皇家加勒比遊輪 (RCL) 2023 Q1 法說會逐字稿

Good morning. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Royal Caribbean Group First Quarter 2023 Earnings and Business Update Conference Call. (Operator Instructions)

早上好。我叫麗莎，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加皇家加勒比集團 2023 年第一季度收益和業務更新電話會議。 （操作員說明）

I would now like to turn the conference over to Mr. Michael McCarthy, Vice President, Investor Relations. Please go ahead, sir.

我現在想將會議轉交給投資者關係副總裁 Michael McCarthy 先生。請繼續，先生。

Good morning, everyone, and thank you for joining us today for our First Quarter 2023 Business Update Conference Call. Joining me here in Miami are Jason Liberty, our Chief Executive Officer; Naftali Holtz, our Chief Financial Officer; and Michael Bayley, President and CEO of Royal Caribbean International.

大家早上好，感謝您今天加入我們的 2023 年第一季度業務更新電話會議。和我一起來邁阿密的是我們的首席執行官 Jason Liberty；我們的首席財務官 Naftali Holtz；皇家加勒比國際集團總裁兼首席執行官邁克爾·貝利 (Michael Bayley)。

Before we get started, I'd like to note that we will be making forward-looking statements during this call. These statements are based on management's current expectations and are subject to risks and uncertainties. A number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release issued this morning as well as our filings with the SEC for a description of these factors. We do not undertake to update any forward-looking statements as circumstances change.

在我們開始之前，我想指出，我們將在本次電話會議期間做出前瞻性陳述。這些陳述基於管理層當前的預期，並受到風險和不確定性的影響。許多因素可能導致實際結果與我們目前的預期存在重大差異。請參閱我們今天上午發布的收益報告以及我們向美國證券交易委員會提交的文件，了解對這些因素的描述。我們不承諾隨著情況的變化更新任何前瞻性陳述。

Also, we will be discussing certain non-GAAP financial measures, which are adjusted as defined, and a reconciliation of all non-GAAP items can be found on our website and in our earnings release available at www.rclinvestor.com.

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，所有非 GAAP 項目的對賬可以在我們的網站和我們在 www.rclinvestor.com 上發布的收益中找到。

Jason will begin the call by providing a strategic overview and update on the business. Naftali will follow with a recap of our first quarter and an update on our latest actions and on the current booking environment. We will then open the call for your questions.

Jason 將通過提供戰略概述和業務更新來開始通話。 Naftali 將隨後回顧我們的第一季度，並更新我們的最新行動和當前的預訂環境。然後我們將打開您的問題的電話。

With that, I'm pleased to turn the call over to Jason.

有了這個，我很高興把電話轉給傑森。

Thank you, Michael, and good morning, everyone. I'm thrilled to be here this morning to share our incredible first quarter results and the strong trajectory of our business. When we turn the page from 2022 into 2023 with the full strength of our operating platform deployed and numerous tailwinds related to the consumers' desire to travel and experience the world, we believe this would be a great year. We expect it to finally return to yield growth in the first quarter and accelerate even more through the rest of the year.

謝謝邁克爾，大家早上好。我很高興今天早上能來到這里分享我們令人難以置信的第一季度業績和我們業務的強勁發展軌跡。當我們從 2022 年翻到 2023 年時，我們的運營平台的全部實力得到部署，並且與消費者旅行和體驗世界的願望相關的眾多順風，我們相信這將是偉大的一年。我們預計它最終會在第一季度恢復收益率增長，並在今年餘下時間加速增長。

Well, as you saw in the press release this morning, what transpired over the past 4 months was much better than we had anticipated. Our brands are stronger than ever and our yield in Q1 blew away previous records.

好吧，正如您在今天早上的新聞稿中看到的那樣，過去 4 個月發生的事情比我們預期的要好得多。我們的品牌比以往任何時候都更強大，我們在第一季度的收益率打破了之前的記錄。

Before getting into the detail, I want to thank the entire Royal Caribbean Group team, 100,000 plus strong for another outstanding quarter. Their dedication and commitment allow us to deliver the very best vacation experiences responsibly while generating strong financial results.

在進入細節之前，我要感謝整個皇家加勒比集團團隊，100,000 多人為另一個出色的季度提供了強大的支持。他們的奉獻和承諾使我們能夠負責任地提供最好的假期體驗，同時產生強勁的財務業績。

As highlighted on Slide 4, it has been a tremendous first quarter that set us well on the path to a year that is significantly better than we expected just a few months back. We knew that demand for our business was strong, but what has transpired was a record-breaking extended wave season that translated into robust bookings and meaningfully better prices. In the first quarter, we delivered a record 1.9 million memorable vacations, achieved 102% load factor at higher pricing than 2019 and earned exceptional guest satisfaction scores.

正如幻燈片 4 中強調的那樣，第一季度表現出色，使我們順利邁向了比我們幾個月前預期的一年要好得多的一年。我們知道對我們業務的需求強勁，但實際情況是破紀錄的延長浪潮季節轉化為強勁的預訂量和有意義的更好價格。第一季度，我們提供了創紀錄的 190 萬次難忘假期，以高於 2019 年的價格實現了 102% 的載客率，並獲得了卓越的客戶滿意度。

Yields grew 5.8% compared to record 2019 levels, and were significantly above our guidance. Strong demand for Caribbean itineraries, translated into higher load factors had better-than-expected pricing for both ticket and onboard. Our yields are now exceeding record highs, and we expect this trend to continue for the rest of the year and beyond. This is particularly significant because while we thought the first quarter would be a transition period, we always expected the rest of the year to be strong. The fact that demand for the coming 9 months is so much stronger than our already robust expectations says a lot about the strength of the consumer and the strength of our brands.

與創紀錄的 2019 年水平相比，收益率增長了 5.8%，遠高於我們的指引。對加勒比航線的強勁需求轉化為更高的載客率，機票和船上價格均好於預期。我們的收益率現在超過了歷史新高，我們預計這一趨勢將在今年餘下時間及以後持續下去。這一點特別重要，因為雖然我們認為第一季度將是一個過渡期，但我們始終預計今年餘下時間會表現強勁。未來 9 個月的需求遠高於我們本已強勁的預期，這一事實充分說明了消費者的實力和我們品牌的實力。

Adjusted EBITDA and adjusted EPS in the first quarter were both considerably higher than our guidance, and we generated $1.3 billion of operating cash flow. Strong revenues, our continued focus on increasing margins and favorable timing of operating expenses contributed to the better-than-expected earnings performance. The acceleration of demand, coupled with our team's incredible execution is also translating into higher revenue and earnings expectations for the full year.

第一季度調整後的 EBITDA 和調整後的每股收益都大大高於我們的指導，我們產生了 13 億美元的運營現金流。強勁的收入、我們對提高利潤率的持續關注以及運營支出的有利時機促成了好於預期的盈利表現。需求的加速增長，加上我們團隊令人難以置信的執行力，也轉化為更高的全年收入和盈利預期。

As you can see on Page 5, we are more than doubling our full year yield growth expectations to 6.75% to 7.75% on increased expectations for ticket and onboard revenues. We are also increasing earnings per share expectations by 40% to $4.40, to $4.80 as we continue to focus on expanding margins as revenue accelerates.

正如您在第 5 頁所見，由於對機票和機上收入的預期增加，我們將全年收益率增長預期提高了一倍多，達到 6.75% 至 7.75%。我們還將每股收益預期提高 40% 至 4.40 美元，至 4.80 美元，因為隨著收入的加速增長，我們將繼續專注於擴大利潤率。

Now I'll provide some insight into the robust demand environment and our incredible wave season. Bookings outpaced 2019 levels by a very wide margin throughout the entire first quarter and into April. Pricing was also significantly higher as our commercial apparatus across all channels has been driving quality demand into our vacation ecosystem. The strong wave season resulted in an acceleration of our book position in relation to prior years. The booking window is now completely back to normal, demonstrating consumers' desire to continue to plan their vacation travel with us well in advance.

現在，我將對強勁的需求環境和我們令人難以置信的浪潮季節提供一些見解。從整個第一季度到 4 月份，預訂量都大大超過了 2019 年的水平。由於我們所有渠道的商業設備一直在推動我們度假生態系統的質量需求，因此定價也明顯更高。強勁的波浪季節導致我們的賬面狀況與往年相比有所加快。預訂窗口現已完全恢復正常，表明消費者希望繼續提前與我們一起計劃他們的假期旅行。

While demand has been strong across all products and markets, we continue to see exceptional strength from the North American consumer. This strength in combination with the incredible, Perfect Day at CocoCay has resulted in record yields for our Caribbean sailings. In addition, European bookings are nicely outpacing 2019 levels with peak summer sailings trending particularly well in recent weeks. The robust demand we see for our products as a result of our superior brands, hardware, enhanced destination offerings, a nimble and global sourcing model and strong execution by our teams.

儘管所有產品和市場的需求都強勁，但我們繼續看到北美消費者的非凡實力。這種優勢與 CocoCay 令人難以置信的完美一天相結合，使我們的加勒比海航行創下了創紀錄的收益。此外，歐洲的預訂量大大超過了 2019 年的水平，最近幾週的夏季高峰期航行趨勢特別好。由於我們卓越的品牌、硬件、增強的目的地產品、靈活的全球採購模式以及我們團隊的強大執行力，我們看到了對我們產品的強勁需求。

As you heard me say on prior earnings calls, we continue to see financially healthy and engage consumers, who are eager to vacation and build memories with us. Our customer sentiment remains strong and is bolstered by strong labor markets, high wages and excess savings. Secular tailwinds continue to benefit us as consumers continue to shift preferences and spend from goods to experiences, resulting in a strong entertainment and travel spend. This trend continued in the first quarter where spend on experience was 24% higher than 2019 and double the spend on goods. Further, our research shows that consumers plan to continue prioritizing leisure travel over other spend.

正如您在之前的財報電話會議上聽到我所說的那樣，我們繼續看到財務狀況良好並吸引了渴望與我們一起度假並留下回憶的消費者。我們的客戶情緒依然強勁，並受到強勁的勞動力市場、高工資和超額儲蓄的支持。隨著消費者繼續將偏好和消費從商品轉向體驗，長期順風繼續使我們受益，從而導致強勁的娛樂和旅遊支出。這一趨勢在第一季度繼續存在，體驗支出比 2019 年高出 24%，是商品支出的兩倍。此外，我們的研究表明，消費者計劃繼續將休閒旅行置於其他支出之上。

Our addressable market is plentiful and continues to be meaningfully larger than it was in 2019. Our product appeals to a broad range of vacationers who are seeking everything from a short getaway to a Perfect Day to a luxury world cruise.

我們的潛在市場很豐富，並且比 2019 年的規模繼續大得多。我們的產品吸引了範圍廣泛的度假者，他們正在尋求從短途旅行到完美一天再到豪華環球郵輪的一切。

Cruising remains an exceptional value proposition. I would actually say it's too attractive of a value proposition, which is allowing us to outperform broader leisure travel as we seek to close the gap to land-based vacations and drive better revenue and happy customers. Cruise search is up 15% versus 2019, significantly outpacing the growth in general vacation search and contributing to the doubling of visitors to our website when compared to 2019.

巡航仍然是一個特殊的價值主張。我實際上會說它的價值主張太有吸引力了，這使我們能夠超越更廣泛的休閒旅行，因為我們試圖縮小與陸地假期的差距，並推動更好的收入和快樂的客戶。與 2019 年相比，郵輪搜索增長了 15%，大大超過了一般度假搜索的增長速度，與 2019 年相比，我們網站的訪問者翻了一番。

Our vacations are popular among a broad range of consumers, which allows us to attract more and more new customers into our ecosystem. In the first quarter, the percentage of guests, who are either new to brand or new to cruise, surpassed 2019 levels by a wide margin. The improvements we have made in our commercial capabilities have allowed us to capture quality demand and expand our share of guest wallet.

我們的假期深受廣大消費者的歡迎，這使我們能夠吸引越來越多的新客戶加入我們的生態系統。第一季度，新接觸品牌或新接觸郵輪的客人比例大幅超過 2019 年水平。我們在商業能力方面所做的改進使我們能夠捕捉質量需求並擴大我們在客人錢包中的份額。

In the first quarter, about 2/3 of our guests booked some of their onboard activities in advance of their cruise. The comparable figure in 2019 was 48%, so you can see we have used our time well to upgrade our systems. Every dollar a guest spends pre-cruise translates into approximately $0.70 of incremental spend once on board. While we have made a significant leap in our commercial capabilities, we are still in the early innings of our journey, and we'll continue to add features and capabilities to our app and commercial engines.

在第一季度，我們約有 2/3 的客人在航行前預訂了一些船上活動。 2019 年的可比數字是 48%，所以你可以看到我們已經很好地利用了我們的時間來升級我們的系統。客人在遊輪前花費的每一美元都會轉化為大約 0.70 美元的增量消費。雖然我們在商業能力方面取得了重大飛躍，但我們仍處於旅程的早期階段，我們將繼續為我們的應用程序和商業引擎添加特性和功能。

Looking to the rest of 2023, we expect to deliver amazing vacation experiences to over 8 million guests a record yields as we deploy our best-in-class fleet across the best global itineraries. We expect to return to historical load factors in late spring and continue to benefit from a strong pricing environment. We expect to deliver record yields that are 6.75% to 7.75% higher than 2019 with every one of our brands generating positive direct profit this year. Our strong yield growth outlook is driven by the performance of new hardware, a strong pricing environment, especially for Caribbean itineraries and continued growth from onboard revenue areas.

展望 2023 年剩餘時間，隨著我們在最佳全球航線中部署一流的機隊，我們預計將為超過 800 萬客人提供令人驚嘆的假期體驗，創下產量記錄。我們預計將在晚春恢復到歷史載客率，並繼續受益於強勁的定價環境。我們預計今年的收益率將比 2019 年高出 6.75% 至 7.75%，我們的每個品牌都將產生正的直接利潤。我們強勁的收益增長前景是由新硬件的性能、強勁的定價環境（尤其是加勒比航線）以及船上收入領域的持續增長所推動的。

New hardware has been a great differentiator for us, and we are benefiting from the 8 ships that joined our fleet since 2019. This year, each of our wholly owned brands will welcome a new vessel. These ships are sure to continue elevating vacation experiences for our guests and will continue to further drive the competitive advantage and deliver very attractive financial returns. Since all 3 of these ships will be delivered in the second half of this year, they will be a key yield driver next year. Silversea will welcome Silver Nova this summer, the first of the new evolution class. Celebrity Cruises will welcome the fourth in the award-winning Edge series, and Royal Caribbean International will take delivery of the game-changing Icon of the Seas.

新硬件對我們來說是一個很大的差異化因素，我們正受益於自 2019 年以來加入我們船隊的 8 艘船。今年，我們的每個全資品牌都將迎來一艘新船。這些郵輪肯定會繼續提升我們客人的度假體驗，並將繼續進一步提升競爭優勢並帶來極具吸引力的財務回報。由於這三艘船都將於今年下半年交付，它們將成為明年的主要收益驅動因素。 Silversea 將在今年夏天迎來 Silver Nova，這是新進化級的第一個。 Celebrity Cruises 將迎來屢獲殊榮的 Edge 系列的第四艘郵輪，皇家加勒比國際將接收改變遊戲規則的 Icon of the Seas。

Let me spend a minute talking about Icon of the Seas and the excitement she is generating with our customers. With Icon, we set out to create the ultimate vacation for thrill seekers, the chill enthusiasts and everyone in between without compromise. She is getting exceptional demand with bookings well surpassing previous records. Despite being on sale for only 5 months, Icon is significantly more booked for her inaugural season at materially higher rates than any other Royal Caribbean ship launch. Icon will join the fleet later this year and will debut in the Caribbean in January 2024, with itineraries that include Perfect Day at CocoCay and its new expansion, Hideaway Beach.

讓我花點時間談談海洋偶像號以及她給我們的客戶帶來的興奮。借助 Icon，我們著手為尋求刺激的人、喜歡寒冷的人以及介於兩者之間的每個人打造終極假期，毫不妥協。她的預訂量遠超以往記錄，需求旺盛。儘管發售僅 5 個月，但 Icon 在其就職季的預訂率明顯高於任何其他皇家加勒比郵輪的預訂率。 Icon 將於今年晚些時候加入船隊，並將於 2024 年 1 月在加勒比海首次亮相，其行程包括 CocoCay 的 Perfect Day 及其新擴建項目 Hideaway Beach。

Moving to costs. Our team have been working hard for several years to reshape our cost structure with the goal of enhancing margins. Our cost outlook for the year reflects our commitment to enhancing profitability while focusing on delivering the best vacation experiences. We continue to expect the business to deliver a record yield and adjusted EBITDA in 2023. Our proven formula for success remains unchanged. Moderate capacity growth, moderate yield growth, though I wouldn't define this year's growth as moderate, and strong cost controls will lead to enhanced margins, profitability and superior financial performance.

轉向成本。多年來，我們的團隊一直在努力重塑我們的成本結構，以提高利潤率。我們今年的成本展望反映了我們致力於提高盈利能力，同時專注於提供最佳度假體驗。我們繼續預計該業務將在 2023 年實現創紀錄的收益率和調整後的 EBITDA。我們行之有效的成功公式保持不變。適度的產能增長、適度的收益率增長，儘管我不會將今年的增長定義為溫和的，而強有力的成本控制將帶來更高的利潤率、盈利能力和卓越的財務業績。

We just published our 15th Annual Seastainability Report, providing an in-depth update on our strategy and performance of delivering the best vacation experiences responsibly. In this report, we outlined our progress towards reducing our carbon intensity by double digits by 2025 versus 2019. We expect to deliver on significant milestones of our decarbonization pathway this year including the introduction of advanced technologies on our new ships, such as LNG, fuel cells and a first-of-its-kind onboard waste-to-energy system.

我們剛剛發布了第 15 份年度海洋可持續性報告，深入更新了我們負責任地提供最佳度假體驗的戰略和績效。在本報告中，我們概述了到 2025 年與 2019 年相比，我們在將碳強度降低兩位數方面取得的進展。我們預計今年將實現脫碳途徑的重要里程碑，包括在我們的新船上引入先進技術，例如液化天然氣、燃料電池和首個船上廢物能源系統。

To wrap up, the business continues to accelerate, and we are uniquely positioned to grow earnings and cash flow in 2023 on our way to achieving our Trifecta goals. The strength of our brands and operating model continues to grow. We are committed to delivering the best vacation experiences responsibly, and I couldn't be more excited about what's ahead for the Royal Caribbean Group.

總而言之，業務繼續加速發展，我們處於獨特的位置，可以在 2023 年實現我們的 Trifecta 目標的過程中增加收入和現金流。我們的品牌和運營模式的實力不斷增強。我們致力於負責任地提供最佳度假體驗，我對皇家加勒比集團的未來感到無比興奮。

With that, I will turn it to Naftali. Naf?

有了這個，我會把它轉向Naftali。納夫？

Thank you, Jason, and good morning, everyone. Let me begin by discussing our results for the first quarter. As you can see on Slide 4, we reported an adjusted net loss of approximately $59 million or $0.23 per share. These results were significantly above our expectations and the high end of our guidance range.

謝謝你，傑森，大家早上好。讓我首先討論我們第一季度的業績。正如您在幻燈片 4 中看到的那樣，我們報告的調整後淨虧損約為 5900 萬美元或每股 0.23 美元。這些結果大大超出了我們的預期和指導範圍的高端。

Total revenue was $2.9 billion. Adjusted EBITDA was $642 million, and operating cash flow was $1.3 billion, again, significantly above our expectations. We finished the first quarter with a load factor of over 102% at net yields that were up 5.8% for the quarter or 440 basis points higher than the midpoint of our guidance. Better-than-anticipated close-in demand for Caribbean sailings and improving pricing environment and continued strength in onboard revenue were the main drivers for these exceptional results. Higher load factors drove 2/3 of the yield outperformance and higher pricing drove the remainder.

總收入為 29 億美元。調整後的 EBITDA 為 6.42 億美元，經營現金流為 13 億美元，再次大大超出我們的預期。第一季度結束時，我們的載客率超過 102%，淨收益率本季度增長 5.8%，比我們的指引中點高 440 個基點。對加勒比航線的近距離需求好於預期、定價環境改善以及船上收入持續強勁是這些出色業績的主要驅動因素。較高的載客率推動了 2/3 的收益表現，而較高的定價推動了其餘部分。

Net cruise costs, excluding fuel per APCD, increased 5.8% in constant currency, compared to the first quarter of 2019. Net cruise costs for the first quarter included $2.87 per APCD or 240 basis points impact of structural costs. Operating costs also benefited from approximately 160 basis points of favorable timing compared to guidance. First quarter results are a testament to the continued robust demand environment attractive, value proposition of our cruise vacations and strong commitment by our teams to deliver the best vacation experiences responsibly.

與 2019 年第一季度相比，不包括每 APCD 燃料的淨郵輪成本按固定匯率計算增長 5.8%。第一季度淨郵輪成本包括每 APCD 2.87 美元或結構成本的 240 個基點影響。與指導相比，運營成本也受益於大約 160 個基點的有利時機。第一季度的業績證明了持續強勁的需求環境具有吸引力、我們郵輪假期的價值主張以及我們團隊負責任地提供最佳假期體驗的堅定承諾。

Turning to the booking environment. Bookings have consistently been higher than the same time in 2019, with the gap widening as Wave extended further into the year than ever before. The booking strength has been particularly evident on Caribbean sailings where our superior hardware and Perfect Day at CocoCay continue to be winning combination. More than half of our Caribbean sailings visit Perfect Day at CocoCay, which is Royal Caribbean International's highest-rated destination in the Caribbean. Since Perfect Day opened midway through the second quarter of 2019, these itineraries are driving outsized yield and pricing growth.

轉向預訂環境。預訂量一直高於 2019 年同期，隨著 Wave 比以往任何時候都更深入地延伸到今年，差距正在擴大。預訂實力在加勒比海航行中尤為明顯，我們卓越的硬件和 CocoCay 的 Perfect Day 繼續贏得組合。我們超過半數的加勒比海航程都會造訪可可島的完美一日遊，這是皇家加勒比國際遊輪公司在加勒比地區評價最高的目的地。自 Perfect Day 於 2019 年第二季度中旬開業以來，這些行程正在推動超額收益和價格增長。

While the Caribbean has seen booking strength, performance of our European itineraries is also aligned with our initial expectations. European itineraries account for 17% of full year capacity peaking at 35% in the third quarter. Bookings for our European sailings have been nicely outpacing 2019 levels with peak summer trending particularly well in recent weeks. Several of our newest ships, including Celebrity Beyond, Odyssey of the Seas and Silver Dawn, are sailing in Europe this summer and are attracting quality demand and rates.

雖然加勒比地區的預訂量強勁，但我們歐洲行程的表現也符合我們最初的預期。歐洲航線佔全年運力的 17%，第三季度達到 35% 的峰值。我們歐洲航線的預訂量已大大超過 2019 年的水平，最近幾週的夏季高峰趨勢尤為明顯。我們的幾艘最新郵輪，包括 Celebrity Beyond、Odyssey of the Seas 和 Silver Dawn，將於今年夏天在歐洲航行，並吸引了高質量的需求和價格。

Now let me review our 2023 outlook. If you turn to Slide 8, you will see our updated guidance for the full year 2023. We expect net yield growth of 6.75% to 7.75% for the full year. This represents an approximately 400 basis point increase from the midpoint of our prior guidance. About 1/3 of the increase is due to strong Q1 results with the remainder due to better business outlook for the rest of the year.

現在讓我回顧一下我們的 2023 年展望。如果翻到幻燈片 8，您將看到我們對 2023 年全年的最新指引。我們預計全年淨收益率增長 6.75% 至 7.75%。這比我們先前指導的中點增加了大約 400 個基點。大約 1/3 的增長是由於第一季度的強勁業績，其餘的增長是由於今年剩餘時間的業務前景更好。

The underlying yield improvement is driven by the performance of new hardware, strong demand for our core products, particularly Caribbean itineraries and continued strong growth from onboard revenue areas. While yield growth is expected to ramp up for the rest of the year, there is some variability at the quarter level. Yield growth is likely to be the highest in Q2 where we lapped the opening of Perfect Day at CocoCay and benefit from our Caribbean deployment mix. As you can see from our guidance, yields for the back half of the full year are expected to be up by more than 6%.

新硬件的性能、對我們核心產品的強勁需求（尤其是加勒比海航線）以及船上收入領域的持續強勁增長推動了潛在收益的提高。雖然預計今年剩餘時間的收益率增長將加快，但季度水平存在一些變化。產量增長可能在第二季度達到最高，我們在 CocoCay 的 Perfect Day 開業，並受益於我們的加勒比海部署組合。正如您從我們的指引中看到的那樣，全年下半年的收益率預計將增長 6% 以上。

From a cost perspective, net cruise costs, excluding fuel, are expected to be up 5.5% to 6.5% for the full year as compared to 2019. Our cost outlook reflects our culture of continuous improvement and innovation. And we are benefiting from all the actions we have taken over the last several years to support enhanced margins. Net cruise costs also include 210 basis points of structural cost that we did not have in 2019. Those include, for example, costs related to the full year operations of Perfect Day at CocoCay and our new Galveston terminal.

從成本角度來看，與 2019 年相比，全年的淨郵輪成本（不包括燃料）預計將增長 5.5% 至 6.5%。我們的成本前景反映了我們持續改進和創新的文化。我們正受益於過去幾年為支持提高利潤率而採取的所有行動。淨遊輪成本還包括我們在 2019 年沒有的結構成本的 210 個基點。例如，這些成本包括與 CocoCay 的 Perfect Day 和我們新的加爾維斯頓碼頭的全年運營相關的成本。

We continue to actively manage persistent inflation across categories, including food and beverage, airfare and shoreside human capital. Our teams continue to find ways to manage through inflation while maintaining exceptional guest experience and increasing profitability. Fuel expense is expected to be approximately $1.1 billion for the year and we are 54% hedged for the remaining of the year. Looking ahead, fuel consumption is 25% hedged for 24% and 5% hedged for 2025. Based on the current business outlook, along with current fuel pricing, currency exchange rates and interest rates, we expect record adjusted EBITDA and adjusted earnings per share of $4.40 to $4.80.

我們繼續積極管理跨類別的持續通貨膨脹，包括食品和飲料、機票和岸上人力資本。我們的團隊繼續尋找應對通貨膨脹的方法，同時保持卓越的賓客體驗並提高盈利能力。預計今年的燃料費用約為 11 億美元，我們在今年剩餘時間進行了 54% 的對沖。展望未來，2025 年燃料消耗對沖 25% 和 5%。根據當前的業務前景，以及當前的燃料定價、貨幣匯率和利率，我們預計調整後的 EBITDA 和調整後的每股收益將創歷史新高4.40 美元至 4.80 美元。

Now turning to Slide 9. I'll provide some color on second quarter capacity and guidance. We plan to operate about 11.7 million APCDs during the second quarter. Net yields are expected to be up 10.1% to 10.6% compared to 2019. Exceptional strength in Caribbean itineraries combined with our amazing private island destination, Perfect Day at CocoCay is driving the increase in yields.

現在轉到幻燈片 9。我將提供一些關於第二季度產能和指導的顏色。我們計劃在第二季度運營約 1170 萬個 APCD。與 2019 年相比，淨收益率預計將增長 10.1% 至 10.6%。加勒比海航線的非凡實力加上我們令人驚嘆的私人島嶼目的地 CocoCay 的 Perfect Day 正在推動收益率的增長。

Net cruise costs, excluding fuel, are expected to be up approximately 8.9% as we continue to focus on margin expansion while revenue accelerates. Second quarter operating costs carry approximately 430 basis points of incremental expenses to weigh on NCCx, when compared to 2019, of which half are structural and half are timing from the first quarter.

不包括燃料在內的淨遊輪成本預計將增長約 8.9%，因為我們在收入加速增長的同時繼續專注於利潤率擴張。與 2019 年相比，第二季度運營成本帶來了大約 430 個基點的增量支出，給 NCCx 帶來了壓力，其中一半是結構性的，一半是第一季度的時間性支出。

So in summary, based on current currency exchange rates, fuel rates and interest rates, we expect adjusted earnings per share of $1.50 to $1.60 for the second quarter.

因此，總而言之，根據當前的貨幣匯率、燃油費率和利率，我們預計第二季度調整後的每股收益為 1.50 美元至 1.60 美元。

Turning to our balance sheet. We ended the quarter with $3.9 billion in liquidity. Our liquidity remains very strong, and we are focused on expanding our margins to further enhance EBITDA and free cash flow. During the first quarter, we repaid $286 million of debt maturities as well as $2.4 billion of revolver advances. In February, we issued $700 million of senior guaranteed notes at 7.25% coupon to refinance 2023 and 2024 debt maturities.

轉向我們的資產負債表。我們在本季度結束時擁有 39 億美元的流動資金。我們的流動性仍然非常強勁，我們專注於擴大利潤率以進一步提高 EBITDA 和自由現金流。第一季度，我們償還了 2.86 億美元的到期債務以及 24 億美元的循環預付款。 2 月，我們以 7.25% 的息票發行了 7 億美元的高級擔保票據，為 2023 年和 2024 年到期的債務進行再融資。

Our access to capital remains strong, and our execution and performance resonate with our investors and financial partners. We will proactively and methodically continue to improve the balance sheet through debt pay downs and opportunistic refinancings. Our remaining scheduled maturities for 2023 are $1.8 billion, made up predominantly of ECA debt amortization, which we expect to pay down with cash on hand and operating cash flow. As the business continues to accelerate and generate strong and growing cash flows, we are committed to a disciplined capital allocation and to return to an investment-grade balance sheet profile in line with our Trifecta goals.

我們獲得資本的途徑仍然很強大，我們的執行力和業績與我們的投資者和金融合作夥伴產生共鳴。我們將積極有條不紊地繼續通過償還債務和機會主義再融資來改善資產負債表。我們 2023 年剩餘的預定到期期限為 18 億美元，主要由 ECA 債務攤銷組成，我們預計將用手頭現金和經營現金流償還。隨著業務持續加速並產生強勁且不斷增長的現金流，我們致力於嚴格的資本配置，並根據我們的 Trifecta 目標恢復投資級資產負債表。

In closing, our business continues to accelerate, and we expect to grow yields and margin, so we can achieve record adjusted EBITDA in 2023. We remain committed and focused on executing on our strategy and delivering on our mission while achieving Trifecta goals.

最後，我們的業務繼續加速發展，我們希望提高收益率和利潤率，因此我們可以在 2023 年實現創紀錄的調整後 EBITDA。我們將繼續致力於並專注於執行我們的戰略和履行我們的使命，同時實現 Trifecta 目標。

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

有了這個，我會要求我們的接線員打開問答環節的電話。

(Operator Instructions) We'll go first to Steven Wieczynski, Stifel.

（操作員說明）我們將首先聯繫 Stifel 的 Steven Wieczynski。

So first off, congratulations on a strong quarter. Jason, in the release, you mentioned that for 2023, you're expecting 2023 EBITDA to significantly exceed 2019 levels, which is a change in wording relative to where you were back in February. And look, I understand I'm probably knit taking here a little bit, but I just want to understand maybe how we should think about EBITDA trajectory now for the year and the progression you guys are on now to get north of $5 billion in EBITDA by 2025 according to your Trifecta program?

所以首先，祝賀一個強勁的季度。傑森，在新聞稿中，你提到到 2023 年，你預計 2023 年的 EBITDA 將大大超過 2019 年的水平，這是相對於你 2 月份的措辭變化。看，我知道我可能有點編織在這裡，但我只是想了解我們應該如何考慮今年的 EBITDA 軌跡以及你們現在取得超過 50 億美元 EBITDA 的進展根據您的 Trifecta 計劃，到 2025 年？

Steve, it's Naftali. So as you can see, we are very pleased with the results. And as we think about EBITDA and how this translates to the progression throughout the year, you can see that we are increasing yields, and we expect the EBITDA growth to be higher than our yield growth. And that's because a lot of the revenue is dropping to the bottom line, because we are very much focused on costs and enhancing margins. So if we look at what we kind of look at the guidance that we provided, we're going to -- we expect to be an eyelash away from our previous EBITDA per APCD record in 2019. And a lot of the things that we're doing and a lot of the strategies that we're employing should benefit to us as we continue to execute towards our Trifecta goal.

史蒂夫，我是納夫塔利。如您所見，我們對結果非常滿意。當我們考慮 EBITDA 以及這如何轉化為全年的進展時，您可以看到我們正在提高收益率，我們預計 EBITDA 增長將高於我們的收益率增長。那是因為很多收入都下降到了底線，因為我們非常關注成本和提高利潤率。因此，如果我們看看我們對我們提供的指導的看法，我們將 - 我們預計 2019 年每 APCD 記錄的 EBITDA 將與我們之前的 EBITDA 相去甚遠。還有很多我們'在我們繼續執行我們的 Trifecta 目標時，我們正在做的很多策略應該對我們有利。

And I mean, just to add on to it, Steve, as we think about it on the Trifecta side. Obviously, this year -- the performance of this year is better than we -- it's much better than we had expected. And I think the commentary we talked about Icon. Obviously, we have Nova coming online, which is a high-yielding ship. We have Ascent coming online, which is high-yielding. You have Hideaway coming online. And of course, the commentary that we've been talking about that we've seen acceleration in price in volumes is also what we're seeing for like-for-like for 2024, though it's early.

我的意思是，史蒂夫，只是為了補充它，因為我們在 Trifecta 方面考慮它。顯然，今年——今年的表現比我們好——比我們預期的要好得多。我認為我們談論 Icon 的評論。顯然，我們有 Nova 上線，這是一艘高產船。我們有 Ascent 上線，這是高收益的。您的 Hideaway 即將上線。當然，我們一直在談論的評論是，我們已經看到銷量價格加速上漲，這也是我們在 2024 年看到的類似情況，儘管現在還為時過早。

And for us to get to the marks for Trifecta, we really just need moderate yield growth in good cost control, which you continue to show. And so that's kind of very much on our path. And as Naf mentioned, it's great to see that really almost every penny of the outperformance on revenue is dropping right down to the bottom line, which would be dropping right down to EBITDA.

為了讓我們達到 Trifecta 的目標，我們真的只需要在良好的成本控制下適度的產量增長，你繼續展示這一點。所以這在我們的道路上非常重要。正如 Naf 所提到的，很高興看到幾乎每一分錢的收入表現都下降到底線，這將直接下降到 EBITDA。

And then second question, as we think about the back half of the year, obviously, we can back into your yield guidance. But if we kind of break down those yields a little bit, are you assuming your customer from an onboard, onboard has obviously been extremely, extremely healthy. And are you assuming that your customer kind of stays in the same ballpark that they are now? Do you have them slowing a little bit in terms of spend levels?

然後第二個問題，當我們考慮今年下半年時，顯然，我們可以回到你的收益率指導。但如果我們稍微分解一下這些收益率，你是否假設你的客戶來自船上，船上顯然非常非常健康。您是否假設您的客戶與他們現在處於同一個球場？您是否讓他們在支出水平方面有所放緩？

And then second part of this question, which is a little bit different, but we get a lot of questions from investors about demand and demand into 2024. And can the demand levels that are there right now persist into next year? Or is '23 being -- is '23 benefiting from just still kind of reopening and COVID bookings and stuff like that? So hopefully, all that makes sense.

然後是這個問題的第二部分，有點不同，但我們從投資者那裡收到了很多關於需求和 2024 年需求的問題。目前的需求水平能否持續到明年？還是 23 歲——23 歲是否從某種程度上重新開放和 COVID 預訂以及類似的東西中受益？所以希望所有這些都是有道理的。

Yes, sure. Well, I think, obviously, we don't have a crystal ball. What we know is what we see happening basically every minute of every day. We're taking tens and tens of thousands of bookings a day. We've got 160,000, 170,000 people spending on our ships. And so we have a very good idea of the customer in terms of what's happening today. We also obviously do a lot of surveying of our customers in terms of what they're looking to do in the future. And it's obviously clear to us that they are very focused on gathering experiences and creating memories with their friends and family.

是的，當然。好吧，我認為，顯然，我們沒有水晶球。我們所知道的是我們基本上每天每分鐘都看到的事情。我們每天接受數以萬計的預訂。我們有 160,000、170,000 人在我們的船上消費。因此，就今天發生的事情而言，我們對客戶有一個很好的了解。顯然，我們還根據客戶未來的需求對他們進行了大量調查。我們很清楚，他們非常注重與朋友和家人一起收集經驗和創造回憶。

So the other point I'll just add is, and this is more on the pre-cruise side and what they're booking on the ship for the future. That number continues to rise, which also just shows their appetite to spend more and more on non-ticket related spend. So I think for us, when we think about the back half of this year, our expectation is that we're going to continue to see what we're seeing. However, the mix changes a little bit. Q3, we have a little bit more Europe. We have a little bit less Caribbean. And of course, you've heard our commentary on the Caribbean is exceptionally strong, which is really what's driving the overall outperformance. While Europe is now very much coming in as we expected for the year.

所以我要補充的另一點是，這更多的是在巡航前以及他們為未來在船上預訂的東西。這個數字繼續上升，這也恰恰表明他們願意花越來越多的錢在非機票相關的支出上。所以我認為對我們來說，當我們考慮今年下半年時，我們的期望是我們將繼續看到我們所看到的。但是，組合發生了一些變化。 Q3，我們有更多的歐洲。我們的加勒比地區少了一點。當然，您聽說過我們對加勒比地區的評論異常強烈，這才是推動整體表現出色的真正原因。正如我們今年預期的那樣，歐洲現在非常受歡迎。

So I think that probably talks a little bit about how we think about the back half of next year. Now again, going to demand level for 2024, what we have, again, is what we're seeing day in and day out. And at this point in the year, the customer now and of course, we began to position ourselves and orient ourselves to 2024 more and more. Certainly, the majority of the bookings we're now taking are focused on 2024. And we see very similar strength and acceleration from what we've been seeing close in as well as what we've been seeing for the bookings for 2023.

所以我認為這可能會談及我們如何看待明年下半年。現在再次談到 2024 年的需求水平，我們所擁有的又是我們日復一日所看到的。在這一年的這個時候，現在的客戶，當然，我們開始定位自己，並越來越多地將自己定位到 2024 年。當然，我們現在接受的大部分預訂都集中在 2024 年。我們看到了與我們最近看到的以及 2023 年的預訂非常相似的實力和加速。

Steve, I just have to add one comment because it's -- I have to talk about Icon of Seas. I think -- if you think about '24 and the comments we made earlier about Icon. Icon is literally the best-performing new product launch we've ever had in the history of our business, and we're delighted with volume and rate, and that really is a full '24 product. So you can see if you wanted to use Icon as a proxy, I know it's a brand-new product, and it's stunning, but it's really driving a huge amount of demand and great rate.

史蒂夫，我只需要添加一條評論，因為它 - 我必須談論海洋圖標。我想——如果你想想 24 世紀以及我們之前對 Icon 所做的評論。 Icon 確實是我們業務歷史上表現最好的新產品發布，我們對數量和速度感到滿意，這確實是一個完整的 '24 產品。所以你可以看看你是否想使用 Icon 作為代理，我知道它是一個全新的產品，它令人驚嘆，但它確實推動了巨大的需求量和高利率。

That probably won't be the first time you hear about Icon from Michael -- just to ...

這可能不是您第一次從 Michael 那裡聽說 Icon——只是為了……

Your next question comes from Brandt Montour, Barclays.

你的下一個問題來自巴克萊銀行的 Brandt Montour。

Obviously, an exceptional quarter, congratulations. A question about load factors. I know you guys are going to hit historical load here in the spring. But curious, looking past that, what the new normal for load looks like given maybe you have some regional mix shift, which could affect it, but more so, you have obviously a lot of new capacity that's different and has more onboard and more space. So any comments about what the new normal looks like for you guys for loads?

顯然，這是一個特殊的季度，恭喜。關於負載因子的問題。我知道你們將在春季達到歷史負荷。但好奇的是，回顧過去，負載的新常態是什麼樣的，也許你有一些區域組合轉變，這可能會影響它，但更重要的是，你顯然有很多不同的新容量，並且有更多的機載和更多空間.那麼對於你們負載的新常態有什麼評論嗎？

So on an expectation standpoint, I mean, just mathematically, our load factor -- our normalized load factor will begin to rise. And that's really leading with Icon coming on, which will have a higher load factor profile. Now we're also taking on Nova, which has a lower load factor than the Royal Caribbean brand and the Celebrity brand, and we're also taking on Ascent, which has lower load factors than Royal. But with Icon coming on next year, Utopia coming on next year, you would expect our load factors to be up 1 point or 2 when we look into 2024 and beyond.

因此，從預期的角度來看，我的意思是，從數學上講，我們的負載係數——我們的標準化負載係數將開始上升。隨著 Icon 的出現，這確實處於領先地位，它將具有更高的負載係數配置文件。現在，我們還承接了載客率低於皇家加勒比品牌和名人品牌的 Nova，我們還承接了載客率低於 Royal 的 Ascent。但是隨著明年 Icon 和 Utopia 的到來，當我們展望 2024 年及以後時，您會預計我們的載客率將上升 1 或 2 個百分點。

That's super helpful. And then my second question is just on China. Back in 2019, if I recall, you guys had something like mid-single digits of your global demand coming from China traveling outside of China. And I know there's outbound international flight constraints limiting China outbound travel, but you're probably engaged with your database over there. I'm just curious what you're seeing from them now that they're starting to travel again? And if it's even showing up sort of on the radar in terms of what's booked for this -- for later this year?

這非常有幫助。然後我的第二個問題是關於中國的。早在 2019 年，如果我記得的話，你們有大約中等個位數的全球需求來自中國到中國境外旅行。而且我知道出境國際航班限制限制了中國的出境旅行，但你可能正在處理那裡的數據庫。我很好奇你現在從他們身上看到了什麼，因為他們又開始旅行了？如果就今年晚些時候為此預訂的內容而言，它是否甚至出現在雷達上？

Yes. It's Michael. Yes, outbound has always been a relatively small percentage of our China business. I think we're now more encouraged by all of the signals that we've had for our reopening in China in '24. And we still got some work to do, but we've now started to rebuild our sales organization in China, and we expect, hopefully, by late spring, early summer to be back operating out of China. .

是的。是邁克爾。是的，出境游在我們的中國業務中所佔的比例一直相對較小。我認為我們現在對 24 世紀在中國重新開放的所有信號感到更加鼓舞。我們還有一些工作要做，但我們現在已經開始重建我們在中國的銷售組織，我們希望到春末夏初能夠恢復在中國以外的運營。 .

'24.

'24。

'24.

'24。

And then sorry, that's in terms of actual capacity in China? The question was more about China outbound to other areas.

然後抱歉，這是在中國的實際產能方面？問題更多是關於中國出境到其他地區。

Right. Yes, that's correct. That's in actual capacity operating out of China in '24. As it relates to outbound, outbound started to return, but it's obviously coming now from a smaller base.

正確的。對，那是正確的。這是 24 年在中國境外運營的實際產能。由於與出站相關，出站開始返回，但現在顯然來自較小的基數。

Next, we'll hear from Robin Farley, UBS.

接下來，我們將聽取瑞銀 (UBS) 的羅賓法利 (Robin Farley) 的意見。

Great. With that yeild guidance increase, I don't even have a question on demand, because that was kind of a mic drop if that increased. I actually have a question kind of -- just looking at -- related to balance sheet issues, another cruise line has talked about getting ECA funding for a significant amount of money that's not related directly to a ship order, but that's for owners extras. And I'm just wondering, is there potentially opportunity, because obviously, those would be at sort of 1% and 2% interest rate. Is there opportunity for Royal? I know you guys aren't doing any big change orders that we know of at the moment, but is there an opportunity for you to get some ECA funding for things not directly related to a ship delivery?

偉大的。隨著產量指導的增加，我什至沒有按需提問，因為如果產量增加的話，這有點像麥克風下降。我實際上有一個問題 - 只是看看 - 與資產負債表問題有關，另一家郵輪公司已經談到獲得 ECA 資金以獲得大量資金，這些資金與船舶訂單沒有直接關係，但這是給船東的額外費用。我只是想知道，是否有潛在的機會，因為很明顯，這些機會的利率大約為 1% 和 2%。皇家有機會嗎？我知道你們目前沒有做任何我們知道的大的變更訂單，但是你們是否有機會為與船舶交付不直接相關的事情獲得一些 ECA 資金？

Yes. Robin, it's Naftali. The ECAs have been fantastic partners to us. We're obviously very committed to our new build program, and they provide us very attractive financing. There's always puts and takes, but we don't expect any material changes from our financing arrangements at this point.

是的。羅賓，是納夫塔利。 ECA 一直是我們的絕佳合作夥伴。我們顯然非常致力於我們的新建設計劃，他們為我們提供了非常有吸引力的融資。總是有放有放，但我們預計此時我們的融資安排不會有任何重大變化。

Yes. The only point I would just add, Robin, what you're describing is not a new concept. We've actually probably been doing that for about a decade. So if we have change orders or we have owners extras that the same concept of the 80-20, 20% down, 80% financed is how those ships have been financed, whether it is for the contract price or other elements that we're adding on to the ship.

是的。我只想補充一點，羅賓，你所描述的並不是一個新概念。我們實際上可能已經這樣做了大約十年。因此，如果我們有變更訂單或我們有額外的船東，那麼 80-20、20% 下降、80% 融資的相同概念是這些船舶的融資方式，無論是合同價格還是我們正在考慮的其他因素添加到船上。

I guess it was really more, I was thinking that it's the first time we've seen sort of like incremental ECA funding that wasn't tied to ships ordered before the pandemic, which -- and again, I know it's tied to a very big change order. So not your situation. And then just one other quick clarification on the expense side of things. When you look at your expenses for the full year, obviously, some of it you mentioned structural, because you have a full year of CocoCay and Galveston. But you said some of it's transitional. And I don't know if I heard you say, I'm just wondering what amount because, obviously, some of the structural that will be recurring next year. But some of the transition costs would, as they fall away, create an expense decline next year. So I just -- I don't know if you can quantify how many basis points of your full year increase is onetime?

我想這真的更多，我在想這是我們第一次看到類似 ECA 的增量資金，這種資金與大流行病前訂購的船隻無關，而且——我知道它與一個非常大改單。所以不是你的情況。然後是關於費用方面的另一個快速說明。當你查看全年的支出時，很明顯，其中一些你提到了結構性支出，因為你有一整年的 CocoCay 和 Galveston。但你說其中一些是過渡性的。而且我不知道我是否聽到你說，我只是想知道有多少，因為很明顯，一些結構性問題將在明年重複出現。但是，隨著一些過渡成本的減少，明年的費用會下降。所以我只是 - 我不知道你是否可以量化你全年增長的多少基點是一次性的？

Yes. So it's predominantly structural. Some of the 2 examples that you mentioned are there. And obviously, there will be now in our base as we go forward. As we get to our full -- our historical load factors, those transitional costs are very minimal, and we are expecting them to go away. So it's predominantly the structural costs.

是的。所以它主要是結構性的。你提到的兩個例子中的一些在那裡。顯然，隨著我們的前進，我們的基地現在將會有。當我們達到我們的全部 - 我們的歷史負載因素時，這些過渡成本非常小，我們希望它們能夠消失。所以這主要是結構成本。

And I mean, for the transition costs, is there -- is it 100 basis points or 200 basis points of the full year expense this year that...

我的意思是，對於過渡成本，今年的全年支出是 100 個基點還是 200 個基點......

It's roughly -- it's even less than -- yes, it's even less than 100 basis points. And with some of the COVID protocols that we had a little bit in Q1 and some of our crew movements that we need to finish up, but that's generally the ballpark.

它大致 - 它甚至低於 - 是的，它甚至低於 100 個基點。我們在第一季度有一些 COVID 協議，還有一些我們需要完成的船員調動，但這通常是大概的。

Yes. And in reality on the cost side, if you take out the transition that Naf just talked about and you take out the structural, our costs for the year were basically up around 3%. So just to kind of give you the sense of the level of all the actions we took over through COVID to get our cost structure and operating model align has effectively absorbed a tremendous amount of inflation. So our costs in the assets are really just up 2% to 3%.

是的。事實上，在成本方面，如果你去掉 Naf 剛才談到的轉型和結構，我們今年的成本基本上上漲了 3% 左右。因此，為了讓您了解我們通過 COVID 接管的所有行動的水平，以使我們的成本結構和運營模式保持一致，已經有效地吸收了大量的通貨膨脹。所以我們的資產成本實際上只上升了 2% 到 3%。

And would you say that inflation is sort of now moderating if we think about 2024, that like the rate of increase in 2024? Or is that 3% something that you would expect to recur?

如果我們考慮 2024 年，你會說通貨膨脹現在有點緩和嗎，就像 2024 年的增長率一樣？或者這 3% 是您希望重複發生的事情嗎？

No. I mean it's definitely moderating. I mean it's -- all -- but it's still a pain and it's still coming at you in different ways. But we have -- I mean, our teams are really exceptional and trying their very best to combat it and come up with great solutions. Sometimes it's around how do we get goods from point A to point B. And in some cases, how do we just leverage more of our buy across our brands, but it is painful.

不，我的意思是它絕對是溫和的。我的意思是它——全部——但它仍然是一種痛苦，它仍然以不同的方式向你襲來。但我們有——我的意思是，我們的團隊真的很出色，他們盡最大努力與之抗爭，並提出了很好的解決方案。有時它圍繞著我們如何將商品從 A 點運到 B 點。在某些情況下，我們如何利用我們品牌的更多購買，但這很痛苦。

Yes. And the way -- the word I would say is just persistent right, which it's not unique to us. You see it everywhere. It's definitely moderating. I think the other thing just to point out that our focus is also what you saw in the first quarter, which is as our revenue accelerates, how do we keep the costs down and really try to get that revenue all the way to the bottom line.

是的。方式——我要說的詞就是堅持不懈，這對我們來說並不是獨一無二的。你到處都能看到它。這絕對是適度的。我認為另一件事只是指出我們的重點也是你在第一季度看到的，即隨著我們的收入加速增長，我們如何降低成本並真正努力使收入一直到底線.

We'll go next to Vince Ciepiel, Cleveland Research Company.

接下來我們將去克利夫蘭研究公司的 Vince Ciepiel。

I wanted to dig a little bit more into pricing. Obviously, with the net yield guidance, it looks like net for DMs for this year, to be up high singles, maybe even approaching 10% versus '19? I'm curious kind of how you might break out or talk directionally about how much of that is like-for-like versus new hardware versus CocoCay lift? And then maybe just zeroing in on the like-for-like, your ability to continue to move that up in years ahead when you consider the value gap versus land?

我想更深入地了解定價。顯然，根據淨收益率指導，對於 DM 來說，今年的淨收益率似乎是高單曲率，甚至可能接近 10% 與 19 年相比？我很好奇你會如何突破或定向談論其中有多少是類似的，新的硬件和 CocoCay 升降機？然後也許只是關注類似的東西，當你考慮與土地的價值差距時，你有能力在未來幾年繼續提高它嗎？

Yes. So first, you're right. If you kind of look at the pricing. It is an eyelash away from double digits. We do have some structural costs, especially on the back end of the year. We eliminated some of the lag -- reporting lag for Silversea. If you take that out, we are double digits. So we're very pleased with that. And it comes from different things. Yes, we have 8 new ships that we did not have in 2019. That's a great yield driver and price driver. We have a lot of these ships going to CocoCay that continues to track yield premiums, we have the onboard strength that we are -- that we continue to execute on.

是的。所以首先，你是對的。如果你看一下定價。這是一個睫毛遠離兩位數。我們確實有一些結構性成本，尤其是在年底。我們消除了一些延遲——Silversea 的報告延遲。如果你把它去掉，我們是兩位數。所以我們對此非常滿意。它來自不同的事物。是的，我們有 8 艘 2019 年沒有的新船。這是一個很好的收益驅動因素和價格驅動因素。我們有很多這些船隻前往 CocoCay，繼續追踪收益率溢價，我們擁有我們的船上實力——我們將繼續執行。

So all of these are driving the pricing increase and the pricing strength. And we also see like-for-like pricing increase as well. So it's a demand environment. It's all these actions that we have taken that we think are going to continue to benefit us beyond 2023.

所以所有這些都在推動價格上漲和定價強度。我們也看到類似的價格上漲。所以這是一個需求環境。我們認為我們採取的所有這些行動將在 2023 年之後繼續使我們受益。

Yes. I just want to add, what's also just very encouraging when you see -- which is effectively a double-digit price increase for us. That also does not include -- I mean -- or the negative side of this is we don't have China, obviously, here in 2023, which had a substantial APD differential to the average. We also sold Azamara, which was a higher-yielding versus the average. And so to be at a double-digit price increase and which has been accelerating, I think, really just shows the strength of leisure, the strength of cruise and the strength for our brands.

是的。我只想補充一點，當你看到時，這也非常令人鼓舞——這對我們來說實際上是兩位數的價格上漲。這也不包括——我的意思是——或者說不利的一面是我們沒有中國，顯然，在 2023 年這裡，它與平均水平有很大的 APD 差異。我們還出售了 Azamara，其收益率高於平均水平。因此，以兩位數的價格上漲，而且一直在加速，我認為，這真的只是展示了休閒的力量、郵輪的力量和我們品牌的力量。

Great. And then a little bit longer-term question. Your 1Q margin looks like it was basically back in line with pre-COVID levels if you ex out fuel and the guide suggest that, that builds further as you move through '23. So I think that's really reflective of gains in the core operations of the business. And in light of that, curious how you're feeling about the ROIC target long term? I think you said teens, which feels like a pretty broad range. But in light of the progress you're making in '23 on the margin front, just how you're feeling about longer-term ROIC?

偉大的。然後是一個更長期的問題。如果你排除燃料，你的 1Q 利潤率看起來基本上回到了 COVID 之前的水平，並且指南建議，隨著你在 23 年的發展，利潤率會進一步提高。所以我認為這確實反映了企業核心業務的收益。鑑於此，好奇您對 ROIC 目標的長期看法如何？我想你說的是青少年，感覺範圍很廣。但鑑於您在 23 年在利潤率方面取得的進展，您對長期 ROIC 的看法如何？

Yes. Well, I think first off, we are -- based off of this latest guide, we are now in double digits on an ROIC basis. And so our focus here is to have a business model that during good times and bad times stays within the teens on an ROIC basis. The focus on margin and also the capital discipline that you're seeing us employ each and every day, we think very much gets us there with moderate yield growth and good cost control. .

是的。好吧，我認為首先，我們是——基於這份最新指南，我們現在在 ROIC 的基礎上是兩位數。因此，我們在這裡的重點是擁有一種商業模式，在順境和逆境中，在 ROIC 的基礎上保持在青少年範圍內。您看到我們每天都在關注利潤率和資本紀律，我們認為這非常有助於我們實現適度的收益率增長和良好的成本控制。 .

So we feel very good about our Trifecta goals. We talked about that as that's really us just getting to base camp, which is your kind of pre-COVID levels scaled up for the additional capacity on our business. And really, if you just think about 2023 in itself, if it wasn't for the crisis actions we had to take, we will be well north of our 2019 earnings and well north of our '19 ROIC. So that's how I think we think about the business and the organic growth we have with the ships coming online and the activities we have on the destination side is really well positioning us.

所以我們對我們的 Trifecta 目標感到非常滿意。我們談到了這一點，因為這實際上是我們剛剛到達大本營，這是您為我們業務的額外容量而擴大的 COVID 前水平。真的，如果你只考慮 2023 年本身，如果不是因為我們必須採取的危機行動，我們將遠高於 2019 年的收益和 19 年的 ROIC。所以這就是我認為我們如何看待業務和有機增長以及我們在目的地方面的活動確實很好地定位了我們。

Next, we'll go to Benjamin Chaiken, Crédit Suisse.

接下來，我們將去拜訪瑞士信貸銀行的本傑明·柴肯。

Just one for me. On CocoCay, are you still seeing the same pricing premiums to those itineraries as you did to the rest of the portfolio as you did in '19? And I asked that in the context of there just being much more capacity at the island today than a few years ago. And then part 2, I think Hideaway Beach is a 4Q opening. Any color on demand or pricing there?

只給我一個。在 CocoCay 上，您是否仍然看到這些行程的定價溢價與您在 19 年對其餘投資組合所做的定價溢價相同？我問這個問題是在今天島上的容量比幾年前大得多的情況下。然後是第 2 部分，我認為 Hideaway Beach 是第 4 季度的開場。有任何顏色的需求或定價嗎？

Benjamin, yes, I mean I think we're truly delighted with Perfect Day, and I think the comments earlier, we spoke about the volume that we're attracting to Perfect Day. This year, we'll take around 2.5 million of our guests to Perfect Day and the pricing premiums continue to be really robust, and the spend on the island continues to be really robust as well. So we've seen -- as we've increased the volume, we've seen no decline in the power of the pricing. And in fact, it continues to accelerate.

本傑明，是的，我的意思是我認為我們對 Perfect Day 真的很滿意，而且我認為之前的評論，我們談到了我們吸引到 Perfect Day 的數量。今年，我們將接待大約 250 萬客人到 Perfect Day，定價溢價繼續非常強勁，島上的消費也繼續非常強勁。所以我們已經看到——隨著我們增加數量，我們沒有看到定價的力量下降。事實上，它還在繼續加速。

With Hideaway Beach, that will accommodate approximately 2,500 more gas. So today, we're -- I think in March, we had close to 250,000 guests in Perfect Day. And on average now, we're having around 11,000 guests a day in CocoCay. With Hideaway, we can add another 2,000, 3,000 guests. And that's really for design to be open in time for Icon of Seas. And of course, Icon will visit at the end of January, and Icon will be going to Perfect Day every single week.

有了 Hideaway Beach，這將容納大約 2,500 多瓦斯。所以今天，我們 - 我想在三月份，我們在 Perfect Day 有近 250,000 名客人。現在平均而言，我們在 CocoCay 每天接待大約 11,000 名客人。有了 Hideaway，我們可以再增加 2,000、3,000 位客人。這確實是為了及時為海洋圖標開放設計。當然，Icon 將在 1 月底訪問，Icon 每週都會去 Perfect Day。

We've also got Utopia coming online in June. We haven't announced the deployment, but Utopia will also be going to Perfect Day. And the demand is just very strong. I mean we've seen -- there's a lot of demand for that particular product in any of our ships that have Perfect Day on their itinerary demanded, and there's strong pricing premium that we see there.

我們還讓 Utopia 在 6 月上線。我們還沒有宣布部署，但 Utopia 也會去 Perfect Day。而且需求非常強勁。我的意思是我們已經看到 - 在我們的任何一艘在行程中要求完美日的船上，對該特定產品都有很多需求，而且我們在那裡看到了很高的定價溢價。

Ben, just one point on Hideaway for modeling purposes. Just keep in mind that it's coming online at the very end of this year. But its ramp-up of operations and so forth, as Michael said, is kind of in line when Icon comes online, which will be towards the end of January. So just as you're thinking about yielding costs, just keep that in mind.

Ben，出於建模目的，在 Hideaway 上只有一分。請記住，它將於今年年底上線。但正如邁克爾所說，它的運營等方面的提升與 Icon 上線時有點一致，這將在 1 月底進行。所以當你在考慮收益成本時，請記住這一點。

Also, Benjamin, just to add a quick comment, not on Perfect Day, but we did receive the kind of the greenlight approval from the Bahamian government to proceed through the environmental and permitting and planning process now in the Bahamas. So our intention is to have the Royal Beach Club open in -- towards the end of the spring, summer of '25. And that new addition to the portfolio is also going to really produce an incredible experience for -- certainly for the short product and the short product is doing exceptionally well at the moment. We continue to increase our short product and put really great ships into that market. So the combination of Perfect Day on one day and the Beach Club on the second day really is a winning combination.

另外，本傑明，我只是想補充一點評論，不是在 Perfect Day，但我們確實得到了巴哈馬政府的批准，可以在巴哈馬繼續進行環境、許可和規劃流程。因此，我們打算讓皇家海灘俱樂部在 25 年春夏末開放。並且這個新的產品組合也將真正產生令人難以置信的體驗 - 當然對於短產品和短產品目前表現非常好。我們繼續增加我們的短產品，並將非常好的船舶投放到該市場。因此，第一天的 Perfect Day 和第二天的 Beach Club 的組合確實是一個成功的組合。

And forgive me, is the expectations around the Royal Beach Club, is that a similar size to Hideaway or large -- smaller or larger, just from a capacity standpoint?

請原諒我，皇家海灘俱樂部的期望值是與 Hideaway 相似還是更大——更小還是更大，僅從容量的角度來看？

Actually, from a capacity perspective, it's very similar to Hideaway. Remember, Hideaway is part of the Perfect Day experience. So the Perfect Day experience capacity will be around 13,000 a day. But the Beach Club's capacity will be around 2,500 to 2,750 a day.

實際上，從容量的角度來看，它與 Hideaway 非常相似。請記住，Hideaway 是 Perfect Day 體驗的一部分。因此，Perfect Day 的體驗容量將在每天 13,000 人左右。但海灘俱樂部每天的接待量約為 2,500 至 2,750 人。

Your next question comes from Conor Cunningham from Melius Research.

您的下一個問題來自 Melius Research 的 Conor Cunningham。

Just on the $5.3 billion in customer deposits that you have. I was curious if you could parse out what percentage of the bookings are people that are new to cruise versus historical levels? It just seems like that you're gaining a lot of momentum there. Just curious on where that sits?

僅就您擁有的 53 億美元客戶存款而言。我很好奇，您是否可以分析出遊輪新手與歷史水平相比預訂的百分比是多少？看起來你在那裡獲得了很大的動力。只是好奇它坐在哪裡？

Yes. So as we -- I think Jason said this in his prepared remarks, this quarter, and it's been consistent in the last several quarters, the combination of new to our brands and new to our cruise significantly exceeded 2019 levels. So we're very pleased with seeing this quality demands and our brands attracting new people to our ecosystem. And at the same time, we also focused on making sure that they stay there, right, then increase repeat rates. This is all in line with our strategies. So some of the benefit you see in the first quarter in these customer deposits is just more people booking with us, new to our brands and new to cruise.

是的。因此，正如我們 - 我認為 Jason 在本季度的準備好的發言中所說的那樣，並且在過去幾個季度中一直保持一致，我們品牌的新產品和郵輪產品的新產品組合大大超過了 2019 年的水平。因此，我們很高興看到這種質量需求以及我們的品牌吸引新人加入我們的生態系統。同時，我們還專注於確保他們留在那裡，然後提高重複率。這一切都符合我們的戰略。因此，您在第一季度在這些客戶存款中看到的一些好處只是更多的人通過我們預訂，我們品牌的新人和郵輪的新人。

Okay. That's helpful. And then just I was hoping if you could unpack a little bit just on this close-in pricing momentum that you saw in the quarter. What did you assume originally? And then first, how it played out? And just how you're thinking about that trend through the remainder of the year? I realize load factors are stepping up. So there's probably less to fill. But just curious on how you're thinking about that going forward?

好的。這很有幫助。然後我只是希望你能不能就你在本季度看到的這種近距離定價勢頭進行一些分析。你最初的假設是什麼？然後首先，結果如何？在今年餘下的時間裡，您是如何看待這一趨勢的？我意識到載客率正在上升。因此，可能需要填寫的內容更少。但只是想知道你是如何考慮未來的？

Yes. Well, I think first, what I would say is it was a -- it was an incredible surprise at the differential between our Wave expectations close-in versus the realities of what occurred. There was a substantial difference versus '19 levels, which were already at a record high. And so we built another 3 or 4 load factor points. As you pointed out, Conor, we are -- our expectations for the balance of the year was to be at normal load factors. So those book positions were higher, so there is less inventory.

是的。好吧，我想首先，我要說的是——這是一個令人難以置信的驚喜，因為我們對 Wave 的預期接近與實際發生的事情之間存在差異。與已經創下歷史新高的 19 年水平相比，存在很大差異。因此我們又建立了 3 或 4 個負載係數點。正如你指出的那樣，康納，我們是——我們對今年剩餘時間的預期是正常的負載率。所以那些賬面位置更高，所以庫存更少。

But certainly, there is the opportunity. And of course, we've we recognize a lot of that opportunity in terms of the expectation that those volumes will continue and at higher rates. I think the thing that was of a great, I wouldn't say a surprise, but delight to us was while the volumes were building at those large volumes, we were also able to continue to raise pricing during that period of time, which is not always what you see as you -- times in which you're looking to fill certain volume gaps.

但可以肯定的是，有機會。當然，我們已經認識到很多機會，因為我們期望這些數量將繼續並以更高的速度增長。我認為這是一件很棒的事情，我不會說是一個驚喜，但令我們高興的是，當銷量如此之大時，我們也能夠在那段時間繼續提高價格，這是並不總是你所看到的——你希望填補某些數量差距的時候。

Yes. And just as I think I said it in my prepared remarks, 2/3 of our yield outperformance in the quarter were just load factors. We built 200 basis points more, and the remaining was just higher pricing, both on ticket and exceptional strength on onboard revenue.

是的。正如我想我在準備好的發言中所說的那樣，本季度我們 2/3 的收益率表現出色只是負載因素。我們又增加了 200 個基點，剩下的只是更高的定價，包括機票和機上收入的異常強勁。

Matthew Boss from JPMorgan is up next.

接下來是來自摩根大通的 Matthew Boss。

Congrats on a really nice print. Maybe to follow up on demand. As we think about the drivers and the magnitude of the top line upside relative to where we stood 3 months back, I guess maybe if you could help to maybe rank order the upside? And then could you elaborate on your most recent momentum that you cited in bookings that you've seen? And finally, maybe just relative to the Trifecta plan that you laid out in November '22, what's your confidence today? Or just help us to think about puts and takes to consider relative to when you initially laid this out?

恭喜你印刷得非常好。也許是按需跟進。當我們考慮驅動因素和相對於 3 個月前我們所處位置的頂線上行幅度時，我想也許你可以幫助排名上行？然後你能詳細說明你在你看到的預訂中提到的最近的勢頭嗎？最後，也許只是相對於你在 22 年 11 月制定的 Trifecta 計劃，你今天有什麼信心？或者只是幫助我們考慮相對於您最初佈局時要考慮的看跌期權和看跌期權？

Okay. Well, I'll take a stab at it and for my teammates here to add in. I think, first, just starting off on Trifecta. We feel very good about our Trifecta program. Obviously, the results of what we're talking about today in terms of the acceleration, the higher pricing, our continued ability to manage our costs, is all very encouraging as we kind of think through what 2025 is going to look at or look like. There's always headwinds that you're dealing with. But we do really believe that by just continuing to moderately grow our yields and managing our costs and managing our capital allocation, we see kind of clear skies towards those goals. There's obviously things in which when we think about negative carry, we think about and how to manage that and get that down to the levels to get our earnings power back from there, that's also kind of top of mind for us.

好的。好吧，我會嘗試一下，讓我的隊友加入進來。我想，首先，只是從 Trifecta 開始。我們對我們的 Trifecta 計劃感到非常滿意。顯然，我們今天在加速、更高的定價、我們持續管理成本的能力方面所談論的結果都非常令人鼓舞，因為我們在某種程度上思考了 2025 年將會看到或看起來像什麼.你總是要面對逆風。但我們確實相信，只要繼續適度提高收益率、管理成本和管理資本配置，我們就會看到實現這些目標的晴朗天空。很明顯，當我們考慮負利差時，我們會考慮如何管理它，並將其降低到一定水平，以便從那裡恢復我們的盈利能力，這也是我們最關心的問題。

As it relates to on the demand side, just to be -- I think, which we kind of laid out in our remarks, there are several things. First is the Caribbean has been exceptionally strong, especially ships that are touching a Perfect Day we saw a huge strength from. Onboard spend has been very, very strong. It's not one area of onboard. It's really across the board. So that's really -- that's been very encouraging. Our North American products have all been booking well, Alaska, Northeast and so forth. And for Europe, I think we were a little bit concerned going into the year.

由於它與需求方面有關，我認為，我們在評論中已經列出，有幾件事。首先是加勒比地區異常強大，尤其是那些接近完美日的船隻，我們從中看到了巨大的力量。船上支出一直非常非常強勁。這不是船上的一個區域。這真的是全面的。所以這真的 - 這非常令人鼓舞。我們北美的產品，阿拉斯加，東北等等，都一直訂的不錯。對於歐洲，我認為進入這一年我們有點擔心。

But because of our global and nimble sourcing model, we really have seen a surge in European bookings, and we feel very good on how Europe is going to play out this year, but not to the level that we saw in the Caribbean. And so that just broader combination is what's driving acceleration and demand acceleration and pricing, and while we doubled our yield and increased our earnings by 40%.

但由於我們靈活的全球採購模式，我們確實看到了歐洲預訂量的激增，我們對歐洲今年的表現感到非常滿意，但沒有達到我們在加勒比地區看到的水平。因此，更廣泛的組合是推動加速、需求加速和定價的因素，同時我們的收益率翻了一番，收益增加了 40%。

Yes. Just to add, it's Naftali, I think first on the latest points around the demand, I think if you kind of zoom out a little bit, we did talk about and we've been talking about the value proposition of cruise being very attractive, and you see that played out. So our goal is to close the gap and we do that with the ships that we have, the experiences we deliver, Perfect Day at CocoCay, some of the itineraries we designed. But those are things that if you the consumer are, obviously, it's very attractive.

是的。我想補充一點，是 Naftali，我想首先是圍繞需求的最新觀點，我想如果你稍微縮小一點，我們確實討論過並且我們一直在討論郵輪的價值主張非常有吸引力，你看到了。所以我們的目標是縮小差距，我們用我們擁有的船隻、我們提供的體驗、CocoCay 的 Perfect Day 以及我們設計的一些行程來做到這一點。但是，如果您是消費者，那麼這些東西顯然非常有吸引力。

On the Trifecta, I just want to make one comment, which is, as we were designing it, we weren't designing it for a perfect environment, right? So as Jason said, there's puts and takes, there's headwinds, tailwinds. And as we were designing those coordinates, we're confident we can get there.

關於 Trifecta，我只想發表一個評論，那就是，當我們設計它時，我們並不是為了完美的環境而設計的，對吧？正如傑森所說，有進有退，有逆風，也有順風。當我們設計這些坐標時，我們有信心可以到達那裡。

And Matthew, you just to add, when just using the Royal Caribbean International as a proxy for the company. When I think about 2024 and 2025, we've got Icon of the Seas coming online. We've got Utopia of Seas. We've got Hideaway Beach and Perfect Day coming online in late this year. We've got expectations that China will be up and operating in '24, and we've got the Beach Club coming online in '25. So just from the Royal brands perspective, we've got an incredible lineup of really new and exciting products. And we've seen that these products really to ignite the market and generate significant demand. So we feel pretty optimistic about the future.

Matthew，你剛剛補充說，當只是使用皇家加勒比國際作為公司的代理時。當我想到 2024 年和 2025 年時，我們已經將海洋圖標上線了。我們有海洋烏托邦。我們將在今年年底推出 Hideaway Beach 和 Perfect Day。我們預計中國將在 24 年啟動並運營，我們已經讓海灘俱樂部在 25 年上線。因此，從皇家品牌的角度來看，我們擁有令人難以置信的全新和令人興奮的產品陣容。我們已經看到這些產品確實點燃了市場並產生了巨大的需求。所以我們對未來感到非常樂觀。

Next up, we'll hear from Daniel Politzer, Wells Fargo.

接下來，我們將聽取富國銀行的 Daniel Politzer 的意見。

Congrats on the quarter. Just a quick one for me. The Caribbean itineraries, I mean it sounds like pricing is tracking -- pricing and demand is tracking well above your expectations. And you've talked about this shift to short-term product. Could you see a prolonged shift there? And how do you think about your capacity allocation over the next kind of year or 2 as it relates to Europe and some of the more premium itineraries relative to kind of the lift you're probably getting now from CocoCay?

祝賀這個季度。對我來說只是一個快速的。加勒比航線，我的意思是聽起來定價正在跟踪——定價和需求的跟踪遠高於您的預期。你已經談到了這種向短期產品的轉變。你能看到那裡有一個長時間的轉變嗎？你如何看待你在未來一年或兩年的運力分配，因為它與歐洲和一些更優質的行程相關，與你現在可能從 CocoCay 獲得的提升有關？

I think we feel pretty good about the balance of our deployment. We have been -- I think we have shown that having great assets like Perfect Day, putting great assets in the short product, which connects very well to millennials and Gen X and so forth that are looking for more volume vacation experiences and they do that over shorter periods of time. And so that really kind of zones in to that clientele.

我認為我們對部署的平衡感到非常滿意。我們已經 - 我認為我們已經證明擁有像 Perfect Day 這樣的偉大資產，將偉大的資產投入到短產品中，這與千禧一代和 X 世代等正在尋找更多度假體驗的人有著很好的聯繫，他們這樣做了在更短的時間內。因此，真正屬於那個客戶的區域。

But I think when we look -- and of course, our deployment will shift a little bit in our expectations as we look forward as we expect China to come online and Asia Pac to kind of light back up here in '24 and 2025. But Caribbean is going to continue to be where the majority of our capacity is. And I think our broader portfolio of deployment will more or less look like it does this year with a little bit more indexing into short and play a little bit more indexing into China.

但我認為，當我們看的時候——當然，我們的部署會在我們期待的時候稍微改變我們的預期，因為我們期待中國上線，亞太地區在 24 年和 2025 年重新亮起來。但是加勒比地區將繼續成為我們大部分能力所在的地方。而且我認為我們更廣泛的部署組合將或多或少看起來像今年那樣，更多地建立空頭指數，並在中國建立更多的指數。

Got it. And just for my follow-up, I wanted a little bit more color on China and maybe that cruise customer, if you can maybe put a little bit more color around what looked like historically in terms of mix of pre-board spend versus onboard, the EBITDA relative to the rest of your portfolio per APCD yields, kind of any additional color as we think about the reopening and take that into account given the strong and robust demand from the travel and leisure customer there?

知道了。就我的後續行動而言，我想要更多關於中國的顏色，也許還有那個郵輪客戶，如果你可以在登船前消費與船上消費的混合方面添加更多顏色的話， EBITDA 相對於您的每個 APCD 投資組合的其餘部分收益率，在我們考慮重新開放並考慮到那裡的旅遊和休閒客戶的強勁需求時，還有什麼其他顏色嗎？

So then, pre-pandemic, we built a significant business for cruise in the China market. I think Royal was the #1 cruise brand in China by volume, and we had a few of our ships that were operating there. And in fact, before the pandemic, we had Wonder of the Seas originally planned to deploy into the China market, which, of course, subsequently changed. Our expectation is that this market will return to how it was pre-pandemic. The value of a Chinese customer is very high.

因此，在大流行之前，我們在中國市場建立了重要的郵輪業務。我認為按數量計算，皇家郵輪是中國排名第一的郵輪品牌，我們有幾艘郵輪在那裡運營。事實上，在疫情之前，我們原本計劃將海洋奇蹟號部署到中國市場，當然後來發生了變化。我們的預期是，這個市場將恢復到大流行前的狀態。中國客戶的價值非常高。

When you look at the net revenue from a Chinese consumer, it's typically around the same level as an American and slightly higher. So we see that returning. The spend changes somewhat in terms of onboard spend. They skew differently in different areas. But overall, the aggregate of their spend is very high. So we believe that, that market will return, and we're hoping in '24, we'll see that.

當您查看來自中國消費者的淨收入時，它通常與美國人處於同一水平，甚至略高。所以我們看到了回歸。船上支出方面的支出有所變化。它們在不同領域的傾斜程度不同。但總的來說，他們的支出總額非常高。所以我們相信，那個市場將會回歸，我們希望在 24 年，我們會看到這一點。

Your next question comes from Fred Wightman, Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Fred Wightman。

I was hoping you could just talk a bit more about -- if you think about the really strong demand you're seeing for the Caribbean and sort of in-line European demand, what is driving sort of that divergence? Is it just that CocoCay is that attractive? Are you hearing pushback on European airfare? Like where is the biggest difference?

我希望你能多談一點——如果你考慮一下你看到的對加勒比地區的真正強勁需求和某種符合歐洲需求的需求，是什麼導致了這種差異？只是CocoCay有那麼大的吸引力嗎？您是否聽到有關歐洲機票的阻力？比如最大的區別在哪裡？

Well, I think in the earlier part of the year, we were a little bit concerned about the airlift for Europe, but that has kind of normalized, at least for our guests. And also don't forget, we source as well in Europe for our European product. And that just goes back to our business model of having this kind of global nimble sourcing model. So I think that's how we kind of think about that.

好吧，我想在今年早些時候，我們有點擔心歐洲的空運，但這種情況已經正常化，至少對我們的客人來說是這樣。也不要忘記，我們也在歐洲為我們的歐洲產品採購。而這又回到了我們擁有這種全球靈活採購模式的商業模式。所以我認為這就是我們對此的看法。

As it relates to the Caribbean, I think it's a combination of things. And as Naf pointed out, there's still a significant value gap between land-based vacation and cruise. I think we've closed some of that gap this year, which is encouraging. And we saw pre-pandemic that ships that touched Perfect Day, as an example, had really kind of closed the gap to land based, especially Orlando and Vegas. And what we're doing is -- what we're seeing is that is starting to kind of get back to '19 levels. So the gap still exists as that -- as those businesses got stronger during the period.

由於它與加勒比海地區有關，我認為這是多種因素的結合。正如 Naf 指出的那樣，陸地度假和郵輪度假之間仍然存在巨大的價值差距。我認為我們今年已經縮小了一些差距，這令人鼓舞。我們看到大流行前接觸完美日的船隻，例如，確實縮小了與陸地的差距，尤其是奧蘭多和維加斯。我們正在做的是——我們看到的是開始有點回到 19 年的水平。因此，隨著這些企業在此期間變得更強大，差距仍然存在。

And so I don't think it's one thing, but I think the value gap, I think that the demand to spend time with people's friends and family and gather experiences and buy less stuff, all these secular and demographic trends are just huge tailwinds for the demand environment.

所以我不認為這是一回事，但我認為價值差距，我認為與人們的朋友和家人共度時光、收集經驗和減少購買東西的需求，所有這些長期和人口趨勢都只是巨大的順風需求環境。

Makes sense. And then on the expense side, you guys called out some benefits from expense timing in the quarter. I think that was sized at 180 basis points. Is that all showing up in the 2Q guide? Does some of that get punted into 3Q and 4Q. How should we think about that?

說得通。然後在費用方面，你們從本季度的費用時間安排中獲得了一些好處。我認為這是 180 個基點的規模。這些都出現在 2Q 指南中嗎？其中一些是否被投入到 3Q 和 4Q 中？我們應該如何考慮？

Yes. It's -- I mean, majority of it, almost all of it is in -- should be expected in Q2.

是的。這是——我的意思是，大部分，幾乎所有都在——應該在第二季度出現。

And we'll go to Paul Golding, Macquarie Capital.

我們將去 Macquarie Capital 的 Paul Golding。

Just one for me, a longer-term question here. I know you're still building load factor. But as you think about Q1 and the strength in close-in bookings, does this change the way you think about Wave and how you manage the booking curve and inventory as you go into the next wave cycle, the next booking cycle and just in the context of what we had through the pandemic, which was a bit protracted booking curve?

對我來說只有一個，這裡是一個長期問題。我知道您仍在構建負載係數。但是，當您考慮第一季度和近期預訂的優勢時，這是否會改變您對 Wave 的看法以及您在進入下一個波浪週期、下一個預訂週期和剛剛進入的階段時管理預訂曲線和庫存的方式？我們在大流行期間所經歷的情況，這是一個有點漫長的預訂曲線？

Yes. Well, we actually -- through the COVID period had kind of shifted how we go to market with our inventory. We used to kind of put everything out there and all the suites would be sold basically right off the bat, and then you would kind of work your way down to the inside cabins. While now we hold back inventory, and we release it based off of our much more sophisticated revenue management models that we have today. And so all of that takes into account the demand environment we're seeing. And that's why I think sometimes when we get into conversations around what percent booked are you, how does it relate to this period versus that period. What we're really focused on is optimizing yield.

是的。好吧，實際上，在 COVID 期間，我們已經改變了我們將庫存推向市場的方式。我們過去常常把所有的東西都放在那裡，所有的套房基本上都會立即售出，然後你會一直工作到內艙。雖然現在我們保留庫存，但我們會根據我們今天擁有的更複雜的收入管理模型來釋放它。因此，所有這些都考慮到了我們所看到的需求環境。這就是為什麼我有時會想，當我們討論你的預訂百分比時，它與這段時間和那段時間有何關係。我們真正關注的是優化產量。

And so there might be periods where quarter-over-quarter or year-over-year, we want to be in a stronger book position or less than what we were booked in a previous period, because what we're focused on is maximizing yield, which sometimes you come with us having more inventory to sell.

因此，可能存在季度環比或同比增長的時期，我們希望賬面狀況更好或低於上一時期的賬面狀況，因為我們關注的是最大化收益率，有時你會帶著我們有更多的存貨要賣。

Thank you. We thank everyone for their participation and interest in the company. Michael McCarthy will be available for any follow-up. So we wish you all a great day. Thank you.

謝謝。我們感謝大家對公司的參與和興趣。邁克爾·麥卡錫 (Michael McCarthy) 將可用於任何後續行動。所以我們祝大家有美好的一天。謝謝。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

各位，今天的會議到此結束。感謝大家的參與。您現在可以斷開連接。