皇家加勒比遊輪 (RCL) 2023 Q2 法說會逐字稿

Good morning. My name is Regina, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Royal Caribbean Group Second Quarter 2023 and Business Update Earnings Call. (Operator Instructions) I would now like to introduce Michael McCarthy, Vice President of Investor Relations. Mr. McCarthy, the floor is yours.

早上好。我叫雷吉娜，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 2023 年第二季度和業務更新收益電話會議。 （操作員須知） 現在我想介紹一下投資者關係副總裁邁克爾·麥卡錫（Michael McCarthy）。麥卡錫先生，請發言。

Good morning, everyone, and thank you for joining us today for our second quarter 2023 earnings call. Joining me 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，感謝您今天參加我們的 2023 年第二季度財報電話會議。與我一起的還有我們的首席執行官 Jason Liberty； Naftali Holtz，我們的首席財務官；以及皇家加勒比國際遊輪公司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中做出前瞻性聲明。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當前的預期存在重大差異。請參閱我們今天早上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，了解這些因素的描述。我們不承諾隨著情況的變化而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. Unless we state otherwise, all metrics are on a constant currency adjusted basis. Jason will begin the call by providing a strategic overview and update on the business. Naftali will follow with a recap of our second quarter and an update on our latest actions and on the current booking environment. We will then open the call for your questions. With that, I'm pleased to turn the call over to Jason.

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 項目的調節表可以在我們的網站和 www.rclinvestor.com 上的收益發布中找到。除非我們另有說明，否則所有指標均以恆定貨幣調整為基礎。傑森將首先提供戰略概述和業務最新情況。 Naftali 隨後將回顧我們第二季度的情況以及我們最新行動和當前預訂環境的最新情況。然後我們將打開電話詢問您的問題。至此，我很高興將電話轉給傑森。

Thank you, Michael, and good morning, everyone. I'm thrilled to share with you this morning our strong second quarter results and another step change in the trajectory of our business. You may recall that we doubled our revenue yield guidance and increased our earnings expectations by 40% in May on the heels of a record wave period that drove strong booking momentum for our brands. Well, as we shared in this morning's press release, it got even better since then. The combination of strong preference for our leading brands, numerous consumer tailwinds and the attractive value proposition of cruise contributed to strong and accelerated demand for our vacation experiences.

謝謝你，邁克爾，大家早上好。今天早上我很高興與大家分享我們強勁的第二季度業績以及我們業務軌蹟的又一重大變化。您可能還記得，在創紀錄的波浪期推動我們品牌強勁的預訂勢頭之後，我們將 5 月份的收入預期提高了一倍，並將盈利預期提高了 40%。嗯，正如我們在今天早上的新聞稿中分享的那樣，從那時起它變得更好了。對我們領先品牌的強烈偏好、眾多的消費者順風和郵輪有吸引力的價值主張相結合，推動了對我們度假體驗的強勁且加速的需求。

Our brands continue to excel, and we not only delivered another outstanding quarter that significantly exceeded expectations, but are also increasing our full year earnings guidance by another 33%. I'm thrilled to share that we are now expecting double-digit yield growth for the full year and low teens growth rate for the remaining quarters.

我們的品牌繼續表現出色，我們不僅再次實現了顯著超出預期的出色季度業績，還將全年盈利指引再上調了 33%。我很高興地告訴大家，我們現在預計全年收益率將實現兩位數增長，而剩餘幾個季度的增長率將保持在較低水平。

I want to thank the entire Royal Caribbean Group team for delivering another outstanding quarter. Their passion, dedication and commitment allow us to deliver the very best vacation experiences responsibly while generating strong financial results.

我要感謝整個皇家加勒比集團團隊再次交付出色的季度業績。他們的熱情、奉獻和承諾使我們能夠負責任地提供最好的度假體驗，同時產生強勁的財務業績。

Last year, we laid out Trifecta, which set clear and ambitious targets. We have made tremendous progress towards those goals and now expected to achieve record EBITDA per APCD and record return on invested capital this year. We are well on our way to achieving Trifecta as we continue to execute on our strategies.

去年，我們制定了 Trifecta，設定了明確而雄心勃勃的目標。我們在實現這些目標方面取得了巨大進展，現在預計今年將實現創紀錄的每 APCD EBITDA 和創紀錄的投資資本回報率。隨著我們繼續執行我們的戰略，我們正在實現三連勝。

As highlighted on Slide 3, we delivered another outstanding quarter that exceeded expectations. The robust demand environment we reported back in May continued throughout the second quarter and translated into strong booking volumes and meaningfully higher prices.

正如幻燈片 3 所強調的那樣，我們又交付了一個超出預期的出色季度。我們在五月份報告的強勁需求環境在整個第二季度持續存在，並轉化為強勁的預訂量和顯著上漲的價格。

During the second quarter, we delivered a record 1.9 million memorable vacations and exceptional guest satisfaction scores. We achieved record yields that were 12.9% higher in 2019. Strong close-in demand, higher pricing and continued strength of onboard spend drove the revenue outperformance.

第二季度，我們創造了創紀錄的 190 萬次難忘假期和卓越的賓客滿意度得分。 2019 年，我們實現了創紀錄的收益率，增長了 12.9%。強勁的近期需求、更高的定價和持續強勁的船上支出推動了收入表現出色。

While the Caribbean remains a standout performer this year, we were particularly pleased with the strength and quality of closing demand for European itineraries. This acceleration of demand for Europe contributed to the better-than-expected yield performance for the quarter. Our continued focus on enhancing margins and our disciplined capital allocation resulted in more than 100% of the revenue outperformance flowing to the bottom line. We had record adjusted EBITDA and cash flow in the quarter and achieved significantly better-than-expected earnings.

雖然加勒比地區今年仍然表現出色，但我們對歐洲行程的關閉需求的強度和質量感到特別滿意。歐洲需求的加速導致本季度的收益率表現好於預期。我們持續關注提高利潤率和嚴格的資本配置，導致超過 100% 的收入流向盈利。本季度我們的調整後 EBITDA 和現金流創歷史新高，並實現了明顯好於預期的收益。

Booking volume since our last earnings call have continued to accelerate, both for 2023 sailings and even more so for 2024 as the majority of the bookings we are currently taking are for next year's sailings.

自上次財報電話會議以來，2023 年航班的預訂量持續加速，2024 年的預訂量更是如此，因為我們目前接受的大部分預訂都是明年的航班。

The North American consumer remains incredibly strong, and volumes from European consumers looking to book their summer vacations accelerated. The strength of our brands and quality of our vacation experiences combined with the value proposition of cruise is translating into double-digit yield growth expectations versus 2019 for the year and low teens growth rate for the second half of 2023. Our load factors are now back to normal. So the incredible yield growth is driven by strength in pricing and onboard spend for both new and like-for-like hardware.

北美消費者仍然非常強勁，歐洲消費者預訂暑假的數量也在加速增長。我們品牌的實力和度假體驗的質量，再加上郵輪的價值主張，與 2019 年相比，今年的收益率增長預期將達到兩位數，而 2023 年下半年的青少年增長率將較低。我們的載客率現已回歸至正常。因此，令人難以置信的產量增長是由新硬件和同類硬件的定價和船上支出的強勁推動的。

While it's still too early to provide any specific color for next year's outlook, clearly, the very healthy demand environment we are seeing is quite encouraging. There has been a lot of talk about the state of the consumer, and I want to share what we are seeing for millions of daily interactions with our customers.

雖然現在為明年的前景提供任何具體的顏色還為時過早，但顯然，我們看到的非常健康的需求環境相當令人鼓舞。關於消費者狀態的討論有很多，我想分享我們在與客戶的數百萬次日常互動中所看到的情況。

Sentiment remains strong and is bolstered by strong labor markets, high wages and excess savings. Our customers remain engaged and eager to vacation and build memories with us as they continue to shift preferences towards experiences over goods.

強勁的勞動力市場、高工資和過剩儲蓄支撐著市場情緒依然強勁。我們的客戶仍然熱衷於度假，渴望與我們一起度假並建立回憶，因為他們繼續將偏好轉向體驗而不是商品。

Over the last few months, experience spend was up 25% compared to 2019 and double that of spend on goods. Despite this increase, spend on experiences remains lower than the long-term trend line, implying a multiyear catch-up opportunity. Our vacation platform is appealing to a broad range of vacationers and our addressable market continues to expand as we benefit from favorable demographics and wealth trends.

過去幾個月，體驗支出比 2019 年增長了 25%，是商品支出的兩倍。儘管有所增加，但體驗支出仍低於長期趨勢線，這意味著存在多年的追趕機會。我們的度假平台吸引了廣泛的度假者，隨著我們受益於有利的人口結構和財富趨勢，我們的潛在市場不斷擴大。

In the second quarter, the percent of guests were either new to brand or new to cruise surpassed 2019 levels by a wide margin, and we have seen post-cruise repeat booking rates nearly double 2019 levels. While we have made positive strides in narrowing the gap to land-based vacations over the last several months, cruising remains an exceptional value proposition, allowing us to outperform broader leisure travel as we seek to further close the gap to land-based vacations, drive better revenue and welcome even more happy customers.

第二季度，新接觸品牌或新接觸遊輪的客人比例大幅超過 2019 年水平，而且我們看到遊輪結束後的重複預訂率幾乎是 2019 年水平的兩倍。儘管過去幾個月我們在縮小與陸上度假的差距方面取得了積極進展，但郵輪仍然是一個特殊的價值主張，使我們能夠在我們尋求進一步縮小與陸上度假的差距時超越更廣泛的休閒旅行，推動更好的收入並歡迎更多滿意的客戶。

Future cruise consideration is near all-time highs and a contributing factor to a doubling in website visits compared to 2019. In addition, our travel partners are now fully back up and running and delivering more bookings than they did in 2019.

未來郵輪的關注度接近歷史最高水平，也是網站訪問量較 2019 年翻倍的一個因素。此外，我們的旅行合作夥伴現已全面恢復正常運行，並提供比 2019 年更多的預訂。

Our improved commercial capabilities have allowed us to capture this quality demand and expand our share of the guest wallet. In the second quarter, about 2/3 of our guests booked some of their onboard activities in advance of their cruise translating into incremental spend once on board. While we have made a significant leap, we are still in the early innings of our journey, and we continue to add new features and capabilities to our app in commercial engines.

我們不斷提高的商業能力使我們能夠抓住這種質量需求並擴大我們在賓客錢包中的份額。第二季度，大約 2/3 的客人在郵輪旅行之前預訂了一些船上活動，這轉化為登船後的增量支出。雖然我們已經取得了重大飛躍，但我們仍處於旅程的早期階段，我們將繼續在商業引擎中為我們的應用程序添加新的特性和功能。

One thing is clear. Our guests continued to spend more on their vacation experience and our teams continue to deliver strong guest satisfaction and Net Promoter Scores. The robust demand we see for our products is bolstered by our industry-leading brands, innovative hardware, enhanced destination offerings, nimble global sourcing model and strong execution by our teams.

一件事是清楚的。我們的客人繼續在度假體驗上花費更多，我們的團隊繼續提供強勁的客人滿意度和淨推薦值。我們行業領先的品牌、創新的硬件、增強的目的地產品、靈活的全球採購模式和我們團隊的強大執行力支撐了我們產品的強勁需求。

New hardware has been a great differentiator for us, allowing us to drive quality demand and attract new customers into our vacation ecosystem. In 2023, we take delivery of 3 new ships that support our strategy and will deliver premium yields in 2024 and beyond. This month, Silversea welcomed Silver Nova, the first of the new Evolution class. Later this year, Celebrity Cruises will welcome Celebrity Ascent and Royal Caribbean International will take delivery of the game-changing Icon on the Seas late in Q4 with it's revenue sailings beginning in the end of January.

新硬件對我們來說是一個巨大的差異化因素，使我們能夠推動質量需求並吸引新客戶進入我們的度假生態系統。 2023 年，我們將接收 3 艘新船，以支持我們的戰略，並將在 2024 年及以後提供優質收益。本月，Silversea 迎來了 Silver Nova，這是新 Evolution 級別的首艘船。今年晚些時候，精緻遊輪 (Celebrity Cruises) 將迎來精緻郵輪 (Celebrity Ascent)，皇家加勒比國際遊輪 (RoyalCaribbean International) 將在第四季度末接收改變遊戲規則的 Icon on the Seas 號，並於 1 月底開始投入運營。

Looking ahead into 2024, Royal Caribbean International has recently revealed the ultimate weekend getaway, Utopia of the Seas, which will join our fleet mid next year. Utopia will be the first Oasis-class ship that will be entirely focused on short cruises in the Caribbean, supporting our strategy of competing with land-based vacation alternatives and driving new-to-cruise customers into our vacation ecosystem as we seek to close the value gap.

展望 2024 年，皇家加勒比國際遊輪最近推出了終極週末度假勝地“海洋烏托邦號”，該遊輪將於明年年中加入我們的船隊。烏托邦將是第一艘完全專注於加勒比海短途郵輪的綠洲級郵輪，支持我們與陸上度假替代品競爭的戰略，並在我們尋求關閉郵輪時吸引新郵輪客戶進入我們的度假生態系統。價值差距。

Demand and pricing for Utopia has far exceeded our expectations. Also, in 2024, Silversea will welcome the second in the Evolution Class, Silver Ray, delivering the future of ultra-luxury cruising. Demand for Ray is very strong, and it is attracting the highest rates for the brand's Classic fleet.

Utopia 的需求和定價遠遠超出了我們的預期。此外，銀海郵輪還將在 2024 年迎來第二艘 Evolution 級郵輪 Silver Ray，引領超豪華郵輪的未來。 Ray 的需求非常強勁，它為該品牌的 Classic 機隊吸引了最高的價格。

We continue our efforts to deepen the relationship with the customer. We are further enhancing our commerce capabilities to optimize our distribution channels build even more customer loyalty and lower our acquisition costs. We continue to enhance our e-commerce and precruise capabilities and are seeing increased guest repeat rates and spend as well as further elevation in the overall guest experience.

我們繼續努力加深與客戶的關係。我們正在進一步增強我們的商務能力，以優化我們的分銷渠道，建立更高的客戶忠誠度並降低我們的採購成本。我們繼續增強電子商務和預航能力，並發現客人重複率和消費有所增加，以及整體客人體驗的進一步提升。

We will continue to excel in the core and drive business excellence in order to increase yields and capture efficiencies across our platform. Our proven formula for success remains unchanged, moderate capacity growth, moderate yield growth and strong cost control will lead to enhanced margins, profitability and superior financial performance.

我們將繼續在核心領域表現出色並推動業務卓越，以提高整個平台的產量並提高效率。我們行之有效的成功秘訣保持不變，適度的產能增長、適度的產量增長和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。

In conclusion, our business and our amazing team on and off the water are firing on all cylinders as we exceeded expectations in the second quarter, and significantly increased our earnings and cash flow guidance for 2023. We are well on our way to achieving our Trifecta goals. Our differentiated platform that includes the best brands, fleet, destination, people and global sourcing platform is winning. And I'm very proud of our teams that go out every day to deliver the best vacations responsibly. And with that, I will turn it over to Naftali. Naf?

總之，我們的業務和出色的水上和水下團隊正在全力以赴，第二季度超出了預期，並顯著提高了 2023 年的盈利和現金流指引。我們正在順利實現三連勝目標。我們的差異化平台包括最好的品牌、機隊、目的地、人員和全球採購平台，正在贏得勝利。我為我們的團隊感到非常自豪，他們每天都出去負責任地提供最好的假期。有了這個，我會把它交給納夫塔利。納夫？

Thank you, Jason, and good morning, everyone. I will begin by discussing our results for the second quarter. We delivered another strong performance with adjusted earnings per share of $1.82, 17% higher than the midpoint of our May guidance.

謝謝杰森，大家早上好。我將首先討論我們第二季度的業績。我們再次表現強勁，調整後每股收益為 1.82 美元，比 5 月份指導值的中值高出 17%。

We finished the second quarter with a load factor of 105% and with net yields that were up 12.9% versus 2019, about 260 basis points higher than the midpoint of our guidance. Overall, about half of the yield growth was driven by new hardware and half driven by a significant increase in rates on like-for-like hardware despite being a bit behind on load factors.

第二季度結束時，我們的載客率為 105%，淨收益率較 2019 年增長 12.9%，比我們指引的中值高出約 260 個基點。總體而言，大約一半的產量增長是由新硬件推動的，另一半是由同類硬件的費率顯著增長推動的，儘管負載率有點落後。

Rates were up 17% in the second quarter compared to 2019. NCC, excluding fuel per APCD increased 9% compared to the second quarter of 2019. While our costs came in consistent with our May guidance, the increase in our share price and the significant increase in our financial outlook for the year resulted in higher stock-based compensation.

與 2019 年相比，第二季度的費率上漲了 17%。與 2019 年第二季度相比，NCC（不包括每 APCD 的燃料）增長了 9%。雖然我們的成本與我們 5 月份的指導一致，但我們股價的上漲和顯著的增長我們今年財務前景的提高導致了更高的股票薪酬。

This cost, which contributed 220 basis points to the quarter was offset by favorable timing that will shift into the third quarter. Our operational and commercial teams are doing an exceptional job driving strong top line growth and maintaining focus on operating expenses to expand margins.

該成本為本季度貢獻了 220 個基點，但被進入第三季度的有利時機所抵消。我們的運營和商業團隊表現出色，推動了營收的強勁增長，並持續關注運營支出以擴大利潤。

Our EBITDA margin in the second quarter has recovered to it's 2019 levels and over 100% of the revenue outperformance during this quarter dropped to the bottom line, leading to significant earnings beat versus our guidance. As Jason mentioned, booking volumes since our last earnings call significantly exceeded 2019 for both North American and European consumers.

我們第二季度的 EBITDA 利潤率已恢復至 2019 年的水平，本季度超過 100% 的收入表現跌至底線，導致盈利大幅超出我們的指導。正如 Jason 提到的，自上次財報電話會議以來，北美和歐洲消費者的預訂量均大幅超過 2019 年。

Caribbean itineraries account for about 55% of our full year capacity and about 37% in the third quarter. Strong demand for Caribbean itineraries contributed to the strong performance in the second quarter and is one of the key drivers of the increase in expectations for the full year.

加勒比航線約占我們全年運力的 55%，第三季度約佔 37%。對加勒比航線的強勁需求促成了第二季度的強勁表現，也是全年預期上升的關鍵驅動因素之一。

Europe sailings account for 17% of our full year capacity and 35% in the third quarter. The acceleration in demand is resulting in an increase in our revenue expectations for Europe sailings. The better-than-expected performance has mostly been driven by our European customers, which underscores our nimble and global sourcing model.

歐洲航線占我們全年運力的 17%，第三季度佔 35%。需求的加速導致我們對歐洲航線的收入預期增加。好於預期的業績主要是由我們的歐洲客戶推動的，這凸顯了我們靈活的全球採購模式。

Alaska only accounts for 6% of our full year capacity, but represents 16% in the third quarter. We have added 3 additional ships to the region with capacity up about 60% versus 2019 for this high-yielding product. Similar to the Caribbean, we have seen very strong volume trends for Alaska sailings and load factors have been above 2019 since early this year and in line with our expectations.

阿拉斯加僅占我們全年產能的 6%，但第三季度佔 16%。我們向該地區新增了 3 艘船舶，與 2019 年相比，這種高產產品的運力增加了約 60%。與加勒比地區類似，我們看到阿拉斯加航線的運量趨勢非常強勁，自今年年初以來，載客率一直高於 2019 年，符合我們的預期。

Now let's turn to Slide 6 to talk about increased guidance expectations for the full year 2023. We now expect net yield growth of 11.5% to 12% for the full year, about 450 basis point increase from the midpoint of our prior guidance. About 15% of the increase is driven by the strong second quarter results with the remainder due to a significantly better business outlook for the rest of the year.

現在讓我們轉向幻燈片 6，討論對 2023 年全年指導預期的提高。我們現在預計全年淨收益率增長 11.5% 至 12%，比我們之前指導的中點增加約 450 個基點。大約 15% 的增長是由第二季度強勁的業績推動的，其餘的則是由於今年剩餘時間的業務前景明顯好轉。

The further increase in yield expectations for the year is the result of higher pricing and further strength in onboard revenue. Both new and like-for-like hardware are driving higher pricing for our core products. Yields for both remaining quarters are expected to be up in the low teens, with third quarter yields up 13.75% at the midpoint of our guidance range and an acceleration throughout the year.

今年收益率預期的進一步提高是定價上漲和船上收入進一步走強的結果。新硬件和同類硬件都在推動我們核心產品的定價上漲。剩餘兩個季度的收益率預計將在十幾歲以下增長，其中第三季度收益率將增長 13.75%，處於我們指導範圍的中點，並且全年都會加速增長。

Net cruise costs, excluding fuel, are expected to be up approximately 7% for the full year as compared to 2019. Our cost outlook reflects the continued benefit from all the actions we have taken over the last several years to support enhanced margins. As I mentioned before, the increase in full year 2023 costs is mainly a result of increase in stock compensation expense. We also recently announced our return to China in spring of 2024. In anticipation of this return, we plan to increase our cost in support of the restart.

與 2019 年相比，全年淨郵輪成本（不包括燃油）預計將增長約 7%。我們的成本前景反映了我們過去幾年為支持提高利潤率而採取的所有行動所帶來的持續收益。正如我之前提到的，2023年全年成本的增加主要是由於股票補償費用的增加。我們最近還宣布將於 2024 年春季重返中國。預計這次回歸，我們計劃增加成本以支持重啟。

As I noted on the last earnings call, full year net cruise costs also include 210 basis points of structural cost that we did not have in 2019, mostly related to operations of CocoCay and our Galveston terminal. Our team's focus on delivering the best vacation experiences responsibly while enhancing profitability is translating to the bottom line.

正如我在上次財報電話會議上指出的那樣，全年淨郵輪成本還包括 2019 年我們沒有的 210 個基點的結構成本，主要與 CocoCay 和加爾維斯頓碼頭的運營有關。我們團隊致力於以負責任的方式提供最佳度假體驗，同時提高盈利能力，這一點正在轉化為利潤。

For the second half of the year, 90% of the increase in revenue expectation flows through to earnings and increases our margin. We also expect record adjusted EBITDA per APCD for the year and an EBITDA margin that is an eyelash away from our previous record in 2019.

今年下半年，收入預期增長的 90% 都轉化為盈利並增加了我們的利潤率。我們還預計今年每 APCD 的調整後 EBITDA 將創歷史新高，且 EBITDA 利潤率將與我們 2019 年之前的記錄相差甚遠。

So in summary, based on the current business outlook, along with current fuel pricing, currency exchange rates and interest rates, we expect adjusted earnings per share of $6 to $6.20.

總而言之，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，我們預計調整後每股收益為 6 美元至 6.20 美元。

Now turning to Slide 7. I will discuss our third quarter guidance. Net yields are expected to be up 13.5% to 14% compared to 2019. Exceptional strength in Caribbean itineraries and accelerating demand for Europe itineraries is driving the increase in yields.

現在轉向幻燈片 7。我將討論我們的第三季度指導。與 2019 年相比，淨收益預計將增長 13.5% 至 14%。加勒比航線的強勁增長和歐洲航線需求的加速推動收益的增長。

NCC, excluding fuel, is expected to be up approximately 11.2%. About half of the cost increase compared to 2019 relates to structural costs, timing shift of operating expenses from the second quarter and an increase in stock-based compensation expense.

NCC（不包括燃料）預計上漲約 11.2%。與 2019 年相比，成本增加的一半左右與結構性成本、第二季度運營費用的時間轉移以及股票薪酬費用的增加有關。

Many factors contribute to variability in cost growth within quarters, and our focus is on full year cost management. With that said, we expect costs in the second half to normalize to the yearly average with fourth quarter benefiting from a more favorable comparable mainly due to increased dry dock days in 2019.

許多因素都會導致季度內成本增長的變化，我們的重點是全年成本管理。話雖如此，我們預計下半年成本將正常化至年平均水平，第四季度將受益於更有利的可比性，這主要是由於 2019 年干船塢天數增加。

So in summary, based on current currency exchange rates, fuel rates and interest rates, we expect adjusted earnings per share of $3.38 to $3.48 for the third quarter.

綜上所述，根據當前貨幣匯率、燃油費率和利率，我們預計第三季度調整後每股收益為 3.38 美元至 3.48 美元。

Turning to our balance sheet. We ended the quarter with $3.7 billion in liquidity and generated $1.4 billion in operating cash flow during the second quarter. Our liquidity remains very strong and strengthening the balance sheet continues to be a top priority. Better-than-expected cash flow generation and our disciplined capital allocation has allowed us to accelerate reduction in leverage and debt levels with the goal of achieving investment-grade balance sheet metrics. Utilizing cash flow from operations, we repaid $1.6 billion of debt during the quarter, including $392 million of our 11.5% senior secured notes due June 2025.

轉向我們的資產負債表。本季度結束時，我們的流動資金為 37 億美元，第二季度的運營現金流為 14 億美元。我們的流動性仍然非常強勁，加強資產負債表仍然是首要任務。好於預期的現金流生成和嚴格的資本配置使我們能夠加速降低杠桿和債務水平，以實現投資級資產負債表指標。利用運營現金流，我們在本季度償還了 16 億美元的債務，其中包括 3.92 億美元的 2025 年 6 月到期的 11.5% 高級擔保票據。

Also during the quarter, we settled the 4.25% convertible notes that were due in June with $337 million of cash and 370,000 shares. Then in July, we redeemed an additional $300 million of our 11.5% senior secured notes due June 2025. As a result, we only have $700 million of those notes currently outstanding. That paydown actions will reduce interest expense in 2023 and beyond and contribute to further increase in earnings as we chip away at our high-cost debt.

同樣在本季度，我們以 3.37 億美元現金和 370,000 股股票結算了 6 月份到期的 4.25% 可轉換票據。然後在 7 月份，我們額外贖回了 3 億美元的 2025 年 6 月到期的 11.5% 高級擔保票據。因此，我們目前未償還的這些票據中只有 7 億美元。這些還款行動將減少 2023 年及以後的利息支出，並有助於在我們削減高成本債務的同時進一步增加收益。

As for leverage, this year, we will have $3.2 billion of debt related to new ship deliveries that are contributing minimal to no EBITDA in 2023. When excluding this debt from the calculation, we expect our leverage ratio to be in the mid 4x by the end of the year, a significant progress toward our goal of achieving investment-grade balance sheet metrics.

至於槓桿率，今年我們將擁有與新船交付相關的 32 億美元債務，這些債務對 2023 年的 EBITDA 貢獻微乎其微，甚至沒有。如果從計算中排除這筆債務，我們預計到 2023 年我們的槓桿率將達到 4 倍左右。到今年年底，我們在實現投資級資產負債表指標的目標方面取得了重大進展。

As our business accelerates and generates more cash flow, we will continue to proactively and methodically pay down debt and pursue opportunistic refinancings in support of our Trifecta goals. In closing, our business continues to accelerate, and we remain committed and focused on executing our strategy and delivering on our mission while achieving our Trifecta goals.

隨著我們的業務加速發展並產生更多現金流，我們將繼續積極、有條不紊地償還債務並尋求機會再融資，以支持我們的 Trifecta 目標。最後，我們的業務繼續加速，我們仍然致力於並專注於執行我們的戰略和實現我們的使命，同時實現我們的 Trifecta 目標。

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

之後，我將要求我們的接線員打開電話進行問答環節。

(Operator Instructions) Our first question comes from the line of Stephen Lasinski with Stifel.

（操作員說明）我們的第一個問題來自 Stephen Lasinski 與 Stifel 的對話。

First off, congratulations, another very, very strong quarter. So Jason, as we think about the Trifecta targets, it seems to us based on the trajectory of the business, there now is probably somewhat of a high probability that some of these targets could be achieved possibly a full year in advance of your current 2025 time frame. So based on the strong demand you're seeing already for '24, is it fair to assume that achieving some of these targets much earlier than you were expecting was a fair statement. And look, I know that's kind of a quasi 24 guidance question, but just based on the current trends, it does just seem like you guys are on that path.

首先，恭喜，又一個非常非常強勁的季度。所以 Jason，當我們考慮 Trifecta 目標時，在我們看來，根據業務發展軌跡，現在其中一些目標很有可能比當前的 2025 年提前一整年實現大體時間。因此，基於您在 24 世紀已經看到的強勁需求，可以公平地假設，比您預期更早地實現其中一些目標是一個公平的聲明。看，我知道這是一個準 24 小時指導問題，但僅根據當前趨勢，你們似乎確實走在這條道路上。

Well, thanks, Steven, and good morning, and good morning to everybody. I hope everybody is doing well. So first, I would say, Steve, as we pointed out with Trifecta, Trifecta was, as we described it as base camp. We think there's a lot value to unlock here in the company as we -- as our people and our brands just continue to execute as we grow our business. And so as you pointed out, the current trends that we have been seeing, especially in the booking environment points to many of these metrics being able to be achieved earlier than we had anticipated them to be. And of course, we believe very much as we have in the past, that setting coordinates and pointing the organization to those coordinates is very important to make sure that we execute on them and beyond.

好吧，謝謝史蒂文，早上好，大家早上好。我希望每個人都做得很好。首先，我想說，史蒂夫，正如我們在 Trifecta 中指出的那樣，Trifecta 就是我們所描述的大本營。我們認為，隨著我們的員工和品牌隨著業務的發展而繼續執行，公司有很多價值可以釋放。正如您所指出的，我們所看到的當前趨勢，特別是在預訂環境中，表明許多這些指標能夠比我們預期的更早實現。當然，我們非常相信，就像過去一樣，設定坐標並將組織指向這些坐標對於確保我們執行這些坐標以及超越這些坐標非常重要。

As we get closer to those metrics, we will certainly look to talk about what's the next base camp or base camp 2 that will be pointing the organization to. But as you said, when we look at these at the trends, the booking environment, how we're executing the preference for our brands, and us, again, being able to further close the gap here to what we see as really the competitive set with land-based vacation, the outlook looks really bright. And so I think we would say that it looks -- these trends would point to an earlier arrival at base camp, but we're not in a position as it's too early for us to say exactly what that timing is going to be.

當我們越來越接近這些指標時，我們肯定會討論組織將指向的下一個大本營或大本營 2 是什麼。但正如你所說，當我們審視這些趨勢、預訂環境、我們如何執行對我們品牌的偏好時，我們再次能夠進一步縮小與我們認為真正有競爭力的差距加上陸上度假，前景看起來非常光明。因此，我認為我們會說，看起來 - 這些趨勢將表明人們會更早到達大本營，但我們現在還不能準確地說出具體時間。

Okay. Got you. And then second question, I guess, just around your booking visibility today, which seems like it's probably as good as it's ever been. And I guess my question is, I think historically, you've turned the calendar year, let's say, a 55%, 60% kind of booked range. And I know it's still early on, but based on your current marketing plans, the current strong demand that's out there, not only from the North American side of things, but now it seems like your European customers are getting stronger. Do you expect, if we kind of fast forward to the end of December moving into January, you could turn the calendar year at a higher book position versus where you've been historically?

好的。明白你了。然後第二個問題，我想，就在你今天的預訂可見性方面，看起來它可能和以往一樣好。我想我的問題是，我認為從歷史上看，你已經改變了日曆年，比方說，預訂範圍達到了 55%、60%。我知道現在還為時過早，但根據你們目前的營銷計劃，當前的強勁需求不僅來自北美方面，而且現在看來你們的歐洲客戶正在變得越來越強大。您是否期望，如果我們快進到 12 月底進入 1 月，您可以將日曆年的賬面位置調整到比歷史上更高的位置？

Well, I think what -- so obviously, in our commentary about how us being booked, how we're booked ahead on rate volume in our booking environment, especially -- and most of these bookings are relating to 2024. We feel really strong or really good about the demand environment, and that very much points to 2024. What I would say is it is very possible that we're in a more book position than we have been in the past. But I would just -- we've said this in the past, our goal is to optimize revenue. And so you could be plus or minus 5% on a book position standpoint as we kind of cross periods because we're looking to optimize revenue, not just optimize how much you have on the books at a certain point in time.

嗯，我認為——很明顯，在我們關於我們如何被預訂的評論中，特別是在我們的預訂環境中如何提前預訂價格量——而且大多數預訂都與 2024 年有關。我們感覺非常強大或者對需求環境非常看好，這在很大程度上指向 2024 年。我想說的是，我們很可能比過去處於更多的賬面狀況。但我想說的是——我們過去已經說過，我們的目標是優化收入。因此，從賬面頭寸的角度來看，當我們跨時期時，你可能會出現正負 5% 的情況，因為我們希望優化收入，而不僅僅是優化某個時間點的賬面餘額。

And I think our teams have demonstrated even as you see as we crossed the (inaudible), our ability to utilize what we would say are state-of-the-art tools to manage and optimize our revenue, not just on ticket, but also on onboard is what's helping us lead to optimizing our yield profile.

我認為，正如您所看到的，我們的團隊已經證明了我們有能力利用我們所說的最先進的工具來管理和優化我們的收入，不僅在門票上，而且還船上的信息有助於我們優化我們的產量狀況。

Your next question comes from the line of Robin Farley with UBS.

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

Great, obviously, really strong results. Just looking at your expense guidance outside of just the compensation that's tied to your performance, it hasn't really changed. It looks like despite a lot of higher expense out there in general. So I know it's early to talk about 2024, but if your higher expense hasn't sort of worsened over the last few quarters, does that give you the visibility that maybe 2024 expense could look kind of like a normal year in terms of the increase year-over-year, if the outlook hasn't been worsening for you as it maybe has for some others.

顯然，結果非常好、非常強勁。只要看看與你的績效掛鉤的薪酬之外的費用指導，它並沒有真正改變。看起來儘管總體費用較高。所以我知道現在談論 2024 年還為時過早，但如果您的較高支出在過去幾個季度中沒有惡化，這是否會讓您意識到 2024 年的支出在增加方面可能看起來有點像正常的一年如果您的前景沒有像其他一些人那樣惡化，那麼您的前景會逐年惡化。

Robin, so yes, first of all, all the expected guidance that we've shared today is really the result of all the actions that we talked about and really our team's exceptional job of managing expenses and expanding margin as our yield is growing. And obviously, in 2023, we were comparing to 2019, that was 4 years ago. So as we look into 2024, there is anything -- nothing that is extraordinary. There are a couple of things that are going to be a little bit structural, -- for example, we are opening HideAway Beach, but generally, it should be a normal year.

羅賓，是的，首先，我們今天分享的所有預期指導實際上是我們所討論的所有行動的結果，也是我們團隊在管理費用和隨著產量增長而擴大利潤方面所做的出色工作的結果。顯然，我們將 2023 年與 4 年前的 2019 年進行比較。因此，當我們展望 2024 年時，沒有什麼是非凡的。有一些事情會有點結構性，例如，我們將開放 HideAway Beach，但總的來說，今年應該是正常的一年。

Yes. And Robin, I just wanted to add into it because I do think it's important to recognize, if you kind of string together the calls through the pandemic and all the actions that we took to position ourselves to really kind of outperform and to grow our margins. A lot of all that work really helped absorb the vast majority of pretty significant inflation that we saw across a lot of the items that impact our product. And so we were able to really absorb that and still produce significant Net Promoter Score. So very, very thoughtful of not impacting the product or the experience, which could be easily done to help something in the short term. But in the long term, but it has really paid off for us as there is clear and very strong preference on a vacation standpoint to travel with the group and the great brands that are inside of it.

是的。羅賓，我只是想補充一點，因為我確實認為認識到這一點很重要，如果你把疫情期間的呼籲以及我們為真正超越大盤並提高利潤而採取的所有行動結合起來的話。所有這些工作確實幫助吸收了我們在影響我們產品的許多項目中看到的絕大多數相當嚴重的通貨膨脹。因此，我們能夠真正吸收這一點，並且仍然產生顯著的淨推薦值。非常非常考慮到不影響產品或體驗，這可以很容易地做到在短期內有所幫助。但從長遠來看，它確實為我們帶來了回報，因為從度假的角度來看，人們對與團隊及其內部的偉大品牌一起旅行有明顯且非常強烈的偏好。

That's great. And then just 1 clarification on -- you mentioned restarting China in April of 2024. Can you give us a sense of what that might obviously, some start-up costs to that any way to sort of quantify the magnitude of that?

那太棒了。然後只有一個澄清——您提到 2024 年 4 月重啟中國。您能否讓我們了解一下這顯然會帶來什麼，一些啟動成本，以某種方式量化其規模？

Robin, it's Michael. And I happen to be very fortunate today because I'm calling you from beautiful Allure of the Seas sitting in our conference room, using our StarLink technology to video conference with my colleagues and participate in the call. We're on the President's crews. We have over 3,500 of our loyal guests along with 2,500 other guests on this great voice. So I'm actually sitting here in my swimwear, but you can't see that. But I have to tell you that -- only to say that it's just an amazing thing to be back with our loyal guests on the product and the brand, and it's quite amazing when you kind of immerse yourself with the customer, the kind of incredible feedback they give you in the loyalty with so many of our guests have Roll Caribbean. It's really -- it's a beautiful thing.

羅賓，這是邁克爾。今天我很幸運，因為我在美麗的海洋魅力號上給您打電話，坐在我們的會議室裡，使用我們的 StarLink 技術與我的同事進行視頻會議並參與通話。我們是總統的隨行人員。我們擁有超過 3,500 名忠實客人以及 2,500 名其他客人，聆聽這個偉大的聲音。所以我實際上穿著泳衣坐在這裡，但你看不到。但我必須告訴你——只是說，能夠與我們忠實的客人一起討論產品和品牌真是一件了不起的事情，當你沉浸在客戶身邊時，這是一件令人難以置信的事情他們給您的反饋是我們的許多客人都對加勒比海的忠誠度。這真的是一件美麗的事情。

On China, yes, we've open for sale. We had a kind of a thoughtful process as it relates to bringing back our employees over time. So as we move through '23, we obviously take on more SG&A expense, and we have accommodated that in the forecast, obviously, and we also mitigated some of that expense. And then as we look into 2024, it will be a full year of typical operations for a one-ship operation with a lot of shared services provided by our Singapore office.

在中國，是的，我們已經開放銷售。我們有一個深思熟慮的流程，因為它關係到隨著時間的推移讓我們的員工回來。因此，當我們進入 23 年時，我們顯然承擔了更多的 SG&A 費用，顯然我們已經在預測中考慮到了這一點，而且我們還減少了其中一些費用。然後，當我們展望 2024 年時，這將是單船運營典型運營的一整年，我們的新加坡辦事處提供大量共享服務。

I can tell you that the -- it's early days yet, but the signals look pretty positive. We feel good about what we're seeing in terms of bookings, and we feel pretty comfortable with operations and how we scale back our teams to sell and market and operate our China operation.

我可以告訴你——現在還為時尚早，但信號看起來相當積極。我們對預訂方面的情況感到滿意，我們對運營以及如何縮減團隊以銷售、營銷和運營我們的中國業務感到非常滿意。

Yes. And just, Robin, to your question, the increase between our May guidance and in cost and what you have today is entirely as a result of the stock-based compensation which is the majority of that increase and a little bit of that China expense that Michael was talking about.

是的。羅賓，對於你的問題，我們 5 月份的指導和成本與今天的成本之間的增加完全是基於股票的薪酬的結果，這是增加的大部分以及中國費用的一小部分。邁克爾正在談論。

Your next question comes from the line of Brandt Montour with Barclays.

你的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾（Brandt Montour）。

An excellent quarter. So first on European consumer demand. You mentioned it several times, and it was clearly 1 of the surprising positive takeaways here. Just maybe if you could give us a sense of how you measure the European consumers recovery versus how you measure the U.S. Consumers recovery index to '19? Just trying to get a sense how far back the European consumer is so that we can kind of get a sense if there's sort of further recovery from that source to go?

一個出色的季度。首先是歐洲消費者的需求。您多次提到這一點，這顯然是這裡令人驚訝的積極收穫之一。也許您能讓我們了解一下您如何衡量歐洲消費者復蘇以及如何衡量美國消費者復蘇指數到 19 年的情況？只是想了解歐洲消費者的情況有多遠，以便我們能夠了解該來源是否會進一步復甦？

Brandt, I think I would position in less about their recovery in terms of what their willingness is to spend because their willingness to spend was very competitive with the North American consumer. I think the difference is that they were delayed and kind of activating their vacation. And so they were as we talked a little bit about on the May call, we expected Europe to be a little bit lighter versus '19 in terms of load factor and it came roaring back, and that's a story of 1 of the North American consumer just feeling that they needed to -- for certainly vacation in Europe, but also the European consumer kind of was very much part of that story.

布蘭特，我認為我會更少地根據他們的消費意願來看待他們的複蘇，因為他們的消費意願與北美消費者相比非常有競爭力。我認為不同之處在於他們被推遲了並且有點激活他們的假期。正如我們在 5 月份的電話會議上談到的那樣，我們預計歐洲的載客率比 19 年要輕一些，而且載客率很快就回來了，這是一位北美消費者的故事只是覺得他們需要——當然是為了去歐洲度假，但歐洲消費者也是這個故事的重要組成部分。

So I think it's less about what they can afford to spend or what they are spending, I think it was more that they were -- they were delayed by, call it, 45 to 60 days than what we typically would see in a normal booking window. And again, these are things that are on the margins because we were substantially book, obviously, going into the summer for Europe.

因此，我認為，問題不在於他們能花多少錢或正在花什麼，我認為更重要的是他們——他們比我們通常在正常預訂中看到的延遲了 45 到 60 天。窗戶。再說一次，這些都是邊緣的事情，因為我們顯然已經大量預訂了歐洲的夏季航班。

Okay. That's super helpful. And then on '24, you guys have an exciting docket here with the Icon and the CocoCay expansion in China reopening. -- how would you sort of stack up those 3 things in terms of a tailwind to yield in the year of '24 if they're all something meaningful, eventually quantifiable?

好的。這非常有幫助。然後在 24 年，隨著 Icon 和 CocoCay 在中國的擴張，你們將有一個激動人心的日程。 ——如果這三件事都是有意義的、最終可以量化的，那麼你會如何將這三件事放在一起，以推動 24 年的產出？

And then is there anything dilutive to yields in 24? I mean, China, I guess, could be dilutive because it's sort of a restart year and then utopia is a brand new ship, but it's in a short market. So how do we think about that?

那麼24年有什麼因素會稀釋收益率嗎？我的意思是，我想，中國可能會被稀釋，因為今年是重啟的一年，然後烏托邦是一艘全新的船，但它處於一個短缺的市場。那麼我們如何看待這個問題呢？

Brandt, this is Michael. We don't see China as being dilutive. We feel very positive about China. And we certainly see Utopia as a big, strong game changer. And what we've seen so far from our bookings, both volume and rate, are incredibly encouraging. And we've been very thoughtful, as Jason mentioned earlier about the strategy of putting really outstanding hardware combined with excellent destination into the short product market because it truly is the on-ramp for new to cruise and also first to brand.

布蘭特，這是邁克爾。我們不認為中國會稀釋股權。我們對中國感覺非常積極。我們當然認為烏托邦是一個巨大而強大的遊戲規則改變者。到目前為止，我們從預訂量和預訂率來看，都非常令人鼓舞。我們一直非常深思熟慮，正如傑森之前提到的，將真正出色的硬件與出色的目的地相結合的戰略放入短途產品市場，因為它確實是郵輪新手的入口，也是品牌的第一站。

So our indications as it relates to new product lineup coming online in '24 and exceptionally positive. And I'd also like to add that Icon and Utopia and, in fact, Wonder when you look at this gap between land-based resorts and land-based experiences versus some of our top products, particularly these products we're talking about, there really is no gap. The gap has been narrowed quite significantly, and we feel very positive about where we're going to go on that journey.

因此，我們的跡象與 24 年上線的新產品系列有關，並且非常積極。我還想補充一點，Icon 和 Utopia，事實上，當你看到陸地度假村和陸地體驗與我們的一些頂級產品（特別是我們正在談論的這些產品）之間的差距時，你會感到驚訝，確實沒有差距。差距已經顯著縮小，我們對這段旅程的發展方向感到非常積極。

So as we think about '24, as we look at these products, as we see what's occurring in terms of the booking activity both from a volume and rate perspective, the excitement we see for these products, we feel very positive about their impact in '24.

因此，當我們思考 24 年時，當我們審視這些產品時，當我們從數量和價格的角度看到預訂活動方面發生的情況時，我們對這些產品的興奮感，我們對它們在'24。

One other just quick comment on the yield side of things, and this just goes into the booking commentary. Clearly, there is incredible demand for our new ships and Icon will certainly break and has broken, I think probably every record in the book. But I think it's important when we look at the data inside of our bookings that it's not just the new hardware -- the like-for-like is also very strong and growing. And in that commentary, as I said, is some of it is 2023, what we have left to book. So most of that commentary really relates to 2024.

另一篇只是對收益方面的快速評論，這只是進入預訂評論。顯然，對我們的新船有著令人難以置信的需求，而 Icon 肯定會打破並且已經打破了，我想這可能是書中的每一項記錄。但我認為，重要的是，當我們查看預訂中的數據時，不僅是新硬件，同類數據也非常強勁且不斷增長。正如我所說，在那篇評論中，有一些是 2023 年的內容，我們還需要預訂。所以大部分評論確實與 2024 年有關。

Yes. And Brandt, I'll just add 2 more things. One is, obviously, we have this year, we are not returning to normal load factors, but the first half of the year was a little bit lower. So that should also contribute to yield next year. On the other hand, we are now in the planning process, obviously, for '24, and we're considering all the draggy talks that we need to do next year, and that could be more elevated than this year, which obviously will impact some of the cost a little bit on the yield.

是的。布蘭特，我再補充兩件事。一個是，顯然，今年我們沒有恢復到正常的負載率，但今年上半年的負載率有點低。因此，這也應該有助於明年的產量。另一方面，顯然，我們現在正處於 24 年的規劃過程中，我們正在考慮明年需要進行的所有冗長的談判，這可能會比今年更高，這顯然會影響有些成本有點影響產量。

Yes. And the elevation on the dry dock is just a reflection of ships that came out of COVID that had missed those windows. And so it will be a little bit more elevated in 2024, but just a point.

是的。幹船塢的高度只是反映了因新冠疫情而錯過了這些窗戶的船隻。因此，到 2024 年，這一數字將會有所提高，但只是一點點。

That's it for me. Congrats, again.

對我來說就是這樣。再次恭喜。

Thank you.

謝謝。

Your next question comes from the line of Vince Clepiel with Cleveland Research Company.

您的下一個問題來自克利夫蘭研究公司的 Vince Clepiel。

And nice to see on the results. I wanted to dig into the yield upside a little bit more. I know you mentioned it was a mix of onboard and ticket -- but when you think about, I think, 1Q beat by 4 points, 2Q beat by almost 3 points. And when you consider the volume of business kind of on the books going into the quarter, it seems to speak to price maybe on a leading-edge basis, really exhibiting a nice trajectory. So curious if you could kind of comment on that and how that informs kind of your approach to 2024 as you're thinking about kind of finding the balance in the booking curve.

很高興看到結果。我想進一步挖掘收益率的上升空間。我知道你提到過這是機上和門票的結合 - 但當你想到時，我認為 1Q 領先 4 點，2Q 領先近 3 點。當你考慮到本季度賬面上的業務量時，它似乎說明價格可能處於領先地位，確實表現出了良好的軌跡。我很好奇您是否可以對此發表評論，以及當您考慮在預訂曲線中找到平衡時，這將如何影響您對 2024 年的計劃。

Well, Vince, I hope you're doing well. As Naftali commented in his opening remarks, as we look at what kind of drove -- or one of the key drivers of the difference from the May guidance till today is really all price, right? So load factor for the back half of the year, we had expected to be normalized. And so I think what has been a surprise to us has just been our ability to continue to raise price and demand continuing to come in at higher levels -- significantly higher levels than we have seen in previous periods. And so I think it just talks to, I think, one, just preference for our brands. I mean how well -- our commercial teams have been executing and also keeping our customers more and more in our ecosystem has been a huge tailwind for us.

好吧，文斯，我希望你一切都好。正如納夫塔利在他的開場白中評論的那樣，當我們看看什麼樣的驅動力——或者說，從五月指導到今天的差異的關鍵驅動因素之一實際上都是價格，對嗎？因此，我們預計今年下半年的載客率將趨於正常化。因此，我認為令我們驚訝的是我們有能力繼續提高價格，而需求繼續保持在更高的水平——明顯高於我們之前時期看到的水平。所以我認為這只是說明了，我認為，第一，只是對我們品牌的偏好。我的意思是，我們的商業團隊一直在執行，並且讓我們的客戶越來越多地留在我們的生態系統中，這對我們來說是一個巨大的推動力。

And I think that kind of just a broader combination of things when you add that to just the value gap to land-based vacation is driving our ability to raise prices. And so as we said earlier, our APDs for the full year are up over double digits for the back half of the year, they're going to be in the low to mid-teens in terms of rate increase relative to 2019. That is significantly better than we had anticipated when we gave guidance earlier this year. And it's really a reflection of even as we take on the bookings and as we increase pricing, we're not really seeing that point where price is impacting our demand.

我認為，當你將其與陸上度假的價值差距相加時，這種更廣泛的組合正在推動我們提高價格的能力。正如我們之前所說，下半年我們的全年 APD 增長了兩位數以上，相對於 2019 年，它們的利率增幅將在十幾歲至中十幾歲之間。明顯好於我們今年早些時候給出指導時的預期。這確實反映出，即使我們接受預訂並提高價格，我們也沒有真正看到價格影響我們的需求。

And then the other component of this is just onboard spend, which is obviously a combination of -- to a degree of price. But really, the main driver of that has been our ability to be much more effective to curate and take friction out of the process for our customers to book their activities on the ship. And of course, there's a great commercial reasons of doing that. There's also an incredible guest experience benefit of doing that as our ultimate goal here is to try to give a day back to our guests to come on our ships and instead of them having to spend a day booking their restaurants and booking their spa appointments and short (inaudible) They're able to do that ahead of time. And we are really in the early innings of that, especially curating -- there's still a lot of friction points for us to resolve, but our teams have really just done an exceptional job of moving that forward, which you can also see supporting an even more elevated customer deposit balance as we're able to take on those onboard spend bookings

其中的另一個組成部分就是船上支出，這顯然是在一定程度上價格的組合。但實際上，其主要驅動力是我們能夠更有效地策劃並消除客戶在船上預訂活動的過程中的摩擦。當然，這樣做有很大的商業原因。這樣做還可以帶來令人難以置信的賓客體驗優勢，因為我們的最終目標是努力讓我們的賓客有一天的時間登上我們的遊輪，而不必花一天時間預訂餐廳、預訂水療預約和短期服務。 （聽不清）他們能夠提前做到這一點。我們確實處於早期階段，尤其是策劃方面——仍然有很多摩擦點需要我們解決，但我們的團隊在推動這一進程方面確實做得非常出色，你也可以看到支持客戶存款餘額更高，因為我們能夠接受機上消費預訂

.

。

Great. That's really helpful color. And I wanted to zoom in a little bit more on CocoCay. I think that you guys were on track to take about 2.5 million passengers there this year, kind of with a path towards $3.5 million in 2025. Curious kind of where '24 maybe falls within that window, if it's closer to 25% or 23%, and then -- just what you guys are seeing in terms of customer feedback around desire to repeat visits to CocoCay and maybe how you think about the decision to send Utopia icon to CocoCay as well?

偉大的。這真是有用的顏色。我想進一步放大 CocoCay。我認為今年你們有望運送約 250 萬名乘客，到 2025 年有望達到 350 萬美元。很好奇“24”可能會落在這個窗口內，如果它接近 25% 或 23% ，然後 - 你們在客戶反饋方面看到了什麼關於重複訪問 CocoCay 的願望，也許您如何看待將 Utopia 圖標也發送到 CocoCay 的決定？

Well, Vince, thank you for the question. I mean 1 of the reasons we call perfect day. Perfect day as it really is perfect. And it is driving a lot of the demand and people are booking the ships and the itineraries that sell to Perfect Day. It really is delivering an exceptional customer experience and people value that immensely. And we see the repeat rates going back to Perfect Day accelerating. As we look at the volume of guests, we've got a perfect day in '23, '24, '25. Obviously, we've planned to open HideAway Beach at the end of this year in time for Icon and utopia, that's going to increase our ability to add more guests to Perfect Day by about 3,000 people, and that will come online literally in December of this year. So that allows us then to continue to increase our capacity into Perfect Day.

嗯，文斯，謝謝你的提問。我的意思是我們稱之為完美的一天的原因之一。完美的一天，因為它確實是完美的。它推動了很大的需求，人們開始預訂向 Perfect Day 銷售的船舶和行程。它確實提供了卓越的客戶體驗，人們非常看重這一點。我們發現 Perfect Day 的重複率正在加速增長。從客人數量來看，我們在 23 年、24 年和 25 年度過了完美的一天。顯然，我們計劃在今年年底為 Icon 和 utopia 及時開放 HideAway Beach，這將提高我們為 Perfect Day 添加約 3,000 名客人的能力，並將於 2019 年 12 月上線今年。這樣我們就可以繼續提高 Perfect Day 的產能。

We've also got the Royal Beach Club in Nassau, which is moving through its various approval processes, environmental and governmental permits and what have you. That's looking as if it's promising and we're planning on opening the Royal Beach Club in summer of '25. So when you add that experience, the Royal Beach Club, along with Perfect Day, we feel like we genuinely have the ultimate big weekend. And that's, of course, why we've got Utopia coming online and going straight into the short market.

我們還有位於拿騷的皇家海灘俱樂部，該俱樂部正在辦理各種審批程序、環境和政府許可等等。這看起來似乎很有希望，我們計劃在 25 年夏天開設皇家海灘俱樂部。因此，當您添加皇家海灘俱樂部的體驗以及完美的一天時，我們感覺我們真正度過了一個終極的周末。當然，這就是為什麼我們讓 Utopia 上線並直接進入空頭市場。

So it's a great product. It's combined with incredible assets, the ships were sailing to Perfect Day. I don't think Perfect Day without these ships would be the complete perfect vacation, but we really do feel like we've got it right. And we continue to focus on delivering excellent guest experiences. It's somewhat of an obsession within the team. And of course, more recently, Celebrity announced that they're also sailing to Perfect Day. So that's great for the Celebrity brand as well. So we see it as a great success, and we continue to refine it and to develop it, and we continue to plan to bring our guests to Perfect Day.

所以這是一個很棒的產品。加上令人難以置信的資產，這些船正駛向完美的一天。我不認為沒有這些船的“完美的一天”將是一個完全完美的假期，但我們確實覺得我們做對了。我們將繼續致力於提供卓越的賓客體驗。這是團隊內部的一種痴迷。當然，最近，名人宣布他們也將前往“完美的一天”。所以這對名人品牌來說也很棒。因此，我們認為它取得了巨大的成功，我們將繼續完善和發展它，我們將繼續計劃將我們的客人帶到完美的一天。

Your next question comes from the line of Matthew Boss with JPMorgan.

你的下一個問題來自摩根大通的馬修·博斯（Matthew Boss）。

And congrats on another nice quarter. So maybe to elaborate on the acceleration in trends that you're seeing in both passenger ticket and onboard spend relative to 2019, I guess how best to think about sustainability multiyear as you break down trends between new to crews that you're seeing versus existing cohorts? And are there any lead indicators at all that point to any future softening on any metrics?

祝賀又一個美好的季度。因此，也許要詳細說明相對於 2019 年在旅客票價和機上支出方面看到的加速趨勢，我想當您分解新船員與現有船員之間的趨勢時，如何最好地考慮多年的可持續發展隊列？是否有任何領先指標表明未來任何指標都會出現疲軟？

Yes. .

是的。 。

Well, thanks, Matt. Well, first, I would say that I think the acceleration that we're seeing is on a few points. One, I think we're getting more share of the wallet because we're helping better kind of curate and take friction out of the experience. And you can see that in just the volumes of guests that are -- that are willing to book directly with us online because we're able to curate the actual cruise booking, also all the things that we're doing precruise to get them to book ahead of time. And so a lot of it -- some of it is price driven, but a lot of it is just the friction that we've taken out of it and the commercial tools we put in place to make it easier for them to book those experiences. And so, I think that's a big kind of part of the acceleration. The other part, I think, of the acceleration is that we have. We really do feel that we have the best brands, the best ships, the best destinations kind of in play here. which we think is really excelling -- or accelerating the preference for the vacation experiences that we're offering to our guests. So I think that's also a very important thing.

嗯，謝謝，馬特。嗯，首先，我想說的是，我認為我們看到的加速體現在幾個方面。第一，我認為我們正在獲得更多的資金份額，因為我們正在幫助更好地策劃並消除體驗中的摩擦。您可以從願意直接在網上向我們預訂的客人數量中看到這一點，因為我們能夠策劃實際的遊輪預訂，以及我們在遊輪前為讓他們到達目的地所做的所有事情提前預訂。所以很多——其中一些是價格驅動的，但很多只是我們從中消除的摩擦以及我們為了讓他們更容易預訂這些體驗而設置的商業工具。所以，我認為這是加速的一個重要部分。我認為，加速的另一部分是我們已經擁有的。我們確實覺得我們擁有最好的品牌、最好的船隻、最好的目的地。我們認為這確實非常出色，或者說加速了我們為客人提供的度假體驗的偏好。所以我認為這也是一件非常重要的事情。

But really in everything that we've talked about today and what we said in our release in the storyline, there are no indicators of softness. There's really only indicators of acceleration in what we're seeing as we continue to have the ability to raise pricing. And when we -- of course, when we put out our guidance, it's really based off of what we're seeing today in the booking environment. And of course, we've seen a continued set of acceleration from period to period.

但實際上，在我們今天討論的所有內容以及我們在故事情節的發布中所說的內容中，沒有任何軟弱的跡象。隨著我們繼續有能力提高定價，我們所看到的實際上只是加速的跡象。當然，當我們發布指導時，它實際上是基於我們今天在預訂環境中看到的情況。當然，我們已經看到了不同時期的持續加速。

So I think just -- I think a lot of what you're seeing is execution -- and I think a lot of what you're seeing is long-term strategies coming into play versus just kind of necessarily riding the market -- and so I think that's important. But I just want to emphasize at this point, whether it's in the booking environment, on the ticket side, whether it's on the onboard side, we don't see any indicator of weakness.

所以我認為——我認為你看到的很多都是執行——我認為你看到的很多是正在發揮作用的長期戰略，而不是必然駕馭市場的——而且所以我認為這很重要。但我現在想強調的是，無論是在預訂環境、在票務方面、還是在機上方面，我們都沒有看到任何疲軟的跡象。

I'll just add also, obviously, we made great progress on closing the gap to land-based vacation, but the value gap is still there, and we see this as a great opportunity continued to grow yields. And then just taking market share from the global leisure market, right? And you can see some of that success with new to cruise, that's really core to our strategy.

我還要補充一點，顯然，我們在縮小與陸上度假的差距方面取得了很大進展，但價值差距仍然存在，我們認為這是一個繼續提高產量的絕佳機會。然後只是從全球休閒市場奪取市場份額，對吧？您可以在新遊輪上看到一些成功，這確實是我們戰略的核心。

Great. And then just on the bottom line as a follow-up. So as we think about EBITDA margins multiyear and just looking back at prior peak levels, is there any reason to consider that Trifecta plan as a ceiling? Or just any unlocks to consider, which would point to this model as accretive relative to pre-pandemic profitability levels?

偉大的。然後只是作為後續行動的底線。因此，當我們考慮多年來的 EBITDA 利潤率並回顧之前的峰值水平時，是否有任何理由將 Trifecta 計劃視為上限？或者只是需要考慮任何解鎖，這表明該模型相對於大流行前的盈利水平具有增值性？

Yes. So as you know, Trifecta for us, as Jason said, was base camp. And if you kind of look at the the triple EBITDA per APCD -- triple-digit EBITDA per APCD, which obviously is at least 100. It does have a margin expansion beyond 2019, but as we continue to grow that, we see a lot of opportunities on multiple levels, right, growing yields, lower acquisition costs, just scaling the business as we grow and our ambitions are above 2019 levels, that's for sure.

是的。如您所知，正如傑森所說，Trifecta 對我們來說是大本營。如果你看一下每 APCD 的三倍 EBITDA——每 APCD 三位數的 EBITDA，顯然至少是 100。它確實在 2019 年之後實現了利潤率擴張，但隨著我們繼續增長，我們看到了很多多個層面的機會，對吧，不斷增長的產量、更低的收購成本、隨著我們的發展而擴大業務，我們的目標高於 2019 年的水平，這是肯定的。

Yes. But I would just add, there is nothing structural that I'd say puts that at risk. I think what we need to focus on, and we know this about our business model is moderate yield growth which I would not, again, call this year moderate, but moderate yield growth, good cost control leads to expanded margins as we grow our business. Every 1% change in our yield is $110 million plus and a 1% change in our cost is about $50 million. So grow your yields faster than you grow your costs and you're going to continue to expand your margins.

是的。但我想補充一點，我認為沒有任何結構性因素會導致這種情況面臨風險。我認為我們需要關注的是，我們知道我們的商業模式是適度的收益率增長，我不會再稱今年為適度的，但適度的收益率增長，良好的成本控制會導致隨著我們業務的發展而擴大利潤率。我們的產量每變化 1%，就會帶來 1.1 億美元以上的損失，而成本每變化 1%，就會帶來約 5,000 萬美元的損失。因此，產量的增長速度快於成本的增長速度，您的利潤就會繼續擴大。

I will now turn the call back over to Naftali Holtz, CFO, for closing remarks.

現在，我將把電話轉回給首席財務官納夫塔利·霍爾茨 (Naftali Holtz)，他將發表結束語。

Well, thank you, everyone, for your participation and interest in the company. Michael will be available for any follow-ups. We wish you all a great day.

好的，謝謝大家的參與以及對公司的興趣。邁克爾將參與任何後續行動。我們祝大家度過愉快的一天。

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。您現在可以斷開連接。