舶數為 193 艘。此外，季末我們的郵輪健康與養生中心配置 4,585 名人員，對比 2025 年 3 月 31 日船上人員為 4,240 名。

We continue to focus on four key priorities to deliver this growth, delivering meaningful progress on each quarter to -- on each during the quarter. Let me share some of those highlights. First, we captured highly visible new ship growth with current cruise line partners. During the quarter, we introduced health and wellness centers on two new ship builds, Norwegian Cruise Line's Luna and Disney Adventure, which launched their maiden voyages in March. These launches reinforce our strong positioning alongside leading global cruise operators and our commitment to elevating and differentiating our health and wellness centers to bring innovative and breakthrough technology to our guests.

我們持續聚焦四項關鍵優先事項以推動成長，並在本季於各項優先事項上都取得實質進展。我分享其中一些重點。第一，我們與現有郵輪航線合作夥伴，掌握了高度可見的新船成長機會。本季我們在兩艘新造船上導入健康與養生中心：挪威郵輪（Norwegian Cruise Line）的 Luna 與 Disney Adventure，兩者皆於 3 月展開首航。這些啟航進一步強化我們與全球領先郵輪營運商並肩合作的優勢地位，也展現我們致力於提升並差異化健康與養生中心，為賓客帶來創新與突破性科技的承諾。

To this end, on NCL's Luna, we introduced [truFlex], the new noninvasive muscle sculpting medi-spa service. As mentioned, we remain on track to introduce health and wellness centers on six new ship-builds this year. Second, we continue to expand high-value service and products. Our higher-value services, including medi-spa, IV therapy and acupuncture continue to enhance onboard productivity and expand our addressable market. To this end, the quarter saw us deliver breakthrough innovation in our medi-spa services with the continued rollout of next-generation technology, including Thermage, Transculpt, CoolSculpting, IV therapy and acupuncture LED light therapy.

為此，我們在 NCL 的 Luna 上推出了 [truFlex]，這是一項全新的非侵入式肌肉雕塑醫美水療（medi-spa）服務。如前所述，我們仍按計畫在今年於 6 艘新造船上導入健康與養生中心。第二，我們持續擴展高價值服務與產品。我們的高價值服務（包括醫美水療、靜脈注射（IV）療法與針灸）持續提升船上生產力並擴大可服務市場。為此，本季我們在醫美水療服務上持續推進新一代技術的導入，帶來突破性創新，包括 Thermage、Transculpt、CoolSculpting、IV 療法與針灸 LED 光療。

These new technologies generated strong double-digit growth for those treatments in Q1. We will continue to scale these services across additional ships while introducing new offerings in support of travelers' increasing commitment towards longevity and wellness.

這些新技術在第一季帶動相關療程呈現強勁的雙位數成長。我們將持續把這些服務擴展至更多船舶，同時推出新產品與新服務，以支持旅客對長壽與健康管理日益提升的投入。

Based on the success of truFlex on NCL Luna, we plan additional rollouts. During the quarter, we accelerated the rollout of Niagen Plus NAD boosting intravenous solution across all 90-plus ships offering IV services following strong initial pilot results. At quarter end, medi-spa services were available on 155 ships, up from 148 ships at the end of the first quarter of 2025. We expect to have medi-spa services on 157 ships by year-end 2026. Third, we focused on enhancing health and wellness center productivity.

基於 truFlex 在 NCL Luna 上的成功，我們規劃進一步擴大導入。本季我們也加速在所有提供 IV 服務的 90 多艘船上推廣 Niagen Plus NAD 增強靜脈注射溶液，因其初期試點結果表現強勁。季末醫美水療服務已覆蓋 155 艘船，高於 2025 年第一季季末的 148 艘。我們預期至 2026 年底，醫美水療服務將覆蓋 157 艘船。第三，我們聚焦提升健康與養生中心的生產力。

This is best reflected in the delivery of across-the-board increases in key operating metrics, including revenue per passenger per day, weekly revenue and revenue per staff per day. Additionally, prebooked revenues grew 17% and remain a driver of sales productivity with these appointments, continuing to generate 30% more guest spend than services booked on board. Finally, staff retention at 77% improved, increasing 5-percentage-points from Q1 of 2025, reflecting the strength of our onboarding engagement and retention initiatives. We're proud of our reputation as an employer of choice and strive to create an environment that fosters retention. These and other onboard employee initiatives have contributed to the improved retention.

這最能反映在多項關鍵營運指標全面提升，包括每位乘客每日營收、每週營收，以及每位員工每日營收。此外，預約前置（prebooked）營收成長 17%，仍是銷售生產力的重要驅動因素；這些預約持續帶來比船上臨時預訂服務高出 30% 的賓客消費。最後，員工留任率提升至 77%，較 2025 年第一季增加 5 個百分點，反映我們新人到職（onboarding）互動與留任計畫的成效。我們以「首選雇主」的聲譽為傲，並致力於打造有助於留任的環境。這些以及其他船上員工方案，促成留任率的改善。

Importantly, experienced staff generates significantly higher revenue per day versus first staff contract. We continue to invest in developing our future onboard leadership and enhancing training programs, which are key drivers of sales productivity and overall onboard performance. Fourth, we remain -- we maintained our strong and durable balance sheet and generated robust free cash flow. During the quarter, we returned $5.1 million to shareholders through our quarterly dividend and reduced debt by $1.3 million under our term loan facility. Our consistent free cash flow generation continued to support both our capital allocation priorities and investment in future growth.

重要的是，具經驗的員工相較於第一份合約期的員工，每日可創造顯著更高的營收。我們持續投資於培育未來的船上領導人才並強化訓練計畫，這些都是推動銷售生產力與整體船上表現的關鍵因素。第四，我們維持強健且具韌性的資產負債表，並創造穩健的自由現金流。本季我們透過季度股利向股東回饋 510 萬美元，並在定期貸款（term loan）融資安排下償還 130 萬美元債務。我們一貫的自由現金流創造能力，持續支持資本配置優先事項以及對未來成長的投資。

Overall, we remain confident that 2026 will reflect another year for our company as we execute our proven and highly visible growth strategies by our exceptional team. We believe we are well positioned to further establish our leadership as the preeminent global operator of health and wellness services at sea, delivering value for our cruise line partners, elevated experience for our guests and strong returns for our shareholders.

整體而言，我們仍有信心 2026 年將是公司再度展現成果的一年；在卓越團隊的執行下，我們將落實已被驗證且高度可見的成長策略。我們相信，公司已具備良好定位，可進一步鞏固我們作為海上健康與養生服務首屈一指的全球營運商之領導地位，為郵輪航線合作夥伴創造價值、為賓客帶來更高品質的體驗，並為股東帶來強勁回報。

With that, I'll turn the call over to Stephen, who will provide more details on our first quarter results and guidance. Stephen?

那麼，我把電話會議交給 Stephen，由他提供更多關於我們第一季業績與財測指引的細節。Stephen？

Thank you, Leonard. Good morning, everyone. We had an outstanding start to the year with total revenues and adjusted EBITDA increasing 13% and 21%, respectively, from the 2025 first quarter. We set first quarter records for total revenues and adjusted EBITDA, and our performance included broad-based strength across all key operating and financial metrics, underscoring our unique capabilities in the operations of health and wellness centers at sea and destination resorts on land. In addition, our asset-light business model and ongoing successful growth continue to deliver robust cash flow generation, which we utilized to invest in our future, further strengthen our balance sheet and return value to shareholders.

謝謝你，Leonard。各位早安。我們今年開局表現非常出色，總營收與調整後 EBITDA 分別較 2025 年第一季成長 13% 與 21%。我們在第一季創下總營收與調整後 EBITDA 的紀錄，而我們的表現也在所有關鍵營運與財務指標上展現全面性的強勁動能，凸顯我們在海上健康與養生中心，以及陸上目的地度假村之營運方面的獨特能力。此外，我們的輕資產商業模式與持續成功的成長，持續帶來強勁的現金流創造能力；我們也運用這些現金流投資未來、進一步強化資產負債表，並為股東創造回報。

Of particular note, we continue to accelerate investments by integrating AI technologies into our health and wellness center and shoreside operations intended to drive incremental revenue, cash flow and earnings growth. Let me provide an update on these activities, beginning with revenue enhancement. We continue to refine our machine learning algorithmic engine to improve revenue and utilization, which is progressing well and is now available on 190 vessels. In addition, work continues on the implementation of a true dynamic price optimization model that we will start to introduce with prebooking of services for voyages. We remain confident that adding these AI tools will improve utilization and yields by leveraging advanced recommendations and algorithmic optimization.

特別值得一提的是，我們持續加速投資，將 AI 技術整合至我們的健康與養生中心及岸上營運，以帶動增量營收、現金流與獲利成長。以下我將就這些活動提供最新進展，先從營收提升談起。我們持續精進機器學習的演算法引擎，以提升營收與使用率；進展良好，目前已在 190 艘船舶上可用。此外，我們也持續推動真正的動態定價最佳化模型之導入，並將開始在航程服務的預訂（prebooking）中逐步推出。我們仍然有信心，透過先進推薦與演算法最佳化，加入這些 AI 工具將可提升使用率與收益率。

As it relates to operational efficiency and scalability, we continue to experience early success with our AI assistant, which helps our managers receive and respond immediately to questions. This maritime agent is autonomously resolving 94% of tickets with response times in seconds and has now been deployed on 191 vessels. Our work will continue with upcoming projects that relate to customer-facing chatbots. These will address, for example, guest product and service inquiries and automate certain customer service activities. Finally, automation and streamlining is part of our broad-based efficiency initiative to continue to explore and develop solutions to reduce repetitive work, simplify operations shoreside and improve scalability at our corporate locations.

在營運效率與可擴展性方面，我們的 AI 助理持續展現初步成功，協助管理人員即時接收並回應問題。這個海事代理（maritime agent）可自主解決 94% 的工單（tickets），回應時間以秒計，且目前已部署於 191 艘船舶上。我們接下來也將持續推進與面向客戶的聊天機器人相關專案。例如，這些工具將可回應旅客對產品與服務的詢問，並自動化部分客服作業。最後，自動化與流程精簡也是我們廣泛效率提升計畫的一部分，我們將持續探索並開發解決方案，以減少重複性工作、簡化岸上營運，並提升公司據點的可擴展性。

While early, we continue to be very excited about the work we are doing, which is another example of our commitment to leverage cutting-edge technology to strengthen our market position and deliver value to shareholders. I will now share further details about our first quarter results that we reported earlier this morning.

雖然仍在早期階段，但我們對目前所做的工作依然感到非常振奮；這也再次展現我們致力於運用尖端科技來強化市場地位並為股東創造價值。接下來我將分享我們今天稍早公布的第一季業績之更多細節。

Total revenues increased 13% to $247.6 million compared to $219.6 million for the first quarter of 2025, driven by a 4% increase in revenue days and a 2% increase in average guest spend and by fleet expansion from 2026 new ship-builds, contributing $23.1 million, $5 million and $1.2 million, respectively, to the increase in total revenues, of which $5.4 million was attributable to increased guest prebooked services. Growth in our maritime total revenues was offset by a $1.2 million decline in destination resorts total revenue, partially due to the closure of hotels where we had previously operated. Cost of services increased $20.2 million, attributable to the $25 million increase in service revenue compared to the first quarter of 2025.

總營收較 2025 年第一季的 2.196 億美元成長 13% 至 2.476 億美元，主要受 4% 的營收天數（revenue days）增加與平均旅客消費（average guest spend）增加 2% 所帶動，並受惠於 2026 年新造船帶來的船隊擴張，分別對總營收增量貢獻 2,310 萬美元、500 萬美元與 120 萬美元；其中 540 萬美元可歸因於旅客預先預訂服務（prebooked services）的增加。我們海事業務總營收的成長，部分被目的地度假村總營收下滑 120 萬美元所抵銷，部分原因是我們先前營運之飯店關閉。服務成本增加 2,020 萬美元，係因服務營收較 2025 年第一季增加 2,500 萬美元所致。

Cost of product increased $2.5 million, attributable to the $2.9 million increase in product revenues compared to the first quarter of 2025. Administrative expenses were $6.2 million compared to $4.2 million in the first quarter of 2025. This increase was primarily due to $1.9 million in third-party fees for certain management and logistics services as a result of our previously announced restructuring, which were previously performed internally by company staff, and as such, the related costs have shifted from salary, benefit and payroll taxes to administrative expenses.

產品成本增加 250 萬美元，係因產品營收較 2025 年第一季增加 290 萬美元所致。管理費用為 620 萬美元，較 2025 年第一季的 420 萬美元增加。此增幅主要來自 190 萬美元的第三方費用，用於特定管理與物流服務，係我們先前已公告之重組所致；這些服務過去由公司員工內部執行，因此相關成本已由薪資、福利與薪資稅轉列至管理費用。

Salary, benefit and payroll taxes were $8.4 million compared to $11 million in the first quarter of 2025. The decrease was primarily attributable to the nonrecurrence of $2.5 million in separation-related expenses incurred during the first quarter of 2025 associated with the termination of the company's former Chief Commercial Officer.

薪資、福利與薪資稅為 840 萬美元，較 2025 年第一季的 1,100 萬美元下降。下降主要歸因於 2025 年第一季發生、且本期未再發生的 250 萬美元離職相關費用，該費用與公司前任首席商務長（Chief Commercial Officer）離任有關。

The variance also reflects a reduction in internal personnel costs in the first quarter of 2026, resulting from the transition of certain management and logistics services to third-party providers, as I just noted, partially offset by higher merit and incentive-based compensation. Net income was $21.3 million or net income per diluted share of $0.21 as compared to net income of $15.3 million or net income per diluted share of $0.15 for the first quarter of 2025. This increase was primarily attributable to a $6 million improvement in operating income and the nonrecurrence of the aforementioned $2.5 million. Adjusted net income was $28 million or adjusted net income per diluted share of $0.27 as compared to adjusted net income of $22.6 million or adjusted net income per diluted share of $0.22 for the first quarter of last year. Adjusted EBITDA was $32.2 million compared to adjusted EBITDA of $26.6 million in the first quarter of 2025.

此差異亦反映 2026 年第一季內部人員成本的降低，係因如我剛才所述，部分管理與物流服務轉由第三方供應商提供；但部分被較高的績效調薪與獎酬型薪酬所抵銷。淨利為 2,130 萬美元，或稀釋後每股淨利 0.21 美元；相較之下，2025 年第一季淨利為 1,530 萬美元，或稀釋後每股淨利 0.15 美元。此增幅主要歸因於營業利益改善 600 萬美元，以及前述 250 萬美元費用未再發生。調整後淨利為 2,800 萬美元，或調整後稀釋後每股淨利 0.27 美元；相較去年第一季調整後淨利 2,260 萬美元，或調整後稀釋後每股淨利 0.22 美元。調整後 EBITDA 為 3,220 萬美元，較 2025 年第一季的 2,660 萬美元增加。

2025 included $1.1 million of nonrecurring cash severance expense. Turning to the balance sheet. We continue to possess a strong balance sheet at quarter end with total cash of $17.3 million after giving effect to paying $5.1 million in quarterly dividends and repaying $1.3 million of our term loan facility. In addition, we had full availability of our $50 million revolving line facility, giving us total liquidity of $67.3 million as of March 31, 2026. Total debt, net of deferred financing costs, was $82.8 million at quarter end.

2025 年包含 110 萬美元的一次性現金資遣費用。接著談資產負債表。我們在季末仍維持強健的資產負債表，總現金為 1,730 萬美元（已反映支付 510 萬美元季度股利及償還 130 萬美元定期貸款額度）。此外，我們的 5,000 萬美元循環信用額度（revolving line facility）仍有全額可用，使得截至 2026 年 3 月 31 日的總流動性達 6,730 萬美元。季末總負債（扣除遞延融資成本）為 8,280 萬美元。

Also at quarter end, we had $37.5 million remaining on our $75 million share repurchase program adopted in April 2025. We remain focused on disciplined capital allocation, supported by our strong cash flow generation and balance sheet flexibility. We will continue to prioritize investing in the business, returning capital to shareholders through our quarterly dividend, opportunistically repurchasing our common shares and reducing debt while maintaining the flexibility to pursue additional opportunities to enhance shareholder value over time. As it relates to guidance, for the full year 2026, we now expect total revenue in the range of $1.014 billion to $1.034 billion and adjusted EBITDA in the range of $129 million to $139 million. This represents growth of 9% at the midpoint of the guidance ranges for both metrics.

同樣在季末，我們於 2025 年 4 月採行的 7,500 萬美元庫藏股回購計畫尚餘 3,750 萬美元額度。我們仍專注於嚴謹的資本配置，並以強勁的現金流創造能力與資產負債表彈性作為支撐。我們將持續優先投入業務發展，透過季度股利回饋股東，並視情況機會性回購普通股、降低負債，同時保有彈性以把握其他機會，隨時間推進提升股東價值。就財測指引而言，針對 2026 全年，我們目前預期總營收介於 10.14 億至 10.34 億美元，調整後 EBITDA 介於 1.29 億至 1.39 億美元。以指引區間中點計算，兩項指標皆代表 9% 的成長。

Please keep in mind that fiscal 2025 reported total revenues includes $23 million associated with the reorganization of operations in the United Kingdom and Italy, and the exit of land-based operations in Asia, all previously announced. For the second quarter of 2026, we are introducing guidance for total revenue in the range of $257 million to $262 million and adjusted EBITDA in the range of $32.5 million to $34.5 million. This represents growth of 10% at the midpoint of the guidance ranges for both metrics. This guidance reflects our confidence in our ability to deliver sustained momentum and the visibility of our growth pipeline while acknowledging the dynamic environment we find ourselves in. With that, we shall open the call for questions.

請留意，2025 會計年度所報告的總營收包含 2,300 萬美元，係與先前已公告之英國與義大利營運重整，以及退出亞洲陸上營運相關。針對 2026 年第二季，我們首次提供指引：總營收介於 2.57 億至 2.62 億美元，調整後 EBITDA 介於 3,250 萬至 3,450 萬美元。以指引區間中點計算，兩項指標皆代表 10% 的成長。此指引反映我們對於持續動能與成長管線能見度的信心，同時也承認我們所處環境的動態變化。接下來，我們開放提問。

Robert, if you could please take over. Thank you.

Robert，麻煩你接手。謝謝。

(Operator Instructions)

（接線員指示）

Randy Konik, Jefferies.

Randy Konik，Jefferies。

I guess, first, I just want to get some perspective on the rise in higher-value services that you talked about. I know you've added more medi-spas to more ships over time. But can you give us some perspective on what -- how that penetration has changed, let's say, high value versus low value or traditional services? How that's kind of morphed over the last couple of years? And are there any particular high-value services that the consumer is choosing?

我想先請教一下你們提到的高價值服務占比上升這件事，想了解一些背景。我知道你們隨著時間在更多船上新增了更多醫美水療（medi-spas）。但你們能否分享一下，滲透率（penetration）在高價值服務相對於低價值或傳統服務方面，是如何變化的？過去幾年這種組合大概是如何演變的？另外，是否有任何特定的高價值服務是消費者特別偏好的？

And when you look at the penetration today versus maybe where it was a year or two ago on a same-store basis, where could we take high-value services from a penetration standpoint as a percent of total services given? Where do you think that goes from here? And -- because that could provide some nice lift in AUR going forward?

而當你看今天的滲透率，相較於可能一到兩年前在同店基礎上的水準，我們從滲透率的角度來看，能把高價值服務提升到占所提供總服務的百分比的什麼程度？你覺得接下來會往哪裡走？另外——因為這可能會在未來為AUR帶來不錯的提升？

Yes. Thanks, Randy. I mean, obviously, some good observations there. We continue to innovate and stack new services into medi-spa services, which are having -- are being very well received and the spend continues to improve across specifically the new technologies, which I mentioned like the Luna, the truFlex, some of the Thermage, the FLX and certainly the NAD IVs that we've introduced, all of this is helping to produce better spend in our medi-spas. And as you know, we continue to roll out another five or six this year, and we will continue to add some of these higher-end services.

是的。謝謝你，Randy。我的意思是，顯然你提出了一些很好的觀察。我們持續創新，並在醫美水療（medi-spa）服務中疊加新的服務，這些服務——反應非常好，而且在特別是我提到的新技術上，消費持續提升，例如Luna、truFlex、一些Thermage、FLX，當然還有我們推出的NAD IV點滴；所有這些都在幫助我們的醫美水療帶來更好的客單消費。正如你所知，我們今年還會再推出五到六家，並且會持續增加一些更高端的服務。

So extensively, we've moved away from just offering injectables and fillers to a complete menu of IVs and other aesthetic services, but it still shows that even at the higher price points, some of these new technology-driven services are having a very high impact in terms of demand, and we're very thrilled with it. So we continue to roll out as fast as we can.

因此，整體而言，我們已經不再只提供注射類與填充劑，而是擴展到完整的IV點滴與其他美學服務菜單；但這也顯示，即使在較高的價格帶，一些由新技術驅動的服務在需求面仍具有非常高的影響力，我們對此非常振奮。所以我們會盡可能加快推廣速度。

Super helpful. Just one last question. You made a leadership addition in -- for the resort spas, I guess, a couple of months ago. Maybe give us some perspective on that individual and what your plans are long term for that piece of the business?

非常有幫助。最後一個問題。你們在——我想是度假村水療（resort spas）——大概幾個月前新增了一位領導人選。能否請你分享一下對這位人士的看法，以及你們對這塊業務長期的規劃？

Yes. So we added a new person in resorts to drive business development and strategy. And thus far, only 60 days in, we've seen a potential pipeline that she's working on, which is very exciting. Hopefully, we can convert some of these leads that we have in the pipeline, which is much more than we had before. And so the strategy in bringing her on board was now to take a look -- a much harder look and put much more energy and investment behind finding new opportunities within the US and Caribbean, not the Asian market, which we're winding down. And so we're very excited with the early results and early indications of some of the leads that she's brought to the business. And I think that's going to be a decent driver. We saw resorts certainly perform better in the first quarter versus Q1 of 2025. So yes, all around, very encouraged by the early results since she joined.

是的。所以我們在度假村業務新增了一位人員，來推動業務開發與策略。到目前為止，她加入才60天，我們已看到她正在推進的一個潛在案源管線，這非常令人興奮。希望我們能把管線中的一些線索轉化落地，而這個管線規模遠超過我們以前的水準。因此，聘用她的策略是要更——更深入地檢視，並投入更多精力與投資，在美國與加勒比地區尋找新的機會，而不是我們正在收縮的亞洲市場。所以我們對她為業務帶來的一些線索所呈現的早期成果與早期跡象感到非常振奮。我認為這會成為一個不錯的驅動因素。我們也看到度假村在第一季的表現確實優於2025年第一季。所以是的，整體而言，自她加入以來的早期成果讓我們非常受到鼓舞。

Steve Wieczynski, Stifel.

Steve Wieczynski，Stifel。

So Leonard, I want to ask about the improvement in productivity, especially around that revenue per staff per day. Wondering if you can give a little bit more detail as to what are some of the things that are actually driving that metric right now? And maybe help us think about how much more upside do you think you can kind of extract from a productivity perspective moving forward?

Leonard，我想問一下生產力改善的情況，特別是「每位員工每日營收」這個指標。想請你更詳細說明一下，目前究竟是哪些因素在推動這個指標？另外也請幫我們思考，從生產力角度往前看，你覺得還能再釋放多少上行空間？

Yes. Steve, look, I certainly think some of the newer ships that we introduced last year, plus similar ships in the fleet with these incredible spas, medi-spa facilities, thermal suites, are all helping to drive that additional revenue per passenger per day as well as the average revenue spend from guests. So it seems that all the innovation is taking well, and we pilot these, obviously, to make sure they do.

是的。Steve，你看，我確實認為我們去年引進的一些較新的船隻，加上船隊中類似配置、擁有這些令人驚豔的水療中心、醫美水療設施、溫泉熱療套房（thermal suites）的船隻，都在幫助推動每位乘客每日的額外營收，以及旅客的平均消費金額。所以看起來所有創新都很奏效，而我們也會先行試點，顯然是為了確保它們確實有效。

So I think it shows that even at the high end of the range of some of these medi-spa service, acupuncture red-light therapy, we continue to see high demand. So it's a healthy increase, 6% productivity increase. We're thrilled with that, but I think a large part of it is the bigger spas, larger spas and certainly, our innovation platform continues to drive additional spend.

所以我認為這顯示，即便在某些醫美水療服務的高端價位區間，例如針灸、紅光療法（red-light therapy），我們仍持續看到強勁需求。因此這是一個健康的提升——生產力提升6%。我們對此非常高興，但我認為其中很大一部分來自更大規模的水療中心、更大的水療空間，當然，我們的創新平台也持續帶動額外消費。

Okay. Got you. And then I want to ask about guidance, probably more so for the back half of the year. I guess what we started to see at this point is some softness. And I think the cruise lines would say this -- your cruise partners would say this as well in terms of some softness in that North American to Europe demand and a slight uptick in cancellations, again, from that North American to Europe guest. So wondering if you guys have contemplated any slowdown in that European demand in the back half of the year or in your guidance? Or it's something you're just not overly concerned with at this point?

好的，了解。接著我想問一下指引，可能更偏向下半年。我想我們目前開始看到一些疲軟。我認為郵輪公司也會這麼說——你們的郵輪合作夥伴也會這麼說——就北美到歐洲的需求而言出現一些疲軟，且取消率略有上升，同樣是來自北美到歐洲的旅客。所以想請問你們在下半年的指引中，是否已考量歐洲需求可能放緩？還是說目前你們並不特別擔心？

We're certainly cognizant of the geopolitical backdrop, which is certainly not improving. And I'm sure concerns have caused some people perhaps to cancel or hold off until they book versus last year. So I think we're certainly hearing from the cruise lines, and I'm sure you are as well that there have been cancellations, which is understandable. But I don't know. It seems like it can still continue to book through the end of May or June.

我們當然留意到地緣政治的背景，而這顯然沒有改善。我也確信這些擔憂可能讓一些人取消，或是相較去年延後下訂。我想我們確實也從郵輪公司那邊聽到——我相信你也一樣——確實有取消的情況，這可以理解。但我不確定。看起來到5月底或6月，仍然可以持續有訂單進來。

We'll see. I mean maybe the geopolitical situation changes. But we've thought about this and included it as part of the guidance in the back half. So it's not that we didn't consider that there could be some potential drop-off in demand, but our guidance includes that.

我們再看看。我的意思是，也許地緣政治情勢會改變。但我們已經思考過這點，並把它納入下半年的指引之中。所以並不是我們沒有考量需求可能出現一定程度的下滑，而是我們的指引已包含這個因素。

Steve, obviously, bear in mind, as you're very well aware, generally, we're servicing about 11% of the guests on board. And so that provides us with a layer of insulation against some of that softness should it occur on the one hand. And then on the other hand, the reality is we've seen over time that no matter what happens in the world, the cruise lines are excellent marketers and they fill their ships to capacity day in and day out. So while we are aware of it and we have taken it into account, I think we'll get through it.

Steve，當然請記得——你也非常清楚——一般而言，我們服務的約是船上11%的旅客。因此，一方面，若真的出現那種疲軟，這會為我們提供一層緩衝；另一方面，現實是我們長期以來看到，不管世界發生什麼事，郵輪公司都是非常出色的行銷者，他們日復一日都能把船隻載客率填滿到滿艙。所以雖然我們有注意到並已納入考量，但我認為我們會挺過去。

Max Rakhlenko, TD Cowen.

Max Rakhlenko，TD Cowen。

Congrats on a really nice quarter. So I just want to touch on first the call-out in seemingly improving prebooking revenues. So what was the unlock in the quarter? And what does it inform you of where it can go over the medium term? And then if you can tie just comments on AI, as I know that, that's something that you're working on for prebooking as well.

恭喜你們交出非常漂亮的一季。我想先談一下你們提到的、看起來正在改善的預訂（prebooking）營收。所以本季的關鍵解鎖因素是什麼？這對你們判斷中期它能走到哪裡有何啟示？另外如果可以的話，也請把AI的評論串起來，因為我知道你們也在針對預訂做相關AI工作。

Yes. So prebooking services, as I mentioned, were up 17%. The reason it's kind of flattish at the 22% is fundamentally just because we don't include some of the services in medi-spa, acupuncture in there, which we're starting to consider whether we can include some of that in the prebooking menu. And we probably will move to that as we start to move towards a more dynamic pricing, AI-driven discount dynamic model over time, which Stephen mentioned earlier on. So that's certainly helping drive that additional spend because it's up so much more than it was last year, but it's still flat, which means the rest of the business continues to grow nicely as well.

是的。如我提到的，預訂服務成長了17%。之所以在22%這個數字上看起來有點持平，根本原因是我們沒有把醫美水療、針灸等部分服務納入其中；我們正在考慮是否能把其中一些納入預訂菜單。我們很可能會朝這個方向前進，因為隨著時間推移，我們會開始走向更動態的定價、由AI驅動的折扣動態模型——Stephen先前也提到過。所以這確實有助於帶動額外消費，因為它比去年高出很多；但它仍然持平，這也意味著其他業務同樣在良好成長。

And Max, by way of clarification, the AI initiative specifically as it relates to dynamic pricing on prebooking is not yet in play. So anything that you're seeing thus far is not influenced by that.

Max，補充澄清一下：AI計畫中，特別是與預訂動態定價相關的部分，目前尚未上線。所以你目前看到的任何表現，並未受到那項因素影響。

Right. Yes. That's helpful. And then --

對。是的。這很有幫助。然後——

Go ahead, Max. Sorry.

你繼續，Max。抱歉。

I was just going to ask, so you guys touched on looking to do seemingly more in wellness and longevity. Obviously, that's a key theme across a number of verticals. So just curious, what do you see as the top opportunities? And I know that we've long discussed potentially getting in some services where a customer starts something on the ship and then they potentially continue using it once their vacation ends. So just curious if you could touch on both of those topics and what we could see ahead.

我只是想問，你們提到似乎希望在健康（wellness）與長壽（longevity）方面做更多。顯然這是許多垂直領域的關鍵主題。所以我很好奇，你們認為最大的機會是什麼？另外，我知道我們長期以來也討論過，可能導入一些服務，讓客戶在船上開始使用，然後在假期結束後仍可能持續使用。也想請你談談這兩個主題，以及我們接下來可能會看到什麼。

We remain very focused on the longevity and health and wellness vertical of our business, which is included right now in medi-spa. I think there are things that we're working on, trying, seeing and testing to see if, in fact, we can layer it in. If and when we do, we'll tell you about it, but there's certainly a lot of things and opportunities that we're looking at with respect to engaging with the passenger on board through seminars, et cetera, on the longevity side and then continuing with certain therapies, supplementation, et cetera, post cruise. I think that's certainly the direction we will go in. We're just sorting through what the right opportunity is and the right vehicle to do it in.

我們仍然非常專注於我們業務中的長壽與健康養生垂直領域，目前這部分包含在醫美水療（medi-spa）之中。我認為我們正在做一些工作、嘗試、觀察並測試，看看是否確實能把它疊加進來。如果以及當我們做到時，我們會告訴各位，但在長壽領域方面，確實有很多事情與機會值得我們關注，例如透過船上研討會等方式與乘客互動，並在郵輪行程結束後持續進行某些療程、補充品等。我認為這肯定是我們將前進的方向。我們只是正在梳理什麼才是正確的機會，以及用什麼樣的正確載體來推動。

It does not mean we need to do M&A to do that. We can do it through a joint venture or a partnership. So those are the things that we're looking at right now, but we're just not ready to execute or pull the trigger on any one of them that we're considering. But I can tell you it's very exciting.

這並不代表我們需要透過併購（M&A）來做到。我們可以透過合資或合作夥伴關係來實現。所以這些是我們目前正在評估的事情，但我們還沒準備好對正在考慮的任何一項採取行動或扣下扳機。不過我可以告訴你，這非常令人振奮。

Gregory Miller, Truist Securities.

Gregory Miller，Truist Securities。

I'd like to ask a couple of questions as it relates to the geographies of where your ships are located this year. And to start off with 1Q, there is a greater concentration with Caribbean routes. And I'm curious how impactful was a higher concentration of Caribbean itineraries to your 1Q performance?

我想就今年你們船隊所在的地理區域問幾個問題。先從第一季（1Q）開始，加勒比航線的集中度更高。我很好奇，加勒比行程占比提高對你們第一季表現的影響有多大？

Yes. So we love Caribbean performance. It's the best for us. North American passengers, definitely the best spenders on a global basis. So concentration, as we've mentioned before, in the Caribbean is not a negative for us. Now how that impacts, obviously, the different cruise line banners is different to us, but we certainly love being in the Caribbean because it gives us the seven-day program model, which is the most effective for us.

是的。我們很喜歡加勒比的表現。那對我們來說是最好的。北美乘客在全球範圍內絕對是最會消費的族群。所以如同我們之前提過的，加勒比的集中度對我們而言不是負面因素。當然，這對不同郵輪品牌旗幟（banners）的影響對我們來說會有所不同，但我們確實喜歡在加勒比，因為那能提供七天行程的方案模型，對我們而言是最有效的。

Okay. Shifting region -- Stephen, did you want to say something?

好的。轉到其他地區——Stephen，你想補充什麼嗎？

No, go ahead.

沒有，你繼續。

Okay. Shifting to Europe. I'm curious -- I'm not sure if this has been discussed in prior earnings calls. But when I think about what's going on in the Middle East today and if there are cruise passengers that might shift from, say, an Eastern Med itinerary to a Western Med or Northern Med or Northern Europe, is there any material difference in terms of the quality of earnings from, say, Eastern Mediterranean itineraries versus Western or Northern Europe?

好的。轉到歐洲。我很好奇——不確定這是否在之前的財報電話會議中討論過。但當我想到今天中東正在發生的事情，如果有郵輪乘客可能會從例如東地中海行程轉向西地中海、北地中海或北歐／北歐洲，從獲利品質的角度來看，東地中海行程與西地中海或北歐相比，是否存在任何重大差異？

The short answer is there's no difference to us.

簡短回答是：對我們來說沒有差異。

(Operator Instructions)

（接線員指示）

Assia Georgieva, Infinity Research.

Assia Georgieva，Infinity Research。

Congratulations on a fantastic quarter. Just to kind of follow up on that up 17% prebooked. Do you expect that to again be up in Q2 and possibly in Q3? You have Legend of the Seas coming in. So I imagine newer ships may create more excitement. They may attract people who are more experienced and willing to pay the premium for a new ship and therefore kind of help the mix. Do you think that would be part of the plan?

恭喜你們交出非常出色的一季。想跟進一下預訂前置（prebooked）成長17%這件事。你們預期第二季（Q2）以及可能第三季（Q3）也會再上升嗎？你們將迎來 Legend of the Seas。所以我想新船可能會帶來更多興奮感，吸引更有經驗、也願意為新船支付溢價的旅客，從而改善產品組合。你覺得這會是計畫的一部分嗎？

I'll say, yes, it's definitely the strategy, and we continue to focus through every business quarterly review that we do with our banners on the opportunities within prebooking, improving the journey for the guest as they come on to the site. I think together with the fact that once we develop the AI dynamic component of this, it will also help us from a yield perspective. But our real focus is obviously getting the cruise lines as focused and providing the resources possible to help us with this, but it's improving. So they get it. It's just a question of resource allocation.

我會說，是的，這絕對是策略，而且我們持續在與各品牌旗幟進行的每一次季度業務檢討中，聚焦於預訂前置的機會，並改善旅客進入網站時的體驗。我認為再加上我們一旦開發出 AI 的動態組件，也將從收益率（yield）的角度幫助我們。但我們真正的重點顯然是讓郵輪公司同樣聚焦，並盡可能提供資源來協助我們；而且情況正在改善。所以他們理解這點。只是資源配置的問題。

So we can expect a continuation of the year-on-year growth in sort of the mid-teens, that would be a reasonable --

所以我們可以期待年對年成長能以大約中十位數（mid-teens）的幅度延續，這會是一個合理的——

I'm not sure whether it continues at this clip. Obviously, if it stayed at the same kind of double-digit rate that it's improving, certainly over the last three quarters, we'd be very, very happy with that.

我不確定是否會以這樣的速度持續。顯然，如果它能維持在同樣的雙位數改善幅度——尤其是過去三個季度——我們會非常、非常滿意。

Okay. I think that's fair enough. And sort of a related question. As you probably know, we track about 40,000 voyages every week. And what we noticed is in week three, so March 20 or so, a significant price cut for Royal Caribbean International, to some extent, Celebrity for European voyages for Q2.

好的。我覺得這樣很合理。再問一個相關問題。如你可能知道的，我們每週追蹤大約40,000個航次。我們注意到在第三週，也就是大約3月20日，Royal Caribbean International 對第二季（Q2）的歐洲航次進行了顯著降價，Celebrity 在某種程度上也是如此。

And of course, one concern is that as the quality of passenger comes down, despite this being North American passengers in Europe, that it may impact you somewhat. Have you seen any of that during the month of April? I just wondered if -- and it seems to be very much a Q2 phenomenon. Q3 seems much better. So I just wondered if you saw any of that.

當然，一個擔憂是，隨著乘客品質下降——儘管這些是在歐洲的北美乘客——可能會對你們造成一些影響。你們在4月份有看到任何這種情況嗎？我只是想知道是否——而且看起來這非常像是第二季的現象。第三季看起來好很多。所以我想問你們是否有看到這種情況。

Yes. No, we've certainly read the same headlines and sort of the analyst reports on what's going on with Europe second quarter. We have not -- the ships -- a lot of the ships have started to reposition to Alaska and Europe at this point. And the early indications are is that we're certainly using every marketing tool necessary, when necessary. If not necessary, we're not going to discount any more than we need to.

是的。沒有，我們當然也看到了相同的新聞標題，以及分析師報告中關於歐洲第二季狀況的討論。我們沒有——目前很多船已開始重新部署到阿拉斯加和歐洲。早期跡象顯示，我們在必要時會使用所有必要的行銷工具；如果不需要，我們不會比必要程度折扣更多。

And so we're monitoring it very closely, but thus far, we've seen no impact of a lower passenger perhaps not going to Europe. But then again, as we mentioned, we focus on the best 11% every single week, week in and week out to produce the results that we do. So I think we're going to be fine.

因此我們正非常密切地監控，但到目前為止，我們尚未看到因乘客層級較低而可能不去歐洲所帶來的影響。不過如同我們提到的，我們每週、週復一週都聚焦於最好的11%，以產出我們目前的成果。所以我認為我們會沒問題。

Fair enough. And last question, again, kind of a follow-up to Europe. One of your banners is moving away from the longer 10, 11, 14-night itineraries. And you just mentioned the sweet spot of seven nights, especially in the Caribbean. Should that help somewhat? Or is Europe a different animal given how port-rich the itineraries are? Or is it still marginally helpful, I wonder?

了解。最後一個問題，同樣是跟進歐洲。你們其中一個品牌旗幟正在從較長的10、11、14晚行程轉移。你剛才也提到七晚是甜蜜點，尤其在加勒比。這是否會帶來一些幫助？還是歐洲因為行程港口密集而是不同的情況？或者我想知道，是否仍然會有些微的幫助？

Marginally helpful. I mean we think that seven days is the best sweet spot because over the years and certainly the data suggests that the spend doesn't improve on a longer cruise. It's just the same wallet spread out over more days. So we love seven-day cruising.

些微有幫助。我們認為七天是最好的甜蜜點，因為多年來、而且數據也顯示，較長航程的消費並不會提升；只是同一個錢包被攤分到更多天而已。所以我們很喜歡七天郵輪。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Leonard Fluxman for closing comments.

問答環節到此結束。現在我想把電話交回 Leonard Fluxman 作結語。

All right. Thank you again for joining us today. We look forward to speaking with many of you at upcoming investor conferences and when we report our second quarter results in July. Thank you for joining us today.

好的。再次感謝各位今天加入我們。我們期待在接下來的投資人會議上與各位中的許多人交流，也期待在7月公布第二季業績時再與各位通話。感謝各位今天的參與。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以掛斷電話線，感謝您的參與。