皇家加勒比遊輪 (RCL) 2023 Q4 法說會逐字稿

Good morning, and welcome to the Royal Caribbean Group Fourth Quarter and Full Year 2023 Earnings Conference Call.

早安，歡迎參加皇家加勒比集團 2023 年第四季和全年財報電話會議。

(Operator Instructions)

（操作員說明）

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

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

Good morning, everyone, and thank you for joining us today for our fourth quarter and full year 2023 earnings 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.

大家早安，感謝您今天參加我們的 2023 年第四季和全年財報電話會議。與我一起來到邁阿密的是我們的執行長傑森·利伯蒂 (Jason Liberty)； Naftali Holtz，我們的財務長；以及皇家加勒比國際遊輪公司總裁兼執行長 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。這些陳述是基於管理層目前的預期，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有重大差異。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，以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 Investor Relations website and in our earnings release. Unless we state otherwise, all metrics are on a constant currency adjusted basis.

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 項目的調整表可以在我們的投資者關係網站和我們的收益發布中找到。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。

Jason will begin the call by providing a strategic overview and update on the business. Naftali will follow with a recap of our fourth quarter the full year 2023, an update on the current booking environment and our outlook for 2024. We will then open the call for your questions.

傑森將首先提供策略概述和業務最新情況。 Naftali 隨後將回顧 2023 年第四季的情況、當前預訂環境的最新情況以及我們對 2024 年的展望。然後我們將開始電話會議，回答您的問題。

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

至此，我很高興將電話轉給傑森。

Thank you, Michael, and good morning, everyone. Before getting into the details, I would like to take a moment to reflect on last week's monumental launch of our new ship, Icon of the Seas. Every once in a while, a revolutionary product comes along that resonates so strongly and makes such a widespread impact that if forever changes the status quo. For the vacation industry, that product, Icon of the Seas debuted last week to incredible fanfare.

謝謝你，邁克爾，大家早安。在詳細介紹之前，我想花點時間回顧一下上週我們新船「海洋圖標號」的重大下水活動。每隔一段時間，就會出現一種革命性的產品，它會引起強烈的共鳴並產生廣泛的影響，甚至永遠改變現狀。對於度假行業來說，該產品「海洋圖標」上週首次亮相，引起了令人難以置信的關注。

Our mission at the Royal Caribbean Group is to deliver the best vacation experiences responsibly and Icon is going to deliver the best family vacation on the planet with her incredible experiences and amazing crew. I'm absolutely thrilled that after years of planning and anticipation, Icon finally welcomed her first revenue guests on board this past weekend.

皇家加勒比集團的使命是以負責任的方式提供最佳的度假體驗，Icon 將憑藉其令人難以置信的體驗和出色的船員提供世界上最好的家庭假期。我非常激動，經過多年的規劃和期待，Icon 終於在上週末迎來了第一批收入客人。

With the phenomenal guest engagement and word of mouth from this ship, along with our landmark sports partnership with Inter Miami and football GOAT Lionel Messi, we look forward to making millions of vacation memories for our guests in the years ahead. A big thank you to our incredible team who worked relentlessly over 7 years, dreaming, innovating and flawlessly delivering, Icon of the Seas.

憑藉這艘船非凡的賓客參與度和口碑，以及我們與國際邁阿密和足球明星萊昂內爾·梅西的里程碑式體育合作夥伴關係，我們期待在未來幾年為我們的賓客留下數以百萬計的假期回憶。非常感謝我們令人難以置信的團隊，他們在 7 年多的時間裡堅持不懈地工作，夢想著，創新著，完美地交付了海洋圖標號。

So now let's talk about 2023 and 2024. 2023 was an exceptional year fueled by unmatched demand for our brands, as you see on Slide 5. Net yields were up 13.5% compared to 2019, more than 3.5x our January expectations, and we delivered margins that were back to record 2019 levels. Our net income exceeded our January expectations by about $1 billion, resulting in adjusted earnings per share more than double our January guidance. We continued our focus on reshaping the cost structure across the operating platform, leading the durable margin expansion, which is expected to continue to provide operating leverage as we grow the business.

現在讓我們來談談2023 年和2024 年。2023 年是非凡的一年，我們的品牌需求無與倫比，正如您在幻燈片5 中看到的那樣。淨收益率比2019 年增長了13.5%，是我們1 月預期的3.5 倍以上，我們實現了目標利潤率回到 2019 年創紀錄水準。我們的淨利潤超出 1 月預期約 10 億美元，調整後每股收益是 1 月指引值的兩倍多。我們繼續專注於重塑整個營運平台的成本結構，引領持久的利潤擴張，預計這將隨著我們業務的發展繼續提供營運槓桿。

Innovation is core to our company's DNA. And in 2023, we continue to direct that Innovate Spirit, not only to our new ships and destinations, but also to an amazing guest experience at all points in the vacation journey. We received exceptionally high guest satisfaction scores and attracted a record number of both new and loyal guests who are rebooking at twice the rate we were seeing in 2019. The robust performance in 2023 significantly accelerated our trajectory towards our Trifecta goals with EBITDA per APCD and ROIC on the cusp of our targets. We also continued to invest in the future while making significant progress in strengthening the balance sheet towards our targets of investment-grade metrics.

創新是我們公司 DNA 的核心。到 2023 年，我們將繼續秉承這種創新精神，不僅在我們的新船舶和目的地上，而且在度假旅程的各個方面都為賓客提供令人驚嘆的體驗。我們獲得了極高的賓客滿意度評分，並吸引了創紀錄數量的新賓客和忠實賓客，他們的重新預訂率是2019 年的兩倍。2023 年的強勁表現顯著加速了我們實現Trifecta 目標的進程，其中包括以APCD 計算的EBITDA 和ROIC正處於我們目標的風口浪尖。我們也持續投資未來，同時在加強資產負債表以實現投資等級指標目標方面取得重大進展。

The year ended on an incredible note with revenue yield of nearly 18% in the fourth quarter and 2024 is in the strongest book position in the company's history, from both a pricing and volume standpoint. I'm incredibly thankful and proud of everyone at the Royal Caribbean Group for executing so well and doing so while achieving strong financial results and propelling our future of growth.

今年以令人難以置信的成績結束，第四季的營收收益率接近 18%，從定價和銷售的角度來看，2024 年的帳面狀況處於公司歷史上最強勁的水平。我對皇家加勒比集團的每個人都表示非常感謝和自豪，他們執行得如此出色，同時取得了強勁的財務業績並推動了我們未來的成長。

Momentum continues in 2024 with a record-breaking start to the wave season. Bookings have consistently outpaced last year across all key products at much higher rates. In fact, the 5 highest booking weeks in our company's history all occurred since the last earnings call. As a result, while our capacity is up 8.5% year-over-year, we have less inventory available to book in 2024 than we did a year ago for 2023 and half as many state rooms left in Q1.

2024 年，波浪季將迎來破紀錄的開局，勢頭將持續。所有主要產品的預訂量均遠高於去年。事實上，我們公司史上預訂量最高的 5 週都發生在上次財報電話會議之後。因此，雖然我們的運力年增了 8.5%，但我們在 2024 年可供預訂的庫存量比一年前在 2023 年要少，而且第一季剩餘的客房數量只有一年前的一半。

Our commercial apparatus is full speed ahead, and all channels are delivering quality demand above 2023 levels. Our direct-to-consumer channels continue to perform exceptionally well as consumer preferences for digital engagement and our ongoing investment and enhanced capabilities is supporting record-breaking bookings. Our travel partners are also delivering meaningfully more bookings than last year and beating our elevated expectations.

我們的商業設備全速前進，所有通路都在滿足 2023 年水準以上的品質需求。我們的直接面向消費者的管道繼續表現出色，符合消費者對數位參與的偏好，我們持續的投資和增強的能力正在支持破紀錄的預訂。我們的旅遊合作夥伴也提供了比去年更多的預訂，超出了我們較高的預期。

We continue to see particularly healthy demand from North America where about 80% of our guests will be sourced this year. Our brands, global appeal and nimble sourcing model allows us to attract the highest-yielding guests by positioning our ships in multiple markets across the world. Our brands lead in their respective segments and are very successful at capturing quality demand across sectors and sourcing from new consumer bases.

我們繼續看到來自北美的需求特別強勁，今年我們約 80% 的客人將來自北美。我們的品牌、全球吸引力和靈活的採購模式使我們能夠透過將我們的船舶定位於全球多個市場來吸引最高收益的客人。我們的品牌在各自的細分市場中處於領先地位，並且在捕捉跨行業的品質需求和從新的消費者基礎進行採購方面非常成功。

If you think about consumer demand for 2024 and beyond, we look to both macro trends and data points for millions of daily interactions with our customers. We continue to see a very positive sentiment from our customers bolstered by strong labor markets, high wages, surplus savings and elevated wealth levels. Year-over-year growth in spend on experiences is double that of spend on goods and cruising remains an exceptional value proposition with lower penetration, higher consumer consideration and high purchase intent. We see an exceptionally engaged consumer base across markets, brands and products. People are looking to book their dream vacation with us and continue to spend at elevated levels.

如果您考慮 2024 年及以後的消費者需求，我們會關注宏觀趨勢和與客戶進行數百萬次日常互動的數據點。在強勁的勞動力市場、高薪、盈餘儲蓄和財富水平提高的支撐下，我們繼續看到客戶的正面情緒。體驗支出的年增率是商品支出的兩倍，郵輪仍是特殊的價值主張，但滲透率較低，消費者考慮度較高，購買意願較高。我們看到跨市場、品牌和產品的消費者群體異常活躍。人們希望透過我們預訂他們的夢想假期，並繼續提高消費水平。

Consumers are engaging and booking their vacations earlier, 70% book at least one of their onboard activities pre-cruise at higher APDs and onboard spend continues at record levels and at higher rates. This positions us very well to outperform the broader travel industry and now were the pricing gap to land-based vacation. We continue to attract new customers into our vacation ecosystem and deliver the best vacation experiences so that our guests are highly satisfied and continue to rebook and return to our brands and our products.

消費者更早參與和預訂假期，70% 的消費者在航行前以更高的 APD 預訂至少一項船上活動，船上支出繼續保持創紀錄的水平和更高的水平。這使我們能夠很好地超越更廣泛的旅遊業，現在我們與陸上度假的價格差距很大。我們不斷吸引新客戶加入我們的度假生態系統，並提供最佳的度假體驗，讓我們的客人高度滿意，並繼續重新預訂和回歸我們的品牌和產品。

2024 is shaping up to be a record-breaking year with 40% earnings growth as our progress continues on an accelerated path towards achieving our Trifecta goals. As you can see in our release today, we expect to achieve several Trifecta targets in 2024, a full year earlier than previously anticipated. As I said in the past, Trifecta creates the pathway back to what we internally describe as base camp. And while an important milestone, it is not our final destination as our ambitions go well beyond it.

隨著我們繼續加速實現 Trifecta 目標，2024 年將成為創紀錄的一年，獲利成長 40%。正如您在今天的發布中看到的，我們預計在 2024 年實現多項 Trifecta 目標，比之前的預期提前了一整年。正如我過去所說，Trifecta 創建了一條返回我們內部所描述的大本營的路徑。雖然這是一個重要的里程碑，但它並不是我們的最終目的地，因為我們的抱負遠遠超出了它。

As highlighted on Slide 6, in 2024, we expect to grow capacity by 8.5% with the introduction of Utopia of the Seas and Silver Ray and the first full year of service of the 3 incredible ships that joined our fleet during 2023. Icon of the Seas, Celebrity Ascent and Silver Nova. New ships not only elevate our vacation experiences and draw new customers to our brands, but they also provide yield tailwinds and enhance overall profitability.

正如幻燈片6 所強調的，隨著Utopia of the Seas 和Silver Ray 的推出以及2023 年加入我們船隊的3 艘令人難以置信的船舶的第一個全年服務，我們預計到2024 年運力將增長8.5%。海洋、名人登頂和銀新星。新船不僅提升了我們的度假體驗並為我們的品牌吸引新客戶，而且還提供了收益順風並提高了整體盈利能力。

In 2024, we expect yields to grow 5.25% to 7.25%, driven by the performance of our entire fleet, new and existing ships combined with our leading private destinations and strong commercial apparatus. Load factors and rate growth, together with continued focus on margins, and disciplined capital allocation are expected to drive record earnings that grow 40% year-over-year, getting us very close to our Trifecta targets.

到 2024 年，我們預計收益率將成長 5.25% 至 7.25%，這得益於我們整個船隊、新船和現有船舶的表現以及我們領先的私人目的地和強大的商業機構。負載率和費率成長，加上對利潤率的持續關注和嚴格的資本配置，預計將推動創紀錄的利潤同比增長 40%，使我們非常接近我們的 Trifecta 目標。

Our proven formula for success remains unchanged. Moderate capacity growth, moderate yield growth and strong cost controls lead to enhanced margins, profitability and superior financial performance.

我們行之有效的成功秘訣保持不變。適度的產能成長、適度的產量成長和強有力的成本控制可提高利潤率、獲利能力和卓越的財務表現。

Our operating platform is bigger and stronger than ever. We have the leading brands in their respective segments, the best people and the best and most innovative fleet and destinations. We remain intensely focused on delivering a lifetime of vacations for our guests and a long-term value for our shareholders. We are leading the vacation industry and creating exciting new products and experiences which in 2024 include game-changing ships and the expansion of our highly rated destination, Perfect Day at CocoCay. Our new ships are performing exceptionally well. And while we always expect to see strong trends when we introduce new ships. Icon of the Seas is definitely living up to her name and has taken things to a whole new level in every way.

我們的營運平台比以往任何時候都更大更強。我們擁有各自領域的領導品牌、最優秀的人才以及最優秀、最具創新性的機隊和目的地。我們始終致力於為客人提供終生難忘的假期，並為股東創造長期價值。我們正在引領度假產業，並創造令人興奮的新產品和體驗，其中包括到 2024 年改變遊戲規則的船舶以及我們備受好評的目的地可可島完美一日 (Perfect Day at CocoCay) 的擴建。我們的新船表現異常出色。雖然我們總是希望在推出新船時看到強勁的趨勢。海洋圖標號絕對名副其實，在各個方面都將一切提升到了一個全新的水平。

Demand and pricing for Icon has been incredibly strong. This year we are also thrilled to take delivery of the sixth Oasis-class ship, Utopia of the Seas, which will set the stage for the ultimate weekend getaway. Lastly, we will take delivery of Silver Ray, the second ship in the evolution class, redefining ultra-luxury cruising. Silver Ray will debut in the Mediterranean this summer before transitioning to winter season in South America. New ships and their incredible innovative experiences further accelerate our efforts to steal market share from land-based vacations.

Icon 的需求和定價一直非常強勁。今年，我們也很高興收到第六艘綠洲級遊輪“海洋烏托邦號”，這將為終極週末度假奠定基礎。最後，我們將接收進化級第二艘船 Silver Ray，重新定義超豪華巡航。 Silver Ray 將於今年夏天在地中海首次亮相，然後在南美洲過渡到冬季。新船及其令人難以置信的創新體驗進一步加速了我們從陸上度假中搶佔市場份額的努力。

We completed the expansion of Hideaway Beach at Perfect Day at CocoCay, just in time to welcome Icon of the Seas, upsizing the benefit of this strategic asset. Hideaway Beach is our newest adult-only ultimate beachfront paradise at Perfect Day at CocoCay, which expands our capacity on the Island to over 3 million guests annually. About 2/3 of World Caribbean International Caribbean guests will visit Perfect Day at CocoCay this year, allowing us to deliver high satisfaction scores and higher margins across the fleet. Our journey to deepen the relationship with the customer continues this year. We will further enhance our commercial capabilities to optimize our distribution channels build even more customer loyalty and lower acquisition costs. The outsized increase in our onboard revenue over the past couple of years has been fueled by new capabilities introduced to make it easier for guests to pre-book onboard experiences. We will continue to enhance those capabilities in 2024.

我們在 CocoCay 的 Perfect Day 完成了 Hideaway Beach 的擴建，正好趕上海洋圖標號的到來，擴大了這項戰略資產的效益。 Hideaway Beach 是可可島 Perfect Day 最新的僅限成人入住的終極海濱天堂，這使得我們島上的接待能力每年增加到超過 300 萬客人。今年，全球約 2/3 的加勒比海國際賓客將參觀可可島的 Perfect Day，這使我們能夠在整個機隊中獲得較高的滿意度和更高的利潤。今年我們將持續深化與客戶的關係。我們將進一步增強我們的商業能力，優化我們的分銷管道，建立更高的客戶忠誠度並降低採購成本。過去幾年，我們推出的新功能推動了船上收入的大幅成長，這些新功能使客人可以更輕鬆地預訂船上體驗。我們將在 2024 年繼續增強這些能力。

About 1/3 of onboard purchases are now coming through the mobile app, and we already have about 40% more pre-cruise revenue booked in 2024 as compared to 2023. As a reminder, customers who purchase onboard experiences before their cruise spend about 2.5x more than those who do not buy pre-cruise. We will remove friction by investing in a modern digital travel platform, making it easier than ever for guests to book their dream vacations by allowing us to expand wallet share. We will also continue driving business excellence to increase yields and capture efficiencies across our platform. Our teams are committed to controlling costs and enhancing profitability while focusing on delivering the best guest experiences and doing so in a responsible way.

目前，約1/3 的船上購物是透過行動應用程式進行的，與2023 年相比，我們2024 年郵輪前預訂的收入已增加約40%。提醒一下，在郵輪旅行前購買船上體驗的客戶花費約2.5比那些不購買遊輪預購的人多 x 倍。我們將透過投資現代數位旅行平台來消除摩擦，透過擴大錢包份額，讓客人比以往更輕鬆地預訂夢想假期。我們也將繼續推動卓越業務，以提高整個平台的產量和效率。我們的團隊致力於控製成本和提高盈利能力，同時專注於提供最佳的賓客體驗並以負責任的方式做到這一點。

Our sustainability ambitions helping to form our strategic and financial decisions daily, ensuring that we always act responsibly while achieving our long-term profitability goals. We're making progress on our see the future commitment to sustain the planet, energize communities and accelerate innovation. We wrapped the year on track to achieve our carbon intensity reduction targets, and we are entering 2024 well beyond the halfway mark. To make this possible, we continue to accelerate innovations like the first methanol capable tri-fuel engine that we expect to debut on the Celebrity Xcel in 2025.

我們的永續發展目標幫助我們制定日常策略和財務決策，確保我們始終以負責任的方式行事，同時實現長期獲利目標。我們在永續發展地球、激發社區活力和加速創新的未來承諾方面正在取得進展。我們今年已步入實現碳強度降低目標的軌道，2024 年已過半。為了實現這一目標，我們繼續加速創新，例如首款支援甲醇的三燃料發動機，我們預計將於 2025 年在 Celebrity Xcel 上首次亮相。

Every new ship represents an advancement in our energy transition efforts. The game-changing Icon of the Seas exceeds industry standards for energy efficiency by 24%. Icon and the recently launched Silver Nova also allow us to take advantage of new technologies such as innovative waste-to-energy systems on board. By consistently using our latest ships to pilot new technologies, we can validate the decisions we are making now to help position us to achieve our Destination net-zero targets by 2050.

每艘新船都代表著我們能源轉型努力的進步。改變遊戲規則的海洋圖示號的能效比業界標準高出 24%。 Icon 和最近推出的 Silver Nova 也使我們能夠利用新技術，例如船上創新的垃圾發電系統。透過持續使用我們最新的船舶來試驗新技術，我們可以驗證我們現在做出的決策，以幫助我們在 2050 年實現目的地淨零排放目標。

To wrap up, the future of the Royal Caribbean Group is exceptionally bright. With our strong operating platform and proven strategies, we are creating a lifetime of vacation experiences for our customers while also deliver long-term shareholder value that allows us to reach new financial records. We are well positioned for continued growth in 2024 and beyond.

總而言之，皇家加勒比集團的未來異常光明。憑藉我們強大的營運平台和行之有效的策略，我們正在為客戶創造終生難忘的度假體驗，同時還提供長期股東價值，使我們能夠達到新的財務記錄。我們已做好充分準備，在 2024 年及以後持續成長。

And with that, I'll turn it over to Naftali. Naf?

有了這個，我會把它交給納夫塔利。納夫？

Thank you, Jason, and good morning, everyone. Let me start by reviewing fourth quarter results. Our teams delivered yet another strong performance with adjusted earnings per share of $1.25, about 15% higher than the midpoint of our October guidance. All key products exceeded expectations, delivering double-digit yield growth in the fourth quarter. Net yields were up almost 18% compared to 2019, and that would have been 20%, if not for the 200 basis point drag from eliminating the reporting lag related to Silversea. Load factors were at 105% and rates were up approximately 19% with significant growth for both ticket and onboard revenue.

謝謝傑森，大家早安。讓我先回顧一下第四季的業績。我們的團隊再次表現強勁，調整後每股收益為 1.25 美元，比我們 10 月指引的中位數高出約 15%。所有主要產品均超出預期，第四季產量達到兩位數成長。與 2019 年相比，淨收益率增長了近 18%，如果不是因為消除了 Silversea 相關的報告滯後而造成了 200 個基點的拖累，淨收益率本應達到 20%。客座率達 105%，運價上漲約 19%，機票和機上收入均顯著成長。

Net cruise costs, excluding fuel, increased 6.7% compared to the fourth quarter of 2019. Since our last earnings call, the stock price appreciated over 50% and added 250 basis points to stock-based compensation expense versus our prior guidance. Excluding the increase in stock-based compensation, our costs came in, in line with expectations. Our focus on enhancing profitability allowed us to deliver 30% adjusted EBITDA margin in the fourth quarter ahead of '19 levels. We also utilized excess cash flow to pay down debt and lower interest expense, consistent with our Trifecta goals.

與2019 年第四季相比，淨郵輪成本（不包括燃油）成長了6.7%。自我們上次財報電話會議以來，股價上漲了50% 以上，並且與我們先前的指導相比，基於股票的薪資費用增加了250 個基點。排除股票薪酬的增加，我們的成本符合預期。我們對提高獲利能力的關注使我們能夠在第四季度實現比 19 年水準高 30% 的調整後 EBITDA 利潤率。我們也利用多餘的現金流來償還債務並降低利息支出，這與我們的 Trifecta 目標一致。

2023 was an exceptional year, as you can see on Slide 5. We generated almost $14 billion of total revenue, $4.5 billion of adjusted EBITDA and [$4.4 billion] of operating cash flow. Net cruise costs excluding fuel, increased 7.9% compared to '19. NCCx also included approximately 65 basis points higher costs related to increase in stock-based compensation versus our prior guidance. Our cost performance reflects the continued and durable benefit from all the actions we have taken over the last several years to support enhanced margins. Our proven formula for success also drove $6.77 in adjusted earnings per share that were more than twice our initial expectations in January.

正如您在投影片 5 中看到的，2023 年是不平凡的一年。我們創造了近 140 億美元的總收入、45 億美元的調整後 EBITDA 和 [44 億美元]的營運現金流。與 19 年相比，不包括燃油的淨遊輪成本增加了 7.9%。 NCCx 還包括與我們先前的指導相比，與股票薪酬增加相關的成本增加約 65 個基點。我們的成本績效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和持久的效益。我們經過驗證的成功公式還推動了 6.77 美元的調整後每股收益，是我們 1 月最初預期的兩倍多。

Now switching to our 2024 outlook. I will start by taking you through capacity and deployment for the year. For the full year, our capacity is expected to be up 8.5% compared to 2023. This year, we have almost twice as many dry dock days compared to '23, reducing APCD growth by 1% and resulting in a more pronounced capacity growth in the first and third quarter. APCDs are expected to grow around 10% in the first and third quarter, 5% in the second quarter and 8% in the fourth quarter.

現在轉向我們的 2024 年展望。我將首先向您介紹今年的容量和部署。與 2023 年相比，我們的全年運能預計將成長 8.5%。今年，我們的乾船塢天數幾乎是 2023 年的兩倍，APCD 成長減少了 1%，導致 2023 年運力成長更加明顯。第一季和第三季。 APCD預計第一季和第三季成長10%左右，第二季成長5%，第四季成長8%。

2024 has consistently been in a strong booked position. And as Jason mentioned, the year is off to a very strong start with a record wave. As a result, both rates and volume are currently booked significantly ahead of the same time last year. All key products, including the Caribbean, Europe, Alaska and Australia, are booked nicely ahead of last year. The Caribbean represents just over 55% of our deployment this year, following a 13% increase in capacity year-over-year. The growth is due to the additions of Icon of the Seas and Utopia of the Seas combined with celebrities upsized summer program.

2024 年的預訂量一直處於強勁狀態。正如傑森所提到的，今年以創紀錄的浪潮迎來了一個非常強勁的開局。因此，目前的預訂價格和數量都大大提前於去年同期。所有主要產品，包括加勒比海、歐洲、阿拉斯加和澳大利亞，都比去年提前預訂。加勒比海地區的運力年增了 13%，占我們今年部署量的 55% 以上。這一增長是由於海洋圖標號和海洋烏托邦號的增加以及名人擴大的夏季計劃所致。

Supporting this increase in capacity is the addition of Hideaway Beach at Perfect Day at CocoCay. Our Caribbean programs are booked nicely ahead of last year in both rate and volume. While bookings and pricing for Icon can only be described as iconic and Utopia is demanding significant price premiums in the short Caribbean market. We are also very pleased with the trends we are seeing on existing hardware.

支援容量增加的是 CocoCay Perfect Day 增設的 Hideaway Beach。我們的加勒比海項目的預訂量無論是在價格還是數量上都比去年好得多。雖然 Icon 的預訂和定價只能被描述為標誌性的，但 Utopia 在短暫的加勒比市場要求大幅溢價。我們對現有硬體的趨勢也非常滿意。

Europe accounts for around 15% of our capacity following a 7% reduction year-over-year. At the time of our last earnings call, we were in the process of altering itineraries for European Mediterranean sailings that were previously expected to visit Israel, and we have since redeployed all ships with coals to Israel. Regarding the situation in the Red Sea, the safety of our guests and crew is of top priority, and we are constantly monitoring the situation. We only have a handful of repositioning cruises scheduled in the region this year and have already rerouted one of our Silversea ships and have contingency plans for a couple of others in the spring.

歐洲約占我們產能的 15%，但年減 7%。在我們上次召開財報電話會議時，我們正在改變先前預計將訪問以色列的歐洲地中海航線的行程，此後我們已將所有載有煤炭的船隻重新部署到以色列。關於紅海的局勢，我們的客人和船員的安全是重中之重，我們不斷監測局勢。今年我們只計劃在該地區進行幾次重新定位的巡航，並且已經改變了我們的一艘銀海郵輪的航線，並在春季為其他幾艘郵輪制定了應急計劃。

Regarding demand for Europe product more broadly, bookings were softer for the impacted itineraries for a few weeks last October, but rebounded relatively quickly and are now significantly higher than same time last year. As a result, our European sailings are booked nicely ahead of last year.

就更廣泛的歐洲產品需求而言，去年 10 月的幾週內，受影響行程的預訂量較為疲軟，但反彈相對較快，目前明顯高於去年同期。因此，我們的歐洲航線的預訂量比去年提前了很多。

We are also very pleased with the trends we are seeing on other North American itineraries. Alaska has been performing particularly well from both a rate and volume standpoint. Alaska accounts for 6% of full year capacity and 15% in the all-important summer season. While our capacity for Alaska is only up slightly this year, we have made some exciting changes to our Alaska deployment. For the first time, Celebrity will offer incredible Alaska vacations on an edge-class ship, Celebrity Edge, and Silversea's new ship, Silver Nova will also sail in Alaska.

我們對在其他北美行程中看到的趨勢也非常滿意。從費率和交易量的角度來看，阿拉斯加的表現尤其出色。阿拉斯加佔全年運力的 6%，在最重要的夏季佔 15%。雖然今年我們在阿拉斯加的運力僅略有上升，但我們對阿拉斯加的部署做出了一些令人興奮的改變。精緻號 (Celebrity) 將首次乘坐邊緣級遊輪 Celebrity Edge 提供令人難以置信的阿拉斯加假期，銀海郵輪 (Silversea) 的新遊輪 Silver Nova 也將在阿拉斯加航行。

Asia Pacific will account for 10% of our capacity. We are seeing strong pricing and demand trends for both Asia and China as we return to China with Spectrum of the Seas in the second quarter. Taking all this into account, if you turn to Slide 7, you will see our guidance for 2024. This will be the second full year on our path towards our Trifecta goals, and our results remain ahead of track. Net yields are expected to be up 5.25% to 7.25%, and that's following an exceptional 2023 that saw double-digit yield growth that only accelerated as the year progressed. While the 2023 comparable set a high bar, full year yield growth is being fueled by our incredible new hardware, higher load factors, higher pricing, the expansion of Perfect Day at CocoCay and further advancements in our commercial capabilities.

亞太地區將占我們產能的 10%。隨著我們第二季海洋光譜號重返中國，我們看到亞洲和中國強勁的定價和需求趨勢。考慮到所有這些，如果您翻到幻燈片 7，您將看到我們對 2024 年的指導。這將是我們實現 Trifecta 目標的第二個完整年度，我們的結果仍然領先。淨收益率預計將上漲 5.25% 至 7.25%，此前 2023 年收益率呈兩位數增長，且隨著時間的推移只會加速。雖然2023 年的同類業績設定了很高的標準，但我們令人難以置信的新硬體、更高的負載率、更高的定價、CocoCay Perfect Day 的擴張以及我們商業能力的進一步進步正在推動全年產量成長。

Now moving to costs. Our focus remains to enhance margins as we continue to grow the business. Full year net cruise costs, excluding fuel, are expected to be up 3.75% to 4.25% and that includes approximately 315 basis points impact from increased dry dock days and the operations of Hideaway Beach. The majority of our dry docks are in late first quarter and early second quarter, which will mostly weigh on our first half costs. The remaining dry docks will be in the fourth quarter.

現在轉向成本。隨著業務的不斷發展，我們的重點仍然是提高利潤。全年淨遊輪成本（不包括燃料）預計將上漲 3.75% 至 4.25%，其中包括乾船塢天數增加和 Hideaway Beach 營運帶來的約 315 個基點的影響。我們的大部分乾船塢都在第一季末和第二季初，這將主要影響我們上半年的成本。剩餘的乾船塢將在第四季建成。

We anticipate a fuel expense of $1.16 billion for the year, and we are 61% hedged at below market rates. This year, we'll also see introduction of the EU emission tax scheme, which will apply to 40% of our European itineraries related emissions, and we do not expect this to significantly weigh on earnings. Based on current fuel prices, currency exchange rates and interest expense, we expect a record adjusted earnings per share of $9.50 and $9.70. Turning first quarter guidance as summarized on Slide 8. In the first quarter, about 73% of our capacity will be in the Caribbean, 18% in Asia Pacific, and the remaining capacity is spread across a number of other itineraries, including South America and Expedition Cruises. Book load factors and rates are at record levels and are both up significantly versus same time last year.

我們預計今年的燃料費用為 11.6 億美元，並且我們以低於市場利率的價格對沖 61%。今年，我們還將引入歐盟排放稅計劃，該計劃將適用於我們 40% 的歐洲行程相關排放，我們預計這不會對收入產生重大影響。根據目前的燃油價格、貨幣匯率和利息支出，我們預計調整後每股盈餘將創歷史新高，分別為 9.50 美元和 9.70 美元。投影片 8 中總結的第一季指引有所轉變。第一季度，我們約 73% 的運力將位於加勒比地區，18% 位於亞太地區，其餘運力分佈在許多其他行程，包括南美洲和探險遊輪。圖書裝載率和圖書利用率均創歷史新高，與去年同期相比均顯著上升。

As you can see from our guidance, we expect significant yield growth for the first quarter, driven by full load factor recovery and the annualization of the strong pricing trends, which began at the end of the first quarter of 2023. Net yields are expected to be up approximately 15% for the first quarter with both Caribbean and Australian itineraries driving the growth in yield.

正如您從我們的指導中看到的，我們預計第一季的收益率將出現顯著增長，這得益於滿載率恢復以及自2023 年第一季末開始的強勁定價趨勢年化。淨收益率預計將第一季收益成長約 15%，加勒比海和澳洲航線推動收益成長。

Net cruise costs, excluding fuel, expected to be up in the range of 7.1% to 7.6%, and include 380 basis points impact from increased dry docks and costs related to operating Hideaway Beach. We also have approximately 200 basis points of cost in the first quarter related to the start-up of Icon as well as higher load factors as compared to Q1 2023. Taking all this into account, we expect adjusted earnings per share for the quarter to be $1.10 to $1.20.

淨遊輪成本（不包括燃油）預計將上漲 7.1% 至 7.6%，其中包括乾船塢增加和與世外桃源海灘運營相關的成本增加 380 個基點的影響。與 2023 年第一季相比，我們第一季的成本增加了約 200 個基點，與 Icon 的啟動相關，負載率也更高。考慮到所有這些，我們預計該季度調整後的每股收益為1.10 美元至1.20 美元。

Turning to our balance sheet. We ended the quarter with $3.1 billion in liquidity. During the fourth quarter, we refinanced our revolving credit facilities and term loan and repaid the remaining $500 million of our 11.5% senior secured notes. We settled our 2.875% convertible notes in November by utilizing $225 million of cash and issuing just under 147,000 shares. We made significant progress during 2023, strengthening the balance sheet towards our Trifecta goal of investment-grade metrics. Better performance and disciplined capital allocation allowed us to accelerate reduction in leverage to around 4x total debt to adjusted EBITDA at year-end when excluding the impact of new ships that were delivered mid-year.

轉向我們的資產負債表。本季結束時，我們的流動資金為 31 億美元。在第四季度，我們對循環信貸額度和定期貸款進行了再融資，並償還了 11.5% 優先擔保票據中剩餘的 5 億美元。 11 月份，我們使用 2.25 億美元現金並發行了近 147,000 股股票，結算了 2.875% 的可轉換票據。我們在 2023 年取得了重大進展，加強了資產負債表，以實現投資等級指標的 Trifecta 目標。更好的業績和嚴格的資本配置使我們能夠在年底將槓桿率加速降低至調整後 EBITDA 總債務的 4 倍左右（排除年中交付的新船的影響）。

We will continue to proactively pay down debt and pursue opportunistic refinancings and expect to further reduce leverage to close to mid-3x by the end of 2024. Our priorities to address debt remained unchanged, managing debt maturities, reducing interest expense and removing remaining restriction on capital allocation and towards a fully unsecured balance sheet.

我們將繼續積極償還債務並尋求機會性再融資，並預計在2024 年底將槓桿率進一步降低至接近3 倍左右。我們解決債務的優先事項保持不變，即管理債務到期日、減少利息支出以及取消債務的剩餘限制。資本配置和完全無擔保的資產負債表。

In closing, we remain committed and focused on executing our strategy and delivering on our mission while achieving our Trifecta goals. Trifecta creates a pathway back to base camp. And while an important milestone is not our final destination as our ambitions go well beyond it. The combination of our strong book position and an accelerating demand environment is certainly pointing to another strong year of yield growth and a step change in earnings growth.

最後，我們仍然致力於並專注於執行我們的策略並履行我們的使命，同時實現我們的 Trifecta 目標。 Trifecta 建立了一條返回大本營的通道。雖然重要的里程碑並不是我們的最終目的地，但我們的抱負遠遠超出了它。我們強勁的帳面狀況和不斷加速的需求環境相結合，無疑預示著另一個強勁的收益率成長年和獲利成長的階躍變化。

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生打開電話進行問答環節。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Steven Wieczynski with Stifel.

我們的第一個問題來自 Steven Wieczynski 和 Stifel 的對話。

Congratulations on a strong 2023 and the launch of Icon. So as we think about your guidance for this year, specifically thinking about yields, just wondering if you could break down that yield guidance a little bit for us. Essentially, just trying to figure out what you guys have included in the terms of things like core pricing, your occupancy ramp, obviously, you've got new hardware in CocoCay as well. And then maybe how you're thinking about onboard yields this year? And then finally there, maybe help us think about the cadence of yield for this year as this guide might make some believe there's a potential for slowing in the back half of the year, but I would assume that's just more lack of visibility and tougher comps with load factors.

恭喜 2023 年的強勁發展和 Icon 的推出。因此，當我們考慮您今年的指導時，特別是考慮收益率，只是想知道您是否可以為我們稍微分解一下該收益率指導。本質上，只是想弄清楚你們在核心定價、入住率上升等方面都包含了什麼，顯然，你們在 CocoCay 也有新的硬體。那麼您如何看待今年的船上收益率？最後，也許可以幫助我們思考今年的收益率節奏，因為本指南可能會讓一些人相信今年下半年有可能放緩，但我認為這只是更缺乏可見性和更嚴格的比較與負載係數。

Well, thanks, Steven, and good morning, everybody. I think you pointed to a lot of things there. So first, obviously, 2023 was an incredibly strong year on both a ticket and onboard standpoint. Q1, the strong yield, as Naf commented, is driven by having a kind of full period with the pricing that we saw in the ramp-up starting in the middle of the first quarter of last year and then the recovery of the load factor. There is nothing that we see in the booking environment or onboard spend that doesn't point towards acceleration. And so -- our formula for success, which is moderate yield growth and good cost control is very much how we see Q2 forward. And -- but when we look at things, whether it's the new hardware, whether it's like-for-like, whether it's onboard spend, all those things are pointing north on a positive basis in terms of what we're seeing in the booking environment. And I think that's -- there shouldn't be any concern at this point in terms of when we see that there's any slowdown occurring in our business Q2 forward.

好吧，謝謝史蒂文，大家早安。我認為你指出了很多事情。首先，很明顯，2023 年無論是從機票還是機上角度來看都是非常強勁的一年。正如 Naf 所評論的，第一季的強勁收益率是由我們在去年第一季中期開始的定價上升以及隨後負載率的恢復中看到的一個完整時期推動的。我們在預訂環境或機上支出中看到的一切都表明加速成長。因此，我們的成功秘訣是適度的產量成長和良好的成本控制，這也是我們對第二季未來的展望。但是，當我們審視事物時，無論是新硬體、是否同類、無論是機上支出，就我們在預訂中看到的情況而言，所有這些都在積極的基礎上指向北方環境。我認為，當我們看到第二季的業務出現任何放緩時，目前不應該有任何擔憂。

Okay. Got you. That makes sense. And then Jason, as we think about your Trifecta goals, you're essentially knocking off 2 of those goals this year with a strong possibility that you're third Trifecta goal getting north of $10 a share in earnings is probably a very high probability based on what we're seeing right now based on what you're seeing right now. So Jason, I know you talked about Trifecta being what you call base camp. But I guess the question is, really where do you guys go from here? I mean if Trifecta goals R&D base camp, do you start to think about introducing at some point, something that moves you well beyond base camp? And then maybe help us think about the return to investment grade and how you and your agency partners are thinking about that timeline as well?

好的。明白你了。這就說得通了。然後傑森，當我們考慮你的 Trifecta 目標時，你今年基本上實現了其中 2 個目標，很有可能你的第三個 Trifecta 目標每股收益超過 10 美元可能是基於非常高的概率我們現在所看到的基於您現在所看到的。傑森，我知道你說過 Trifecta 就是你所說的大本營。但我想問題是，你們接下來要去哪裡？我的意思是，如果 Trifecta 的目標是研發大本營，你是否會開始考慮在某個時候引入一些能讓你遠遠超越大本營的東西？然後也許可以幫助我們考慮投資等級的回報以及您和您的代理商夥伴如何考慮該時間表？

Sure. Well, I'll let Naf take the investment-grade question. We are an organization I think that does really well with kind of 2-, 3-year targets. And we can see that obviously here when we consider Trifecta, getting the hearts and minds of our organization. It really focusing on delivering strong returns for our shareholders. And also an incredible guest experience while also lightening our impact on the planet all these things are so heavily in the consideration of what we do each and every day. As we get closer to achieving Trifecta, we will evaluate what's the next program -- financial performance program that we're going to put out there that we think is important not just to make sure management is focused on what it is we're looking to achieve, but also to make sure everybody understands where we're navigating to.

當然。好吧，我請納夫回答投資等級問題。我認為我們是一個在 2 年、3 年目標方面做得非常好的組織。當我們考慮 Trifecta 時，我們可以清楚地看到這一點，它贏得了我們組織的青睞。它真正專注於為我們的股東帶來豐厚的回報。令人難以置信的賓客體驗，同時也減輕了我們對地球的影響，所有這些都是我們每天所做的事情的重要考慮因素。隨著我們越來越接近實現三連勝，我們將評估下一個計劃是什麼——我們將在那裡推出的財務績效計劃，我們認為這很重要，不僅僅是為了確保管理層專注於我們正在尋找的東西不僅要實現這一目標，還要確保每個人都了解我們的目標。

But if you just run the math on moderate yield growth, good cost control while we moderately grow our business while continuing to invest in destinations and so forth. That math will tell you that we're in a -- we will be in a very strong financial performance on an earnings basis, ROIC basis as well as a margin basis. And all those things, I think, are really important as we consider how disciplined we have been on capital and also will be in the consideration set as we think about returning capital to shareholders as we 0 in on getting to investment-grade metrics. But I'll hold here for Naf to talk about investment grade.

但如果你只計算適度的收益率成長、良好的成本控制，同時我們適度發展我們的業務，同時繼續投資目的地等等。數學會告訴你，我們將處於一個非常強勁的財務表現中，無論是獲利基礎、投資資本投資報酬率或利潤率。我認為，所有這些事情都非常重要，因為我們考慮到我們在資本方面的紀律程度，並且當我們考慮向股東返還資本時，我們也會考慮將其納入考慮範圍，因為我們在達到投資級指標方面的進展為零。但我會在這裡等 Naf 談談投資評級。

Thanks, Jason. Steve, so on the balance sheet, part of Trifecta is getting back to investment-grade metrics, and we're really focused on that. And as you could see in our -- and we've announced for the results last -- in 2023, we made significant progress in that direction. We lowered our cost of capital. We repaid roughly $4 billion of debt with excess cash flow because as we saw the performance accelerate our formula of just being disciplined around capital allocation allowed us to pay down debt faster than we thought. And we'll continue to do that this year. And in my remarks, I said that we'll be very close to the leverage levels that we have in the targets.

謝謝，傑森。史蒂夫，在資產負債表上，Trifecta 的一部分正在回歸投資等級指標，我們非常關注這一點。正如您在我們最後宣布的 2023 年結果中看到的那樣，我們在這個方向上取得了重大進展。我們降低了資本成本。我們用過剩的現金流償還了大約 40 億美元的債務，因為我們看到業績加速了我們的公式，即嚴格遵守資本配置，使我們能夠比我們想像的更快地償還債務。今年我們將繼續這樣做。在我的演講中，我說過我們將非常接近目標中的槓桿水平。

In addition to that, we also want to unsecure the balance sheet, and that will come as some of the notes that we had to issue, either secured or guaranteed, have the opportunity to refinance those or pay them down. With regards to the rating agencies, we're very close contact with the rating agencies. We were very pleased with the credit upgrades that the rating upgrades that we had last year. We are focused on making sure that we have the balance sheet, we are comfortable operating under, and that's really where the goals are. And then we'll continue to be in close contact with the agencies as we make progress on that, but we're not focused necessarily on the ratings really and the metrics there.

除此之外，我們還希望對資產負債表進行無擔保，這將是因為我們必須發行的一些票據（無論是有擔保的還是有擔保的）有機會為這些票據進行再融資或償還。關於評級機構，我們與評級機構的聯繫非常密切。我們對去年的信用評級升級感到非常滿意。我們專注於確保我們擁有資產負債表，我們能夠舒適地運營，這才是真正的目標。然後，隨著我們在這方面取得進展，我們將繼續與各機構保持密切聯繫，但我們不一定關注真正的收視率和指標。

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)。

I wanted to ask, you alluded to potential changes with some of the itineraries in the Red Sea. Is it fair to say that your guidance stay your EPS guidance for '24, already includes what you think you may have to do in terms of rerouting anything that would be transiting there? I wonder if you can help us quantify what kind of -- if there's downside that's really baked into your EPS guidance for that? And then I do have a follow-up, but I'll start with that one.

我想問一下，您提到了紅海的一些行程可能發生的變化。公平地說，您的指導仍然是 24 年的 EPS 指導，已經包括您認為在重新路由任何將在那裡過境的東西方面可能必須做的事情？我想知道您是否可以幫助我們量化您的每股盈餘指引是否確實存在哪些負面影響？然後我確實有一個後續行動，但我將從那一個開始。

Yes. Well, thanks for the question, Robin. And I think just as we talk about how we guide, our guidance does not plan for perfection. And so when we consider things like the Red Sea and there are things that come up from time to time within the course of the year -- we very much kind of take those kind of things into account. And so I don't think we think the handful of sailings that will sail through -- we're expecting the sail through the Suez is something that's going to impact our guidance at this point in time. And I think that's how we just generally set up our guidance to not plan for perfection.

是的。好吧，謝謝你的提問，羅賓。我認為，正如我們談論如何指導一樣，我們的指導並沒有計劃完美。因此，當我們考慮像紅海這樣的事情以及一年中不時出現的事情時，我們會非常多地考慮到這些事情。因此，我認為我們認為少數幾趟航行不會——我們預計穿越蘇伊士運河的航行會影響我們目前的指導。我認為這就是我們通常設置指導方針的方式，而不是完美的計劃。

Okay. Perfect. And then I don't know if you have any initial thoughts on potential tax changes in the global minimum tax and how that might impact you given your incorporation and your itineraries and kind of anything that you may be able to do to mitigate that?

好的。完美的。然後我不知道您對全球最低稅的潛在稅收變化是否有任何初步想法，以及考慮到您的公司註冊和行程以及您可以採取的任何措施來減輕這種影響，這可能會對您產生什麼影響？

Robin, so yes, the global minimum tax is obviously out there and it's been there for quite some time. If we -- so we continue to evaluate it and if we do nothing, that doesn't really impact us until 2026, so that's important. And of course, we believe that we can do with some mitigations -- mitigate a majority of that impact. So that's kind of on that.

羅賓，是的，全球最低稅顯然已經存在，而且已經存在相當長一段時間了。如果我們繼續評估它，如果我們什麼都不做，那麼直到 2026 年才會真正影響我們，所以這很重要。當然，我們相信我們可以採取一些緩解措施——減輕大部分影響。所以這就是這樣的。

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）。

Congrats on the results this morning. So the first one is given the European slowdown in bookings that you saw in sort of November, which is great to hear that, that came back. But taking into account the seasonality of Europe and thinking about yields for the back half or sort of for the balance of this year that's baked into your full year guide. Is it fair to assume that the yield growth cadence for the balance of the year will sort of correlate with the quarters that are strongest in the Caribbean, right, given you have Hideaway Beach and Icon on sailing there. Just anything else you can help us to think about how that cadence will progress.

恭喜今天早上的結果。第一個是考慮到 11 月歐洲預訂量放緩的情況，很高興聽到這一消息又回來了。但考慮到歐洲的季節性，並考慮下半年或今年剩餘時間的收益率，這些已納入您的全年指南中。假設今年剩餘時間的收益率成長節奏將與加勒比地區最強的季度相關，這是否公平，對吧，因為你有 Hideaway Beach 和 Icon 在那裡航行。任何其他事情都可以幫助我們思考這種節奏將如何進展。

Well, one, we're very happy that the demand for Europe came back and we saw this acceleration soon after our last call. I really don't think anybody should be reading into any concern around Q2 going forward in terms of any kind of slowdown. We're seeing an acceleration in pricing and volumes from all of our key markets for all of our key deployments. And obviously, the first quarter is higher because of what I talked about with load factor, the normalization of rate. So I would just leave it that. We expect Q2 forward, continue to be strong and our yields to grow across like-for-like new hardware onboard, et cetera. Of course, we are lapping, as you commented, Brandt, on some very high comps year-over-year. And I think that's an important line to appreciate.

嗯，第一，我們很高興歐洲的需求回升，並且在上次通話後不久我們就看到了這種加速。我真的認為任何人都不應該對第二季度的任何放緩感到擔憂。我們看到所有關鍵部署的所有主要市場的定價和銷售量都在加速成長。顯然，由於我談到的負載率，即費率正常化，第一季的成長率更高。所以我就這樣吧。我們預計第二季將繼續強勁，我們的產量將在新硬體等方面實現成長。當然，正如你所評論的，勃蘭特，我們正在對一些非常高的同比進行比較。我認為這是值得欣賞的重要一句話。

Okay. Great. That's helpful. And then my second question is on the book position. Record book, the commentary, obviously upbeat in your release in your prepared remarks. Are you willing to sort of give us a sense for how much of the first half or the full year is booked at this time and how much different that is year-over-year? And to the extent that you don't want to answer that, I would also just be curious if you want to refresh your sort of philosophy on the optimal curve, right? And if you're at that point where you wouldn't want to become any more booked unless you leave money on the table or how you're thinking about that revenue management strategy?

好的。偉大的。這很有幫助。我的第二個問題是關於本書的位置。記錄書，評論，在你準備好的講話中顯然對你的發布持樂觀態度。您是否願意讓我們了解目前上半年或全年的預訂情況以及與去年同期相比有多少差異？如果您不想回答這個問題，我也很好奇您是否想刷新您對最佳曲線的看法，對嗎？如果你不想再被預訂，除非你把錢留在桌面上，或者你如何考慮收入管理策略？

Well, I'll start off with the latter. I mean, I think on an optimal curve, the answer is we always get it wrong. It's -- there are always estimates. We do not give out the percent booked that we're in, but it is meaningfully higher, obviously, than last year for sure and also versus our highs in 2019. We have installed very sophisticated yield management systems, those yield management systems have -- we've obviously seen them perform exceptionally well in 2023 and what we're now seeing here in 2024 through WAVE, and they continue to allow us to get more and more share of the wallet. And also taking those practices in which we also saw this last year and feeding them into our onboard activities, our pre-cruise sales activities is also something why -- I think as we look at the 2023 results and what we're seeing in the 2024 estimates on the top line is what's causing just, I think, continued outperformance.

好吧，我將從後者開始。我的意思是，我認為在最佳曲線上，答案是我們總是會出錯。總是有估計。我們沒有透露我們的預訂百分比，但顯然它明顯高於去年，也高於 2019 年的高點。我們安裝了非常複雜的收益管理系統，這些收益管理系統 - - 我們顯然已經看到它們在2023 年表現得異常出色，以及我們現在透過WAVE 在2024 年看到的表現，它們繼續讓我們獲得越來越多的錢包份額。我們去年也看到了這些做法，並將其融入我們的船上活動中，我們的遊輪前銷售活動也是原因之一——我認為，當我們審視2023 年的結果以及我們在2023 年所看到的情況時，我認為，對 2024 年收入的估計是導致業績持續優異的原因。

Yes. Just one other comment, not just on the volume, but also the pricing. Obviously, we are on more booked versus last year on the volume but also on the pricing level as well. So we're very encouraged where we are.

是的。只是另一條評論，不僅涉及數量，還涉及定價。顯然，與去年相比，我們的預訂數量有所增加，而且價格水平也有所增加。所以我們對目前的情況感到非常鼓舞。

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）。

Congrats on another great quarter. So 2-part question. Jason, when you talked about taking things to a whole new level, could you size up where you stand today versus the larger total addressable market share opportunity? And maybe you see beyond cruise and just the multigenerational customer base that you're attracting? And then for Naftali, maybe just how best to think about the breakdown of the 4% cost guide this year and multiyear what you see as the right run rate for costs going forward?

恭喜又一個偉大的季度。所以分為兩部分的問題。傑森（Jason），當您談到將事情提升到一個全新的水平時，您能否評估一下您今天的處境與更大的總可尋址市場份額機會？也許您不僅看到了郵輪，還看到了您所吸引的多代客戶群？然後對於納夫塔利來說，也許如何最好地考慮今年 4% 成本指南的細目以及您認為未來成本的正確運行率？

Yes. Well, I'll start off, Matt, by -- I think it's important to understand what our orientation is. Our orientation is experiences. We keep trying to advance experiences that our customers are not only do they desire, but they're also willing to pay for. And so when you have an experienced mine focus, obviously, there are a lot of things that we're adding on to our ships. I think Icon is an incredible example of the dreaming and the delivery of endless experiences for multigenerational travel. But you also see those, for example, in Silver Nova and what that does for the ultra luxury space in terms of the dreaming and innovating to deliver those experiences that our guests seek and are willing to pay for. You see that also extend into the destination and what we're doing in the private island space, whether it's with Hideaway that we just announced, we had the Royal Beach Club, into the Bahamas. And we continue to think about and dream about other opportunities that are there.

是的。好吧，馬特，我將首先——我認為了解我們的方向是什麼很重要。我們的定位是體驗。我們不斷努力提升客戶不僅想要、更願意付費的體驗。因此，當您對礦山有豐富的經驗時，顯然，我們會在我們的船上添加很多東西。我認為 Icon 是夢想的典範，也是為多代人旅行提供無盡體驗的典範。但你也可以看到這些，例如，在 Silver Nova 中，以及它在夢想和創新方面對超豪華空間的作用，以提供我們的客人尋求並願意付費的體驗。你會看到，這也延伸到了目的地以及我們在私人島嶼空間中所做的事情，無論是我們剛剛宣布的世外桃源，還是我們在巴哈馬群島的皇家海灘俱樂部。我們繼續思考並夢想存在的其他機會。

Our goal is to keep our customers and our ecosystem. And we're building, as I mentioned in my notes, a travel platform on a technology basis that make sure that our guests through loyalty as well as experiences stay within that ecosystem. That all kind of comes into continuing to grow what we believe are the best brands in each of the segments and invest in those experiences for us to deliver each and every day.

我們的目標是留住我們的客戶和我們的生態系統。正如我在筆記中提到的，我們正在建立一個基於技術的旅行平台，確保我們的客人透過忠誠度和體驗留在該生態系統中。所有這些都涉及到繼續發展我們認為是每個細分市場中最好的品牌，並投資於我們每天提供的這些體驗。

Matthew, it's Michael. Just to add some comments to Jason. There's quite a big difference, and we've had these conversations before between the addressable market for traditional cruise and the addressable market for land-based vacations when you consider Orlando, Las Vegas and all of those different land-based options. We really believe that with ships like Icon and Perfect Day, Hideaway Beach, the coming of Royal Beach Club in '25. Utopia coming straight into the short product market, to Perfect Day. We are really kind of transcending and moving particularly the Royal brand from that traditional cruise space where the addressable market is big, but smaller than the land based.

馬修，這是麥可。只是想給 Jason 添加一些評論。這是一個相當大的差異，當你考慮到奧蘭多、拉斯維加斯和所有這些不同的陸上選擇時，我們之前已經討論過傳統遊輪的潛在市場和陸上度假的潛在市場之間的情況。我們堅信，隨著 Icon 和 Perfect Day、Hideaway Beach 等船舶的推出，皇家海灘俱樂部 (Royal Beach Club) 將在 25 年開幕。 Utopia 直接進入短期產品市場，推出 Perfect Day。我們確實正在超越和移動特別是皇家品牌的傳統遊輪空間，該空間的潛在市場很大，但比陸地市場要小。

And we feel that now we're beginning to really attract a lot of demand from those land-based options with better quality product, more exciting products and great price points. So I think we feel there's a big opportunity with the addressable market, particularly as it relates to what we've done with kind of repositioning the brand and becoming acutely focused on the multi-generational family and particularly with the kind of new products that we're introducing now. And I think Icon really is a great example of that. We've never seen such incredible demand reaction and pricing power that we've seen with a new product that we've introduced. It's really been phenomenally successful.

我們覺得現在我們開始真正吸引來自那些陸上選擇的大量需求，這些產品具有更優質的產品、更令人興奮的產品和優惠的價格。因此，我認為我們認為目標市場存在巨大機遇，特別是因為它與我們重新定位品牌、高度關注多代家庭所做的工作有關，特別是我們推出的新產品。現在介紹一下。我認為 Icon 確實是一個很好的例子。我們推出的新產品從未見過如此令人難以置信的需求反應和定價能力。它確實非常成功。

Matt, so on your question on cost, so this year, we gave the guidance of 3.75% to 4.25% cost growth. And I think it's just important, obviously, I mentioned it in my remarks that there's 300 basis points throughout the year impact from both increased dry dock days and also the operations of Hideaway Beach that while it is very accretive to margin, just does not have APCD. So -- so that's the reason. But I think if you put that into context of all the things that we have done over the last couple of years and our really relentless focus on enhancing margins and controlling cost is really coming into play as we continue to grow the business.

Matt，關於你關於成本的問題，所以今年我們給了3.75%到4.25%的成本成長指引。我認為這很重要，顯然，我在發言中提到，幹船塢天數的增加以及世外桃源海灘的運營對全年產生了 300 個基點的影響，雖然這對利潤率有很大的增加，但並沒有APCD。所以——這就是原因。但我認為，如果你把這一點放在我們過去幾年所做的所有事情的背景下，隨著我們業務的不斷發展，我們對提高利潤和控製成本的不懈關注確實會發揮作用。

For the cadence of the year, we have more cost in the first half of the year because we have most of our dry docks really in the last -- latter part of the first quarter and early in the second quarter, and that will weigh on cost. Also, I mentioned in the first quarter, we have specifically for that quarter more impact from starting Icon as well as just catching up in the load factor, but obviously, it normalizes throughout the year. And the second half will benefit from those lower dry dock days and also the addition of Utopia, which will add APCDs to the half part of the year. But all in, we're very pleased with how we've really in a durable way enhancing margins that will help us as we continue to grow the business and create operating leverage.

就今年的節奏而言，我們上半年的成本更高，因為我們的大部分乾船塢實際上都在最後——第一季後期和第二季度初，這將帶來壓力成本。另外，我在第一季度提到，我們在該季度通過啟動 Icon 以及剛剛追上的負載率而產生了更大的影響，但顯然，它在全年中都正常化了。下半年將受益於較低的乾船塢天數以及烏托邦號的增加，這將在今年下半年增加 APCD。但總而言之，我們對如何真正以持久的方式提高利潤率感到非常滿意，這將有助於我們繼續發展業務並創造營運槓桿。

For the long term, our formula really remains unchanged. Moderate capacity growth, moderate yield growth, strong cost control really leads to enhanced financial returns. And the formula is basically we got to grow yields, faster than we grow our cost and that will enhance margins, more cash flow and more earnings.

從長遠來看，我們的公式確實保持不變。適度的產能成長、適度的產量成長、強而有力的成本控制確實會帶來財務回報的提升。公式基本上是我們必須提高產量，速度要快於成本的成長，這將提高利潤率、更多的現金流和更多的收益。

Your next question comes from the line of Conor Cunningham with Melius Research.

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

Just keeping with the theme on cruisers land. In the context of moderate yield growth. There seems to be an argument that you can make that actually should be a little bit higher given you're going to close the gap to land based. Can you just level set on where you sit on the discount versus land-based right now? And then how we get back to kind of the pre-COVID levels, I think that's been like 15% historically. So if you could just talk about that, that would be great.

只是與巡洋艦陸地上的主題保持一致。在產量適度成長的背景下。似乎有一種觀點認為，鑑於您要縮小與陸地的差距，您實際上可以提高一點。你能簡單地確定一下你現在享受折扣還是陸基的位置嗎？然後我們如何回到新冠疫情之前的水平，我認為歷史上大約是 15%。因此，如果您能談論這一點，那就太好了。

So obviously, last year, we talked around having a 40% to 45% gap to land-based vacation. Our yields in 2023 rose 13.5%. Our APDs were up, I think, 16%. So we've obviously made a dent into that. And this year, we expect obviously to make a further dent into that. We are obsessed about really not -- it's much less about what's happening in the cruise space. It's more about how do we close that gap. How do we compete with land-based vacation. And we can see in the consideration how much cruise has moved into the average consumer's consideration for travel. So our focus is on that, how do we close that gap. And really how do we make sure going back to the ecosystem, which I think land-base does very well, is how do we make sure that focus on a vacation of a lifetime evolves into a lifetime of vacation.

顯然，去年我們討論過與陸上度假有 40% 到 45% 的差距。 2023 年我們的殖利率上漲了 13.5%。我認為我們的 APD 上升了 16%。所以我們顯然已經在這方面取得了進展。今年，我們顯然預計會進一步削弱這一點。我們真正著迷的並不是——更不用說郵輪領域正在發生的事情了。更重要的是我們如何縮小這一差距。我們如何與陸上度假競爭。我們可以從考慮中看到郵輪已經進入普通消費者的旅行考慮範圍。所以我們的重點是如何縮小這一差距。事實上，我們如何確保回到生態系統，我認為陸地基地做得很好，就是我們如何確保對一生的假期的關注演變成一生的假期。

And I think the commentary about the return, what we're getting from our customers that repeat rate has now doubled, shows that what we're doing in delivering the best vacations in the world. What we're doing to incentivize through loyalty to keep our customers and our ecosystem. I mean really leveraging our house of brands, that are the best in each one of their segments is really starting to create another wave of demand. And we think land-base does this really well. We're focused on doing this obviously exceptionally well.

我認為有關回報的評論，即我們從客戶那裡得到的重複率現在已經翻倍的評論，表明我們正在努力提供世界上最好的假期。我們正在做的事情是透過忠誠度來激勵，以留住我們的客戶和我們的生態系統。我的意思是，真正利用我們在每個細分市場中都是最好的品牌，真正開始創造另一波需求。我們認為陸基在這方面做得非常好。我們致力於將這件事做得非常出色。

And when you think about what we're doing on the destination side with -- perfect Day as an example, when you look at Icon, you can see in that how it's an extremely competitive product. We would probably argue even a better product to what's happening on land. And that's by us continuing to dream and innovate and deliver on that, that's going to chip away further and further into that value gap to land-based vacation.

當你想到我們在目的地方面所做的事情時——以 Perfect Day 為例，當你查看 Icon 時，你會發現它是一款極​​具競爭力的產品。我們可能會爭辯說，比陸地上發生的事情更好的產品。透過我們繼續夢想、創新並實現這一目標，這將越來越縮小與陸上度假的價值差距。

Super helpful. And then you mentioned the digital investments and increased direct bookings. Can you just talk about how that's evolved over the past few years? And how we continue to kind of increase the direct booking channel going forward?

超有幫助。然後您提到了數位投資和增加的直接預訂。您能談談過去幾年的發展嗎？未來我們如何繼續增加直接預訂管道？

Yes. Well, it's less about the shift from direct or through our travel partners. We are really channel agnostic. What we want to do is whether it's -- we want to show up on how our guests want to shop and book of cruise. And we want to take as much friction out of that experience as we possibly can. Sometimes that leads them through our digital channels like the web or our app. Sometimes it has them call our call centers. And of course, that very much takes them to our travel partners who do an exceptional job, helping guests identify and have the experiences that they want to do.

是的。嗯，這與直接或透過我們的旅行夥伴的轉變無關。我們確實與通路無關。我們想要做的是——我們想要展示我們的客人想要如何購物和預訂遊輪。我們希望盡可能減少這種體驗中的摩擦。有時，這會引導他們透過我們的數位管道，例如網路或我們的應用程式。有時他們會致電我們的呼叫中心。當然，這對他們來說非常重要，我們的旅行合作夥伴做得非常出色，可以幫助客人識別並獲得他們想要的體驗。

So we're very agnostic about that. But we also recognize that the customer expects very little friction in their shopping experience. So we spent a lot of time figuring out not only how to be easier to do business with, but also how to use technology like AI and so forth to curate and put those experiences in front of the guests and the way in which they want to consume them. I think we're getting better and better at that every day. But I would -- it's a journey. When I feel we're heading to the fourth or fifth inning, I find now we're back in the first inning as the consumer continues to evolve and just the technology that's available to do it so thoughtfully is growing stronger and stronger every day.

所以我們對此非常不可知。但我們也意​​識到，顧客希望購物體驗中的摩擦很少。因此，我們花了很多時間不僅研究如何更輕鬆地開展業務，還研究如何使用人工智慧等技術來策劃並將這些體驗以及他們想要的方式呈現在客人面前。消耗它們。我認為我們在這方面每天都做得越來越好。但我願意——這是一段旅程。當我覺得我們即將進入第四或第五局時，我發現現在我們又回到了第一局，因為消費者不斷發展，而可用於如此深思熟慮地做到這一點的技術每天都在變得越來越強大。

Yes. And just one other thing to add is also it allows us to make sure that the customer gets the vacations they want. So some of the meaningful progress we've seen and we also noted in the last couple of earnings calls, just the ability to buy and design your vacation ahead of time through pre-cruise. And as Jason mentioned also in the remarks, it also leads to great financial success as people are booking their vacations, and they get on board and they spend 2.5x more than those that have in pre-cruise.

是的。還要補充的另一件事是，它還使我們能夠確保客戶獲得他們想要的假期。因此，我們已經看到了一些有意義的進展，我們在最近幾次財報電話會議中也注意到了，就是能夠透過遊輪前提前購買和設計您的假期。正如傑森在評論中提到的，這也帶來了巨大的財務成功，因為人們預訂假期，登上郵輪，花費比郵輪前的遊客多 2.5 倍。

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

您的下一個問題來自克利夫蘭研究中心的 Vince Ciepiel。

I wanted to dig a little bit more into the Icon. You keep talking about how taking things on a new level. Curious kind of how it compares to what you saw with a new class? You think about Oasis 15 years ago, Quantum 10 years ago. How does this launch compare in terms of reception to the customer, the travel agent community, the national coverage that you've been getting, your approach to marketing? And do you think that, that's sustainable as you move into Utopia and Star in the next 12 to 18 months?

我想更深入地了解這個圖標。你一直在談論如何將事情提升到一個新的水平。好奇它與您在新課程中看到的情況相比如何？你想想15年前的Oasis，10年前的Quantum。此次推出的產品在客戶接待、旅行社社群、您所獲得的全國覆蓋範圍以及您的行銷方法方面有何不同？您認為，當您在未來 12 到 18 個月內進入 Utopia 和 Star 時，這種情況是否可持續？

Vince, thank you very much for that question. I've been waiting for about 20 minutes to talk about Icon. I mean first of all, Icon is a product in terms of the design and the focus on multigenerational family and the evolution from Oasis-class. I think what we've created really is a game-changing hit. I mean it really is working with customer demographic and it's really working with our target market. I think if you've got an exceptional product that people really are impressed with, then you kind of -- you're almost there. And we feel like we've really achieve that with Icon. It's Epic. And you combine that with Perfect Day in the opening of Hideaway Beach. We have a product and a vacation experience for a multigenerational family that truly is the best in the world, and we've made that statement. It's the best family vacation in the world.

文斯，非常感謝你提出這個問題。我已經等了大約 20 分鐘來談論 Icon。我的意思是，首先，Icon是一款在設計、注重多代家庭以及從Oasis級演變而來的產品。我認為我們創造的產品確實是改變遊戲規則的熱門產品。我的意思是，它確實與客戶群合作，也確實與我們的目標市場合作。我認為，如果你擁有一款讓人們真正印象深刻的卓越產品，那麼你就快成功了。我們覺得我們已經透過 Icon 真正實現了這一目標。這是史詩般的。在神仙珊瑚島的開幕式中，您將其與“完美的一天”結合。我們為多代家庭提供真正世界上最好的產品和度假體驗，我們已經做出了這樣的聲明。這是世界上最好的家庭假期。

So you've got to have that foundation. But I would say that in comparison to previous first-in-class launches, Icon has knocked this just out of the park. We've never seen the response that we've seen with Icon. It's been genuinely unbelievable from every single metric that you would want to look at. The bookings have been phenomenally strong. The rate has been unbelievable. The appreciation of the product has been high. The interest from the trade partners, from the consumer, from destinations. We've never seen the kind of response that we've seen with Icon of the Seas. The employee response, the crew response when we opened up and we had our first shakedown cruises has been unbelievable. We really feel as if this product is absolutely right on the mark and the response has been phenomenal.

所以你必須要有這個基礎。但我想說的是，與之前一流的產品相比，Icon 已經將其淘汰了。我們從未見過 Icon 那樣的反應。從您想要查看的每一個指標來看，這確實令人難以置信。預訂量異常強勁。這個比率令人難以置信。產品的升值度一直很高。來自貿易夥伴、消費者、目的地的興趣。我們從未見過海洋圖標號那樣的反應。當我們開業以及我們進行第一次試航巡航時，員工的反應、船員的反應都令人難以置信。我們真的覺得這個產品絕對是正確的，而且反應非常好。

When we look at the metrics and we have all of these metrics where we compare first-in-class, Icon has doubled or tripled the response. So volume was x percent with the first-in-class with Oasis. With Icon, it's been 3x better than Oasis was. Rate has been really high. But when you compare rate with Icon versus first-in-class in our previous launches, it's double or triple. It's been phenomenal in terms of the overall performance. And the same seems to be true with the onboard product itself. We do feel that Icon with Perfect Day stands shoulder to shoulder with Orlando and Las Vegas, except that we've got both. We've got the gaming and we've got everything that the kids would want to do to have a great vacation.

當我們查看指標時，我們發現所有這些指標都是一流的，Icon 的反應增加了一倍或三倍。因此，Oasis 的銷量是同類首創的 x%。 Icon 的效能比 Oasis 好 3 倍。率確實很高。但當您將 Icon 的價格與我們之前發布的一流產品進行比較時，您會發現它是兩倍或三倍。就整體表現而言，這是驚人的。機載產品本身似乎也是如此。我們確實覺得 Icon with Perfect Day 與奧蘭多和拉斯維加斯並肩，只不過我們兩者都擁有。我們提供了遊戲，也提供了孩子們想要度過一個美好假期所需的一切。

So we feel like we've got it perfectly right. And I think when you look at the lineup that we have for Royal, particularly with the opening of the Royal Beach Club in Nassau in '25, the introduction of Utopia in the 3- and 4-day market out of (inaudible) to Perfect Day, we see exactly the same kind of response with Utopia in terms of volume and rate performance versus traditional first-in-class 3- and 4-day products.

所以我們覺得我們做得完全正確。我認為，當您查看我們為 Royal 提供的陣容時，特別是 25 年拿騷皇家海灘俱樂部的開業、在 3 天和 4 天市場中引入 Utopia（聽不清）以達到完美與傳統一流的3 天和4 天產品相比，我們看到Utopia 在數量和費率表現方面的反應完全相同。

We feel like we -- going back to my earlier comments, we feel like we've started this transition from being a traditional cruise vacation to being a world-class multigenerational family option that stands shoulder to shoulder with Orlando and Las Vegas and any land-based destination experience that you could mention. We feel like we're right there, with Icon, with Utopia, with Perfect Day. And of course, it's a journey that we're on in terms of introducing these new exciting products year-over-year. And thank you for asking that question. It's very much appreciated.

我們覺得我們——回到我之前的評論，我們覺得我們已經開始從傳統的遊輪度假轉變為世界一流的多代家庭選擇，與奧蘭多和拉斯維加斯以及任何陸地並肩您可以提及的基於目的地的體驗。我們感覺我們就在那裡，與 Icon、與 Utopia、與 Perfect Day 在一起。當然，這是我們逐年推出這些令人興奮的新產品的旅程。感謝您提出這個問題。非常感謝。

Absolutely. So when you layer in this, it sounds like new hardware is kind of firing at a cylinder that you haven't seen before. You have the discount to land based, and then you have kind of a multiyear stretch of pretty muted industry supply. Is there any reason to think that yield growth couldn't be at more elevated levels on a multiyear stress than what you've seen historically?

絕對地。因此，當您將其分層時，聽起來好像新硬體正在向您以前從未見過的氣缸開火。你可以享受到陸地基礎設施的折扣，然後你就可以享受到長達多年的相當低迷的行業供應。有沒有理由認為，在多年的壓力下，殖利率成長不可能達到比歷史上更高的水平？

Well, I'm the brand guy. So I've got to tell you, yes, we live in a very optimistic world, and we are extremely excited with the product and the brand that Royal Caribbean International has now become yes, I see plenty of upside. Naf and Jason, they have a slightly different perspective, but I can tell you, we're very excited with the lineup that we've got coming, and we feel unbelievably proud of the performance of Icon to date. So yes, I see a lot of upside.

嗯，我是品牌人。所以我必須告訴你，是的，我們生活在一個非常樂觀的世界，我們對皇家加勒比國際遊輪現在的產品和品牌感到非常興奮，是的，我看到了很多好處。 Naf 和 Jason，他們的觀點略有不同，但我可以告訴你，我們對即將推出的陣容感到非常興奮，我們對 Icon 迄今為止的表現感到難以置信的自豪。所以是的，我看到了很多好處。

Yes. And I just -- I mean, I think we're all extremely optimistic on the very strong quality demand that we continue to see. And I wouldn't want to leave the call with anybody thinking that we are not very optimistic about Q2 and beyond. I know Q1 is very high in terms of the overall performance. But the bookings, the level of onboard spend activity is exceptionally strong. And so I know that there's -- I can just talk about the questions, there's some focus on that. But that it should only be focused on the opportunity that's ahead of us.

是的。我只是 - 我的意思是，我認為我們都對我們繼續看到的非常強勁的品質需求非常樂觀。我不想讓任何人認為我們對第二季及以後的情況不太樂觀。我知道Q1的整體效能非常高。但預訂量和機上消費活動水準異常強勁。所以我知道——我可以談談這些問題，有一些重點。但它應該只專注於我們面前的機會。

Our final question comes from the line of Jamie Rollo with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的傑米·羅洛（Jamie Rollo）。

Just one sort of follow-up really on Icon, Michael, I wish you like, I guess. Just given the figures you gave then, how has that changed the way you think about ordering new ships (technical difficulty) new ships and also some of the older ships in the fleet? I mean, is this an opportunity to really press your foot down and accelerate this sort of new class ship? Or are you going to sort of carry on perhaps to see as you were before?

這只是 Icon 的一種後續行動，邁克爾，我想我希望你喜歡。考慮到您當時給出的數字，這如何改變了您訂購新船（技術難度）、新船以及艦隊中一些舊船的想法？我的意思是，這是一個真正堅定你的立場並加速這種新型船舶的機會嗎？或者你會像以前一樣繼續看下去嗎？

Yes. We see the huge opportunity with the direction that we've taken in terms of this combination of phenomenal land-based curated destination experiences like Perfect Day, the Royal Beach Club in Nassau and Icon class. So I think our direction, our mindset is very much focused on the future and further development of that kind of product experience that we know absolutely resonates with the customer.

是的。我們看到了巨大的機遇，我們所採取的方向是結合非凡的陸地策劃目的地體驗，如完美的一天、拿騷皇家海灘俱樂部和 Icon 級。所以我認為我們的方向、我們的心態非常關注未來和進一步開發我們知道絕對能引起客戶共鳴的產品體驗。

Yes. And Jamie, I think just to add, we are very purposeful in our actions. We're very purposeful in the segments in which we are operating in. We think we operate in segments where the level of quality demand significantly outpaces the current supply. There's obviously constraints inside the yards in terms of the ability for anyone to grow at a fast pace. But we expect in the future to continue to invest in our business. We expect to continue to invest, as Michael said, in destinations and also in the growth of our fleet. But it's going to stick generally to that formula of moderate yield growth, good cost control and moderate capacity growth over time.

是的。傑米，我想補充一點，我們的行動是非常有目的的。我們在我們經營的細分市場中非常有目標。我們認為我們在品質需求水準顯著超過當前供應的細分市場中經營。任何人快速成長的能力在院子裡顯然都受到限制。但我們預計未來將繼續投資於我們的業務。正如邁克爾所說，我們預計將繼續投資於目的地以及我們機隊的成長。但隨著時間的推移，它將總體上堅持適度的產量成長、良好的成本控制和適度的產能成長的公式。

I'm just surprised you've given what you've seen, which sounds much better than expectations are not changing anything even for the existing ships? Is there nothing you might be doing with some of the vision or Radiant class ships or maybe putting some of the successful features of Icon on some of the sort of maybe quantum or (inaudible) class anything there?

我只是很驚訝你給了你所看到的，這聽起來比預期好得多，即使對現有的船隻也沒有改變任何東西？您是否可能對某些願景或輻射級飛船沒有做任何事情，或者可能將 Icon 的一些成功功能應用到某種可能是量子或（聽不清楚）級的任何東西上？

Yes, we're always modernizing. We have a lot coming up and the actions we took on Oasis. Some of the learnings on Icon is going to be in the modernization of a law of the Seas. We're always updating our ships to make sure those ships stay relevant. It doesn't move like the CapEx number potentially or maybe it's not as exciting today as we're talking about Icon and Hideaway, et cetera. But we're always investing and bringing a lot of the learnings. Boy, not just on an experience standpoint, but also on a sustainability standpoint so that our fleet stays relevant and competitive.

是的，我們一直在現代化。我們還有很多事情要做，我們在 Oasis 上採取了很多行動。 Icon 的一些經驗教訓將涉及海洋法的現代化。我們一直在更新我們的船隻，以確保這些船隻保持相關性。它可能不會像資本支出數字那樣變化，或者可能不像我們今天談論的 Icon 和 Hideaway 等那樣令人興奮。但我們一直在投資並帶來很多經驗教訓。天哪，不僅從體驗的角度來看，而且從永續發展的角度來看，這樣我們的機隊才能保持相關性和競爭力。

I'll now turn the call back to Naftali Holtz, CFO, for any closing remarks.

現在，我將把電話轉回給財務長納夫​​塔利·霍爾茨 (Naftali Holtz)，讓其發表結束語。

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

謝謝你，接線生。我們感謝大家的參與和對公司的興趣。邁克爾將參與任何後續行動。我們祝福大家有個愉快的一天。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。