皇家加勒比遊輪 (RCL) 2021 Q2 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 Second Quarter 2021 Earnings Call. (Operator Instructions) I would now like to introduce Chief Financial Officer, Mr. Jason Liberty. Mr. Liberty, the floor is yours.

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 年第二季財報電話會議。 （操作員須知） 現在我想介紹一下財務長 Jason Liberty 先生。自由先生，請發言。

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

謝謝你，謝爾比。大家早安，感謝您今天參加我們的業務更新和第二季財報電話會議。與我一起的還有我們的董事長兼執行長理查‧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.

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。

Before we get started, I would 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.

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。

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.

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 with a recap of our second quarter results, and I will 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。接下來，我將回顧我們第二季的業績，並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？

Good morning, everyone, and thank you all for joining us on the call today. You all know it's been almost 1.5 years since the onset of the pandemic and it's certainly been a difficult time. We've been in a virtual standstill in this long period. And there's no business school that has a course in how to succeed in business with 0 revenue.

大家早安，感謝大家今天加入我們的電話會議。大家都知道，疫情爆發已經過了近1.5年，這無疑是一段艱難的時期。在這麼長的一段時間內，我們幾乎處於停滯狀態。而且沒有商學院開設關於如何以零收入取得商業成功的課程。

Fortunately, our people are responding well to these unprecedented challenges, and I'm very proud of the progress that they have produced.

幸運的是，我們的人民正在很好地應對這些前所未有的挑戰，我對他們所取得的進步感到非常自豪。

Today, we are reporting another painful set of financial results, but we're also reporting on the dramatic progress on the restarting of our operations and the continued strength in the demand environment for our leading brands. Most importantly, we have already restarted almost half of our capacity, and we're bringing more online as we speak. Our protocols appear to be working very well, which gives us and our guests comfort about their safety on board. Lastly, bookings are remarkably strong, especially for 2022.

今天，我們報告了另一組令人痛苦的財務業績，但我們也報告了我們重新啟動業務所取得的巨大進展以及我們領先品牌的需求環境的持續強勁。最重要的是，我們已經重新啟動了近一半的產能，並且就在我們講話期間，我們正在將更多產能引入線上。我們的協議似乎運作得很好，這讓我們和我們的客人對他們在船上的安全感到放心。最後，預訂量非常強勁，尤其是 2022 年。

I would like to address these 3 issues in order. First, I want to talk about the process of restarting; second, our operational protocols and their impact; and then lastly, come back to our booking outlook.

我想按順序解決這3個問題。首先我想講一下重啟的過程；其次，我們的營運協議及其影響；最後，回到我們的預訂前景。

Now starting with the process of resuming operations. It seems like only yesterday that people were asking me if I thought cruising would restart by December. Suddenly, we have half of our ship sailing on revenue cruises. We know that it's going to take us a while to return to full normalcy. But while people are emerging from isolation, it's clearly going to take them a while to feel totally comfortable. We believe that the best way to get them comfortable is to demonstrate just how well the process works. We call that the flywheel effect. Once we get the vast majority of our fleet back online and thousands of people sailing safely, it will make even more people feel comfortable doing the same thing. Once the flywheel starts spinning, it keeps spinning and the machinery keeps getting more powerful.

現在從恢復營運的過程開始。彷彿就在昨天，人們還問我是否認為巡航會在 12 月之前重新開始。突然之間，我們一半的船都在進行收益遊輪航行。我們知道我們需要一段時間才能完全恢復正常。但是，雖然人們正在擺脫孤立，但他們顯然需要一段時間才能感到完全舒適。我們相信，讓他們感到舒適的最佳方法是展示流程的運作。我們稱之為飛輪效應。一旦我們讓絕大多數船隊重新上線並讓數千人安全航行，就會讓更多的人放心地做同樣的事情。一旦飛輪開始旋轉，它就會繼續旋轉，機器就會變得越來越強大。

Now some of you have asked why we were the first to restart in the States and how we've gotten our ships operating so quickly. The answer is simply that we started earlier, and we have the very best people in the business who have been very aggressive in implementing the new protocols. We started preparing before we had official word that we would be allowed to sail but at the point where we thought the approval was inevitable. And our people have worked hard and diligently to make sure that our ships could be back in the water quickly.

現在你們中的一些人問為什麼我們是第一個在美國重新啟動的公司以及我們如何讓我們的船舶如此快速地運作。答案很簡單，我們起步較早，而且我們擁有業內最優秀的人才，他們在實施新協議方面非常積極。在得到允許我們航行的官方消息之前，我們就開始準備，但當時我們認為批准是不可避免的。我們的人民辛勤工作，確保我們的船隻能夠迅速回到水中。

Also, thanks in large part to the vaccine rollout, society has been progressing faster towards normalcy, which has maximized the pace of our recovery.

此外，在很大程度上得益於疫苗的推出，社會正在更快地走向正常狀態，這最大限度地加快了我們的恢復速度。

In this accelerated return to service, the health and safety of our passengers and crew remain a top priority. For every ship that we restart, we have committed to 3 pillars: first, ensuring our ship experiences are as safe or safer than their shoreside equivalents; second, meeting and exceeding our exacting pre-pandemic expectations, especially in regard to guest experience; and three, doing so in a financially prudent manner.

在加速恢復服務的過程中，乘客和機組人員的健康和安全仍然是首要任務。對於我們重新啟動的每艘船舶，我們都致力於實現三大支柱：首先，確保我們的船舶體驗與岸上同類船舶一樣安全或更安全；其次，滿足並超越我們在疫情大流行前的嚴格期望，特別是在賓客體驗方面；第三，以財務審慎的方式這樣做。

Now turning to the second item on my list. I think it's important to talk about the safety protocols related to COVID. As you all know, our goal from the beginning of the pandemic has been to make cruising not just as safe as comparable to land vacations but safer. We believe that the unique attributes of a cruise ship could allow us to control the environment to an unusual extent. We can ensure a level of vaccinations and testing that would be impossible for most other places to even contemplate.

現在轉向我清單上的第二項。我認為討論與新冠病毒相關的安全協議很重要。眾所周知，從疫情爆發之初起，我們的目標就是讓郵輪旅行不僅像陸地度假一樣安全，更安全。我們相信遊輪的獨特屬性可以讓我們以不同尋常的程度控制環境。我們可以確保疫苗接種和檢測的水平是大多數其他地方無法想像的。

Specifically, we require 100% of the crew to be fully vaccinated. And we require the bulk of our guests to be fully vaccinated as well. The only exceptions are children under 12, and in Florida, a minor number of people who choose not to get vaccinated.

具體來說，我們要求船員100%全面接種疫苗。我們也要求大部分客人都接種疫苗。唯一的例外是 12 歲以下的兒童，在佛羅裡達州，有一小部分人選擇不接種疫苗。

Excluding Singapore, which is a special case, an average of 92% of the people on board our ships in July were fully vaccinated. And this number is likely to rise going forward. The idea is to limit the spread of COVID-19 aboard our ships. We all know it's impossible to eliminate cases on board a ship totally, just as it's impossible to eliminate cases on land. But the steps that we are taking are designed to prevent the isolated cases from becoming an outbreak and it seems to be working. We have had people test positive. But because almost everyone around them is vaccinated, they've remained isolated cases. That's the goal, rare individual cases and no significant spread. Repeat this with a few hundred thousand or million cruisers, and that creates the trust that will drive our resurgence.

除新加坡這個特例外，7月我們船上的人員平均有92%的人完全接種了疫苗。而且這個數字未來可能還會上升。我們的想法是限制 COVID-19 在我們船上的傳播。我們都知道，船上的病例不可能完全消除，就像陸地上的病例不可能完全消除一樣。但我們正在採取的措施旨在防止孤立病例爆發，而且似乎正在發揮作用。我們已經有人檢測呈陽性。但由於他們周圍幾乎每個人都接種了疫苗，因此他們仍然是孤立病例。這就是我們的目標，罕見的個別病例，並且沒有顯著的傳播。對數十萬或數百萬艘巡洋艦重複此操作，從而建立信任，推動我們的復興。

Now the Delta variant is problematic for everyone, but even this looks manageable by our extensive protocols. It's too early to draw definitive conclusions, but the vaccines are the ultimate weapon, and they work. Our experience shows that while there are breakthrough cases aboard, the vaccines help keep them contained. In fact, and I thought this was quite unusual, in most of our positive cases, even the cabin mate of the infected individual has tested negative.

現在，Delta 變體對每個人來說都是有問題的，但即使這樣，看起來也可以透過我們廣泛的協議來管理。現在得出明確的結論還為時過早，但疫苗是終極武器，而且它們有效。我們的經驗表明，雖然船上出現了突破性病例，但疫苗有助於控制病例。事實上，我認為這很不尋常，在我們的大多數陽性病例中，甚至感染者的室友的檢測結果也呈現陰性。

But in light of the Delta variant and other variants, we have recently strengthened our protocols further, even more testing and even more people required to be vaccinated than we had in June and July. We have gone from cruises being a source of concern to cruises being an exemplar for how to deal with COVID-19. I'm thrilled that we're making this dream a reality.

但鑑於 Delta 變種和其他變種，我們最近進一步加強了我們的協議，與 6 月和 7 月相比，進行了更多的測試，甚至需要更多的人接種疫苗。我們已經從郵輪成為人們關注的焦點，轉變為郵輪成為應對 COVID-19 的典範。我很高興我們正在使這個夢想成為現實。

And that brings us to how our customers are responding. And fortunately, that outlook is good. Our guests are eager to cruise again. We had hoped that there would be pent-up demand for cruises, but even we were surprised by the level that we're seeing. We are also encouraged by the improvements we're seeing more broadly across the travel industry. Cruise consideration remains high among active cruisers and is steadily increasing among non-cruisers. It is clear people are eager to travel to take a vacation, and we are ready to make their vacation dreams come true. Jason is going to speak more about our booking trends in a moment.

這讓我們了解了客戶的反應。幸運的是，前景良好。我們的客人渴望再次乘坐郵輪。我們原本希望遊輪的需求會被壓抑，但即使我們也對我們所看到的水平感到驚訝。我們也對旅遊業更廣泛的進步感到鼓舞。在現役郵輪中，郵輪的考慮度仍然很高，並且在非郵輪中正在穩步增加。顯然，人們渴望旅行度假，我們已準備好讓他們的度假夢想成真。傑森稍後將詳細介紹我們的預訂趨勢。

Now we all know it's going to take some time for the situation to settle. There's still a lot of confusion in the marketplace, and that definitely hurts the next few months or so. In addition, people usually book their cruise vacations well in advance. It will take some time for us to catch up with the bookings that we didn't arrange or we didn't get up until now.

現在我們都知道局勢需要一段時間才能平息。市場上仍然存在著許多混亂，這肯定會在接下來的幾個月左右的時間內造成影響。此外，人們通常會提前預訂郵輪假期。我們需要一些時間才能趕上我們沒有安排或直到現在才起床的預訂。

But if we only obsess about the present, we will fail to prepare for the future. We must keep our eye firmly on that future that we can see is coming. We need to prepare ourselves for it, so we are focusing our thoughts, our efforts and our plans on that future.

但如果我們只專注在現在，我們就無法為未來做好準備。我們必須牢牢地關注我們所看到的即將到來的未來。我們需要為此做好準備，因此我們將我們的思想、努力和計劃集中在未來。

While the third and fourth quarter of this year will continue to be painful, it's booking generally in line with our return to service and occupancy ramp-up expectations. Due mainly to the timing of the ramp-up in service and the abnormal booking window, we don't expect 2022 to be a normal year. However, we are seeing rapid and steady progress towards normalcy starting in the spring and summer of next year.

雖然今年第三季和第四季將繼續痛苦，但預訂量總體上符合我們恢復服務和入住率上升的預期。主要由於服務增加的時間和異常的預訂窗口，我們預計 2022 年不會是正常的一年。然而，我們看到從明年春季和夏季開始，我們正快速且穩定地朝著恢復正常的方向取得進展。

One important additional point is that we are not only in the business of delivering the best vacations possible but also doing it sustainably. The company's commitment to corporate stewardship remains a priority even during our return to service. Despite pandemic headwinds, the company has made tremendous progress across environmental, social and governmental governance focus areas. Some of the key achievements include a 35% reduction in our greenhouse gas emissions from our 2005 baseline. We removed 60% of single-use plastics from our supply chain. 60% of our ships are equipped with emissions purification systems that remove 98% of sulfur oxides. And our newer ships are equipped with Selective Catalytic Reduction, which reduces NOx emissions. We've reduced waste to landfill by 85% from our 2007 baseline. And we've also completed the introduction of over 2,000 certified tours in 3 assessments by the Global Sustainability Tourism Council.

另一個重要的一點是，我們不僅致力於提供盡可能最好的假期，而且以可持續的方式做到這一點。即使在我們恢復服務期間，公司對企業管理的承諾仍然是我們的首要任務。儘管面臨疫情的阻力，該公司在環境、社會和政府治理重點領域取得了巨大進展。一些主要成就包括我們的溫室氣體排放量比 2005 年基準減少了 35%。我們從供應鏈中剔除 60% 的一次性塑膠。我們 60% 的船舶配備了排放淨化系統，可去除 98% 的硫氧化物。我們的新型船舶配備了選擇性催化還原裝置，可減少氮氧化物的排放。與 2007 年基準相比，我們已將垃圾掩埋量減少了 85%。我們也在全球永續發展旅遊理事會的 3 次評估中完成了 2,000 多個認證旅遊的引進。

One interesting point is that our wind farm that spans 20,000 acres in Northern Kansas has 62 turbines with a total power generation capability of 200 megawatts. It's now been operational for more than a year. It will annually generate 760,000 megawatt hours of carbon-free energy. That's saving some 500,000 tons in carbon. And to put it in perspective, it's the equivalent to the energy use of about 60,000 homes.

有趣的是，我們位於堪薩斯州北部的風電場佔地 20,000 英畝，擁有 62 台渦輪機，總發電量為 200 兆瓦。現在已經運行一年多了。每年將產生 76 萬兆瓦時的無碳能源。這可減少約 50 萬噸碳排放。從長遠來看，這相當於約 6 萬個家庭的能源使用量。

These are just a few of the many initiatives underway at the company, and I've only focused here on the area of the environment. Our press release covered other initiatives in accordance with our -- and in accordance with our mantra of continuous improvement, we will continue to elevate and we will introduce new initiatives to improve all of our ESG efforts across the board.

這些只是公司正在進行的眾多舉措中的一小部分，我在這裡只關注環境領域。我們的新聞稿涵蓋了我們的其他舉措，根據我們持續改進的口號，我們將繼續提升並推出新舉措，以全面改善我們所有的 ESG 工作。

The last 16 months have caused much pain and much suffering, but the tide is clearly turning. I'd like to thank our Board of Directors for their support and dedication. I also want to thank our partner organizations and communities for staying the course and preparing for the future. But most of all, I want to thank the men and women of the Royal Caribbean Group for their tireless efforts under the most challenging of circumstances. Their dedication to seeing us see through this black swan event in the best way possible is nothing short of extraordinary. So I look forward to sunnier days ahead. And with that, I'll turn it back to you, Jason.

過去 16 個月造成了許多痛苦和磨難，但情況顯然正在轉變。我要感謝我們的董事會的支持和奉獻。我還要感謝我們的合作夥伴組織和社區堅持到底並為未來做好準備。但最重要的是，我要感謝皇家加勒比集團的全體員工在最具挑戰性的情況下所做出的不懈努力。他們致力於讓我們以盡可能最好的方式度過這場黑天鵝事件，這簡直是非凡的。所以我期待著未來陽光明媚的日子。這樣，我會把它轉回給你，傑森。

Thank you, Richard. Before I start, like Richard, I also want to thank our teams across the whole enterprise for their tireless dedication to rapidly bringing our fleet back into service in a safe, healthy and financially responsible manner. This has been accomplished through impressive interdepartmental collaboration and many, many sleepless nights. And for that, we are really forever grateful.

謝謝你，理查。在開始之前，像理查德一樣，我還要感謝整個企業的團隊，他們孜孜不倦地致力於以安全、健康和經濟上負責任的方式使我們的機隊迅速恢復服務。這是透過令人印象深刻的跨部門合作和無數個不眠之夜才實現的。為此，我們真的永遠心存感激。

I will now turn to discuss our performance for the second quarter. This morning, we reported an adjusted net loss of $1.3 billion or a loss of $5.06 per share for the second quarter of 2021. While these losses are incredibly painful, the second quarter was a turning point for the company on multiple fronts. First, we welcomed an additional 10 ships back into service after 15 months of minimal cruise activity. Second, we took financing actions to reduce our negative carry and began our journey back to an unencumbered and pre-COVID balance sheet. And third, we saw a significant increase in booking activities that resulted in a large increase in our customer deposits.

我現在將討論我們第二季的業績。今天早上，我們報告了 2021 年第二季調整後淨虧損 13 億美元，即每股虧損 5.06 美元。雖然這些損失令人難以置信，但第二季度在多個方面都是該公司的轉折點。首先，在經歷了 15 個月的最低限度的巡航活動後，我們迎來了另外 10 艘船舶重新投入使用。其次，我們採取了融資行動來減少負利差，並開始回到新冠疫情前的無負擔資產負債表。第三，我們看到預訂活動顯著增加，導致客戶存款大幅增加。

As we shared this morning, our customer deposit balance as of June 30 was $2.4 billion, which is about 30% higher than the balance at the end of the first quarter. And as of today, our customer deposit balance is $2.5 billion. At this point, a little over 35% of our customer deposit balance is associated with FCCs compared to about 45% at the time of our last call, signaling continued strong demand.

正如我們今天早上分享的那樣，截至 6 月 30 日，我們的客戶存款餘額為 24 億美元，比第一季末的餘額高出約 30%。截至今天，我們的客戶存款餘額為 25 億美元。目前，我們的客戶存款餘額中有 35% 多一點與 FCC 相關，而我們上次通話時這一比例約為 45%，這表明需求持續強勁。

On the liquidity front, we closed the second quarter with $5 billion in liquidity. As you all know, we pride ourselves on having industry-leading brands with a world-class and highly innovative fleet and a history of strong financial discipline and performance. These assets and attributes have been instrumental in helping us raise more than $13 billion of new capital since March of last year.

在流動性方面，我們第二季末的流動性為 50 億美元。眾所周知，我們為擁有領先業界的品牌、世界一流的高度創新機隊以及嚴格的財務紀律和業績歷史而感到自豪。自去年 3 月以來，這些資產和特性幫助我們籌集了超過 130 億美元的新資本。

During the second quarter, we continued our efforts to manage and improve our balance sheet. And to that end, we successfully issued $650 million of senior unsecured notes at 4.25% and used those proceeds to redeem 7.25% senior secured notes in full. This will generate approximately $17 million of cash savings annually beginning in 2022.

第二季度，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 6.5 億美元、利率為 4.25% 的優先無擔保票據，並以這些收益全額贖回了利率為 7.25% 的優先有擔保票據。從 2022 年開始，每年將節省約 1,700 萬美元的現金。

We are delighted with the current momentum and the restart of our operations in the United States and around the globe. The environment remains fluid, and for this reason, we are not providing a cash burn estimate or the related offsets generated by revenue and new customer deposits. I will highlight that the burn rate for the ships that are kept at layoff is expected to be consistent with our previous expectations.

我們對當前的勢頭以及我們在美國和全球各地業務的重啟感到高興。環境仍然不穩定，因此，我們沒有提供現金消耗估計或收入和新客戶存款產生的相關抵消。我要強調的是，停產船舶的燒毀率預計與我們先前的預期一致。

Now as it pertains to our debt maturities, our scheduled debt maturities for the remainder of this year and 2022 are $21 million and $2.2 billion.

現在，就我們的債務期限而言，我們今年剩餘時間和 2022 年的預定債務期限分別為 2,100 萬美元和 22 億美元。

I will now update you on capacity and the booking environment. After more than a full year of painful financial losses, a never-ending roller coaster of ups and downs regarding the timing of our return to service, multiple liquidity actions and very little cruise capacity, we are now finally bringing our fleet back into service and are already welcoming thousands of guests back on board each week. In fact, we are thrilled to have welcomed more than 136,000 guests on board our 5 brands during the first half of the year.

我現在將向您介紹容量和預訂環境的最新情況。經過一整年痛苦的財務損失、我們恢復服務的時間、多次流動性行動和很少的郵輪運力方面永無止境的起起落落之後，我們現在終於讓我們的船隊重新投入服務並每週已經歡迎數千名客人重返船上。事實上，我們很高興今年上半年迎來了超過 136,000 位客人搭乘我們的 5 個品牌。

The pace with which our teams have been able to bring ships out of layup and ready them for guests is nothing short of incredible. It is amazing to think that at the end of April, we only had 4 ships delivering incredible vacations across our 5 brands. But as we sit today, there are guests sailing on 29 of our 60 ships in the Caribbean, Europe, Asia, Alaska, Iceland and the Galapagos.

我們的團隊將船舶從閒置狀態中解救出來並為客人做好準備的速度簡直令人難以置信。令人驚訝的是，截至 4 月底，我們只有 4 艘船為我們的 5 個品牌提供令人難以置信的假期。但當我們今天坐下來時，我們的 60 艘船中有 29 艘在加勒比海、歐洲、亞洲、阿拉斯加、冰島和加拉巴哥群島航行。

We are also in the process of ramping up 7 more ships to be welcoming guests this month. As a result, we anticipate having about 65% of our fleet in service at the end of the third quarter and approximately 80% of the fleet back in operation by the end of the year.

我們還正在增加 7 艘船的數量，以迎接本月的賓客。因此，我們預計到第三季末，約 65% 的機隊投入使用，約 80% 的機隊到年底恢復營運。

When considering our plans to ramp up capacity, the one area we continue to watch is the Asia Pacific region. And for purposes of our return-to-service planning, we have been cautious.

在考慮我們提高產能的計劃時，我們繼續關注的一個地區是亞太地區。出於我們恢復服務計劃的目的，我們一直保持謹慎。

Now I'll give you an update on bookings. Bookings are still below 2019 levels due in part to our reduced capacity for 2021 and the fact that many sailings were announced very close in with little time to build business. However, the gap narrowed further during the second quarter. And we received about 50% more bookings in Q2 than during the previous 3 months, with trends improving 1 month to the next. By June, we were receiving about 90% more bookings each week when compared to Q1, with bookings for 2022 practically back to 2019 levels.

現在我將向您通報預訂的最新情況。預訂量仍低於 2019 年的水平，部分原因是我們 2021 年的運力減少，而且許多航班是在非常接近的時間宣布的，幾乎沒有時間建立業務。不過，第二季差距進一步縮小。我們在第二季收到的預訂量比前 3 個月增加了約 50%，趨勢逐月改善。到 6 月，與第一季相比，我們每週收到的預訂量增加了約 90%，2022 年的預訂量幾乎回到了 2019 年的水平。

As it relates to Delta variant, we have mainly seen small variations with closer-in bookings in markets with high case counts. However, July was our second highest booking month of the year and bookings for 2022 are strong. We are particularly encouraged by the continued strong demand for the important spring and summer months.

就達美航空的變種而言，我們主要看到的是在病例數較多的市場中，預訂距離較近的情況下出現的微小變化。然而，7 月是我們今年預訂量第二高的月份，2022 年的預訂量也很強勁。我們對重要的春季和夏季月份持續強勁的需求感到特別鼓舞。

The health and safety of our guests and crew is our #1 priority. And as such, our start-up strategy incorporates low initial occupancies to give the crew the opportunity to seamlessly implement the new protocols and facilitate amazing vacations in this new and constantly changing environment.

客人和船員的健康和安全是我們的第一要務。因此，我們的啟動策略包括較低的初始入住率，使船員有機會無縫實施新協議，並在這個不斷變化的新環境中度過美好的假期。

After each ship gets a few voyages under their belt, our plan is for our load factors to steadily increase from 1 month to the next. This is evident in our fleet where several of our ships are now sailing with more than 50% load factors.

每艘船完成幾次航行後，我們的計劃是讓我們的載客率從一個月到下個月穩步增加。這在我們的船隊中很明顯，我們的幾艘船目前的載運率超過 50%。

Overall, the booking activity for 2021 sailings is consistent with our expected capacity and occupancy ramp-up at prices that are higher than 2019. We are also seeing record Net Promoter Scores as well as record onboard revenue for the ships that have resumed service. This is very encouraging as we are not only seeing pent-up demand for cruises, but we are also seeing pent-up demand for our onboard revenue experiences. Guests are really enjoying our shore excursions, casinos, spas and restaurants after spending a year in isolation. We are also seeing an increased demand for our WiFi services as more and more consumers have flexibility to take vacations and work remotely.

整體而言，2021 年航班的預訂活動與我們預期的運力和入住率成長一致，且價格高於 2019 年。我們也看到，已恢復服務的船舶的淨推薦值和船上收入均創歷史新高。這是非常令人鼓舞的，因為我們不僅看到了對郵輪的被壓抑的需求，而且還看到了對船上收入體驗的被壓抑的需求。經過一年的隔離後，客人們非常享受我們的岸上觀光、賭場、水療中心和餐廳。隨著越來越多的消費者可以靈活地休假和遠端工作，我們也發現對 WiFi 服務的需求不斷增加。

Looking further forward, we continue to be impressed by the demand and pricing we are seeing for 2022 sales. It is still a bit early in the booking window to provide too much color for next year, but I will share that our booked load factors continue to be well within historical ranges at prices that are up nicely versus 2019, including the dilutive impact of FCCs. While we were still in the early stages of the planning cycle for 2022, we do expect lower-than-average load factors for the first quarter as several ships will still be in ramp-up mode after having recently returned to service. That being said, the first quarter is booked within historical ranges. In addition, load factors are at the higher end of historical ranges for the back half of the year, with Q3 currently in a particularly strong position.

展望未來，我們對 2022 年銷售的需求和定價仍然印象深刻。現在在預訂窗口為明年提供太多的色彩還為時過早，但我將分享的是，我們的預訂載客率繼續處於歷史範圍內，價格較 2019 年大幅上漲，包括 FCC 的攤薄影響。雖然我們仍處於 2022 年規劃週期的早期階段，但我們預計第一季的載客率將低於平均水平，因為幾艘船舶在最近恢復營運後仍將處於爬升模式。話雖如此，第一季的預訂處於歷史範圍內。此外，今年下半年的載客率處於歷史範圍的高端，第三季目前處於特別強勁的位置。

Underpinning this is a strong customer deposit profile for 2022. Customer deposits for 2022 are significantly higher than the same time in 2019. This demand and booking profile is quite encouraging, considering that we have only been spending about 1/4 of our typical sales and marketing spend.

支撐這一點的是2022 年強勁的客戶存款狀況。2022 年的客戶存款顯著高於2019 年同期。考慮到我們的支出僅為典型銷售額的1/4 左右，這種需求和預訂情況相當令人鼓舞。行銷支出。

We are also optimistic that a number of larger macro indicators will provide further tailwinds to our future demand, increased vaccination rates around the globe, sharp increases in consumer confidence and significant increases in personal saving rate versus the same time 2 years ago.

我們也樂觀地認為，一些更大的宏觀指標將為我們未來的需求、全球疫苗接種率的提高、消費者信心的急劇增強以及個人儲蓄率與兩年前同期相比的顯著提高提供進一步的推動力。

I will close by saying that we are thrilled for the flywheel to be spinning at such an accelerating pace. We have been dreaming of this moment for more than 16 months, and it's finally here. We feel very optimistic about our future and are thrilled to see more and more guests in the United States and around the globe enjoy incredible vacations onboard our ships.

最後我要說的是，我們對飛輪以如此快的速度旋轉感到非常興奮。 16 個多月以來，我們一直夢想著這一刻，現在終於實現了。我們對我們的未來感到非常樂觀，並很高興看到越來越多的美國和世界各地的客人在我們的船上享受難以置信的假期。

And with that, I will ask Shelby to open up the call for a question-and-answer session.

接下來，我將請謝爾比開啟問答環節。

(Operator Instructions) Your first question is from Steve Wieczynski of Stifel.

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

So I'm not sure if this is going to make sense or not, but is there any way you can help us think about the ship economics today? And I guess what I'm trying to understand is, given the higher cost that you guys are taking on, whether that's COVID protocols or lower capacity levels, et cetera, if you look at a ship today and the ships that have been sailing for the last, say, the last 4 or 5 weeks, are these itineraries still losing money? Or have you gotten to the point where some of these ships are actually cash flow or EBITDA breakeven?

所以我不確定這是否有意義，但是您有什麼方法可以幫助我們思考當今的船舶經濟學嗎？我想我想了解的是，考慮到你們承擔的成本更高，無論是新冠病毒協議還是較低的運力水平等等，如果你看看今天的一艘船和那些一直在航行的船最後，例如說最近四、五週，這些行程還在虧損嗎？或者您已達到其中一些船舶實際上實現現金流或 EBITDA 損益平衡的地步？

Yes. So what we're finding is really after a few weeks of getting these ships up and running, we're getting to occupancy levels in which the ships are accretive to our overall cash position. And as was commented in Richard's remarks, right, we're really focused on those 3 pillars of making sure that our guests and crew are safe; making sure that the guest experience is exceptional, and you can hear that in very high Net Promoter Scores; and the third is that we're being very responsible on a financial standpoint as we bring up the ships. And so for us, it really -- a few weeks after we're up and running, we're seeing it being accretive to us on a cash position.

是的。因此，我們發現，在這些船舶投入運作幾週後，我們的入住率已經達到了船舶增加我們整體現金狀況的水平。正如理查德在評論中所評論的那樣，我們確實專注於確保我們的客人和船員安全的三大支柱；確保賓客體驗卓越，您可以從非常高的淨推薦值中聽到這一點；第三，我們在建造這些船隻時從財務角度非常負責任。因此，對我們來說，在我們啟動並運行幾週後，我們確實看到它為我們帶來了現金頭寸的增加。

Okay. Understood. And then let me ask this maybe a little bit of a different way. But if you stay on the path that you are right now, and let's say the variant stuff doesn't take you guys down at all, but then you get, let's say, 80% of your capacity back in service by the end of year, I mean is there any way you can help us think about when the overall company might be able to get to that very important breakeven level, whether that's in terms of EBITDA or free cash flow? Just because I think investors are -- continue to be concerned about potential raises down the road if something doesn't go right.

好的。明白了。然後讓我以稍微不同的方式問這個問題。但是，如果您繼續沿著現在的道路前進，假設變體根本不會讓您失望，那麼您會在年底前恢復 80% 的容量，我的意思是，您有什麼方法可以幫助我們考慮整個公司何時能夠達到非常重要的損益兩平水平，無論是EBITDA 還是自由現金流？只是因為我認為投資者會繼續擔心如果事情進展不順利的話未來可能的加薪。

Sure. Very fair question. And of course, it is very kind of early. But based off of what we're seeing, the ramp-up of our business, I think we see ourselves being at cash flow positive in about 6 months as we ramp up the business. And keep in mind, when we say 80% of the fleet is back up and running at the end of the year, some of those ships are just going to be returning into service and there's a ramp-up period for those. But more or less, we kind of see ourselves about 6 months out from that breakeven point on a cash flow standpoint.

當然。非常公平的問題。當然，現在還很早。但根據我們所看到的業務成長情況，我認為隨著業務的成長，我們預計在大約 6 個月內我們將實現正現金流。請記住，當我們說 80% 的船隊在年底恢復並運行時，其中一些船舶將重新投入使用，並且這些船舶有一個加速期。但或多或少，從現金流的角度來看，我們預計距離損益兩平點還有大約 6 個月的時間。

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 had a similar question about the cash flow breakeven. You mentioned sort of after a few weeks. If we put a number on it, does that mean that you're finding cash flow breakeven in the sort of 40% or 45% kind of occupancy level? Is that kind of how we should think about where the occupancy level needs to be?

我對現金流損益平衡也有類似的問題。你提到的是幾週後。如果我們給出一個數字，這是否意味著您在 40% 或 45% 的入住率水準上發現了現金流盈虧平衡？我們應該這樣考慮入住率需要達到的水平嗎？

And then my other question, and I hate to be so short-term focused, but I just know that investors are very focused on the comment in the release about the near term being impacted by Delta. And I know you quantified that July was still the second highest month of the year. So I guess that means sort of down sequentially a little bit from June, which June was 90% better than Q1. I guess I don't know if you -- do you feel that, that -- the impact of that has sort of stabilized at that level, that as you're moving into August here, that August would be similar to July? I guess, sort of directionally, maybe just to give investors a little bit of comfort about the direction that things are headed.

然後是我的另一個問題，我討厭如此關注短期，但我只知道投資者非常關注新聞稿中有關近期受到達美航空影響的評論。我知道你量化了七月仍然是一年中第二高的月份。所以我想這意味著比 6 月連續下降一點，6 月比第一季好 90%。我想我不知道你是否——你是否覺得——這種影響已經穩定在這個水平，當你進入八月時，八月會與七月相似？我想，有點方向性，也許只是為了讓投資人對事情的發展方向感到一點安慰。

Okay. I'll jump on the first one, and I think Michael will hop on just in terms of thoughts on the variant. But Robin, as we've been saying for some time and you -- I think you hit kind of the midpoint of that is the ship is accretive to us around that 35% to 50% mark. And obviously, the newer, larger ships are closer to 35%. And older, smaller ships are closer to that 50%. And so that 40% to 45% occupancy range is where -- also kind of considering our return-to-service costs and so forth is where we see those ships being accretive to us. And I'll pass it over to Michael to talk a little bit about the Delta variant.

好的。我會跳到第一個，我認為邁克爾會跳到只是關於變體的想法。但是羅賓，正如我們一段時間以來一直所說的那樣，我認為您已經達到了中點，即這艘船對我們的增值約為 35% 至 50%。顯然，更新、更大的船舶接近 35%。而較舊、較小的船舶則接近該 50%。因此，40% 到 45% 的入住率範圍是——也考慮到我們的恢復服務成本等等，我們看到這些船舶對我們來說是增值的。我將把它交給 Michael 來談談 Delta 變體。

Yes. Robin, in terms of Delta from the perspective of the customer and the booking environment, I think I would say in the last 2 weeks, we've seen very positive growth in demand. As we moved through the spring with vaccinations and as we announced return to service and as customers saw our ships return, we really did enter into a very positive booking environment. And I think over the last 2 weeks, the positive environment continues, but it hasn't been at such a trajectory as it was. But it's really short term. When you look into '22, we see no material impact at all on the increases in bookings for '22.

是的。羅賓，就達美航空而言，從客戶和預訂環境的角度來看，我想我會說在過去兩周里，我們看到了需求的非常積極的增長。當我們接種疫苗度過了春天，當我們宣布恢復服務，當客戶看到我們的船隻返回時，我們確實進入了一個非常積極的預訂環境。我認為在過去的兩周里，積極的環境仍在持續，但並沒有達到原來的軌道。但這確實是短期的。當您查看「22」時，我們發現對「22」的預訂量成長沒有任何實質影響。

So I think customers, consumers now see this for what it is. It's a blip and a bump. I think we feel encouraged by the protocols that we've got in place, as Richard mentioned in his opening comments. We've been very encouraged to see that when we do have a positive COVID case onboard our ships, we very quickly contact trace, test. And what we find is that very often, you may have a COVID positive either from a vaccinated or unvaccinated guest, and they'll be in the very same room with somebody who's vaccinated and they test negative.

所以我認為客戶、消費者現在已經明白了這一點。這是一個曇花一現和一個顛簸。我認為我們對我們已經制定的協議感到鼓舞，正如理查德在他的開場評論中提到的那樣。我們非常高興地看到，當我們船上確實有新冠病毒陽性病例時，我們很快就會進行聯繫追蹤和測試。我們發現，很多時候，您可能會從接種疫苗或未接種疫苗的客人那裡檢測到新冠病毒陽性，而他們會與接種疫苗的人在同一個房間，但他們的檢測結果呈陰性。

So the vaccines are really working. I think our vaccination population, so to speak, as Richard mentioned, I think in the month of July, we -- our ship sailed with around 92% of the entire community vaccinated. And in the month of July, we were still accepting kids from the age of 12 to 16 who were vaccinated. And starting on August 1, that number has dropped down because our policy requires you to be vaccinated 12 and up.

所以疫苗確實有效。我認為我們的疫苗接種人口，可以這麼說，正如理查德所提到的，我認為在 7 月份，當我們的船航行時，整個社區大約 92% 的人接種了疫苗。 7 月份，我們仍在接受 12 至 16 歲接種疫苗的孩子。從 8 月 1 日開始，這個數字已經下降，因為我們的政策要求您接種 12 歲及以上的疫苗。

So I think the good news is, if there is good news with the Delta variant, is that people are becoming far more accustomed to this. If you've got a highly vaccinated population, there's minimal impact. And I think, increasingly, as our ships sail, as we encounter this, we communicate, we're very transparent. The feedback we get from our customers is recognition and relief that this is very contained and something that's going to pass.

所以我認為好消息是，如果 Delta 變體有好消息的話，那就是人們越來越習慣這一點。如果您的人口接種率很高，那麼影響就很小。我認為，隨著我們的船隻航行，當我們遇到這種情況時，我們會越來越多地進行溝通，我們會變得非常透明。我們從客戶那裡得到的回饋是認可和寬慰，因為這是非常有限的，而且事情將會過去。

Great. That's all super helpful. Just one final thing, and then I will totally hop off. I don't know if you have any comments to share about. We hear about steel prices moving up so significantly, and just had a question about your ship orders, your newbuild orders. I assume that the price is locked in so that the higher steel price would be borne by the shipyard, not by Royal. But -- or would that be an opportunity to maybe renegotiate and extend some delivery dates? Or -- I'm just trying to think about how these higher steel prices may be impacting your order book, and then I'm totally off.

偉大的。這一切都非常有幫助。最後一件事，然後我就會完全離開。不知道大家有沒有意見可以分享。我們聽說鋼材價格大幅上漲，並且剛剛對你們的船舶訂單、新建訂單有疑問。我認為價格已被鎖定，因此較高的鋼材價格將由造船廠承擔，而不是由皇家承擔。但是——或者這是否是一個重新談判並延長一些交付日期的機會？或者——我只是想思考一下鋼材價格的上漲可能會如何影響你的訂單，然後我就徹底離開了。

Robin, as it relates to the steel side, it really does not have an impact on our order book or on our costs. There is inflation in there. Typically also, just so you know, when we order ships, typically, the yards also lock in their purchase of steel and fix those prices. So there's not really an impact there.

羅賓，因為它與鋼鐵方面有關，它確實不會對我們的訂單或我們的成本產生影響。裡面有通貨膨脹。通常情況下，如您所知，當我們訂購船舶時，船廠通常也會鎖定其鋼材採購並確定這些價格。所以那裡並沒有真正的影響力。

And quite frankly, we're excited about the new capacity that's coming on. When you look at the cabin configuration, the opportunity for onboard revenue, the fuel efficiencies, the positive impact on the environment that these ships are able to bring to us, we're looking forward to get those ships -- to get these ships online. The reality of it is, as the investor community knows, they're going to be 8 to 10 months delayed when we had originally expected to take them on.

坦白說，我們對即將推出的新產能感到興奮。當你看到這些船舶能夠為我們帶來的客艙配置、船上收入機會、燃油效率以及對環境的正面影響時，我們期待著讓這些船舶上線——讓這些船舶上線。現實情況是，正如投資者群體所知，與我們最初預計與他們競爭的時間相比，他們將推遲 8 到 10 個月。

Your next question is from Greg Badishkanian of Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Greg Badishkanian。

It's Fred Wightman on for Greg. Richard, in your prepared remarks, you talked about '22 still not being in a normal year but continuing on that recovery towards more normalcy in the spring and the summer. Can you just sort of touch on how you guys see home market travel relative to international travel evolving into next year? Do you think we could see North American customers make up a big chunk of sort of European departures? What are the puts and takes there?

弗雷德懷特曼 (Fred Wightman) 替補格雷格 (Greg)。理查德，在您準備好的演講中，您談到 22 年仍然不是正常的一年，但會繼續復甦，在春季和夏季變得更加正常。能談談你們如何看待明年國內市場旅行相對於國際旅行的發展嗎？您認為我們會看到北美客戶在歐洲出發的航班中佔很大一部分嗎？那裡有哪些看跌期權和看跌期權？

I think we were cautious not to try and make too many predictions about the way this goes. Clearly, today's countries are doing more local. So you see a tremendous growth, actually surprising, in domestic travel and domestic -- particularly domestic air and other domestic travel as opposed to international travel. But the other thing that we've seen in this is how quickly it all changes. And we've -- I mean if you just look at this, we've gone from people wondering whether we're going to be back in service at all this year to half our fleet back in a matter of weeks. I mean it's kind of happening so quickly. And I think we see the same sort of thing. There's tremendous restrictions on international travel today. But at the same time that the U.S. decided to extend its -- you saw the U.K. releasing restrictions and you're seeing in Europe. So I think the vaccine is the game changer here. And it is working. And as it becomes -- more and more people are getting it, and you've seen a bit of an upturn already in the unvaccinated getting vaccinated.

我認為我們很謹慎，沒有嘗試對事情的發展方向做出太多預測。顯然，當今國家正在採取更多在地化措施。因此，您會看到國內旅行和國內旅行（尤其是國內航空和其他國內旅行，而不是國際旅行）的巨大增長，實際上令人驚訝。但我們在這件事中看到的另一件事是一切變化的速度有多快。我們——我的意思是，如果你看看這個，我們已經從人們懷疑我們今年是否會重新投入使用，變成了在幾週內我們的機隊恢復一半。我的意思是這一切發生得如此之快。我認為我們看到了同樣的事情。如今國際旅行受到巨大限制。但在美國決定延長限制的同時，英國和歐洲都放寬了限制。所以我認為疫苗是遊戲規則的改變者。它正在發揮作用。隨著越來越多的人接種疫苗，未接種疫苗的人接種疫苗的情況已經有所改善。

But you're also seeing it working in Europe. So just a few weeks ago, Europe was way behind the curve on vaccinations. And they've ramped up to now they're equal or, in many cases, ahead of the U.S.

但你也看到它在歐洲發揮作用。因此，就在幾週前，歐洲在疫苗接種方面還遠遠落後於曲線。到目前為止，它們已經與美國持平，甚至在許多情況下領先美國。

Australia and New Zealand, which initially focused -- and in fact, much of Asia, it's initially focused, not on vaccines but in isolation and having domestic travel being the key, have shifted. And while they are low on vaccinations compared to the U.S. and Europe, they're rapidly fixing that.

澳洲和紐西蘭最初的重點——事實上，亞洲大部分地區，最初的重點不是疫苗，而是孤立的，國內旅行是關鍵，但現在已經發生了轉變。儘管與美國和歐洲相比，他們的疫苗接種率較低，但他們正在迅速解決這個問題。

So I think it's an uncertain period. But I think what we would expect is for months now, we will see restrictions and people staying closer to home. But I think there is a yearning to get out there. And once the vaccines get out there, once this -- they become more widely distributed, you'll see more international travel.

所以我認為這是一個不確定的時期。但我認為我們預計幾個月後，我們將看到限制和人們留在離家較近的地方。但我認為人們渴望走出去。一旦疫苗上市，一旦它們得到更廣泛的分發，你就會看到更多的國際旅行。

So that takes a while, and international travel also tends to book further in advance. So you would expect international travel for the first quarter to be -- a lot of that to be arranged already.

因此這需要一段時間，而且國際旅行也往往需要提前更早預訂。因此，您預計第一季的國際旅行——其中許多都已經安排好了。

So the fact that we haven't been booking, it means that the first quarter is going to be weak on that count. And I think as we're looking forward in the year, we're seeing people really expect things to move back to normal. And we're seeing international travel back to normal. And so once we get into the spring and summer, we are really very encouraged by what we're envisioning.

因此，事實上我們還沒有預訂，這意味著第一季在這方面將會疲軟。我認為，當我們展望今年時，我們看到人們確實希望事情能夠恢復正常。我們看到國際旅行恢復正常。因此，一旦進入春季和夏季，我們就會對自己的設想感到非常鼓舞。

That makes sense. And there was also a comment made about cruise consideration picking up among non-cruisers. Could you maybe put some numbers around that and just give some thoughts on how you see new-to-cruise returning?

這就說得通了。也有人評論說，非巡洋艦對巡遊的考慮增加。您能否就此提供一些數字，並就您如何看待新郵輪回歸提出一些想法？

Fred, it's Michael. Just to add a comment to Richard's response on international travel, I think one thing that's just important to note is that we've always had a significant international sales and marketing presence in pretty much all of the key markets globally. So we have that benefit, and we've always utilized that strength in normal times and in challenging times as well. So whether it's in Australia or Asia Pacific or throughout Europe, we always had significant presence. And we've always been able to drive significant demand from those markets, particularly [drive-to] markets, which has been very helpful.

弗雷德，這是麥可。只是為了對理查德關於國際旅行的回應添加評論，我認為需要注意的一件事是，我們一直在全球幾乎所有主要市場中擁有重要的國際銷售和行銷存在。因此，我們擁有這種優勢，無論在正常時期還是在充滿挑戰的時期，我們都始終利用這種優勢。因此，無論是在澳洲、亞太地區或整個歐洲，我們始終擁有重要的影響力。我們一直能夠推動這些市場的巨大需求，特別是[駕車前往]市場，這非常有幫助。

Sorry, what was the second question? I lost my train of thought there.

抱歉，第二個問題是什麼？我在那裡失去了思路。

Just the new-to-cruise, new-to-cruise.

只是郵輪新手，郵輪新手。

Yes. I think when we look at all of our stats, I'm not going to give you the numbers because, obviously, I can't recall them, but we've been tracking since the beginning of this the consumer sentiments across different segments and categories. What you see, which is very logical, is as the pandemic has raged and as vaccines have become prevalent, you see consumer confidence increase, you see travel hesitancy decrease, you see cruise hesitancy decrease. And we've seen improvements across all of these different segments and particularly for new-to-cruise.

是的。我認為，當我們查看所有統計數據時，我不會向您提供這些數字，因為顯然，我不記得它們了，但從一開始我們就一直在跟踪不同細分市場的消費者情緒，類別。你所看到的，這是非常合乎邏輯的，隨著大流行的肆虐和疫苗的普及，你會看到消費者信心增加，你會看到旅行猶豫減少，你會看到遊輪猶豫減少。我們已經看到所有這些不同細分市場的改進，特別是對於郵輪新手來說。

So if you look at new-to-cruise view of cruising today versus when we were in the depth of the pandemic, it's remarkably improved. And it continues its upward journey. So we do think, and to Richard's point and Jason's point about the flywheel, the more we have our ships in operations, the more customers that sail with us and have an amazing vacation and the more that we operate, then we believe that we'll see new-to-cruise come back fairly quickly.

因此，如果你看看今天的郵輪新人對郵輪的看法與我們處於大流行最嚴重時期相比，情況有了顯著改善。它繼續其向上的旅程。因此，我們確實認為，對於理查德和傑森關於飛輪的觀點，我們運營的船舶越多，與我們一起航行並享受美好假期的客戶越多，我們運營的越多，那麼我們相信我們'你會看到新遊輪的人很快就會回來。

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。

I'm hoping you'll talk a little bit about what your expectations for marketing and selling expenses are for the rest of the year. I'm wondering mostly if we think those should remain depressed, given the pent-up demand that still exists out there or if there is a specific positive ROI opportunity to entice more new-to-cruise back to the market.

我希望您能談談您對今年剩餘時間的營銷和銷售費用的期望。我主要想知道，鑑於仍然存在被壓抑的需求，或者是否存在特定的積極投資回報率機會來吸引更多遊輪新手回到市場，我們是否認為這些應該保持低迷。

Yes. Great question, Jaime. Our marketing teams have really been kind of more watching the timing of when we want to employ our sales and marketing activities. It's less about the overall amount. Our expectation is that we will ramp up our sales and marketing engine to harvest as much quality demand as we possibly can because we think that there's opportunity for it to be even stronger. And so what I would say is, overall, you should expect that we're going to spend closer back to the levels that we were before on the sales and marketing side when the timing is right.

是的。好問題，海梅。我們的行銷團隊確實更專注於我們何時想要開展銷售和行銷活動。整體金額較小。我們的期望是，我們將加強我們的銷售和行銷引擎，以盡可能滿足品質需求，因為我們認為它有機會變得更加強大。因此，我想說的是，總體而言，您應該預期，當時機成熟時，我們在銷售和行銷方面的支出將接近先前的水平。

What we are seeing, as you can see here, is demand for the future periods is exceptionally strong. And so our teams are always very kind of thoughtful about that. But we are generating demand not just for 2022, we're also generating demand for 2023 and even a little bit for '24 for brands like Silversea.

正如您在這裡所看到的，我們所看到的是未來時期的需求異常強勁。所以我們的團隊總是對此深思熟慮。但我們不僅為 2022 年創造了需求，我們還為 2023 年創造了需求，甚至為 Silversea 等品牌創造了一點 '24 的需求。

So Jaime, just -- sorry, let me just jump in for a second. I think we're feeling pretty optimistic about the opportunity that's in front of us. When we think about our marketing investment, marketing activity and spend over the past several months all the way through this year, it has been -- we've reduced it incredibly. And yet the demand that we've seen coming through the door has been really strong. So we've seen demand almost at the same level as '19 and it continues. And yet ironically, our investment has been remarkably low. So we are thinking that as we move through into September, and of course, we're mindful of the Delta variant, but when we really do go to market, we think that there's going to be significant opportunity for us. So we're quite thoughtful about this.

Jaime，抱歉，讓我插話一下。我認為我們對擺在我們面前的機會感到非常樂觀。當我們考慮過去幾個月一直到今年的行銷投資、行銷活動和支出時，我們已經令人難以置信地減少了。然而，我們看到的需求確實非常強勁。因此，我們看到需求幾乎與 19 年持平，而且這種情況還在持續。但諷刺的是，我們的投資卻非常低。因此，我們認為，隨著進入 9 月份，我們當然會關注 Delta 變體，但當我們真正進入市場時，我們認為我們將有重大機會。所以我們對此深思熟慮。

And one of the things that we -- we're very thoughtful about, of course, is pricing. And we're already seeing that not only are people spending up, but we're seeing that in our onboard spend. So I think Jason commented earlier that we've been incredibly encouraged by the spending onboard our ships that we've already started operating. In fact, the numbers have been very impressive.

當然，我們非常考慮的事情之一就是定價。我們已經看到，不僅人們的消費在增加，而且我們在機上消費中也看到了這一點。因此，我認為傑森早些時候評論說，我們已經開始運營的船上支出讓我們深受鼓舞。事實上，這些數字非常令人印象深刻。

So we think that there's an opportunity coming. And I think when we really go to market in a positive way as we move into the fourth quarter, we're encouraged by what we think is going to happen in terms of demand.

所以我們認為機會來了。我認為，當我們進入第四季度時，當我們真正以積極的方式進入市場時，我們對需求方面將發生的事情感到鼓舞。

Okay. There was some commentary on the booking curve, and it actually sounded to me like the -- directionally, it might be lengthening despite the fact that it's probably still shorter than it was pre-pandemic. Is there any color you can add on that?

好的。關於預訂曲線有一些評論，在我看來，它實際上聽起來像是——從方向上講，它可能會延長，儘管事實上它可能仍然比大流行前更短。您可以添加任何顏色嗎？

So I think that was -- you're probably referring to my comment and that also actually ties in a little to the previous question. I think, actually, the booking curve has shortened because we don't have -- we didn't have the wave period this year that would have given us a base for 2022 and even in 2023. And so I think, if anything, it's actually gotten shorter because of the uncertainty and because of the fact that this is only ramping up very quickly.

所以我認為——你可能指的是我的評論，這實際上也與前一個問題有一些聯繫。我認為，實際上，預訂曲線已經縮短，因為我們今年沒有為我們提供 2022 年甚至 2023 年基礎的波動期。所以我認為，如果有的話，由於不確定性以及這種情況只會快速增加這一事實，它實際上變得更短了。

Our objective is to get it back. The longer booking curve is helpful to us. It's also helpful in our yield management models. And so we want that to happen. And yes, we will be investing in marketing. It's one of the things marketing does do. So even though demand has been pretty good, we're never satisfied with demand. And if we can ramp up more demand and particularly on short notice, so we will have a period where we have to fill in the short term as well as generate the long term.

我們的目標是把它拿回來。較長的預訂曲線對我們有幫助。它對我們的收益管理模型也很有幫助。所以我們希望這種情況發生。是的，我們將投資於行銷。這是行銷所做的事情之一。因此，儘管需求相當不錯，但我們永遠無法滿足於需求。如果我們能夠增加更多的需求，特別是在短時間內，那麼我們將有一段時間，我們必須在滿足短期需求的同時創造長期需求。

The other thing that is relevant, you asked about first-time cruisers or it's rather people who haven't cruised before, there's no question that, that is a real opportunity for us that we want to be exploring going forward.

另一件相關的事情，你問的是第一次巡遊的人，或是以前沒有巡遊過的人，毫無疑問，這對我們來說是一個真正的機會，我們希望繼續探索。

Just to add to it, well, as Richard commented, on average, the booking window has contracted a little bit as, of course, we're launching sailings and we're selling very short in.

補充一點，正如理查德評論的那樣，平均而言，預訂窗口已經縮小了一點，當然，我們正在推出航班，而且我們的銷售量非常少。

One thing that's very clear, which, of course, is helping extend the booking window is demand for the peak summer period of time is really exceptional. And it's clear that customers want to make sure, as they've kind of compromised this summer, they certainly compromised last summer, but especially for family holidays, multigenerational travel, you're certainly seeing customers kind of lock themselves in for that period.

有一件事非常明確，當然，這有助於延長預訂窗口，那就是夏季高峰時段的需求確實非常特殊。很明顯，客戶希望確保，正如他們今年夏天有所妥協一樣，他們去年夏天也確實有所妥協，但特別是對於家庭度假、多代同堂的旅行，你肯定會看到客戶在這段時間裡把自己鎖在了裡面。

Your next question is from Sharon Zackfia of William Blair.

您的下一個問題來自威廉布萊爾的莎朗扎克菲亞。

I wanted to follow up on the pricing dynamic for onboard activities. Have you started to take pricing on some of those excursions or the bar or the spa? And how are you seeing customer elasticity of demand there?

我想跟進船上活動的定價動態。您是否開始對某些短途旅行、酒吧或水療中心進行定價？您如何看待那裡的客戶需求彈性？

So just overall, our pricing for many things on board is dynamic. We're also being thoughtful about it as our guests are returning. What you're really seeing is it's not just about price, it's really just the volume or the willingness or the -- for them to take more money out of their wallets to enhance their overall experience. And so it's not just one thing, we're really seeing it across all of our onboard activities.

因此，總的來說，我們對船上許多物品的定價是動態的。當我們的客人回來時，我們也會考慮這一點。你真正看到的是，這不僅僅是價格的問題，實際上只是數量、意願或——讓他們從錢包裡掏出更多的錢來增強他們的整體體驗。所以這不僅僅是一件事，我們在所有船上活動中都看到了這一點。

As well as on the pre-cruise side, as they're planning their vacation experiences, they're being really thoughtful to make sure that it's a very kind of well baked and meets their very high expectations in which we're delivering for them. And so it's really -- I think, I mean, if you look over what we saw last quarter, look at what we're seeing here in the month of July, the APDs we're seeing are almost double what we have seen in previous periods of time. And that is not only a record, but I think it's an indicator of the level of wealth and demand and thirst for experience.

以及在航行前的方面，當他們在計劃他們的假期體驗時，他們非常周到，以確保它是精心烘焙的，並滿足他們對我們為他們提供的非常高的期望。所以，我想，我的意思是，如果你看看我們上個季度看到的情況，看看我們在 7 月看到的情況，我們看到的 APD 幾乎是我們看到的兩倍前一段時間。這不僅是一個記錄，而且我認為它是財富水平、需求和對體驗渴望的一個指標。

That's really helpful, Jason. And are you seeing that skew disproportionately to U.S. passengers? Or are you seeing that pretty globally across nationalities?

這真的很有幫助，傑森。您是否發現這種情況對美國乘客的傾斜程度不成比例？或者您在全球各個國家/地區都看到這種情況嗎？

We're seeing it globally. I think it's occurring all over the world. And certainly, with our American guests, it's really -- you can really see it. So it's across all of our customers.

我們在全球範圍內都看到了這一點。我認為這種情況正在世界各地發生。當然，對於我們的美國客人來說，你確實可以看到這一點。所以它適用於我們所有的客戶。

Your next question is from Ben Chaiken of Credit Suisse.

您的下一個問題來自瑞士信貸銀行的本·柴肯。

You gave some color on capacity. And then Jason, you alluded to it on Steve's question, I believe. But for 4Q, I guess since you gave some color around 80% of the fleet being back, can you just maybe high level talk about how you're thinking about total APCDs? So again, I know 80% of capacity, I think you meant that in ships. So like units, any help on APCD side?

您對容量給出了一些顏色。然後傑森，我相信你在史蒂夫的問題上提到了這一點。但對於第四季度，我想既然你給了大約 80% 的機隊回歸的一些顏色，你能否高層談談你對總 APCD 的看法？再說一次，我知道 80% 的容量，我想你指的是船。那麼像單位一樣，APCD 方面有什麼幫助嗎？

Yes. Well, we can kind of work a little bit offline on in terms of the APCD side. It's a little bit fluid because in some cases, we have test sailings and so forth. So it's not necessarily a meaningful metric or measure to put out there.

是的。嗯，我們可以在 APCD 方面進行一些離線工作。這有點不穩定，因為在某些情況下，我們會進行試航等。因此，它不一定是一個有意義的指標或衡量標準。

But we're 65% of our capacity. We expect to have up in the third quarter. It's going to wrap itself up to 80%. I think the thing to be mindful about is we say 65% of our capacity is online, but many of those ships are just beginning their flywheel and ramping themselves up and that additional 15 percentage points that you're going to see in the fourth quarter, similarly, they're ramping themselves up. And it's a little bit why when we talk about 2022 not being a normal year, it is because ships are ramping themselves up and especially in the first quarter. And then the fleet is kind of back up and running, and we expect to be generally normal here as we kind of get through that ramp-up activity.

但我們已經完成了 65% 的產能。我們預計第三季會有所上升。它將自行包裝至 80%。我認為需要注意的是，我們說我們 65% 的運力是在線的，但其中許多船舶剛開始啟動並自我提升，您將在第四季度看到額外的 15 個百分點同樣，他們也在不斷提升自己。這就是為什麼當我們談論 2022 年不是正常的一年時，這是因為船舶數量正在增加，尤其是在第一季。然後機隊就會恢復正常運行，我們預計在完成啟動活動後，一切都會正常。

Got you. That's helpful. And then one more, if I missed it, I apologize. I think you said, if I caught you correct, I think you said 6 months until you're kind of in that breakeven time frame for the company overall. Do you think you're in a reasonable liquidity position at this point?

明白你了。這很有幫助。然後還有一個，如果我錯過了，我深感抱歉。我想你說過，如果我沒聽錯的話，我想你說的是 6 個月，直到公司整體達到損益兩平的時間框架。您認為目前您的流動性狀況合理嗎？

Well, we think we're in a strong liquidity position. And we are very focused on our journey to get back to our pre-COVID balance sheet and unencumbered balance sheet. And those are the activities that you're seeing us do.

嗯，我們認為我們的流動性狀況良好。我們非常專注於恢復新冠疫情前的資產負債表和未支配資產負債表。這些就是您看到我們所做的活動。

And I think the other thing to keep in mind is our collections, right, in terms of customer deposits, are meaningfully increasing. And so that's kind of another kind of positive layer to our ability to be generating positive cash flow.

我認為另一件事要記住的是我們的收藏，就客戶存款而言，正在顯著增加。因此，這是我們產生正現金流的能力的另一個積極層。

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 guess just a follow-up on one of your comments about the customer deposits. That obviously has been coming back quickly. Should we anticipate that, that should be linear? Is there any kind of seasonality to think through in the back half of this year and early next year?

我想這只是您關於客戶存款的評論之一的後續行動。這顯然很快就恢復了。我們是否應該預期它應該是線性的？今年下半年和明年初是否有任何季節性需要考慮？

Stephen, there's always a level of seasonality. You just -- obviously, as you're taking on bookings for more in the peak periods of time, there's a rise on the customer deposit side of things. So I think there's a level of that.

史蒂芬，總是有一定程度的季節性。顯然，當您在高峰時段接受更多預訂時，客戶押金方面就會有所增加。所以我認為這是有一定程度的。

But for here, for the most part, what we're just seeing is a very steady, but I think quantum step change, each month as we're starting to sell cruises for the future. And a lot of it's just tied to the announcements. And so like the announcement yesterday from Royal, that starts really the flywheel spinning for those ships. And that would tie more towards those announcements and that ramp-up beginning based off of that.

但就這裡而言，在大多數情況下，我們所看到的是非常穩定的，但我認為每個月都會發生巨大的變化，因為我們開始銷售未來的遊輪。其中很多都與公告有關。就像皇家公司昨天宣布的那樣，這確實開始了這些船舶的飛輪旋轉。這將更多地與這些公告以及基於此的加速啟動聯繫在一起。

And when you think about it, 80% of our bookings are new bookings, right? I mean about 20 -- a little bit less than 20% are FCCs or lift and shifts. And that is -- we see each time we announce a ship coming online and the timing of that, that's resulting in our customer deposit balance rising.

您仔細想想，我們 80% 的預訂都是新預訂，對嗎？我的意思是大約 20 個——略低於 20% 是 FCC 或直接輪班。也就是說，每次我們宣布一艘船上線以及上線的時間，我們都會看到，這會導致我們的客戶存款餘額上升。

Stephen, it's Michael. I'd just like to add to Jason's comment. It's kind of a big deal when we do make the announcements on return to service and confirm a ship's deployment, sailing dates and what have you. We literally have hundreds of thousands, if not millions of customers, who are simply waiting for the confirmation. When we last announced our return-to-service confirmation, I think it was at the beginning of June, that's when we saw a really significant increase in bookings. And I think the announcement that we made yesterday should also receive a significant amount of interest. We get a lot of questions from our customers. If you go on social media, people are -- they're waiting. They're waiting for the confirmation. And yesterday, we gave confirmation on the remaining fleet. So we feel quite optimistic about that.

史蒂芬，我是麥可。我想補充一下傑森的評論。當我們宣布恢復服務並確認船舶的部署、航行日期等資訊時，這是一件大事。事實上，我們有數十萬甚至數百萬客戶，他們只是在等待確認。當我們上次宣布恢復服務確認時，我想是在六月初，那時我們看到預訂量確實顯著增加。我認為我們昨天發布的公告也應該引起很大的興趣。我們從客戶收到很多問題。如果你瀏覽社群媒體，人們就會——他們在等待。他們正在等待確認。昨天，我們確認了剩餘機隊的情況。所以我們對此感到非常樂觀。

That's great color. And maybe one other follow-up, and I may have missed this in some of your intro remarks. But how does your expectations around breakeven and occupancy levels change for the ships that have gone out? It looks like the pricing, especially since you've only had a couple of weeks to get some of these ships up and running, is pretty impressive. So has your thought around the kind of ship-level breakeven evolved?

那顏色真棒。也許還有另一個後續行動，我可能在您的一些介紹性評論中錯過了這一點。但是，您對已退出船舶的損益平衡和入住率的預期有何變化？看起來價格相當令人印象深刻，特別是因為你只有幾週的時間來讓其中一些船隻啟動並運行。那麼，您對船舶級損益平衡的想法是否有所發展？

Yes. Well, certainly, our breakeven level has gone a little bit better because, as you said, Stephen, whether it's 2022 or 2021 or sailing next week, the APDs are higher. The higher APDs are -- obviously will impact the load factor that's necessary in order to -- for them to be breakeven on the cash position. And so again, I think it just kind of shows overall the encouragement that -- what you see in terms of the guests that are sailing, with the number of guests that are sailing with us, it is very in line with how we're looking to ramp up the ships, albeit at higher prices than we had anticipated.

是的。嗯，當然，我們的收支平衡水平有所提高，因為正如您所說，史蒂芬，無論是 2022 年還是 2021 年，還是下週航行，APD 都更高。較高的 APD 顯然會影響他們在現金頭寸上實現盈虧平衡所必需的負載係數。再說一次，我認為這總體上顯示了一種鼓勵——你所看到的航行的客人，以及與我們一起航行的客人的數量，這與我們的方式非常一致希望增加船舶數量，儘管價格比我們預期的要高。

Your next question is from Assia Georgieva of Infinity Research.

您的下一個問題來自 Infinity Research 的 Assia Georgieva。

This might be more of a question for Michael. I wonder, with the difference in loosening travel restrictions in Europe versus North America, have you seen more of a mix change towards European passengers versus what would be domestic passengers in the -- if we can parse it a little bit further down? With our home of -- in the Sunshine State and some of the legal issues there, are there fewer Floridians that are traveling than you would normally expect?

對邁克爾來說，這可能是一個更重要的問題。我想知道，由於歐洲與北美放鬆旅行限制的差異，您是否看到了針對歐洲乘客與國內乘客的更多混合變化——如果我們可以進一步分析一下的話？由於我們的家鄉位於陽光之州，並且那裡存在一些法律問題，因此外出旅行的佛羅裡達人是否比您通常預期的要少？

I think as we look -- I think all of our ships and brands face a fairly dynamic changing environment where rules, regulations, legislation, as we know, has shifted and changed. What we've seen in terms of demand is really reflected in the commentary that we've already provided, which is with significantly less marketing investment, the demand has been surprisingly strong. There's puts and takes throughout all of that landscape. But at a higher level, demand is strong. I think for products for the closer to home, demand is even stronger.

我認為，正如我們所看到的，我們所有的船舶和品牌都面臨著一個相當動態變化的環境，正如我們所知，規則、法規、立法已經發生了變化。我們所看到的需求確實反映在我們已經提供的評論中，即在行銷投資明顯減少的情況下，需求卻出乎意料地強勁。整個景觀中都有放置和取出。但在更高的層面上，需求是強勁的。我認為對於離家較近的產品，需求更加強勁。

Different countries within Europe have gone through their own journey with COVID. So it's a more complicated environment in Europe ironically than it is in the United States, even though in the United States, we have to deal with the various issues associated with legislation, et cetera.

歐洲不同國家都經歷了各自的新冠疫情歷程。因此，諷刺的是，歐洲的環境比美國更複雜，儘管在美國，我們必須處理與立法等相關的各種問題。

So I think -- I'm not sure if I'm really answering the question clearly to you. But I think as we move through this, what we've been surprised with is the strength of the demand. And I think that's reflected in the numbers that we have.

所以我想——我不確定我是否真的清楚地回答了你的問題。但我認為，當我們經歷這個過程時，令我們驚訝的是需求的強度。我認為這反映在我們現有的數字中。

So I'm not sure if I've answered the question clearly for you, but it's kind of a complicated -- it's a complex landscape, but the bigger picture view of this is very positive.

所以我不確定我是否已經清楚地回答了你的問題，但它有點複雜——這是一個複雜的景觀，但從更大的角度來看，這是非常積極的。

Well, because it is pretty complicated. And as you mentioned, in Europe, first of all, different jurisdictions, different countries have been changing, loosening restrictions, adding on -- not lockdowns but additional testing, vaccination requirements. So it seems that it's very fluid all the time. And I wonder whether for Q1, given that this is not going to be a great quarter, some of that might be because of difficulty for Europeans getting to Florida, let's say, or to any sort of Caribbean embarkation ports that might be affecting some of the expectations that you have for that quarter.

嗯，因為它相當複雜。正如你所提到的，在歐洲，首先，不同的司法管轄區、不同的國家一直在改變、放鬆限制、增加——不是封鎖，而是額外的檢測和疫苗接種要求。所以看起來它一直都非常流暢。我想知道，鑑於這不會是一個偉大的季度，其中一些可能是因為歐洲人難以到達佛羅裡達州，或者是任何可能影響某些加勒比海地區的登船港口。您對該季度的期望。

No, I'll just jump in there. I don't think that's really -- there's lots of things that I think affect our point of view on the first quarter. First is just the time frame and booking window. Second is just the ramp-up of our ships in terms of expectations, going from their starting position and ramping themselves up. And I think some of it is a little bit kind of a cautious outlook when we kind of consider the Asia Pac side, especially the Australia and New Zealand side, which that's kind of the period of time which our ships typically operate. I think just a more general demand in our key markets like North America and Europe and U.K. and so forth, I'm sure all that will play a little bit into what you're saying, but it's not, I think, right now at the heart of our commentary for the first quarter.

不，我就跳進去。我認為這並不是真的——我認為有很多事情影響了我們對第一季的看法。首先是時間範圍和預訂窗口。其次是我們的船舶在期望上的提升，從起始位置開始，不斷提升自己。我認為，當我們考慮亞太地區，特別是澳大利亞和紐西蘭方面時，其中一些前景有點謹慎，這是我們船舶通常運營的時間段。我認為北美、歐洲和英國等主要市場的更普遍需求，我相信所有這些都會對你所說的話有所影響，但我認為現在還沒有我們第一季評論的核心。

Yes. I think also -- just jumping on that as well. I mean we -- traditionally, our Q1 bookings tend to be closer in home market activity anyway. I mean it's not -- Q1 has never been a high international travel market for any of our brands or products. So typically, as you move into this -- the peak summer, that's when you really see a lot of people traveling across continents and what have you. It's lesser during the Q1 period on a traditional basis anyway.

是的。我也這麼認為——也只是跳到這一點上。我的意思是，傳統上，我們第一季的預訂量往往更接近國內市場活動。我的意思是，對於我們的任何品牌或產品來說，第一季從來都不是一個高國際旅行市場。因此，通常情況下，當你進入夏季高峰期時，你會真正看到很多人跨越各大洲旅行以及你有什麼。無論如何，從傳統的角度來看，第一季的情況要少一些。

Thank you so much, Michael and Jason. Again, this has been very difficult, not only from a virus perspective but also from a regulatory perspective. So I appreciate the commentary.

非常感謝邁克爾和傑森。同樣，這非常困難，不僅從病毒的角度來看，而且從監管的角度來看也是如此。所以我很欣賞你的評論。

And your final question is from Vince Ciepiel of Cleveland Research.

最後一個問題來自克里夫蘭研究中心的文斯‧西皮爾 (Vince Ciepiel)。

I wanted to -- big picture thinking about the longer-term opportunity for the business despite maybe some near-term noise and restart costs. But on the other side of all of this, it sounds like pricing is pretty good. I'm curious how you think about the margin opportunity, any learnings coming through COVID to make you more efficient. And then I think there's been some changes within the fleet that should improve efficiency as well. So how are you thinking about that opportunity?

我想從大局考慮企業的長期機會，儘管近期可能會出現一些噪音和重啟成本。但從另一方面來看，定價似乎相當不錯。我很好奇你如何看待利潤機會，以及透過新冠疫情學到的任何能讓你提高效率的知識。然後我認為機隊內部發生了一些變化，這也應該提高效率。那麼您如何看待這個機會呢？

Well, I think -- I'm very pleased with the question because that's really where the opportunity lies. We tend to be very focused on the short term. And that's only appropriate in the 1.5 years that's been maniacally focused on the short term, on getting the ships back into service, on protocols, on regulation, et cetera. And I think your question is very focused on the same sort of thing we've begun to focus on as we come back.

嗯，我想——我對這個問題非常滿意，因為這確實是機會所在。我們往往非常關注短期。這僅適用於 1.5 年，因為人們瘋狂地專注於短期、讓船舶重新投入使用、協議、監管等等。我認為你的問題非常集中在我們回來後開始關注的同一類事情。

So there are a series of things. The most important is to reestablish the credibility of cruising in the consumer's mind. And I think that you are seeing this happening nicely, and we're very optimistic about the direction that, that will go both for experienced cruisers and for new cruisers, and we need to develop both of those markets.

於是就有了一系列的事情。最重要的是在消費者心中重建郵輪的可信度。我認為您看到這種情況發生得很好，我們對經驗豐富的巡洋艦和新巡洋艦的發展方向非常樂觀，我們需要開發這兩個市場。

We're also seeing, as we normally do, a tremendous interest in the new ships that we have coming and the revitalization of ships that we've had. And we're seeing that in our forward bookings. We're seeing that in our ramping up. And many of the changes that we've made have enhanced our onboard revenue capabilities, et cetera.

正如我們通常所做的那樣，我們也看到人們對我們即將推出的新艦艇以及我們現有艦艇的振興產生了極大的興趣。我們在提前預訂中看到了這一點。我們在我們的努力中看到了這一點。我們所做的許多改變增強了我們的船上收入能力等等。

And lastly, there's the operating efficiency. We spent a lot of time during this period focusing on ways that we can operate more efficiently, better use of technology, better cost control capabilities, better ability to generate onboard revenue and efficiencies from new technology. So all of those things are very much working in our favor. And we think, as we're looking forward, those will put us back on the trajectory that we were prior to the pandemic.

最後是營運效率。在此期間，我們花了很多時間專注於如何更有效地運作、更好地利用技術、更好的成本控制能力、更好地產生船上收入的能力和新技術的效率。所以所有這些事情都非常有利於我們。我們認為，正如我們所期望的那樣，這些將使我們回到大流行之前的軌道。

Okay. Thanks, Vince. Well, thank you for your assistance today, Shelby, with the call today. And we thank you all for your participation and ongoing interest in the company. Michael will be available all day for any follow-ups you might have. And from all of us, we wish you a very great day.

好的。謝謝，文斯。好的，謝爾比，謝謝你今天打電話給我的幫助。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。我們所有人祝福您有個愉快的一天。

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。