皇家加勒比遊輪 (RCL) 2021 Q3 法說會逐字稿

Good morning. My name is Shelby, and I'll be your conference operator today. At this time, I would like to welcome everyone to Royal Caribbean Group's Business Update and Third Quarter 2021 Earnings Call. (Operator Instructions)

早安.我叫謝爾比，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加皇家加勒比集團的業務更新和 2021 年第三季財報電話會議。 （操作員說明）

I would now like to introduce Chief Financial Officer, Mr. Jason Liberty. Mr. Liberty, the floor is yours.

現在我想介紹一下財務長 Jason Liberty 先生。自由先生，請發言。

Good morning, everyone, and thank you for joining us today for our business update and third quarter earnings call. Joining me here in Miami are Richard Fain, our Chairman and Chief Executive Officer; Michael Bayley, President and CEO of Royal Caribbean International; and Michael McCarthy, our Vice President of Investor Relations.

大家早安，感謝您今天參加我們的業務更新和第三季財報電話會議。與我一起來到邁阿密的是我們的董事長兼首席執行官理查德·費恩 (Richard Fain)；貝利 (Michael Bayley)，皇家加勒比國際遊輪公司總裁兼執行長；以及我們的投資者關係副總裁 Michael McCarthy。

During this call, we will be referring to a few slides, which have been posted on our investor website, www.rclinvestor.com. Before we get started, I'd like to refer you to our notice about forward-looking statements, which is on our first slide. During this call, we will be making comments that are forward-looking. These statements do not guarantee future performance and do involve risks and uncertainties. Examples are described in our SEC filings and other disclosures. Please note that we do not undertake to update the information in our filings as circumstances change. Also, we will be discussing certain non-GAAP financial measures, which are adjusted as defined, and a reconciliation of all non-GAAP historical items can be found on our website.

在本次電話會議中，我們將參考幾張投影片，這些投影片已發佈在我們的投資者網站 www.rclinvestor.com 上。在我們開始之前，我想請您參閱我們關於前瞻性陳述的通知，該通知位於我們的第一張投影片上。在這次電話會議中，我們將發表前瞻性評論。這些陳述並不保證未來的業績，並且確實涉及風險和不確定性。我們向 SEC 提交的文件和其他揭露的資訊中描述了範例。請注意，我們不承諾隨著情況的變化更新我們提交的文件中的資訊。此外，我們將討論某些非 GAAP 財務指標，這些指標根據定義進行調整，並且所有非 GAAP 歷史項目的調整表可以在我們的網站上找到。

Richard will begin the call by providing a strategic overview and update on the business. I will follow up with a recap of our third quarter results. I will then provide an update on our latest actions and on the current booking environment. We will then open up the call for your questions. Richard?

理查德將首先提供策略概述和業務最新情況。我將回顧我們第三季的業績。然後我將提供有關我們最新行動和當前預訂環境的最新資訊。然後我們將打開電話詢問您的問題。理查德？

Thank you, Jason, and good morning, everyone. As always, it's a pleasure to give an update on what's happening within the Royal Caribbean Group. It's certainly been a horrible 1.5 years, looking at our financial statements and seeing that sea of red ink is painful, but we are pleased to be looking at such a positive forward path. The reason we've gotten through this awful period of COVID as well as we have is because we've had our eye firmly on where we needed to go rather than on where we were at any given moment. The same approach is serving us well as we look to the coming months.

謝謝傑森，大家早安。像往常一樣，我很高興向大家介紹皇家加勒比集團內部發生的最新情況。這確實是可怕的 1.5 年，看看我們的財務報表，看到巨額赤字令人痛苦，但我們很高興看到如此積極的前進道路。我們之所以能夠度過這段可怕的新冠疫情時期，是因為我們堅定地關注我們需要去的地方，而不是我們在任何特定時刻所處的位置。展望未來幾個月，同樣的方法對我們很有幫助。

Before I comment on our position going forward, I have to express my admiration for and appreciation of the men and women of the Royal Caribbean Group, who have worked so hard, so diligently throughout this difficult time. The pandemic has cost us all dearly, but our people stepped up to the plate and work so hard to get us through this period. They invented amazing protocols to protect our crew members and our guests. They put in place financing arrangements with a deft hand, and they have taken care of themselves, their coworkers and their families under some of the most trying circumstances any of us have ever experienced. To them, I say thank you. You are all true heroes.

在我對我們未來的立場發表評論之前，我必須對皇家加勒比集團的員工表示欽佩和讚賞，他們在這個困難時期如此努力、如此勤奮。這場流行病讓我們所有人付出了沉重的代價，但我們的人民挺身而出，付出了巨大的努力，讓我們度過了這段時期。他們發明了驚人的協議來保護我們的船員和客人。他們靈巧地制定了融資安排，在我們所經歷過的最艱難的情況下，他們照顧了自己、同事和家人。對他們，我說聲謝謝。你們都是真正的英雄。

Now the pandemic is not yet fully behind us. It's still very present, but scientists have given us a good answer to this nightmare with effective vaccines and remarkable treatments. The Delta variant caused a temporary slowdown in our bookings, especially close in, but our trajectory for recovery remains very much intact. In this call, I intend to focus on where we're going rather than where we've been. We are all tired of talking about COVID-19. Every conversation doesn't need to start with a description of the trauma we've experienced. Every discussion doesn't need to dwell on how awful it's been. Fortunately, the path forward appears clear and very positive for our company and for our industry.

現在，疫情還沒完全過去。它仍然存在，但科學家們透過有效的疫苗和卓越的治療方法為我們提供了解決這一噩夢的好答案。達美航空的航班導致我們的預訂量暫時放緩，尤其是臨近的時候，但我們的復甦軌跡仍然完好無損。在這次電話會議中，我打算專注於我們的目標，而不是我們已經去過的地方。我們都厭倦了談論 COVID-19。每次談話都不需要從描述我們所經歷的創傷開始。每次討論都不需要詳細討論事情有多糟糕。幸運的是，對於我們公司和我們的行業來說，前進的道路似乎是清晰且非常積極的。

For some time now, we have said that we hope to take advantage of the special features of cruising and make cruising one of the safest places on earth to spend your vacation. The numbers are now coming in and our objective appears to be validated. Our strategy has been to get the flywheel spinning. For over 18 months, our guests have had to deal with cancellations, interruptions, confusing rules and changing protocols. These constant changes have added uncertainty. Thankfully, today, we're operating almost normally. Our published itineraries are being delivered on a consistent basis. 2/3 of our ships are already operating, and virtually, everything will be back to normal in our core markets before the end of this year.

一段時間以來，我們一直在說，我們希望利用郵輪的特殊功能，讓郵輪成為地球上最安全的度假地點之一。現在數據已經出來，我們的目標似乎得到了驗證。我們的策略是讓飛輪旋轉。 18 個多月以來，我們的客人必須應對取消、中斷、混亂的規則和不斷變化的協議。這些不斷的變化增加了不確定性。值得慶幸的是，今天我們的營運幾乎正常。我們發布的行程是在一致的基礎上提供的。我們2/3的船舶已經投入運營，實際上，我們的核心市場在今年年底前一切都會恢復正常。

Our goal is to start the new year with smooth, steady, consistent operations that will give our guests comfort and give travel advisers the confidence to book future cruises. Like the pilot of a plane during takeoff, prioritizing speed over altitude, we have prioritized spreading the wealth. We have prioritized starting up more ships even with lower loads per vessel rather than trying for higher load factors on fewer ships. We have been executing this in a financially and medically prudent manner.

我們的目標是以平穩、穩定、一致的營運來開始新的一年，讓我們的客人感到舒適，並讓旅遊顧問有信心預訂未來的郵輪。就像飛機起飛時的飛行員一樣，優先考慮速度而不是高度，我們優先考慮分配財富。我們優先考慮啟動更多的船舶，即使每艘船舶的負載較低，而不是嘗試在更少的船舶上提高負載係數。我們一直以財務和醫療上審慎的方式執行這項任務。

January is the start of wave period, and our goal is to have our core markets operating normally as quickly as possible. That will put us in an excellent position to have a good wave period. Our bookings are already showing that the public has a great deal of pent-up demand and is eager to travel again. We have a long period of poor bookings to make up for, but current booking trends give us a high level of confidence for 2022, especially from the summer on. We're not back to normal. However, predictions of a dramatic different new normal do not appear to be bearing out.

一月份是波浪期的開始，我們的目標是盡快讓核心市場正常運作。這將使我們處於有利的位置，以度過一個良好的波浪期。我們的預訂已經表明，公眾有大量被壓抑的需求，渴望再次旅行。我們有很長一段時間的預訂量不佳需要彌補，但當前的預訂趨勢讓我們對 2022 年充滿信心，尤其是從夏季開始。我們還沒有恢復正常。然而，關於一種截然不同的新常態的預測似乎並未得到證實。

Once we board a ship, cruises today are remarkably similar to cruises before the pandemic. There are some changes, but most of these are not visible to the public, and the remaining ones are likely to be temporary. Satisfaction level amongst those who are cruising today is the highest in our company's history and their onboard spending is also unparalleled.

一旦我們登船，今天的遊輪就與大流行之前的遊輪非常相似。有一些變化，但其中大部分對公眾來說是不可見的，其餘的可能是暫時的。今天的郵輪乘客的滿意度是我們公司歷史上最高的，他們在船上的消費也是無與倫比的。

The recent announcement by the CDC that they intend to eliminate the prescriptive conditional sale order in January is very welcome. Our own requirements and protocols are stricter than the CSO anyhow. So the confidence though that they are demonstrating by the CDC's actions will help give confidence to the market. Now while we are very encouraged about the strong bookings that we've been seeing, we do appreciate that we are still not in a normal travel environment. We are emerging from a period of lower-than-usual bookings and our international sourcing, which has historically been the strength of the group, has been confusing due to the constantly changing travel restrictions and is just now starting to build back.

疾病管制中心最近宣布他們打算在一月份取消規定性有條件銷售令，這一消息非常受歡迎。無論如何，我們自己的要求和協議比 CSO 更嚴格。因此，疾病預防控制中心的行動所表現出的信心將有助於為市場帶來信心。現在，雖然我們對所看到的強勁預訂感到非常鼓舞，但我們也很高興我們仍然沒有處於正常的旅行環境中。我們正在擺脫預訂量低於平常的時期，而我們的國際採購歷來是該集團的優勢，但由於不斷變化的旅行限製而一直令人困惑，現在才開始恢復。

The image of the cruise industry from the early days of the pandemic is also weighing on the minds of consumers, albeit much, much less than previously. There's also a special story about what's happening in Asia and how that affects the Royal Caribbean Group. China was one of the fastest-growing markets, and we believe will continue to be an important part of our strategy going forward. However, as you know, China is essentially closed to international travel today and that includes cruise travel. We do not expect China to reopen until at least the Olympics in Beijing are over.

疫情爆發初期的郵輪業形像也給消費者帶來了壓力，儘管程度比以前小得多。還有一個關於亞洲正在發生的事情及其如何影響皇家加勒比集團的特別故事。中國是成長最快的市場之一，我們相信將繼續成為我們未來策略的重要組成部分。然而，如您所知，中國目前基本上禁止國際旅行，其中包括郵輪旅行。我們預計至少在北京奧運結束前中國不會重新開放。

Another important market for us is Australia. Australia's approach to containing the pandemic has been based on isolation. They are now rapidly switching to the vaccines as a way of controlling the disease. We do not expect Australia to open the cruise travel until the spring. But since this summer season doesn't start until our next winter anyhow, we're not counting on much from Australia until the end of next year.

對我們來說另一個重要的市場是澳洲。澳洲遏止疫情的方法一直以隔離為基礎。他們現在正迅速改用疫苗作為控制疾病的方法。我們預計澳洲要到春季才會開放郵輪旅行。但由於這個夏季無論如何要到下一個冬天才開始，所以在明年年底之前我們對澳洲的期望並不高。

Against this background, our ability to predict a profitable 2022 is strong evidence of how quickly our future can get better. We are encouraged to see the return to profitability and strong cash flows as a rapid turnaround, rather than a slow, steady progression. It is unusual actually for us to provide any indication of next year's results this early, but we understand the need to have a frame of reference going forward, and we wanted to be constructive in that regard. Obviously, there are a large number of factors that could shift us off this trajectory, including worsening spread of the disease, a new variant, inflation, et cetera. But on the current trajectory that we are seeing, we believe we can prudently predict at least this level of profitability and cash flow.

在此背景下，我們預測 2022 年實現盈利的能力有力地證明了我們的未來能夠以多快的速度變得更好。我們很高興地看到獲利能力的恢復和強勁的現金流是一個快速的轉變，而不是緩慢、穩定的進展。實際上，我們這麼早就提供明年結果的任何跡像是不尋常的，但我們理解需要有一個前進的參考框架，並且我們希望在這方面具有建設性。顯然，有許多因素可能使我們偏離這條軌道，包括疾病傳播的惡化、新的變種、通貨膨脹等等。但根據我們目前看到的軌跡，我們相信我們至少可以謹慎地預測這一水準的獲利能力和現金流。

I'd also like to touch on 2 other subjects that are of interest to any company, human capital and supply chain issues. Our people have been the strongest driver of our performance throughout our history. So we watch this area very carefully, and we are concerned by reports of labor shortages, especially in the hospitality arena. Fortunately, our shipboard jobs are seen as very attractive by crew members around the world. So that has not been a serious problem as we restart, and we do not expect that it will become one. Similarly, onshore, we have long been seen as a desirable place to work, and while the current situation is something every businessperson should watch closely, we do not expect it to interfere with our ability to operate successfully.

我還想談談任何公司都感興趣的另外兩個主題：人力資本和供應鏈問題。縱觀我們的歷史，我們的員工一直是我們業績最強大的推動力。因此，我們非常仔細地關注這一領域，我們對勞動力短缺的報告感到擔憂，尤其是在酒店領域。幸運的是，我們的船上工作被世界各地的船員視為非常有吸引力。因此，當我們重新啟動時，這並不是一個嚴重的問題，而且我們預計它不會成為一個嚴重的問題。同樣，在岸上，我們長期以來一直被視為理想的工作場所，雖然當前的情況是每個商人都應該密切關注的，但我們預計它不會影響我們成功運作的能力。

Supply chain issues are impacting everyone and we're no exception. Fortunately, we have traditionally hedged our bets by buying key supplies forward, and this is cushioning us from the current volatility. Looking forward, we expect these contracts plus our purchasing power, plus our ingenuity to give us protection. Now while this pandemic has been all consuming, we have not been idle on other fronts either. The need to be a good corporate citizen, to behave in a way that we can all be proud of has remained an important part of our thought process even during this timeframe. Over the last few months, we've announced a significant number of highly significant steps forward on the environmental side of our ESG aspirations.

供應鏈問題正在影響每個人，我們也不例外。幸運的是，我們傳統上透過提前購買關鍵供應品來對沖我們的賭注，這可以緩解我們當前的波動。展望未來，我們期望這些合約加上我們的購買力和我們的聰明才智為我們提供保護。現在，在這場疫情肆虐的同時，我們在其他方面也沒有閒著。即使在這個時期，成為優秀的企業公民、以我們都可以自豪的方式行事仍然是我們思考過程的重要組成部分。在過去的幾個月裡，我們宣布了在 ESG 願景的環境方面向前邁出的大量非常重要的步驟。

A few weeks ago, we announced that the new Silversea ship, called Project Evolution, will contain some of the most advanced environmental features of any cruise ship on the water or in the construction docks. It will be a multi-fuel vessel capable of burning initially lower carbon producing LNG and later as they develop the noncarbon-based fuels, we'll work off of those. In addition, it will have fuel cell technology, not as a demonstration project, but it's a significant part of the energy capability of the vessel. As a result, it will be able to operate 100% of its hotel load purely on these emission-free fuel cells. That means not only will the ship need to use its engines in port, but it can do so without even having to plug into shore power.

幾週前，我們宣布，名為「Project Evolution」的新型銀海郵輪將擁有水上或建造碼頭遊輪中最先進的一些環保功能。它將是一艘多燃料船，最初能夠燃燒低碳生產液化天然氣，後來隨著他們開發非碳基燃料，我們將研究這些燃料。此外，它還將擁有燃料電池技術，雖然不是示範項目，但它是船舶能源能力的重要組成部分。因此，飯店將能夠 100% 完全依靠這些無排放燃料電池來運作。這意味著船舶不僅需要在港口使用發動機，而且甚至無需插入岸電即可實現這一目的。

This requires an amazing concentrated effort to develop the technology in conjunction with Meyer Werft and others. In addition, it will use waste-to-energy technology to convert rubbish to energy and use advanced supply chain techniques to reduce the carbon generated during the construction process. An even bigger announcement this week was our disclosure of our new project called Destination Net Zero. This is an ambitious project to eliminate our carbon footprint by 2050. By signing up for the science-based target initiative, we are not only setting a goal for the distant future, but also establishing the interim milestones that will allow us to get there with confidence.

這需要與 Meyer Werft 和其他公司共同投入驚人的集中精力來開發該技術。此外，還將利用垃圾發電技術將垃圾轉化為能源，並利用先進的供應鏈技術減少施工過程中產生的碳。本週一項更大的公告是我們披露了名為「目的地淨零」的新項目。這是一個雄心勃勃的項目，旨在到2050 年消除我們的碳足跡。透過簽署基於科學的目標倡議，我們不僅為遙遠的未來設定了目標，而且還建立了中期里程碑，使我們能夠實現這一目標信心。

It's also interesting to look at the last 19 months and take note that during this period, we've taken delivery of 5 spectacular new vessels. And during the next 9 months, we will accept delivery of 3 more. In fact, over the next fortnight, we will be naming 2 of these ships here in South Florida. We have not remained idle.

回顧過去 19 個月也很有趣，請注意在此期間，我們已經交付了 5 艘引人注目的新船。在接下來的 9 個月內，我們將接受另外 3 件的交付。事實上，在接下來的兩週內，我們將在南佛羅裡達州命名其中兩艘船。我們並沒有閒著。

Before I turn it back to Jason, I'd like to reiterate my appreciation for in admiration of the people of the Royal Caribbean Group who have gone above and beyond, not only to get us through the pandemic in far better shape than anyone would have expected but have also prepared us to look forward to the future with confidence and yes, even excitement. With that, I turn it back to Jason. Jason?

在我把問題轉回給傑森之前，我想重申我對皇家加勒比集團員工的讚賞和欽佩，他們超越了一切，不僅讓我們以比任何人都更好的狀態度過了這一流行病期待，但也讓我們做好準備，充滿信心，是的，甚至興奮地展望未來。說完，我把話題轉回給傑森。傑森？

Thank you, Richard. Before I begin my remarks, I also want to echo Richard's comments regarding our incredible teams. The people at the Royal Caribbean Group are at strongest competitive advantage, powering our resurgence and delivering, again, the world's best vacations. I want to thank every member of the Royal Caribbean family for their ongoing and exceptional efforts in the incredible service and memorable experiences you provide to our guests every single day.

謝謝你，理查。在開始發言之前，我還想回應理查德對我們令人難以置信的團隊的評論。皇家加勒比集團的員工擁有最強的競爭優勢，為我們的復興提供動力，並再次提供世界上最好的假期。我要感謝皇家加勒比家族的每一位成員，感謝他們每天為我們的客人提供令人難以置信的服務和難忘的體驗而不斷做出的卓越努力。

I will now turn to discuss our performance for the third quarter. This morning, we reported an adjusted net loss of $1.2 billion or a loss of $4.91 per share for the third quarter of 2021. It's important to note that while these results may be below some of the Street estimates, our third quarter results and related cash burn were better than our internal expectations, driven by better costs and better onboard revenue performance. Onboard revenue strength contributed to a 12% increase in total revenue per passenger cruise day, compared to the third quarter of 2019. In line with our expectations, our occupancy for the quarter was 36%, with sequential improvements from one month to the next.

我現在將討論我們第三季的業績。今天早上，我們公佈了2021 年第三季調整後淨虧損12 億美元，即每股虧損4.91 美元。值得注意的是，雖然這些結果可能低於華爾街的一些預期，但我們第三季的業績和相關現金由於更好的成本和更好的船上收入表現，燃燒的結果好於我們的內部預期。與 2019 年第三季相比，船上收入的強勁推動了每個乘客郵輪日的總收入增長了 12%。與我們的預期一致，本季度的入住率為 36%，環比連續改善。

From the very beginning of our restart, we talked about several tenets that would be the basis of our ramp-up. The first was ensuring the health and safety of our guests and crew, the second was that we wanted to ensure that the vacation experience matched or exceeded our guest's expectations and the third was bringing the fleet up in a financially prudent way. So far, we have delivered on all 3 of these tenets. We've carried over 500,000 guests since the restart and have only had 150 COVID positive cases amongst these 500,000 people. In addition to providing safe vacations, we are also clearly exceeding our guest expectations with Net Promoter Scores well above all-time highs. And once beyond the initial start-up period, load factors on our core itineraries averaged 44%, and all of those ships were cash flow accretive.

從重啟之初，我們就討論了幾個原則，這些原則將成為我們加速發展的基礎。第一個是確保我們的客人和船員的健康和安全，第二個是我們希望確保度假體驗符合或超越客人的期望，第三個是在財務上以審慎的方式組建機隊。到目前為止，我們已經實現了這 3 個原則。自重啟以來，我們已接待了超過 50 萬名乘客，而這 50 萬名乘客中只有 150 例新冠病毒陽性病例。除了提供安全的假期外，我們的淨推薦值也明顯超出了客人的期望，遠高於歷史最高水準。一旦過了最初的啟動期，我們核心航線的載客率平均為 44%，而且所有這些船舶都增加了現金流。

The last point I would like to make is that while we now have more than 65% of our capacity up and running, leading the industry by far on a relative basis, we are continuing to manage our load factors to ensure that we stay true to our healthy return to service tenets, as well as retaining price integrity.

我想說的最後一點是，雖然我們現在有超過 65% 的產能投入運行，相對而言遙遙領先於行業，但我們仍在繼續管理我們的負載係數，以確保我們始終保持我們健康回歸服務宗旨，以及保持價格誠信。

Now I'd like to discuss capacity and load factor expectations over the upcoming period. For the fourth quarter, a little over 2/3 of our capacity will be sailing core itineraries beyond the initial start-up period. As such, our overall load factors will continue to trend of increasing from one month to the next and are expected to be in the range of 60% and 65% in the fourth quarter. In addition, we do expect our fleet on our core itineraries to generate direct profit.

現在我想討論未來一段時間的容量和負載率預期。第四季度，超過 2/3 的運力將用於在初始啟動期之後的核心航線上航行。因此，我們的整體載客率將繼續呈逐月上升的趨勢，預計第四季將在 60% 至 65% 之間。此外，我們確實希望核心航線上的機隊能夠產生直接利潤。

Given our healthy return to service tenets and our focus on price integrity, we expect our load factors in 2022 to continue to steadily increase month-by-month and return to historic levels in the summer. From a capacity standpoint, we expect that 50 of our 61 ships who have returned to service by the end of this year. By the end of Q1 2022, we expect about 85% of our capacity to be operating with 100% back in service in the spring in time for the lucrative summer season.

鑑於我們對服務原則的健康回歸以及對價格完整性的關注，我們預計 2022 年的載客率將繼續逐月穩步增長，並在夏季恢復到歷史水平。從運力角度來看，我們預計到今年年底，我們的 61 艘船舶中將有 50 艘恢復營運。到 2022 年第一季末，我們預計約 85% 的產能將在春季 100% 恢復運行，及時迎接利潤豐厚的夏季。

While we are offering cruises in the vast majority of our key destinations, we continue to closely monitor both China and Australia and anticipate those markets will start opening in the spring. This timing could influence the return dates of a few of our ships.

雖然我們在絕大多數主要目的地提供郵輪服務，但我們將繼續密切關注中國和澳大利亞，並預計這些市場將在春季開始開放。這個時間可能會影響我們一些船隻的返回日期。

As to our balance sheet, we ended the third quarter of 2021 with $4 billion in liquidity. During the third quarter, we continued our efforts to manage and improve our balance sheet. To that end, we successfully issued $1 billion in senior unsecured notes at 5.5% due in 2026. These proceeds were used to replenish capital as a result of the redemption of 40% of the 11.5% senior secured notes that were due in 2025. This redemption will result in a full year interest savings of $51 million.

就我們的資產負債表而言，截至 2021 年第三季末，我們的流動資金為 40 億美元。第三季度，我們繼續努力管理和改善資產負債表。為此，我們成功發行了10 億美元的優先無擔保票據，利率為5.5%，將於2026 年到期。這些收益用於補充資本，因為贖回了2025 年到期的11.5% 高級有擔保票據的40%。贖回將導致全年節省利息 5,100 萬美元。

As we discussed on other calls during the pandemic, we have taken and continue to take numerous actions to reshape our cost structure with a focus on further improving our leading pre-COVID margins. These actions include getting rid of older tonnage and adding more leading, high-yielding and cost-efficient hardware to our fleet. While these actions will improve our cost structure and margin profile, we do anticipate the recent inflationary pressures and some transitory cost related to healthy return to service will weigh on next year's earnings.

正如我們在大流行期間的其他電話中討論的那樣，我們已經並將繼續採取大量行動來重塑我們的成本結構，重點是進一步提高我們在新冠疫情之前領先的利潤率。這些行動包括淘汰舊噸位，並為我們的船隊添加更多領先、高產量和具有成本效益的硬體。雖然這些行動將改善我們的成本結構和利潤狀況，但我們確實預計最近的通膨壓力以及與健康恢復服務相關的一些暫時成本將影響明年的收益。

Now I'll give you an update on our 2022 sailings. At a macro level, we've seen a sequential improvement and new bookings from one quarter to the next. Bookings during Q2 were higher than Q1 and bookings during Q3 were higher than Q2. This Q3 improvement took place despite the long demand in August that corresponded with the rise in the Delta variant. September was a great booking month overall with new bookings for 2022, more than 60% higher than Q2 average. The momentum has continued for all 3 of our brands and bookings so far in October have been significantly better than September.

現在我將向您介紹我們 2022 年航行的最新情況。從宏觀層面來看，我們看到了連續改善和新預訂量從一個季度到下一個季度的成長。第二季的預訂量高於第一季，第三季的預訂量高於第二季。儘管 8 月的需求長期與達美型號的成長相對應，但第三季的改善還是出現了。整體而言，9 月是預訂量較高的月份，2022 年新增預訂量比第二季平均高出 60% 以上。我們所有 3 個品牌的動能仍在持續，截至目前 10 月的預訂量明顯優於 9 月。

Bookings from our 2 biggest markets, the U.S. and the U.K., have been improving from one week to the next and are now exceeding 2019 levels. We have now restarted our brands marketing programs, which are generating strong results and preparing us nicely for 2022 and 2023. From a cumulative standpoint, our book load factors remain within historical ranges, driven by strong booking levels for the second quarter of 2022 forward. Load factors in the first quarter are lower than historical levels but are aligned with our anticipated load factor ramp-up. Our booked APDs are up significantly, both including and excluding the negative impact of FCCs for the full year and for each quarter of 2022.

來自我們最大的 2 個市場（美國和英國）的預訂量逐週增加，現已超過 2019 年的水平。我們現在已經重新啟動了我們的品牌行銷計劃，這些計劃正在產生強勁的成果，並為我們為2022 年和2023 年做好準備。從累積的角度來看，在2022 年第二季度強勁的預訂水平的推動下，我們的預訂量保持在歷史範圍內。第一季的負載率低於歷史水平，但與我們預期的負載率上升相符。我們預訂的 APD 大幅上升，包括和排除 FCC 對全年和 2022 年每個季度的負面影響。

As always, trends do differ a little by itinerary with our core summer products and a stronger volume position than other itineraries. Our customer deposit balance is now $2.8 billion, an improvement of about $400 million over the past quarter, despite the significant quarter-over-quarter increase in revenue recognition, which reduces the customer deposit balance. Our customer deposit balance is less than 15% lower than it was at the end of September 2019, for the 3 brands with almost the entire difference driven by Q4 2021 sailings. Our customer deposit balance related to bookings in Q2 forward sailings for all 3 brands is higher than at the same time in 2019. Approximately, 35% of our customer deposit balance is related to FCCs. Of the FCCs, approximately 45% of them have been redeemed thus far.

像往常一樣，我們的核心夏季產品的行程趨勢確實略有不同，並且比其他行程的銷售地位更強。儘管收入確認環比顯著增加，導致客戶存款餘額減少，但我們的客戶存款餘額目前為 28 億美元，比上一季增加了約 4 億美元。與 2019 年 9 月底相比，我們的 3 個品牌的客戶存款餘額減少了不到 15%，幾乎全部差額都是由 2021 年第四季的航班推動的。我們與所有 3 個品牌第二季遠期航行預訂相關的客戶押金餘額均高於 2019 年同期。約 35% 的客戶押金餘額與 FCC 有關。在 FCC 中，迄今約有 45% 已被贖回。

Now considering everything I just said about the booking environment and costs, I would like to discuss our very early view of 2022. The Royal Caribbean Group possesses the best brands in their segments, the most innovative fleet in the industry, wholly owned destination experiences like Perfect Day at CocoCay that are second to none, a nimble and effective global sourcing footprint and most of all, the very best team both at sea and on land. This incredible and unique set of assets have helped us effectively manage through the pandemic and is now helping us accelerate out of it. As such, while it's still too early to provide guidance for the next year, we currently anticipate the group generating positive EBITDA starting in the spring of 2022 and positive earnings for the full year of 2022.

現在考慮到我剛才所說的有關預訂環境和成本的一切，我想討論一下我們對2022 年的早期看法。皇家加勒比集團擁有其細分市場中最好的品牌、業內最具創新性的船隊、全資擁有的目的地體驗，例如CocoCay 的完美一天是首屈一指的，靈活有效的全球採購足跡，最重要的是，海上和陸地上最優秀的團隊。這套令人難以置信且獨特的資產幫助我們有效地應對了這場流行病，現在正在幫助我們加速擺脫這場流行病。因此，雖然現在為明年提供指導還為時過早，但我們目前預計該集團將從 2022 年春季開始產生正 EBITDA，並在 2022 年全年實現正收益。

With that, I will ask our operator to open up the call for a question-and-answer session.

這樣，我將要求我們的接線生打開電話進行問答環節。

(Operator Instructions)

（操作員說明）

Your first question is from Steven Wieczynski at Stifel.

您的第一個問題來自 Stifel 的 Steven Wieczynski。

So I want to dig into your commentary about getting back to historical load factors by the third quarter of next year. And I guess what I'm wondering is, how you're thinking about making that bridge from where you are today versus getting back to those levels? And I guess really the question is, would you've been able to make that assumption, if the CS order was extended versus you guys being able to operate more independently? And I guess even asked another way is, how much higher load factors does the removal of the CSO contribute? And how are you guys now thinking about vaccine mandates across different age demographics into next year?

因此，我想深入了解您關於明年第三季恢復歷史負載率的評論。我想我想知道的是，你是如何考慮從今天的位置建立這座橋樑而不是回到那些水平？我想真正的問題是，如果 CS 訂單延長，而你們能夠更獨立地運作，你們是否能夠做出這樣的假設？我想甚至會問另一種方式是，取消 CSO 會提高多少負載係數？你們現在如何考慮明年不同年齡人口的疫苗強制要求？

So I'll just start off and talk a little bit about our load factor build for next year. So one, we didn't point specifically to the third quarter, I think we pointed specifically to the summer. So we are kind of preparing our business to be -- to kind of maximize our revenues and profitability in this -- and obviously, in a very kind of lucrative peak summer season. Our load factor ramp-up is somewhere about 5 to 7 load factor points per month. Again, we're doing this in a measured way. I'll have Mike on in a second here to talk about the CSO, but that's not governing our load factor build. I think it's more of us just thoughtfully ramping up our business based off of those 3 tenets of health and safety, guest experience and doing things in a financially prudent way. So with that, I'll pass it over to Michael to talk a little bit about the things on the CSO side.

因此，我將首先談談我們明年的負載係數構建。因此，我們沒有專門針對第三季度，我認為我們專門針對夏季。因此，我們正在為我們的業務做好準備，以最大限度地提高我們的收入和盈利能力，顯然，這是一個利潤豐厚的夏季旺季。我們的負載率提升約為每月 5 到 7 個負載率點。同樣，我們正在以謹慎的方式做這件事。稍後我將請 Mike 來討論 CSO，但這並不決定我們的負載因子建置。我認為，我們更多人只是基於健康和安全、賓客體驗以及以財務上審慎的方式做事這三個原則，深思熟慮地擴大我們的業務。因此，我將把它交給 Michael，讓他談談 CSO 方面的一些事情。

Thanks, Jason. Steve, yes. I think with the CSO, we've been through quite a journey with collaboration and the work with the CDC. And I think if you think what we've been through in terms of determining the protocols and then executing them, I think it's fair to say that the industry, and the CDC and the intergovernmental agency representatives, who have been part of this return to service team, feel like we've been very successful in implementing these protocols. And they're proving, as we commented earlier, to be very successful.

謝謝，傑森。史蒂夫，是的。我認為，與 CSO 一起，我們與 CDC 的合作和工作經歷了一段相當長的旅程。我認為，如果你想到我們在確定協議和執行協議方面所經歷的事情，我認為可以公平地說，該行業、疾病預防控制中心和政府間機構代表，他們一直是回歸的一部分。服務團隊，感覺我們在實施這些協議方面非常成功。正如我們之前評論的那樣，事實證明他們非常成功。

While the CSO comes to its kind of a technical end on January 15, we will continue our ongoing collaboration with the CDC in terms of the protocols that will voluntarily operate after the CSO expires. And I think what's happened over this past several months is that we've really got a focused, collaborative effort, and we found the relationship with the CDC has been very constructive. They certainly -- and we want to make sure that we're operating safely. And they're also well aware that some of the protocols that we have in place will naturally fall away as the pandemic moves further and further in the rearview mirror. So I think as we move into '22, hopefully, what we'll see is the protocols become easier and less cumbersome for our customers.

雖然 CSO 將於 1 月 15 日在技術上結束，但我們將繼續與 CDC 就 CSO 到期後自願運行的協議進行持續合作。我認為過去幾個月發生的事情是，我們確實進行了集中的協作努力，並且我們發現與疾病預防控制中心的關係非常有建設性。當然，我們希望確保我們的營運安全。他們也很清楚，隨著疫情在後視鏡中越來越遠，我們制定的一些協議自然會失效。所以我認為，當我們進入 22 世紀時，希望我們會看到協議對我們的客戶來說變得更容易、更簡單。

Having said that and kind of jumping on Jason's comments about load factor, while we've been extremely prudent and thoughtful about bringing back our fleet and managing the load factors, it's worth pointing out that -- and I'll use Royal Caribbean International as a proxy for the company, we've brought back significantly more capacity ships, beds and berths than any of our competitors by a significant demand. And what that means is that operationally and logistically, we've already climbed over that mountain, and we've now got a large number of assets available for booking.

話雖如此，並有點跳到傑森關於載客率的評論，雖然我們在恢復我們的船隊和管理載客率方面一直非常謹慎和深思熟慮，但值得指出的是——我將使用皇家加勒比國際航空作為該公司的代理，我們透過巨大的需求帶回了比任何競爭對手都多得多的運力船舶、床位和泊位。這意味著，在營運和後勤方面，我們已經翻過了那座大山，現在我們擁有大量可供預訂的資產。

And more importantly, we've now gone through and absorbed all of those expenses. We vaccinated all of our crew. We've managed to get all of our crew to these ships, and we're operating them. One of the things that we were very cognizant of is the need to be very consistent with the distribution and the customer because as Richard pointed out, we've had so many cancellations of ships over the past 1.5 years, and now we have this stability.

更重要的是，我們現在已經完成並吸收了所有這些費用。我們為所有船員接種了疫苗。我們已經設法將所有船員帶到這些船上，並且我們正在操作它們。我們非常清楚的一件事是需要與分銷和客戶保持非常一致，因為正如理查德指出的那樣，在過去的 1.5 年裡我們取消了很多船舶，現在我們有了這種穩定性。

So as we look into '22, we feel pretty optimistic about what we've achieved with the CDC and the CSO, and I think we're feeling very optimistic about the fact that we've got so many of our ships already up and operating. And while we've talked about the load factors, it's worth pointing out that it's a story that's, for the purposes of this conversation, is averaged out. Last weekend, Freedom of the Seas sailed from Miami with an occupancy of 85%. And that's one of the products that's particularly attractive to new-to-cruise, and it's one of the products that we've been very focused on and making sure that we're learning and understanding exactly how our protocols can adapt to more capacity. So we feel pretty good about what's happening.

因此，當我們展望 22 世紀時，我們對 CDC 和 CSO 所取得的成就感到非常樂觀，而且我認為我們對我們已經有如此多的船隻已經啟動和啟動這一事實感到非常樂觀。操作。雖然我們已經討論了負載因素，但值得指出的是，出於本次對話的目的，這是一個經過平均的故事。上週末，海洋自由號從邁阿密出發，上座率達85%。這是對郵輪新手特別有吸引力的產品之一，也是我們一直非常關注的產品之一，並確保我們正在學習和理解我們的協議如何適應更多的運力。所以我們對正在發生的事情感覺很好。

That's terrific color. And then the second question would be maybe if you could help us, Jason, maybe help us think about some of the assumptions that you guys are embedding for the next year to get you to that positive earnings level. And I understand you're not ready to give guidance at this point, but maybe some high-level thoughts around how you're thinking about pricing from here or change in onboard metrics or how you're thinking about fuel for next year? I mean anything that you would call out to help us think about that would be extremely helpful.

那是很棒的顏色。然後第二個問題可能是，傑森，你是否可以幫助我們，也許可以幫助我們考慮一下你們為明年嵌入的一些假設，以使你們達到正的收入水平。我知道您目前還沒有準備好提供指導，但也許您對如何考慮這裡的定價或船上指標的變化或您如何考慮明年的燃料有一些高層想法？我的意思是，您提出來幫助我們思考的任何事情都會非常有幫助。

Well, sure, Steven. Of course, we're still very much going through our planning process for next year. I mean -- I think our commentary around pricing and how we're seeing the business build back up are certainly -- or what's supporting our current expectations around profitability for 2022 as well as the timing of cash flow. We have done a lot. And of course, and that consideration is, we do expect there to be some additional costs that relate to inflation. We've hedged, I think, 53% of our fuel for the next year. And I think one of the things that we'll toggle here is, as Michael was referring to, our healthy return to service protocols, there will be a series of transitory costs.

嗯，當然，史蒂文。當然，我們仍在進行明年的規劃過程。我的意思是——我認為我們對定價的評論以及我們如何看待業務的恢復肯定是——或者是什麼支持了我們目前對 2022 年盈利能力以及現金流時機的預期。我們已經做了很多。當然，考慮到的是，我們確實預計會有一些與通貨膨脹相關的額外成本。我認為，我們已經對沖了明年 53% 的燃料。我認為我們要在這裡切換的一件事是，正如邁克爾所指的那樣，我們健康地恢復服務協議，將會產生一系列暫時的成本。

A lot of those transitory costs we've absorbed this year, as Michael talked about and the ramping up of our fleet, but there will still be more ramp-up that happens next year. And depending on how some of these protocols, which are very much kind of self-induced here around testing as that -- based off of that could impact our cost profile. But even kind of considering all that, that's why I think we feel at this point, you're comfortable talking about pointing the business towards profitability in 2022. As we -- as our plans start to kind of firm up, and I think as we get into next year, we'll consider giving some more thought in terms of how 2022 is going to look through the course of the year.

正如邁克爾談到的那樣，我們今年已經吸收了許多暫時性成本以及我們機隊的增加，但明年仍然會發生更多的增加。取決於其中一些協議（這些協議在很大程度上是圍繞測試自行引發的） - 基於此可能會影響我們的成本狀況。但即使考慮到所有這些，這就是為什麼我認為我們在這一點上感到，你很樂意談論將業務在 2022 年實現盈利。隨著我們 - 隨著我們的計劃開始變得堅定，我認為進入明年，我們將考慮更多地思考2022 年將如何度過這一年。

Your next question is from James Hardiman of Wedbush Securities.

您的下一個問題來自韋德布希證券公司的詹姆斯哈迪曼。

So I'm getting a couple of questions on fuel. Obviously, there's been a lot of inflation there. I guess, first, housekeeping question. Can you give us the consumption and the cost per metric ton in the third quarter? But then I guess, more broadly, your fleet is going to be younger as we exit the pandemic into 2022 and 2023. Any way to think about sort of consumption per berth as we look to those years?

所以我有幾個關於燃料的問題。顯然，那裡存在嚴重的通貨膨脹。我想，首先是家事問題。您能給我們第三季的消耗量和每噸成本嗎？但我想，更廣泛地說，隨著我們在2022 年和2023 年擺脫大流行，你們的船隊將會變得更年輕。當我們展望那些年時，有什麼辦法可以考慮每個泊位的消耗量嗎？

Well, first, I'll just answer your tactical question, James. In the third quarter, we had about 237 -- well, exactly [237,600] metric tons that we burned. The average price there was $497. To your point, we have -- well, as Richard mentioned in his remarks, we have taken on new capacity. We will be taking on additional new capacity into next year. We have gotten rid of older tonnage. And so we do expect that our fleet will become more and more fuel efficient also as we focus on our path here to net neutrality on the carbon side that, that will continue to help us focus on burning less fuel also here in the future.

好吧，首先，我會回答你的戰術問題，詹姆斯。第三季度，我們燃燒了大約 237 噸——嗯，確切地說是 [237,600] 噸。平均價格為 497 美元。就你的觀點而言，我們已經——嗯，正如理查德在他的演講中提到的那樣，我們已經採取了新的能力。我們將在明年增加新產能。我們已經擺脫了舊噸位。因此，我們確實期望我們的機隊將變得越來越燃油效率，因為我們專注於碳方面的網路中和，這將繼續幫助我們在未來專注於燃燒更少的燃料。

But in saying all of that, the mix of that is that our fuel consumption on a per berth basis should get lighter and lighter as time passes here and that's what we would expect. At this point, it's too soon to guide on what our fuel consumption will be as our deployment for next year is still not fully out.

但總而言之，隨著時間的推移，我們每個泊位的燃油消耗應該會越來越輕，這就是我們所期望的。目前，指導我們的燃料消耗量還為時過早，因為我們明年的部署尚未完全完成。

Got it. And then everything that you've given us with respect to 2022 is, I think, really encouraging. Obviously, it's way too early to talk about sort of the beyond, but it seems like implicit with everything that you're saying. I guess is there any reason to think that 2023 wouldn't be a pretty normal year in terms of occupancy and pricing and the fleet and everything else?

知道了。我認為，您為我們提供的關於 2022 年的一切都非常令人鼓舞。顯然，現在談論某種超越還為時過早，但它似乎隱含在你所說的一切中。我想有沒有理由認為 2023 年在入住率、定價、機隊和其他方面都不會是非常正常的一年？

Yes. Well, certainly, it's -- things are -- it's very, very early days to be talking about 2023. But in terms of -- what we have really experienced, especially over the past, call it, 45 days and the acceleration we're seeing and the demand environment and people's willingness to pay ahead of 2019 levels is really encouraging. And we're very excited about it, and our marketing efforts are really just further bolstering that demand profile. What I would say about 2023, which, again, it's very early is that we're seeing very similar strong trends for 2023. And we're booked in a place that's better than where we would typically be booked this far out of a period for 2023. So if you were standing in 2019, same time last year and you're looking at 2021, we're in a better position than we were back then.

是的。嗯，當然，現在談論 2023 年還為時過早。但就我們真正經歷過的，尤其是過去的經歷而言，45 天以及我們所經歷的加速我們看到，需求環境和人們提前支付2019 年水平的意願確實令人鼓舞。我們對此感到非常興奮，我們的行銷努力實際上只是進一步增強了這種需求。關於 2023 年，我想說的是，現在還為時過早，我們看到 2023 年的強勁趨勢非常相似。而且我們的預訂地點比我們通常在這麼遠的時期內被預訂的地點要好2023 年。因此，如果您站在2019 年（去年同一時間），展望2021 年，那麼我們的處境比當時更好。

I would just add, one of the things that was interesting to me is that as the Delta variant came on, it really hit our bookings for '21 and '22, but it didn't seem to have any impact on our bookings in '23. So I think what people have been doing is saying, this pent-up demand, I want to get out there, but I don't want to do it too soon. I want to make sure where things have stabilized. And so I really do think it's quite dramatic that we saw essentially no impact from the Delta variant on '23 bookings. Whereas it impacted '22 and '21 quite heavily.

我想補充一點，令我感興趣的一件事是，隨著達美航空變體的出現，它確實影響了我們21 年和22 年的預訂，但它似乎對我們2019 年的預訂沒有任何影響。 23.所以我認為人們一直在說，這種被壓抑的需求，我想擺脫它，但我不想太快這樣做。我想確定情況已經穩定下來。因此，我確實認為，我們看到達美航空對 23 年預訂量基本上沒有產生任何影響，這一點非常引人注目。而它對 '22 和 '21 的影響相當嚴重。

I have to jump in, Jamie. Jamie, I have to jump in. And I know Jason and Richard are probably fed up with me saying these things, but we launched the World Cruise or World Cruises with Royal Caribbean International literally about 10 days ago, and we only made it available to 16 million loyalty members. And within 7 days, we were 70% booked. And the average price of a balcony room is $75,000 for the balcony. The Royal Suite sold within a week at $760,000 and all of these suites have booked with nonrefundable deposits. So even we were taken aback by the unbelievable response of our loyalty customers, the fact that within a week, we were 70% booked on a ship that carries around 2,100 guests and is on a 9-month world cruise was just remarkable. And I think that's indicative of what we're seeing.

我必須跳進去，傑米。傑米，我必須插話。我知道傑森和理查德可能厭倦了我說這些話，但我們大約 10 天前與皇家加勒比國際航空公司推出了世界遊輪或世界遊輪，我們只向1600 萬忠誠會員。 7 天內，我們的預訂量就達到了 70%。陽台房的平均價格為75,000美元。皇家套房在一周內以 76 萬美元的價格售出，所有這些套房均以不可退還的押金預訂。因此，儘管我們對忠誠客戶令人難以置信的反應感到驚訝，但事實是，一周之內，我們就被70% 的人預訂了這艘載有約2,100 名客人、為期9 個月的環球航行的遊輪，這真是了不起。我認為這表明了我們所看到的情況。

I never get tired of hearing that, Michael. In fact, maybe you could tell us just how booked are we on that cruise so far.

我永遠不會厭倦聽到這個，邁克爾。事實上，也許您可以告訴我們到目前為止我們在該遊輪上的預訂量是多少。

70%. I mentioned that...

70%。我有提到...

70%. It's amazing. I know, but I think you forgot to mention that.

70%。太奇妙了。我知道，但我想你忘了提及這一點。

I knew it wasn't going to be in if it was just (inaudible).

我知道如果只是（聽不清楚）它就不會出現。

Your next question is from Jaime Katz of Morningstar.

您的下一個問題來自晨星公司的 Jaime Katz。

Can you give us some insight into what your prognosis is or what underlying thoughts you have surrounding the economic environment next year that -- or over the near term that you're incorporating into your outlook? And then in order to give Michael another turn at the wheel, I'd be curious to hear any updates on the private destination projects that you guys have -- maybe had on the back burner?

您能否告訴我們您的預測是什麼，或者您對明年或近期經濟環境的基本想法是什麼？您正在將其納入您的展望中？然後，為了讓邁克爾再次掌舵，我很想聽聽你們擁有的私人目的地項目的任何更新——也許已經被擱置了？

You should just know, Jaime, he might bring up this thing called the World Cruise as part of that comment there.

你應該知道，海梅，他可能會在評論中提到“世界巡遊”這個東西。

Or a Perfect Day might fit into the conversation.

或者“完美的一天”可能適合談話。

Possibly. Yes. Yes. So Jaime, in terms of -- and this is how we've always kind of thought about things as we look further out is, we obviously have very good data in terms of how the guests are booking today or how they have booked and what the book of business looks like. We don't speculate a lot on how the economic environment is going to change. Of course, we have seen secular trends that very much support experience and vacations and a lot of pent-up demand that makes us very much believe. And we've seen this in the bookings and the acceleration of bookings that, that will continue to go on. So that's kind of how -- I don't have a forecast. There's probably people in different companies that have -- or I would say, banks and consulting houses that have economic outlooks, but for us, what we try to do is really kind of firm up what we're seeing in the data and booking activity.

可能吧。是的。是的。 Jaime，這就是我們在進一步展望時一直思考問題的方式，我們顯然擁有非常好的數據，包括客人今天如何預訂或他們如何預訂以及什麼商業書籍看起來像。我們不會過多猜測經濟環境將如何變化。當然，我們已經看到了非常支持體驗和度假的長期趨勢以及大量被壓抑的需求，這讓我們非常相信。我們在預訂量和預訂量的加速中看到了這一點，這種情況將繼續下去。就是這樣——我沒有預測。不同公司的人可能有——或者我想說的是，銀行和諮詢公司有經濟前景，但對我們來說，我們試圖做的實際上是鞏固我們在數據和預訂活動中看到的內容。

And Jaime, on the private destinations, I mean one of the things that we're already seeing is Perfect Day is leading the charge in terms of demand and premium for the ships that are operating out of South Florida already, and in fact, out of New York. We do -- we did press pause during the pandemic on these projects, but we've started to reengage. And quite literally last week, there was a conference down in Panama with many of the Caribbean countries. And it was quite interesting to see the level of activity that we experienced in terms of reengaging and talking about destination developments throughout the Caribbean South Central region.

Jaime，關於私人目的地，我的意思是我們已經看到的一件事是 Perfect Day 在南佛羅裡達州運營的船舶的需求和溢價方面處於領先地位，事實上，紐約的。我們確實這樣做了——在大流行期間我們確實暫停了這些項目，但我們已經開始重新參與。毫不誇張地說，上週在巴拿馬與許多加勒比海國家舉行了一次會議。看到我們在重新參與和談論整個加勒比中南部地區的目的地開發方面所經歷的活動水平非常有趣。

So we did obviously have a plan in place prepandemic. We press pause. We are now reengaging on all of those plans. In the immediate future, we have an expansion taking place in Perfect Day with the addition of Hideaway Beach, which is a new experience that will open in late '22 for Perfect Day. The beauty of Hideaway Beach is that it is an adult-only area as part of Perfect Day. It will allow us to increase our capacity by approximately 3,000 people a day in late '22, which is obviously going to help improve our overall profitability and drive more revenue, both ticket and onboard. So that's coming. And then we're close to finalizing the design and construction plans and the approvals for Beach Club in Nassau, which we're hoping to start work on that very soon, and we have other projects that we've now started to reengage with.

所以我們顯然在大流行前就制定了計劃。我們按下暫停鍵。我們現在正在重新實施所有這些計劃。在不久的將來，我們將在 Perfect Day 進行擴建，增加 Hideaway Beach，這是一項將於 22 年底為 Perfect Day 開放的新體驗。 Hideaway Beach 的美妙之處在於，它是一個僅限成人入住的區域，也是 Perfect Day 的一部分。這將使我們能夠在 22 年末每天增加約 3,000 人的運力，這顯然將有助於提高我們的整體盈利能力並增加門票和機上收入。所以這就來了。然後，我們即將完成拿騷海灘俱樂部的設計和施工計劃以及審批，我們希望很快就能開始工作，而且我們現在已經開始重新參與其他項目。

So I think our aspirations never really moved away. We just had to press pause for a while. Also, of course, we've got our Galveston terminal that's opening in '22, and that will accommodate our Oasis class ships and then future Icon. And of course, that gives us remarkable access into the Texas, Oklahoma, and that whole region as a market for driving -- drive into. So we're continuing our journey, but certainly, Perfect Day is leading the charge on current bookings.

所以我認為我們的願望從未真正消失。我們只好按下暫停鍵一會兒。當然，我們還有將於 22 年開放的加爾維斯頓碼頭，它將容納我們的綠洲級船舶以及未來的 Icon 級船舶。當然，這使我們能夠非常方便地進入德克薩斯州、俄克拉荷馬州以及整個地區作為駕車市場。因此，我們將繼續我們的旅程，但毫無疑問，Perfect Day 在當前預訂方面處於領先地位。

Your next question is from Stephen Grambling of Goldman Sachs.

您的下一個問題來自高盛的史蒂芬·格蘭布林（Stephen Grambling）。

I kind of want to go back to something I recognize, you don't want to provide too much input on 2022, but I'd love if you could just provide some additional thoughts on what's driving some of this strength in revenues per passenger day? And any details on where spend, perhaps, is more robust and where it could still be dampened by some of the limitations or social distancing that's being imposed?

我有點想回到我認識到的事情，您不想對 2022 年提供太多意見，但我希望您能就推動每乘客日收入增長的因素提供一些額外的想法？有沒有任何細節可以說明哪些地方的支出可能更為強勁，哪些地方的支出仍可能因某些限製或社交距離而受到抑制？

Yes. Sure. So I'll start it off here and just talk a little bit about drivers here on the demand environment for 2022. I think the first is -- one of my comments that I had made in my opening remarks was just really -- I mean if you just look over the past 2 or 3 weeks, we're seeing bookings occur that are higher than what we did -- on a daily basis, higher than what we're seeing in 2019. I think that's a combination of us coming out of Delta and that pent-up demand. I also think it's a combination of our marketing efforts that have come into play here, that are accelerating and getting into the minds of the consumer, especially our new-to-cruise consumer that we've seen that acceleration.

是的。當然。因此，我將從這裡開始，談談 2022 年需求環境的驅動因素。我認為第一點是——我在開場白中發表的評論之一是——我的意思是如果你看看過去2 到3週，我們會發現預訂量比我們每天的預訂量都要高，比我們2019 年看到的還要高。我認為這是我們共同努力的結果擺脫達美航空和被壓抑的需求。我還認為，這是我們在這裡發揮作用的營銷努力的結合，這些努力正在加速並進入消費者的頭腦，尤其是我們已經看到這種加速的新遊輪消費者。

I'd also comment that we're seeing now very similar trends for all of our brands. So if you remember, in the early part of this year, we talked about strong trends, especially in the ultra-luxury side, as we're coming out of this. We're now seeing strong trends across all of our brands which helps us provide further confidence there. And we've also seen booking, especially over the past 30 to 40 days really pick up for Q1 as well as Q4 of next year. There's always very strong demand for Q2 and Q3 with the summer, but seeing those shoulder seasons begin to rise, I think it's also been very encouraging. And again, that's consistent with all of our brands.

我還想說，我們現在看到我們所有品牌的趨勢非常相似。所以，如果你還記得的話，在今年早些時候，我們談論了強勁的趨勢，特別是在超豪華方面，因為我們正在擺脫這種趨勢。我們現在看到我們所有品牌的強勁趨勢，這有助於我們進一步增強信心。我們也看到，明年第一季和第四季的預訂量確實有所增加，尤其是在過去 30 到 40 天內。夏季對第二季和第三季的需求總是非常強勁，但看到這些平季開始上升，我認為這也非常令人鼓舞。再說一遍，這與我們所有的品牌都是一致的。

Stephen, just to add to Jason's comments. The other thing that we've seen, which we commented on was the onboard revenue environment, which is truly impressive. A couple of things that are happening there. I mean we know that there's just more consumer spend occurring, and it seems to be really happening on our ships. We've also really increased the volume of special groups such as gaming groups that are coming on our ships and that's proving to be very profitable. And the other thing is that we continued the investment in Hybris, which is a new software, which really allows us to have far more capability in our pre-cruise revenue marketing, and that is really beginning to shine through for us. So as we look into '22, for example, just in Q1 '22, our pre-cruise revenue bookings are already way ahead of 2019, even though there's less volume on gas. So it's -- there's a lot of positive things that are coming through to help us.

史蒂芬，只是補充一下傑森的評論。我們看到並評論的另一件事是船上的收入環境，這確實令人印象深刻。那裡正在發生一些事情。我的意思是，我們知道消費者支出正在增加，而且這似乎確實發生在我們的船上。我們也確實增加了特殊團體的數量，例如我們船上的遊戲團體，事實證明這是非常有利可圖的。另一件事是，我們繼續投資 Hybris，這是一款新軟體，它確實使我們在郵輪前收入行銷方面擁有更多能力，這確實開始為我們帶來光明。因此，當我們研究 22 年時，例如，就在 22 年第一季度，我們的遊輪前收入預訂已經遠遠領先於 2019 年，儘管汽油量有所減少。所以，有很多積極的事情正在幫助我們。

Your next question is from Robin Farley of UBS.

您的下一個問題來自瑞銀集團 (UBS) 的羅賓法利 (Robin Farley)。

I wanted to ask about something that a lot of investors try to get a handle on. When you talk about load factor in Q1 being kind of below historic range or lower than average, how much of that -- you talked about expecting occupancy levels to end up around 85% for Q1. So can you quantify -- are you actually sort of not selling? Is 15% of your capacity not available for sale in Q1 on the ships that would be in service? So just to kind of help quantify how much of the lower load factor in Q1 is actually what's not available for sale?

我想問一些很多投資人都想了解的問題。當您談到第一季的載客率低於歷史範圍或低於平均水平時，您談到預計第一季的入住率最終將達到 85% 左右。那麼你能量化一下──你其實是在不賣東西嗎？您的第一季營運船舶中是否有 15% 的運力無法出售？那麼，只是為了幫助量化第一季較低的載客率中有多少實際上是不可出售的？

And then also, probably the other big factor is the fact that you've had to rejigger a bunch of itineraries in the last few months. And so what percent -- I don't know if you would know this ballpark of your Q1 itineraries are things that were kind of rejiggered in the last year as opposed to you normally have 12 months to sell an itinerary. Now some of these itineraries, you'd be selling in less than 6 months. So I don't know if you can quantify that. As opposed to -- right, so investors sort of trying to get a handle on how much is that versus like, oh, load is below in Q1 because people don't want to travel yet versus these other 2 factors that I think are probably part of it.

另外，另一個重要因素可能是您在過去幾個月中必須重新調整一系列行程。那麼百分比是多少——我不知道您是否知道您第一季的行程大致是在去年進行了重新調整的，而不是您通常有 12 個月的時間來銷售行程。現在，其中一些行程將在不到 6 個月的時間內售出。所以我不知道你是否可以量化這一點。相反，對，所以投資者試圖了解這一數字是多少，或者，哦，第一季的負載低於，因為人們還不想旅行，而我認為可能還有其他兩個因素一部分。

Yes. So I think there's a few things in play. One, I think we need to remember that about 80% of our capacity is expected to be up in sailing by the end of the year. So as we move into Q1, which is where the majority of that -- the rest of that 20% comes into play, similar to what we have been doing here and from June on, as we slowly bring in these ships to make sure that the crew and everyone is very used to the protocols that need to be executed on, making sure the guest experience is exceptional. And so we are certainly moderating load factor and ramping that up. And so that's going to weigh in on Q1 load factors and leave in a little of early Q2 load factors as there's a few more ships that come into play.

是的。所以我認為有幾件事在起作用。第一，我認為我們需要記住，預計到今年年底，我們大約 80% 的運力將投入航行。因此，當我們進入第一季時，這就是其中大部分 - 其餘 20％ 發揮作用的地方，類似於我們在這裡和從 6 月開始所做的事情，因為我們慢慢引入這些船隻以確保工作人員和每個人都非常習慣需要執行的協議，以確保賓客獲得卓越的體驗。因此，我們肯定會降低負載率並提高負載率。因此，這將影響第一季的載客率，並留下一些第二季早期的載客率，因為還有更多的船舶發揮作用。

That's probably the biggest driver of why in Q1 our load factor would be lower than what you would see Q2, going forward. Certainly, my guess is, there's probably 15% to 20% of our capacity in which there's, I would say, more than moderate itinerary changes and that -- because I mean, most of our itineraries there might be a port here or port there that has changed out of this, but it's -- that's not really the driver of it. Maintaining price integrity, slowly ramping up our fleet or ramping up our fleet or the ships that come on in a manageable way is really what's driving the difference here on the load factor in Q1.

這可能是為什麼第一季我們的負載率會低於第二季的最大驅動因素。當然，我的猜測是，我們的運力中可能有 15% 到 20% 的行程會發生適度的變化，而且——因為我的意思是，我們的大部分行程可能會在這裡或那裡有一個港口這已經發生了變化，但這並不是真正的驅動因素。保持價格完整性、緩慢增加我們的船隊或增加我們的船隊或以可管理的方式入港的船舶確實是導致第一季載客率差異的原因。

Great. That's helpful. And then just my follow-up is, you talked about in Q3 how revenue per passenger day is up 12% and a lot of that is driven by higher onboard spend per person. Is there -- can you give a little bit of a comment just on ticket price? And I'm really asking on the comparable cruises, right? Obviously, a ship that would have been in Europe in 2019 wouldn't compare to that ship in the Caribbean. But if you have like a 7-day Caribbean versus 7-day Caribbean in 2019, kind of how ticket price compared in Q3?

偉大的。這很有幫助。我的後續行動是，您在第三季談到每位乘客每天的收入成長了 12%，其中很大一部分是由人均機上支出增加所推動的。能就票價發表一點評論嗎？我真的是在問類似的遊輪，對吧？顯然，2019 年在歐洲的一艘船無法與在加勒比海的那艘船相比。但是，如果您比較 2019 年的 7 天加勒比海航線和 7 天加勒比海航線，那麼第三季的票價如何？

Yes. Yes. So it's good question, Robin. Obviously, we've seen significant rise here on the onboard side. And I think, first, I want to make a point that Michael had made, a lot of this is pre-cruise driven. And that has really been something that has amplified our onboard spend, but our ticket rates are better than what they would be seen in a 2019 period. It's just that we called out here specifically around the onboard side. So similar commentary to what we've been saying about the booking environment on a rate and load factor basis is very much applies to what we saw here in the third quarter.

是的。是的。所以這是個好問題，羅賓。顯然，我們已經看到船上方面的顯著成長。我想，首先，我想指出麥可提出的一個觀點，其中許多都是在巡遊之前推動的。這確實增加了我們的機上支出，但我們的票價比 2019 年期間更好。只是我們專門在船上一側進行了呼叫。因此，與我們在費率和負載率基礎上對預訂環境的評論類似，非常適用於我們在第三季度看到的情況。

Robin, I think I might just add a little more color to your question on which ships are sort of different and which were on -- which were -- people didn't have time to do their advanced bookings, et cetera. There's obviously an effect by vessel, if you will. But I think there's an overall effect of the uncertainty that all 3 of us have talked about. It's just been -- there have been cancellations, there are itineraries that are changed, et cetera. And I think people want to look forward to a period of stability and so that's really been our focus. And it's a little hard to measure that on an itinerary-by-itinerary or vessel-by-vessel, but I think overall, it's a factor and that's why we've been so anxious to get everything up and running and without changes.

羅賓，我想我可能會為你的問題添加更多色彩，即哪些船有點不同，哪些在——哪些是——人們沒有時間進行提前預訂，等等。如果你願意的話，顯然船隻會產生影響。但我認為我們三個人都討論過的不確定性會產生整體影響。只是——有取消的情況，有改變的行程，等等。我認為人們希望期待一段穩定的時期，所以這確實是我們的重點。在逐個行程或逐艘船上衡量這一點有點困難，但我認為總體而言，這是一個因素，這就是為什麼我們如此渴望讓一切正常運行並且不做任何改變。

Your next question is from Brandt Montour of JPMorgan.

您的下一個問題來自摩根大通的布蘭特·蒙圖爾。

Jason, my first question is when you think about expenses next year, I know you gave some color around fuel, but excluding fuel and excluding sort of onetime restart costs, do you expect inflation to have a material impact on net operating unit costs? And is there, I don't know, residual savings that you guys had last year that might be an offset for that?

傑森，我的第一個問題是，當您考慮明年的支出時，我知道您對燃料給出了一些解釋，但排除燃料和一次性重啟成本，您預計通貨膨脹會對淨運營單位成本產生重大影響嗎？我不知道你們去年的剩餘儲蓄是否可以抵消這一點？

Sure. What I would say, Brandt, is that we certainly expect, and in our consideration, at least in terms of what we know today, that inflation will have an impact on our business and that is in our consideration. And of course, we will have, as you said, these transitory costs. On the other side of it and we talked about this in the past, we have taken significant action on reshaping our costs here over the past several years. And so we do think a lot of this inflation is temporary. We do -- and we certainly think the transitory costs around healthy return to service and getting our ships up is temporary. And as those things evaporate, we believe that a lot of our efforts, which are absorbing a lot of these cost additions into 2022, we'll then -- we'll kind of free and show here in our margins as our business returns to historical load factors.

當然。布蘭特，我想說的是，我們當然預計，並且在我們的考慮中，至少就我們今天所知而言，通貨膨脹將對我們的業務產生影響，這也在我們的考慮範圍內。當然，正如您所說，我們將有這些暫時的成本。另一方面，我們過去曾討論過這一點，過去幾年我們已經採取了重大行動來重塑我們的成本。因此，我們確實認為這種通膨在很大程度上是暫時的。我們確實這樣做，而且我們當然認為圍繞健康恢復服務和讓我們的船舶恢復正常的暫時成本是暫時的。隨著這些事情的消失，我們相信，我們的大量努力將在 2022 年吸收大量增加的成本，然後，隨著我們的業務恢復到正常水平，我們將免費並在利潤率中展示這一點。歷史負載因子。

Okay. That's helpful. And then on 2022's itinerary slate and in the spirit of maximizing profitability for the peak summer season, is there any -- I guess the easy way to ask is, there is -- are you expecting any dilutive impact to pricing from regional mix shifts given that some Americans are still wanting to travel domestically. Do you expect that? Have you paid mind towards that in your planning for '22's itinerary mix?

好的。這很有幫助。然後，在 2022 年的行程安排上，本著夏季旺季利潤最大化的精神，您是否預計區域組合變化會對定價產生任何攤薄影響？一些美國人仍然想國內旅行。你期待嗎？您在規劃'22'的行程組合時是否注意到這一點？

Yes. Actually, that is a very important point. There's simply no question that the restrictions on international travel, both the absolute restrictions and the psychological restrictions, have made people be much more regional than normal. And for us, with our global brand strategy, that's not what we were hoping to see, but it is a fact of life and I think we expect it to be an impact.

是的。事實上，這是非常重要的一點。毫無疑問，對國際旅行的限制，無論是絕對的限制還是心理上的限制，都使人們比平常更有地域性。對我們來說，透過我們的全球品牌策略，這不是我們希望看到的，但這是生活的事實，我認為我們預計它會產生影響。

Remember, part of our strategy was, we could take Americans on the European cruise and Europeans on the American cruise. And both the formal restrictions, the government restrictions, but also people's uneasiness in longer term -- longer distance travel, we think is a factor, and we've incorporated what we think of that in our forward projections. But that is there's no question, that's an important point that we tried to touch on in our comments.

請記住，我們策略的一部分是，我們可以帶美國人搭乘歐洲遊輪，也可以帶歐洲人搭乘美國遊輪。無論是正式的限制、政府的限制，還是人們對長期的不安——我們認為更長距離的旅行都是一個因素，我們已經將我們的想法納入了我們的前瞻性預測中。但這是毫無疑問的，這是我們試圖在評論中觸及的重要一點。

Yes. And I think just to stress, obviously, we, for the most part, know what our deployment is going to be here in 2022. We're seeing live every minute of every day, the booking activity that is coming in and the sourcing, et cetera. And so in our consideration and modeling here for the 2022 period of time, that sourcing mix that is very much married to the deployment is being very thoughtful in how we think about next year.

是的。我想強調的是，顯然，我們在很大程度上知道 2022 年我們的部署將是什麼。我們每天的每一分鐘都在實時看到即將到來的預訂活動和採購，等等。因此，在我們對 2022 年期間的考慮和建模中，與部署密切相關的採購組合在我們對明年的考慮中非常周到。

And congrats on the progress so far.

並對迄今為止的進展表示祝賀。

Your next question is from Fred Wightman of Wolfe Research.

您的下一個問題來自沃爾夫研究中心的弗雷德懷特曼。

Maybe just to follow up on that last point. Richard, I think you called the international sourcing mix or sourcing environment confusing. Can you maybe just put some specific numbers as far as where you see those cross-border bookings for '22? And how that compares to sort of pre-COVID levels?

也許只是為了跟進最後一點。理查德，我認為您稱國際採購組合或採購環境令人困惑。您能否提供一些具體數字，看看您在哪裡看到 22 年的跨境預訂？與新冠疫情爆發前的水平相比如何？

Yes. I mean it's tough to kind of put it out in a specific way at this point in time, but when we think about next year, a lot of our deployment is married here to the Caribbean and Alaska and other parts of North America, and so we will be weighted more towards the U.S. and Canada than we did in a pre-COVID period of time. On the same side, a lot of our deployment that's going to be in the Mediterranean and Northern Europe and so forth will just be sourced more out of Europe in terms of our expectations and also in terms of what we're seeing in our bookings versus North Americans flying over to Europe. Now in saying all of that, there's still plenty of people from Europe coming to the Caribbean and people from the U.S. going to Europe next year, but we are somewhat just kind of moderating those expectations in our forecasting.

是的。我的意思是，目前很難以具體的方式提出，但當我們考慮明年時，我們的許多部署都與加勒比海、阿拉斯加和北美其他地區結合在一起，所以與新冠疫情爆發之前相比，我們將更多關注美國和加拿大。另一方面，根據我們的期望以及我們在預訂中看到的情況，我們將在地中海和北歐等地進行的許多部署將更多地從歐洲採購。北美人飛往歐洲。綜上所述，明年仍有大量歐洲人前往加勒比海地區，還有大量美國人前往歐洲，但我們在預測中只是稍微緩和了這些預期。

And Fred, just to add to Jason and Richard's comments, I mean, I think it's also reasonable to say that day by day, week by week, the news that we see and receive from -- that deals with all of these different issues continues to get brighter and better. When you think back through the pandemic, there was a period that every single e-mail or conversation or a piece of news from a government was negative. Now everything is turning very positive. So for example, the presidential proclamation a few days ago, which basically opened up the travel between the United States and European countries and what have you, we continue to see across all of the different itineraries and destinations. So kind of a leveling out of protocols and reasonableness, and you can feel that now coming through in the bookings. So considering we're just entering into November, I think that this news will continue over the next month or two, which is going to be critical as we get into wave.

弗雷德，只是為了補充傑森和理查德的評論，我的意思是，我認為這樣說也是合理的：日復一日、週復一周，我們看到和收到的涉及所有這些不同問題的新聞仍在繼續變得更明亮、更好。當你回顧這場大流行時，有一段時間，政府的每封電子郵件、每一次談話或每一則新聞都是負面的。現在一切都變得非常積極。例如，幾天前的總統公告基本上開放了美國和歐洲國家之間的旅行，我們繼續看到所有不同的行程和目的地。這種協議和合理性的平衡，你現在可以在預訂中感受到這一點。因此，考慮到我們剛剛進入 11 月，我認為這個消息將在接下來的一兩個月內持續，這對我們進入浪潮來說至關重要。

Great. And then, Jason, could you just maybe comment on your current understanding or current readings or some of the tax proposals in the U.S.? And what, if any, impact do you think that could have for you guys?

偉大的。然後，傑森，您能否評論一下您目前的理解或當前的解讀或美國的一些稅收提案？如果有的話，您認為這會對你們產生什麼影響？

Sure. Obviously, it's evolving. At this point in time, we don't anticipate there being any significant impact to our business.

當然。顯然，它正在發展。目前，我們預計不會對我們的業務產生任何重大影響。

Your next question is from Vince Ciepiel of Cleveland Research.

您的下一個問題來自克利夫蘭研究中心的文斯·西皮爾 (Vince Ciepiel)。

I was curious, when you look at your bookings as well as what you're sailing right now, are you seeing anything interesting in demand mix between interior versus balcony? And what that might mean for onboard and pricing comparability of what you're sailing now versus 2019? And then as you think about ramping to full load into the second half of next year, is that reliant on selling out all the interiors like you did pre-COVID.

我很好奇，當您查看您的預訂以及您現在航行的航班時，您是否發現室內與陽台之間的需求組合有什麼有趣的地方？這對於您現在航行的船舶與 2019 年航行的船上和價格的可比性意味著什麼？然後，當你考慮在明年下半年滿載生產時，這是否依賴於像新冠疫情爆發前那樣售完所有內裝。

Well, certainly, if you were to look at our book business, and I don't think this would be a surprise. We are -- and this, by the way, is how we are typically booked this far out as we're weighted more towards our suites and our balconies. People when they tend to plan their vacations further out and you look at the booking window, it's typically weighted more that way. And so between now and time of sailing is when you begin to see inside cabins and so forth start to move in. But when we look at the pricing of it, it's again relative to '19, it's coming in as we would expect it to and at rates that are very similar to those records of 2019.

嗯，當然，如果你看看我們的圖書業務，我認為這不會令人驚訝。順便說一句，我們通常是這樣預訂的，因為我們更重視套房和陽台。當人們傾向於將假期計劃得更遠時，你會發現預訂窗口的權重通常更大。因此，從現在到航行時間之間，您開始看到船艙內部，等等開始入住。但是當我們查看它的定價時，它又是相對於19 年而言的，它的出現正如我們所期望的那樣並且與 2019 年的記錄非常相似。

But certainly, it's weighted heavier at this point towards those balconies as well as those suites. Now in saying all of that, our inventory of our ships is getting richer and richer. And so we have more and more of that inventory coming into play, which again just further supports and bolsters our yield profile and growth here in the future.

但可以肯定的是，此時陽台和套房的權重更大。綜上所述，我們的船舶庫存正變得越來越豐富。因此，我們有越來越多的庫存發揮作用，這再次進一步支持和加強我們未來的產量狀況和成長。

Great. And then unrelated follow-up on CapEx. Not sure if you had mentioned this yet, but how you're thinking about next year? And normally, there's some amount of cash and maintenance piece as well as some new ship payments, then I also think you have wonder and beyond, which is usually covered by committed financing. But how are you thinking about CapEx going into next year?

偉大的。然後是與資本支出無關的後續行動。不確定您是否已經提到過這一點，但您對明年有何看法？通常情況下，會有一定數量的現金和維護費用以及一些新船付款，然後我也認為你有奇蹟和其他，這通常由承諾融資涵蓋。但您如何看待明年的資本支出？

Yes. Well, that's exactly right. It's related to the new build. I mean we have committed financing on all ships that we have under construction. We're still going through our planning process, but obviously, we're very mindful of our capital structure and our efforts here to get back to pre-COVID levels and our pre-COVID balance sheet. And so as the business here ramps up and firms up for 2022, that will begin to form our expectations here on the capital we plan to invest and also focusing on how do we get the balance sheet back to pre-COVID levels?

是的。嗯，完全正確。這與新建築有關。我的意思是，我們已承諾為所有在建船舶提供融資。我們仍在進行規劃過程，但顯然，我們非常關注我們的資本結構以及我們為恢復到新冠疫情前的水平和新冠疫情前的資產負債表所做的努力。因此，隨著這裡業務的成長和 2022 年的穩定，我們將開始形成對我們計劃投資的資本的期望，並關注我們如何使資產負債表恢復到新冠疫情前的水平？

We have time for one more question.

我們還有時間再問一個問題。

Your final question is from Ben Chaiken of Crédit Suisse.

最後一個問題來自瑞士信貸銀行的本·柴肯。

Jason, I think you mentioned strength in new-to-cruise. Should we think about this as a return of that customer that didn't exist understandably over COVID and as we exit? Or is this an accelerate -- was that new-to-cruise comment accelerating versus '19?

傑森，我想你提到了新遊輪的力量。我們是否應該將其視為在新冠疫情期間以及我們退出時不存在的客戶的回歸？或者說這是一種加速——新郵輪評論相對於 19 年來說是否加速了？

Well, if you looked at just propensity to cruise from the early days of the pandemic to today. We -- obviously, in the early days, new-to-cruise had basically kind of turned itself off for the most part, and today, what we see is that they have certainly returned. I think our marketing efforts have really helped that in just reminding those customers about the incredible experiences you can have on our leading fleet as well as amazing places like Perfect Day at CocoCay.

好吧，如果你只看一下從大流行初期到今天的巡航傾向。顯然，在早期，新遊輪基本上已經在很大程度上關閉了自己，而今天，我們看到的是他們肯定已經回來了。我認為我們的行銷工作確實起到了幫助作用，提醒客戶您可以在我們領先的機隊以及 CocoCay 的 Perfect Day 等令人驚嘆的地方獲得令人難以置信的體驗。

So I think those things in kind of combination -- and of course, just kind of thawing out here over the pandemic has led to the new-to-cruise customer coming back and certainly accelerating. So we're really happy to see that now taking place, and again, all the surveying that we're doing really shows that they're quite open to coming back and that's being supported by their booking activity.

所以我認為這些因素綜合在一起——當然，疫情期間的解凍導致了新遊輪客戶的回歸，而且肯定會加速。因此，我們真的很高興看到現在正在發生這種情況，而且我們所做的所有調查都確實表明他們對回來持開放態度，並且他們的預訂活動也支持了這一點。

Got you. So it's a return of the new-to-cruise. And then, I guess, just to clarify one more. I think you said 85% of capacity by the end of 1Q '22. I believe that was from a fleet perspective. Can you just help us bridge to ALBDs? Or is it similar?

明白你了。所以這是新郵輪的回歸。然後，我想，只是為了再澄清一個問題。我想你說的是到 22 年第一季末產能達到 85%。我相信這是從機隊的角度來看的。您能幫助我們過渡到 ALBD 嗎？或者說有相似之處嗎？

Yes. I think on a capacity basis, by the end of the first quarter, we're close to 90%.

是的。我認為，從產能來看，到第一季末，我們已接近 90%。

And then -- right. But just trying to connect between fully end ALBDs, is it a similar number? Or is there a...

然後——對了。但只是嘗試在完全結束的 ALBD 之間進行連接，它是相似的數字嗎？或者有沒有一個...

It's about 5 percentage points higher on a capacity standpoint versus a number of ships.

從運力角度來看，與許多船舶相比，它高出約 5 個百分點。

Okay. Thank you for your assistance today, Shelby, with the call. We thank all of you for your participation and continued interest in the company. Michael will be available all day for any follow-ups you might have, and that's Michael McCarthy, by the way.

好的。謝爾比，感謝您今天的協助。我們感謝大家的參與以及對公司的持續關注。邁克爾將全天為您提供任何後續服務，順便說一句，他就是邁克爾麥卡錫。

Thank you for clarifying, but I'm available for any sales of World Cruises for Royal Caribbean.

感謝您的澄清，我可以處理皇家加勒比世界遊輪的任何銷售事宜。

Okay. Giving out your cell phone number, okay? I wish you all a great day, and everybody, be safe. Take care.

好的。把你的手機號碼給我好嗎？祝大家有美好的一天，祝大家平安。小心。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。