皇家加勒比遊輪 (RCL) 2024 Q1 法說會逐字稿

Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Royal Caribbean Group First Quarter 2024 Earnings Call. (Operator Instructions)

早安.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 2024 年第一季財報電話會議。 （操作員說明）

I would now like to introduce Michael McCarthy, Vice President of Investor Relations. Mr. McCarthy, the floor is yours.

現在我想介紹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 First Quarter 2024 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 2024 年第一季財報電話會議。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 would 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'll 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，並且所有非 GAAP 專案的調整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 first quarter, the current booking environment and our updated 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 隨後將回顧我們的第一季、目前的預訂環境以及我們更新的 2024 年展望。

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. I'm proud to share our robust first quarter results and the continued upward trajectory of our business. When we turn the page from an incredible 2023, with a record booked position for 2024 and numerous tailwinds related to the consumers' desire to vacation with us, we expect that this would be another great year.

謝謝你，邁克爾，大家早安。我很自豪地與大家分享我們強勁的第一季業績以及我們業務的持續上升軌跡。當我們翻過令人難以置信的 2023 年這一頁時，2024 年的預訂量創歷史新高，並且消費者渴望與我們一起度假的眾多順風車，我們預計這將是又一個偉大的一年。

Well, as you saw in the press release this morning, what transpired over the past 3 months was even better than our already elevated expectations. Our brands are stronger than ever and demand for our vacation experiences continues to accelerate.

嗯，正如您在今天早上的新聞稿中看到的那樣，過去 3 個月發生的事情甚至比我們已經提高的預期還要好。我們的品牌比以往任何時候都更強大，對我們度假體驗的需求也不斷增長。

We are leading the way in delivering a lifetime of incredible vacations for our guests with our exceptional and leading portfolio of brands, innovative and differentiated ships, exciting and exclusive destination experiences and leading commercial capabilities. The opportunity is very large and very exciting as we seek to take share from the rapidly growing $1.9 trillion vacation market.

我們憑藉著卓越且領先的品牌組合、創新且差異化的船舶、令人興奮和獨特的目的地體驗以及領先的商業能力，在為客人提供終生難忘的假期方面處於領先地位。當我們尋求從快速成長的 1.9 兆美元度假市場中分得一杯羹時，這個機會非常巨大且非常令人興奮。

Our formula for success remains unchanged. Moderate capacity growth, moderate yield growth and strong cost controls lead to robust financial performance and long-term shareholder value.

我們的成功秘訣保持不變。適度的產能成長、適度的收益率成長和強大的成本控制帶來了強勁的財務業績和長期股東價值。

Before getting into the details, I want to recognize our incredible teams that are working together day in and day out delivering the best vacation experiences to our guests and doing so while driving exceptional results. Our business is propelled by our people, and they are the driving force behind our strategic vision for success. I'm so grateful for their commitment and passion.

在詳細介紹之前，我想對我們令人難以置信的團隊表示認可，他們日復一日地共同努力，為我們的客人提供最佳的度假體驗，並取得了卓越的成果。我們的業務由我們的員工推動，他們是我們成功策略願景背後的驅動力。我非常感謝他們的承諾和熱情。

Now moving on to our results. As highlighted on Slide 4, the first quarter was tremendous, setting us well on our path to a year that is significantly better than we expected just a few months back. WAVE season combined with a record-breaking introduction of the revolutionary icon of the Seas resulted in consistently robust bookings at much higher prices than 2023.

現在繼續我們的結果。正如幻燈片 4 所強調的那樣，第一季表現出色，使我們在今年的發展道路上取得了良好的進展，這一年的表現明顯好於我們幾個月前的預期。 WAVE 季節加上破紀錄地引入海洋革命性標誌，導致預訂量持續強勁，價格遠高於 2023 年。

This strong booking and pricing environment across all key itineraries, coupled with continued strength in onboard spend led to higher revenue in the first quarter and a further improvement in full year yield expectations.

所有主要行程的強勁預訂和定價環境，加上機上支出的持續強勁，導致第一季收入增加，全年收益率預期進一步改善。

In the first quarter, we delivered 2 million memorable vacations and achieved a 107% load factor at exceptional guest satisfaction scores. Yields grew 19.3% compared to the first quarter of 2023, almost 400 basis points above our initial guidance.

第一季度，我們提供了 200 萬次難忘的假期，客座率達 107%，賓客滿意度得分極高。與 2023 年第一季相比，殖利率成長 19.3%，比我們最初的指引高出近 400 個基點。

Adjusted earnings per share in the first quarter was considerably higher than our guidance. Strong ticket and onboard revenue and favorable timing of expenses contributed to the better-than-expected earnings performance. The acceleration of demand is also translating into higher revenue and earnings expectations for the balance of the year.

第一季調整後每股收益大大高於我們的指引。強勁的機票和機上收入以及有利的支出時機促成了好於預期的獲利表現。需求的加速也轉化為今年剩餘時間收入和獲利預期的提高。

As you can see on Page 5, we are increasing full year yield growth expectations by 50% compared to our initial guidance in early February, and we now expect adjusted earnings per share to grow 60% year-over-year. The increased outlook for the year is expected to further accelerate our trajectory towards our Trifecta goals as we continue to expect to achieve all 3 goals in 2024, one year earlier than initially expected.

正如您在第 5 頁上看到的，與 2 月初的初步指引相比，我們將全年收益率成長預期提高了 50%，現在預計調整後每股盈餘將年增 60%。由於我們繼續期望在 2024 年實現全部 3 個目標，比最初預期提前一年，因此今年展望的提高預計將進一步加速我們實現 Trifecta 目標的進程。

Now I'll provide some insight into the robust demand environment and our incredible WAVE season. Bookings consistently outpaced last year throughout the entire first quarter and through April, even though we have significantly fewer staterooms left to sell, leading to higher pricing for all of our key products. Booking strength has been prevalent on both our existing hardware as well as on our industry-leading new ships.

現在我將提供一些關於強勁需求環境和令人難以置信的 WAVE 季節的見解。儘管我們待售的客艙數量明顯減少，但整個第一季和整個四月份的預訂量持續超過去年，導致我們所有主要產品的定價上漲。我們現有的硬體以及業界領先的新船舶的預訂量都很普遍。

We see strong demand across all products and markets. North America continues to be extremely robust where approximately 80% of this year's guests are sourced. This strength in combination with the incredible Perfect Day at CocoCay, has resulted in strong yield growth for our Caribbean Sailings.

我們看到所有產品和市場都有強勁的需求。北美市場持續保持強勁勢頭，今年約 80% 的客人來自北美。這種優勢與可可島令人難以置信的完美日相結合，為我們的加勒比海航行帶來了強勁的收益成長。

European bookings are outpacing last year's levels at higher prices, and Alaska has been performing particularly well with the year-over-year yield growth.

歐洲的預訂量以更高的價格超過了去年的水平，阿拉斯加的表現尤其出色，產量同比增長。

We are also pleased to return to the high-yielding China market this month with Spectrum of the Seas and to add Ovation of the Seas to Tianjin in 2025 as we rebuild our China business. With our return to China, we are now finally back in all of our key markets, which enables us to capture quality, global demand and source from new consumer bases.

我們也很高興本月帶著海洋光譜號重返高收益的中國市場，並在重建中國業務的同時，於 2025 年在天津增加海洋贊禮號。隨著我們重返中國，我們現在終於回到了所有主要市場，這使我們能夠抓住新消費者群的品質、全球需求和來源。

Customer sentiment remains very positive bolstered by resilient labor markets, wage growth, stabilizing inflation and record high household net worth.

在勞動市場彈性、薪資成長、通膨穩定和家庭淨值創歷史新高的支撐下，客戶情緒仍然非常積極。

Consumer preferences continue to shift towards spend on experiences, particularly priority for travel. This is evident as the year-over-year growth and spend on experience is double that of spend on goods.

消費者的偏好繼續轉向體驗支出，尤其是旅行。這很明顯，因為體驗支出的年成長和支出是商品支出的兩倍。

Despite our ability to narrow the gap to land-based vacations in the last 12 months, cruising still remains an exceptional value proposition. We continue to see excellent engagement from customers who are booking their dream vacations with us across all our products.

儘管在過去 12 個月裡我們有能力縮小與陸上度假的差距，但郵輪仍然是一個非凡的價值主張。我們不斷看到客戶透過我們的所有產品預訂夢想假期的積極參與。

Guests are buying 10% more onboard experiences per booking than in the first quarter of last year and they continue to book these onboard activities earlier and at meaningfully higher APDs, translating into higher onboard spend.

與去年第一季相比，乘客每次預訂購買的機上體驗增加了 10%，並且他們繼續更早以更高的 APD 預訂這些機上活動，從而轉化為更高的機上支出。

Looking to the rest of 2024, the year is shaping up to be exceptional, with strong yield and earnings growth. We expect to achieve all Trifecta targets in 2024, allowing us to focus on a new era of growth to drive long-term shareholder returns. As I mentioned previously, Trifecta creates the pathway back to what we internally describe as base camp, but our ambitions go well beyond it.

展望 2024 年剩餘時間，這一年將是非同尋常的一年，收益率和盈利增長強勁。我們預計在 2024 年實現所有 Trifecta 目標，使我們能夠專注於新的成長時代，以推動長期股東回報。正如我之前提到的，Trifecta 創造了一條返回我們內部所描述的大本營的道路，但我們的野心遠遠超出了它。

As highlighted on Slide 7, we now expect to deliver net yields that are 9% to 10% higher than 2023. Our yield outlook is driven by the performance of new and existing ships combined with our leading private destinations, a strong pricing environment, continued growth from onboard revenue and our accelerating commercial apparatus.

正如幻燈片7 所強調的那樣，我們現在預計淨收益率將比2023 年高出9% 至10%。強大的定價環境共同推動的。

In the second half of 2024, we expect to deliver mid-single-digit yield growth above our typical moderate yield growth expectations and on top of an approximately 17% yield increase in the back half of 2023. We also continue to expect the business to deliver higher margins and earnings in 2024, with adjusted earnings per share expected to grow 60% year-over-year.

在 2024 年下半年，我們預計將實現中個位數的收益率成長，高於我們典型的適度收益率成長預期，並且 2023 年下半年收益率將成長約 17%。到2024 年實現更高的利潤率和收益，調整後每股盈餘預計將年增60%。

As we look ahead, we remain focused on executing our proven formula for success, moderate capacity growth, moderate yield growth and strong cost controls that lead to enhanced margins, profitability and superior financial performance.

展望未來，我們仍專注於執行我們行之有效的成功公式、適度的產能成長、適度的產量成長和強有力的成本控制，從而提高利潤率、獲利能力和卓越的財務表現。

Our operating platform remains a key differentiator and is bigger and stronger than ever. We remain intensely focused on attracting and keeping guests within our unique portfolio of brands and providing experiences for all of life's moments while delivering long-term value for our shareholders.

我們的營運平台仍然是關鍵的差異化因素，並且比以往任何時候都更大更強。我們仍然高度重視在我們獨特的品牌組合中吸引和留住客人，為生活中的所有時刻提供體驗，同時為我們的股東創造長期價值。

Our addressable market is expanding and new-to-cruise continues to grow, increasing 16% year-over-year. These guests are discovering our differentiated vacation experiences and are increasingly returning to us, as we see repeat rates over 30% higher compared to 2019.

我們的目標市場正在擴大，新郵輪數量持續成長，年增 16%。這些客人正在發現我們與眾不同的度假體驗，並且越來越多地回到我們這裡，因為我們發現重複率比 2019 年高出 30% 以上。

Our brands also continue to attract new and younger customers. Millennials and younger generations have gained 11 percentage points share compared to 2019. And today, almost 1 in 2 guests are millennials or younger.

我們的品牌也持續吸引新的和年輕的客戶。與 2019 年相比，千禧世代和年輕世代的份額增加了 11 個百分點。

New hardware has been a great differentiator for us, with Icon of the Seas joining the fleet a few months ago. It is already exceeding our lofty expectations in both guest satisfaction and financial performance. We are also excited for the arrival later this year of Utopia of the Seas, a ship that is positioned to be another game changer for our short Caribbean product, and Silver Ray, which continues to reimagine the ultra-luxury and expedition segments. Demand and pricing for those new ships has been incredibly strong.

新硬體對我們來說是一個巨大的差異化因素，海洋圖標號幾個月前加入了我們的船隊。它在賓客滿意度和財務表現方面已經超越了我們的崇高期望。我們也對今年稍後 Utopia of the Seas 的到來感到興奮，這艘船將成為我們短途加勒比產品的另一個遊戲規則改變者，而 Silver Ray 則繼續重新構想超豪華和探險領域。這些新船的需求和定價一直非常強勁。

Also this quarter, we announced an order for a seventh ship in our hugely successful Oasis Class that will join the fleet in 2028.

同樣在本季度，我們還宣布訂購了我們非常成功的綠洲級第七艘船，該船將於 2028 年加入船隊。

Our brands continue to lead their segments and generate quality demand and we see a very large opportunity to take greater share of the rapidly growing $1.9 trillion vacation market, as we continue to grow our fleet and vacation experiences.

我們的品牌繼續引領其細分市場並產生優質需求，隨著我們不斷擴大機隊和度假體驗，我們看到了在快速成長的 1.9 兆美元度假市場中佔據更大份額的巨大機會。

We are leading the vacation industry in creating exciting new product and experiences, which include private destinations. The newest addition to our growing portfolio of private destinations is the Royal Beach Club in Cozumel, Mexico, that is set to welcome guests in 2026. With the combination of activities for every type of vacationer, Royal Beach Club Cozumel will further enhance our guest experience, giving guests the ultimate beach day.

我們在創造令人興奮的新產品和體驗（包括私人目的地）方面引領度假產業。我們不斷增長的私人目的地組合中的最新成員是位於墨西哥科蘇梅爾的皇家海灘俱樂部，該俱樂部將於2026 年迎接賓客。皇家海灘俱樂部將進一步提升我們的賓客體驗，為賓客帶來極致的海灘日。

Earlier this week, we also celebrated another important milestone when we officially broke ground on Royal Beach Club Paradise Island in Nassau, which is scheduled to open next year.

本週早些時候，我們還慶祝了另一個重要的里程碑，拿騷皇家海灘俱樂部天堂島正式破土動工，該島計劃於明年開幕。

Our journey to deepen the relationship with the customer continues this year. We are further enhancing our commerce platform through new technology and AI to continue improving the experience for our different distribution channels, build even more customer loyalty and lowering our cost to acquire the guests. We are removing friction and unlocking travel planning by investing in a modern digital travel platform, making it easier than ever for guests to book their dream vacations while allowing us to expand wallet share.

今年我們將持續深化與客戶的關係。我們正在透過新技術和人工智慧進一步增強我們的商務平台，以繼續改善我們不同分銷管道的體驗，建立更高的客戶忠誠度並降低我們獲取客人的成本。我們正在透過投資現代數位旅行平台來消除摩擦並解鎖旅行計劃，使客人比以往任何時候都更容易預訂他們的夢想假期，同時讓我們擴大錢包份額。

Our digital experiences delight guests. Our mobile app is consistently adopted by 94% of our guests on board and we continue to enhance its capabilities. Among other features, we introduced cruise booking capabilities in the app last year and recently added the ability to book flights. We also created a loyalty hub, so customers can quickly enroll and track their loyalty tiers and benefits. We will continue to enhance those capabilities in 2024 and beyond.

我們的數位體驗讓客人滿意。我們的行動應用程式始終被 94% 的機上乘客採用，並且我們不斷增強其功能。除其他功能外，我們去年在應用程式中引入了郵輪預訂功能，最近又添加了預訂航班的功能。我們還創建了一個忠誠度中心，以便客戶可以快速註冊並追蹤他們的忠誠度等級和福利。我們將在 2024 年及以後繼續增強這些能力。

Our sustainability ambitions help support our mission to deliver the best vacation experiences responsibly. We recently released our 16th annual sustainability report which outlines the progress we are making on see the future, our vision to sustain the planet, energize communities and accelerate innovation. We are actively making progress towards our journey to net zero emissions, including double-digit carbon intensity reductions and we are now beyond the halfway mark.

我們的永續發展雄心有助於支持我們以負責任的方式提供最佳度假體驗的使命。我們最近發布了第 16 份年度永續發展報告，概述了我們在展望未來、永續發展地球、激勵社區和加速創新的願景方面所取得的進展。我們正在積極朝著淨零排放的方向取得進展，包括將碳強度降低兩位數，現在我們已經超過了一半。

Alongside the sustainability report, we published our first Community Impact report, which delves into how we energize the communities we visit. It highlights long-term projects that inspire future generations and our dedication to empowering local entrepreneurs through business development and micro grant programs like the Royal Caribbean Kickstarter in the Bahamas.

除了永續發展報告之外，我們還發布了第一份社區影響報告，該報告深入探討了我們如何為我們訪問的社區注入活力。它強調了激勵子孫後代的長期項目，以及我們致力於透過業務發展和巴哈馬皇家加勒比 Kickstarter 等小額補助計畫為當地企業家賦權。

As we make progress, we also know achieving net zero can't be done alone. We'll need strong collaboration across the full marine ecosystem, including operators, suppliers, ports and technology providers.

隨著我們取得進展，我們也知道實現淨零排放不可能單獨完成。我們需要整個海洋生態系統的強大合作，包括營運商、供應商、港口和技術提供者。

Our business continues to perform exceptionally well. I'm incredibly thankful and proud of the teams at the Royal Caribbean Group for showing up each and every day to dream and create the best vacation experiences for our guests, allowing us to perform while we transform.

我們的業務繼續表現出色。我對皇家加勒比集團的團隊深表感謝和自豪，他們每天都在為我們的客人夢想並創造最好的度假體驗，讓我們在轉型的同時也能有所表現。

The future of the Royal Caribbean Group is exceptionally bright, and I couldn't be more excited about what's ahead.

皇家加勒比集團的未來異常光明，我對未來感到無比興奮。

And with that, I'm happy to turn the call over to Naftali. Naf?

至此，我很高興將電話轉給納夫塔利。納夫？

Thank you, Jason, and good morning, everyone. I will start by reviewing first quarter results, which were significantly above our expectations.

謝謝傑森，大家早安。我將首先回顧第一季的業績，該業績大大高於我們的預期。

Adjusted earnings per share were $1.77, 36% higher than the midpoint of our most recent guidance of $1.30. 45% of the outperformance or $0.21 was driven by better pricing for our vacation experiences with the remainder driven by favorable timing of operating expenses.

調整後每股收益為 1.77 美元，比我們最新指引值 1.30 美元的中位數高出 36%。 45% 的優異表現（即 0.21 美元）是由我們的度假體驗更好的定價所推動的，其餘的則是由營運費用的有利時機推動的。

We finished the quarter with a net yield increase of 19.3% compared to the first quarter of 2023, 385 basis points higher than the midpoint of our initial guidance in early February.

與 2023 年第一季相比，我們本季的淨收益率成長了 19.3%，比 2 月初我們最初指導的中位數高出 385 個基點。

While our load factor recovery was a contributor, most of our yield growth was driven by rates that were up by 14% versus 2023. 55% of their outperformance compared to our initial guidance was driven by ticket pricing with the remainder driven by ship board revenue strength.

雖然我們的載客率恢復是一個貢獻因素，但我們的收益增長大部分是由與2023 年相比增長14% 的費率推動的。由機票定價推動的，其餘則由船板收入推動力量。

Net cruise costs, excluding fuel, increased 4.1% in constant currency, 315 basis points lower than our initial guidance. Favorable timing was the driver that contributed to the better-than-expected results.

以固定匯率計算，不包括燃油的遊輪淨成本增加 4.1%，比我們最初的指導低 315 個基點。有利的時機是導致好於預期結果的驅動因素。

Adjusted EBITDA margin was 31% and operating cash flow was $1.3 billion.

調整後 EBITDA 利潤率為 31%，營運現金流為 13 億美元。

On our last earnings call, we discussed the record-breaking start to WAVE season and widespread strength in booking, pricing and onboard revenue. The consistent strength in demand for our brands has led to a further amplification and pricing well beyond the levels we were expecting.

在我們上次的財報電話會議上，我們討論了 WAVE 季節破紀錄的開局以及預訂、定價和船上收入的普遍強勁勢頭。對我們品牌的持續強勁需求導致了進一步的放大和定價遠遠超出了我們的預期水平。

Bookings have been outpacing last year by a wide margin on a weekly basis despite having less inventory remaining for sale. As a result, we continue to be in a record book volume position and our booked per (inaudible) are now even further ahead of 2023 than they were as we entered the year.

儘管剩餘待售庫存較少，但每週的預訂量仍大幅超過去年。因此，我們的預訂量繼續保持創紀錄的水平，而且我們的預訂量（聽不清楚）現在甚至比我們進入今年時還要提前到 2023 年。

The Caribbean is our largest product group, representing just over 55% of our deployment this year. Overall, the Caribbean products remain in an extremely strong book position with new hardware and much higher pricing on existing ships contributing to strong yield growth for the product.

加勒比海地區是我們最大的產品組，占我們今年部署量的 55% 以上。總體而言，加勒比海產品仍保持著極其強勁的帳面地位，新的硬體和現有船舶的更高定價有助於該產品的強勁產量成長。

Europe accounts for around 15% of our capacity for the full year and close to 25% during the summer. Despite the fact that we had to modify some of our Eastern Mediterranean sailings that were previously expected to call in Israel or sail through the Red Sea, our European itineraries have been performing very well. And we are currently booked nicely ahead of last year in both rate and volume.

歐洲占我們全年運力的 15% 左右，夏季接近 25%。儘管我們不得不修改一些先前預計停靠以色列或穿越紅海的東地中海航線，但我們的歐洲航線表現仍然非常好。目前，我們的預訂量無論是在價格還是數量上都比去年好得多。

Regarding the situation in the Red Sea, we have rerouted a handful of spring repositioning cruises and we also have contingency plans for a few other sailings that may be impacted in the fall. All these are included in our revised guidance this morning, including the reduction in APCDs.

關於紅海的局勢，我們已經改變了一些春季重新定位的航行，我們也為秋季可能受到影響的其他一些航行製定了應急計劃。所有這些都包含在我們今天早上修訂後的指導中，包括 APCD 的減少。

We are all close to the start of our summer Alaska season. This product represents 6% of full year capacity and 15% in the summer season. We have upgraded our Alaska capacity this year for 2 of our brands. For the first time, Celebrity will offer incredible Alaska vacations on Edge-class ship, Celebrity Edge, and Silversea's new ship, Silver Nova, will also sail in Alaska.

阿拉斯加夏季即將開始。該產品佔全年產能的 6%，夏季產能的 15%。今年，我們升級了兩個品牌的阿拉斯加產能。精緻號 (Celebrity) 將首次在邊緣級遊輪 Celebrity Edge 上提供令人難以置信的阿拉斯加假期，而 Silversea 的新遊輪 Silver Nova 也將在阿拉斯加航行。

Alaska has been one of our strongest performing itineraries this year and remains in a record booked position.

阿拉斯加是我們今年表現最強勁的行程之一，並且仍然保持著創紀錄的預訂量。

Asia Pacific itineraries will account for 10% of our capacity this year. Overall, our Asia and Australia itineraries continues to perform well, and we are in a strong book position for the upcoming winter season.

今年亞太航線將占我們運能的10%。總體而言，我們的亞洲和澳洲航線繼續表現良好，並且我們在即將到來的冬季的預訂狀況良好。

Now let's turn to Slide 7 to talk about our increased guidance expectations for 2024. Our results remain ahead of expectations, and we now expect to meet all our Trifecta goals in 2024. Net yields are expected to be up 9% to 10% for the full year, 225 basis point increase from the midpoint of our prior guidance in mid-February. 40 basis points of the increase is due to exceptional first quarter results. The remainder is due to a significantly better business outlook for the rest of the year due to robust demand driving higher pricing and continued strength in onboard revenue.

現在讓我們轉向投影片 7，討論我們對 2024 年提高的指導預期。業績比我們2 月中旬之前指引的中點增加了225 個基點。成長 40 個基點是由於第一季的出色業績。其餘的原因是由於強勁的需求推動更高的定價以及船上收入的持續強勁，今年剩餘時間的業務前景顯著改善。

Now moving to costs. Full year net cruise costs, excluding fuel, are expected to be up approximately 5.5%, and that includes 310 basis points impact from the increased dry dock days and the operations of Hideaway Beach.

現在轉向成本。全年淨遊輪成本（不包括燃料）預計將上漲約 5.5%，其中包括乾船塢天數增加和 Hideaway Beach 營運帶來的 310 個基點的影響。

Our cost metric is up 150 basis points compared to our prior guidance with a 1/4 of the increase predominantly due to lower APCDs on canceled Red Sea sailings that skewed the metric. The remainder is driven by higher noncash stock-based compensation. Excluding those items, our costs are in line with our initial expectation and guidance.

與我們先前的指導相比，我們的成本指標上升了 150 個基點，其中增加了 1/4，主要是由於取消的紅海航行的 APCD 較低，導致指標出現偏差。其餘部分是由更高的非現金股票薪酬推動的。排除這些項目，我們的成本符合我們最初的預期和指導。

We anticipate a fuel expense of $1.18 billion for the year, and we are 61% hedged at below market rates.

我們預計今年的燃料費用為 11.8 億美元，並且我們以低於市場利率的價格對沖 61%。

So based on current fuel prices, currency exchange rates and interest expense, we expect adjusted earnings per share between $10.70 and $10.90.

因此，根據當前的燃油價格、貨幣匯率和利息支出，我們預計調整後每股收益將在 10.70 美元至 10.90 美元之間。

I want to provide a little more color on the progress of our earnings guidance. As you can see on Page 5, we are increasing our earnings guidance by $0.80 for the year. That includes $0.10 headwind from fuel prices and currency exchange rates as well as $0.17 benefit from the refinancing we completed in the first quarter.

我想為我們的獲利指引的進展提供更多的資訊。正如您在第 5 頁上看到的，我們將今年的獲利指導上調了 0.80 美元。其中包括燃料價格和貨幣匯率的 0.10 美元逆風，以及我們在第一季完成的再融資帶來的 0.17 美元收益。

After accounting for those changes, approximately 1/3 of the increase in earnings is attributable to first quarter business outperformance. That excludes $0.26 benefit from favorable timing, with the remainder 2/3 driven by better business outlook for the rest of the year.

考慮到這些變化後，大約 1/3 的收益成長歸因於第一季的業務表現出色。這不包括有利時機帶來的 0.26 美元收益，其餘 2/3 是由今年剩餘時間更好的業務前景推動的。

Now turning to Slide 8, I will discuss our second quarter guidance. We plan to operate 12.2 million APCDs during the second quarter. Net yields are expected to be up 10.2% to 10.7% compared to 2023. 2/3 of the yield increase are driven by new hardware and load factor catch-up, with the remainder 1/3 related to like-for-like pricing.

現在轉向幻燈片 8，我將討論我們的第二季度指導。我們計劃在第二季度營運 1,220 萬台 APCD。與 2023 年相比，淨收益率預計將成長 10.2% 至 10.7%。

Net cruise costs, excluding fuel are expected to be up 7.4% to 7.9% and includes costs related to increased dry dock days and the operations of Hideaway Beach as well as timing of costs shifted from the first quarter.

不包括燃料的遊輪淨成本預計將增加 7.4% 至 7.9%，其中包括與乾船塢天數增加和 Hideaway Beach 營運相關的成本，以及從第一季轉移的成本時間安排。

During the second quarter, we will have 8.5x more dry dock days compared to the second quarter of last year, which is weighing on our cost metrics this quarter.

與去年第二季相比，第二季我們的乾船塢天數將增加 8.5 倍，這對我們本季的成本指標造成壓力。

Taking all this into account, we expect adjusted earnings per share for the quarter to be $2.65 to $2.75.

考慮到所有這些，我們預計本季調整後每股收益為 2.65 美元至 2.75 美元。

Turning to our balance sheet. We ended the quarter with $3.7 billion in liquidity. We continue to make significant progress in strengthening the balance sheet and reaching our Trifecta goals of investment-grade metrics.

轉向我們的資產負債表。本季結束時，我們的流動資金為 37 億美元。我們持續在加強資產負債表和實現投資等級指標的三連勝目標方面取得重大進展。

During the first quarter, we refinanced $1.25 billion of our most expensive bonds with a new unsecured note at 6.25% that allowed us to save over 500 basis points or $56 million of annual interest expense while also realizing some savings in 2024. We will continue to proactively pay down debt and pursue opportunistic refinancing and expect to further reduce leverage to just below mid-3x by the end of 2024.

第一季度，我們以6.25% 的利率為最昂貴的債券進行了12.5 億美元的再融資，這使我們能夠節省超過500 個基點或5,600 萬美元的年度利息支出，同時在2024 年實現一些節省。我們將繼續積極償還債務並尋求機會性再融資，預計在 2024 年底將槓桿率進一步降低至略低於 3 倍。

Also in the first quarter, S&P upgraded our credit rating to BB+ with a stable outlook and Moody's upgraded the company's credit rating to BA2 with a positive outlook. We are very pleased with the rating agencies' acknowledgment of the strong trajectory of the business and our commitment to strengthening the balance sheet.

同樣在第一季度，標準普爾將我們的信用評級上調至 BB+，展望穩定，穆迪將公司信用評級上調至 BA2，展望正面。我們對評級機構對業務強勁發展軌蹟的認可以及我們對加強資產負債表的承諾感到非常高興。

Our priorities to address debt remain unchanged, managing debt maturities, reducing interest expense and removing remaining restrictions on capital allocation and towards a fully unsecured balance sheet.

我們解決債務問題的優先事項保持不變，即管理債務到期日、減少利息支出、取消對資本配置的剩餘限制以及實現完全無擔保的資產負債表。

In closing, we remain committed and focused on executing our strategy and delivering our mission while achieving our Trifecta goals. Our strong book position and an accelerating demand environment positioned us for 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和履行我們的使命，同時實現我們的 Trifecta 目標。我們強勁的帳面狀況和不斷增長的需求環境使我們能夠迎來又一個強勁的收益率成長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) Our first question will come from the line of Steven Wieczynski with Stifel.

（操作員說明）我們的第一個問題將來自 Steven Wieczynski 和 Stifel 的線路。

Congratulations on the solid results and outlook. So Jason, you obviously gave a lot of color around how bookings are shaping up for the rest of this year. But look, if we think about bookings for next year, I'm sure that's where a lot of investor interest levels are going to go to pretty surely. So you're just wondering what kind of color you can give us for 2025 at this point. I'm wondering if the booking and pricing strength that you're seeing today is being transferred so far into 2025?

祝賀取得的紮實成果和前景。賈森，您顯然對今年剩餘時間的預訂情況進行了許多闡述。但是，如果我們考慮明年的預訂，我確信許多投資者的興趣水平肯定會達到這個水平。所以您只是想知道此時您可以為我們提供 2025 年的哪種顏色。我想知道您今天看到的預訂和定價優勢是否會延續到 2025 年？

Steve, thanks for the question. So one, I mean, all of our commentary around our bookings, the strength that we're seeing that not only relates to 2024, but also to 2025. And we're getting close to the point where we'll soon be taking more bookings for '25 than we are for 2024. And so when we look into the booking behavior, one, the booking window continues to extend. So guests are making their decisions much further out.

史蒂夫，謝謝你的提問。所以，我的意思是，我們所有關於預訂的評論，我們看到的實力不僅與 2024 年有關，而且與 2025 年有關。 而且我們已經接近這樣的時刻，我們很快就會採取更多措施25 年有關。的預訂量比2024 年的預訂量要多。因此，客人的決定會更加遙遠。

When we look at the repeat rates that are going on and the dreaming that our guests are doing to make sure that they're getting the vacation experience that they want, is really all leading to very, very strong demand trends for 2024 as well as 2025. And by the way, we're also taking bookings into 2026.

當我們看到正在發生的重複率以及我們的客人為確保他們獲得他們想要的假期體驗所做的夢想時，這一切確實導致了 2024 年以及非常強勁的需求趨勢2025 年。也將接受2026 年的預訂。

And we're also seeing very strong booking behavior pre-cruise, and again, making sure that our guests are -- have the ability to get their first day of their vacation back by planning their onboard activities or shore excursion activities well in advance. And that's also not only helping our ability to yield manage on the onboard experience, but it's also improving the -- our customer deposits, which is also rising due to that.

我們也看到遊輪前的預訂行為非常強烈，再次確保我們的客人能夠透過提前規劃船上活動或岸上觀光活動來獲得假期的第一天。這不僅有助於我們在船上體驗上進行收益管理的能力，而且還改善了我們的客戶存款，客戶存款也因此而增加。

So all in all, things just continue to accelerate and the thirst or hunger for our brands and their experiences just continues to grow. And you see that not in just the booking behavior, but also all of our survey data around, what propensity to cruise, but also propensity to cruise with us.

總而言之，一切都在不斷加速，人們對我們的品牌及其體驗的渴望也不斷增長。您不僅可以在預訂行為中看到這一點，還可以在我們所有的調查數據中看到這一點，包括乘坐郵輪的傾向，以及乘坐我們的郵輪的傾向。

Okay. Got you. And then second question, probably a bigger picture question. But look, if I remember correctly, before the pandemic, you guys are always targeting, I think it was $20 a share in earnings by 2025. And look, obviously, you weren't prepared to give another long-term set of financial targets today. But I mean, look, if we start to think about your capacity yield cost algorithm, are we crazy to think that getting back to $20 even with the dilution and the higher interest cost that you guys took on during COVID, I mean, it seems like that's probably back on the horizon again. Are we kind of crazy to think that way?

好的。明白你了。然後是第二個問題，可能是一個更大的問題。但是，如果我沒記錯的話，在大流行之前，你們總是目標是到 2025 年每股收益達到 20 美元。但我的意思是，看，如果我們開始考慮你們的產能收益率成本演算法，我們是否瘋狂地認為即使你們在新冠病毒期間承擔了稀釋和更高的利息成本，回到20 美元，我的意思是，看起來就像那可能再次回到地平線上一樣。我們這樣想是不是有點瘋狂？

Well, I won't get into how crazy you are, Steve, because that could take the balance of the call. But I think as you pointed out, which I think is an important component is we have a business that has really strong operating leverage. And what we have talked about is our formula for success, which is moderate yield growth, which clearly we haven't seen this year. We don't see that last year. We've seen elevated yield growth.

好吧，我不會談論你有多瘋狂，史蒂夫，因為這可能會影響通話的平衡。但我認為正如您所指出的，我認為一個重要的組成部分是我們的業務具有非常強大的營運槓桿。我們談論的是我們的成功秘訣，那就是適度的產量成長，這顯然是我們今年沒有看到的。去年我們沒有看到這一點。我們看到產量成長加快。

Moderate yield growth good cost control, moderately grow your business, bring on new destinations, drive -- really very -- I mean, tremendous earnings power. You think about a 1% change in our yields is $120 million this year. A 1% change in our cost is about half of that. So grow your yields faster than your costs, bring in really strong, high-yielding capacity that has great inventory mix. You bring in new destinations like we did this year with Hideaway, bringing it into the Beach Club in Nassau, bringing in the Beach Club in Mexico, et cetera.

適度的產量成長，良好的成本控制，適度發展你的業務，帶來新的目的地，驅動——真的非常——我的意思是，巨大的盈利能力。你認為今年我們的殖利率變動 1% 就是 1.2 億美元。我們的成本變化 1% 大約是其中的一半。因此，產量的成長要快於成本的成長，帶來真正強大的高收益產能和良好的庫存組合。就像我們今年在 Hideaway 上所做的那樣，你引入了新的目的地，將其引入拿騷的海灘俱樂部，引入墨西哥的海灘俱樂部等等。

These are all things that are driving very high margins for us and is improving our return profile as well as our earning profile. And of course, none of that takes into account, I mean, Naf and team have done an exceptional job already on the balance sheet. There will be more opportunity to continue to lower the negative carry, and of course, we haven't -- none of this contemplates capital returns, which is one thing that we were doing pre-COVID.

這些都為我們帶來了很高的利潤，並改善了我們的回報狀況和獲利狀況。當然，我的意思是，這些都沒有考慮在內，Naf 和團隊已經在資產負債表上做了出色的工作。將會有更多機會繼續降低負利差，當然，我們還沒有——所有這些都沒有考慮資本回報，而這是我們在新冠疫情之前所做的一件事。

So it's something that we think as we look at, how do we continue to improve shareholder return, those are things that could also improve our earnings outlook is by considering the dilution that occurred and returning capital to shareholders. All of this are things in which we will begin to address once we get to our Trifecta goals, which, as you know, we describe as base camp.

因此，我們在考慮時會考慮如何繼續提高股東回報，這些也可以透過考慮發生的稀釋並向股東返還資本來改善我們的獲利前景。一旦我們實現了我們的三連勝目標，所有這些都是我們將開始解決的問題，正如你所知，我們將其描述為大本營。

Your next question comes from the line of Ben Chaiken with Mizuho.

你的下一個問題來自 Ben Chaiken 和 Mizuho 的對話。

It sounds like demand is accelerating. It would be great to hear any color on demand for Paradise Island. And then I guess related, can you talk to about how you're differentiating the destinations from a marketing perspective of CocoCay, and then Paradise Island, Cozumel or maybe by ship class. Just any nuances you would call out? Like is this a CocoCay returning customer or a different person?

聽起來需求正在加速。很高興聽到天堂島需要任何顏色。然後我想相關的是，你能談談如何從可可島的營銷角度區分目的地，然後是天堂島、科蘇梅爾，或者可能是按船級。您會指出任何細微差別嗎？這是 CocoCay 的回頭客還是其他人？

Ben, it's Michael. I mean, when we think of the Beach Club portfolio that we're planning on developing along with Perfect Day, they're incredibly complementary destination experiences, and they fit really in the sweet spot of the -- of our demographics and really in terms of what our guests are seeking looking for when they go on a Caribbean cruise, they really knock it out of the park in terms of satisfying that demand, that need.

本，這是麥可。我的意思是，當我們想到我們計劃與Perfect Day 一起開發的海灘俱樂部產品組合時，它們是令人難以置信的互補目的地體驗，並且它們確實符合我們人口統計的最佳點，並且確實在這些方面當我們的客人在加勒比海遊輪上尋求什麼時，他們在滿足這種需求方面確實做到了極致。

So a very similar type of product, different vibe, Perfect Day is a full day for thrill and chill, and the Beach Club is, as you imagine, it's just an incredible day at the beach, which is what most gas is seeking in the Caribbean, and it's curated by Royal Caribbean. It's a stunning experience. And of course, it's very authentically connected to the culture. For example, in the Bahamas or Mexico, and it really is a huge demand driver.

因此，產品類型非常相似，氛圍不同，Perfect Day 是一整天的刺激和放鬆，而Beach Club 則如您所想，這只是在海灘上度過令人難以置信的一天，這正是大多數人在海灘上尋求的加勒比海，由皇家加勒比策劃。這是一次令人驚嘆的體驗。當然，它與文化有著非常真實的連結。例如，在巴哈馬或墨西哥，這確實是一個巨大的需求驅動力。

When we look at the demand that we've seen for Perfect Day, this year, we'll take 3.2 million guests to Perfect Day. Last year, it was 2.6 million. And it really is a demand driver. People want to sail on the ships, they go to Perfect Day and they want to sail on the ships, they go to the Beach Club. And I think it's proven to be incredibly successful.

根據我們所看到的 Perfect Day 的需求，今年我們將接待 320 萬名客人來 Perfect Day。去年是260萬。這確實是需求驅動因素。人們想要在船上航行，他們會去 Perfect Day；他們想要在船上航行，他們會去海灘俱樂部。我認為事實證明它非常成功。

When you wrap that up with the kind of hardware we've introduced, for example, Icon, which has been an unbelievable success, I mean, beyond our wildest dreams success, and you add on Utopia, which is a brand-new Oasis-class ship, which was going straight into the short product market out of Port Canaveral, the demand we've seen for, for example, Utopia sailing to Perfect Day has been extraordinary.

當你用我們推出的硬體來包裝它時，例如Icon，它取得了令人難以置信的成功，我的意思是，超出了我們最瘋狂的夢想的成功，然後你添加了Utopia，這是一個全新的綠洲 -級船，從卡納維拉爾港直接進入短途產品市場，我們看到，例如，Utopia 航行到 Perfect Day 的需求非常大。

So we think we've got the formula figured out, and our plan is to continue to evolve and develop that formula over the coming years.

因此，我們認為我們已經找到了公式，並且我們的計劃是在未來幾年繼續發展和開發該公式。

Yes. And Ben, I just want to add -- I had it in my remarks. I think one of the incredible things that we're seeing out of destinations like Perfect Day, and we'll see this in the world of Beach Club in Nassau, is how it's drawing in new-to-cruise and millennials. So my comment that 1 and 2 of our guests -- 1 out of 2 of our guests are millennial or younger. To me, it's a very powerful statement.

是的。本，我只想補充一點——我在發言中已經提到過這一點。我認為我們從 Perfect Day 等目的地看到的令人難以置信的事情之一，以及我們將在拿騷海灘俱樂部的世界中看到的，是它如何吸引新遊輪和千禧一代。因此，我的評論是，我們的 1 到 2 位客人（每 2 位客人中就有 1 位）是千禧世代或更年輕的人。對我來說，這是一個非常強烈的聲明。

The increase, we have an 11-point increase in new-to-cruise. And so -- and what we know is when they sail with us, they're 5x more likely to sail with us again. And the repeat rates that we're seeing are exceptional. And it's a lot because not only we are bringing that full incredible experience that our crew delivers on our ships, but we're enhancing the experience in the destinations. And I think that combination where Michael and his team have really been dreaming and innovating and delivery on Perfect Day and how -- there's 25,000 guests a day that come into Nassau. And we're going to take some of those guests, and we're going to bring them over to the Beach Club, which is great economically for us as well as it is for the Bahamas and deliver an incredible experience that's going to drive probably 90-plus NPS scores. And that's what people are seeking. They want those experiences that they can walk away from. And it's attracting a high level of demand.

新增郵輪數量增加了 11 個百分點。因此，我們知道，當他們與我們一起航行時，他們再次與我們一起航行的可能性會增加 5 倍。我們看到的重複率非常高。這意義重大，因為我們不僅為我們的船員帶來了船上令人難以置信的體驗，而且還增強了目的地的體驗。我認為麥可和他的團隊一直在夢想、創新和實現完美日的結合，以及如何——每天有 25,000 名客人來到拿騷。我們將帶其中一些客人去海灘俱樂部，這對我們和巴哈馬來說都是經濟上的好處，並提供令人難以置信的體驗，這可能會推動NPS 分數超過 90。這就是人們所尋求的。他們想要那些可以擺脫的經驗。它吸引了高水準的需求。

Ben, not to continue on this, but to add to Jason's comments, Utopia is not by accident, Utopia is sailing out of Port Canaveral. It will be going to Perfect Day, it really is another product that's squarely in this competitive space of land-based vacations, and we're seeing huge demand coming for this product. And you think about the combination of a 3-, 4-day product like Utopia going to Perfect Day, and then in '25, it will go to Perfect Day and the Beach Club that's really a phenomenal game changer, and it really is drawing in a huge amount of new-to-cruise and it's beautifully positioned in Canaveral right -- fundamentally in Orlando.

Ben，不再繼續這個主題，而是補充 Jason 的評論，烏托邦不是偶然的，烏托邦正從卡納維拉爾港航行。它將成為完美的一天，它確實是另一種完全屬於陸地度假競爭領域的產品，我們看到對該產品的巨大需求。你會想到像Utopia 這樣的3 天、4 天產品的組合將進入Perfect Day，然後在25 年，它將進入Perfect Day 和Beach Club，這確實是一個現象級的遊戲規則改變者，而且它確實正在吸引人在大量的新遊輪中，它的位置非常好，位於卡納維拉爾右翼——基本上是在奧蘭多。

Got it. And just a very quick follow-up on Paradise. I think, Jason, you mentioned 25,000 guests to Nassau. Am I interpreting that correct that this could be a kind of like a revenue generated for not just your cruise guests, but also other people who were going to Nassau or (inaudible) ?

知道了。這只是天堂的一個非常快速的後續行動。我想，傑森，你提到了拿騷有 25,000 位客人。我的解釋是否正確，即這可能是一種收入，不僅為您的遊輪客人，而且還為其他前往拿騷或（聽不清楚）的人創造了收入？

No. No, it's primarily for the Royal Caribbean brand. Our other brands will be have access to it, but the broader cruise market would not have access to the Beach Club.

不，不，它主要是針對皇家加勒比品牌的。我們的其他品牌將可以使用它，但更廣泛的遊輪市場將無法使用海灘俱樂部。

But the beautiful thing is that the Royal Beach Club in Paradise Island is positioned pretty much at the entrance to Nassau. I think the point is, is that on a given day, there's 25,000 to 30,000 cruise guests coming in on multiple different cruise brands. And of course, when they sail into Nassau, the only thing they're going to see is the Royal Caribbean Royal Beach Club, which is going to be absolutely stunning. And they will be unbelievably jealous knowing that they can't go there.

但美妙的是，天堂島的皇家海灘俱樂部幾乎位於拿騷的入口處。我認為重點是，在某一天，有 25,000 至 30,000 名遊輪客人乘坐多個不同的遊輪品牌抵達。當然，當他們航行到拿騷時，他們唯一能看到的就是皇家加勒比皇家海灘俱樂部，這絕對是令人驚嘆的。當他們知道自己不能去那裡時，他們會感到難以置信的嫉妒。

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.

恭喜又一個美好的季度。

Thank you.

謝謝。

So Jason, coming off strongest WAVE season in history, could you elaborate on the continued near-term strength you have cited in April, both from demand and pricing, maybe if anything, by region. And to your comments earlier, how best to think about your market share opportunity in this $1.9 trillion growing global vacation market? And then just for Naftali, just as we think about the underlying guidance rate, where are you more confident today as we think about the back half, maybe relative to 3 months ago?

那麼傑森，剛剛結束了歷史上最強勁的 WAVE 季節，您能否詳細說明您在 4 月份提到的近期持續強勢，包括需求和定價（如果有的話）按地區劃分。對於您先前的評論，如何最好地考慮您在這個 1.9 兆美元不斷增長的全球度假市場中的市場份額機會？然後，就納夫塔利而言，正如我們考慮基本指導利率一樣，當我們考慮後半部分時，也許相對於 3 個月前，您今天對哪些方面更有信心？

Sure. Well, thanks for the question, Matt. First off, I think just -- I mean, WAVE was absolutely exceptional. It was -- it's kind of mid-teens better than what we saw in the previous year. Interesting enough, though, April was almost double that in terms of the level of demand that we were seeing. So that's why when I talk about demand is accelerating, it's not just what we saw when we last spoke to everybody in early February. It's not just when we updated at the end of February. But that acceleration has picked up the speed. And of course, at this point, we only have about 12% load factors left to build for the year. And so that will provide opportunity for us to a degree this year. But what that, I think, means in terms of the opportunity into 2025 and beyond is very appealing.

當然。嗯，謝謝你的提問，馬特。首先，我認為——我的意思是，WAVE 絕對是例外。比我們前一年看到的情況好一些。不過，有趣的是，就我們所看到的需求水準而言，四月幾乎是這數字的兩倍。因此，這就是為什麼當我談到需求正在加速時，這不僅僅是我們上次在二月初與大家交談時所看到的情況。這不僅僅是我們二月底更新的時候。但這種加速已經加快了。當然，目前我們今年只剩下大約 12% 的負載率需要建造。因此，這將為我們今年獲得學位提供機會。但我認為，就 2025 年及以後的機會而言，這意味著非常有吸引力。

I think when you frame that -- the $1.9 trillion travel space. And of course, that's a growing number. Cruise is $65 billion of that $1.9 trillion. So we're a very, very small fraction. And I think something we've talked about before, is a 1% shift is worth 11 Oasis-class ships to us. And so for us, when you look at things like Perfect Day, when you look at things like the Royal Beach Club, when you look at things like Utopia, when you look at things like what we're doing on Edge and Nova, it's very purposeful, less about what's happening with other cruise operators. It's more how do we take further share? How do we compete with Orlando? How do we compete with Las Vegas, how do we compete with other land-based alternatives to grab that share where as we know today, currently trades at least at a 25% or 30% premium to what we're getting.

我認為，當你構想這個價值 1.9 兆美元的旅行空間。當然，這個數字還在不斷增加。郵輪業佔 1.9 兆美元中的 650 億美元。所以我們只是非常非常小的一部分。我認為我們之前討論過，1% 的轉變對我們來說相當於 11 艘綠洲級船艦。所以對我們來說，當你看到像《Perfect Day》這樣的東西時，當你看到像《Royal Beach Club》這樣的東西時，當你看到像《Utopia》這樣的東西時，當你當看到像我們在Edge 和Nova 上所做的事情時，這是非常有目的，很少關注其他郵輪運營商正在發生的事情。更重要的是我們要如何進一步分享？我們如何與奧蘭多競爭？我們如何與拉斯維加斯競爭，我們如何與其他陸上替代品競爭，以搶佔這一份額，據我們今天所知，目前的交易價格至少比我們所獲得的價格高出25% 或30% 。

So that value -- we want to close that gap to land-based vacation, and we want to take share. And we believe by waking up and being just obsessed at delivering the best vacation experiences in the world puts us in a position to win.

因此，我們希望縮小與陸上度假的差距，並希望分享這一價值。我們相信，只要醒來並專注於提供世界上最好的度假體驗，我們就能贏得勝利。

Matt, it's Naf. Just to add one other thing to Jason, also if you kind of look at '19 versus we are today, we have been taking share again. You don't have to believe much. And as Jason said, 1% is 11 Oasis-class ships, that's it's a pretty significant rise. But we've continued to focus on it and make progress there.

馬特，我是納夫。再給傑森補充一件事，如果你看看 19 年和我們今天的情況，我們又再次佔據了份額。你不必相信太多。正如 Jason 所說，1% 是 11 艘綠洲級艦艇，這是一個相當顯著的成長。但我們繼續關注它並在那裡取得進展。

I think just in terms of the strength that you kind of heard in our prepared remarks, the strength is across all our key itineraries. And of course, the Caribbean continues to be performing very well, but as much as others, Alaska, Europe and obviously we're coming back to China. So we feel pretty good of where we are standing today with our book position, where the pricing is for the rest of the year.

我認為，就您在我們準備好的發言中聽到的優勢而言，這種優勢遍及我們所有的關鍵行程。當然，加勒比海地區繼續表現出色，但與其他地區一樣，阿拉斯加、歐洲，顯然我們也會回到中國。因此，我們對今天的帳面狀況以及今年剩餘時間的定價感到非常滿意。

Congrats. Best of luck.

恭喜。祝你好運。

Thank you.

謝謝。

Your next question comes from the line of Sharon Zackfia with William Blair.

你的下一個問題來自莎朗·扎克菲亞和威廉·布萊爾的對話。

I think on the last call, you had talked about 80% of passengers being North American this year. I'm just wondering if there's any update on that, if there's any change. And then as we think about next year, kind of where would you expect North America to go? It's kind of been unusually large the last few years, and if we see kind of China or Europe ramp-up in the passenger base? How do we think about that impact on onboard revenue?

我想在上次通話中，您談到今年 80% 的乘客是北美人。我只是想知道是否有任何更新，是否有任何變化。然後，當我們考慮明年時，您預計北美會走向何方？過去幾年的客流量異常龐大，我們是否看到中國或歐洲的旅客數量增加？我們如何看待這對船上收入的影響？

Yes. Well, thanks for the question, Sharon. I hope you're doing well. So I think just starting off, we need to just to frame that we have global brands, not nationalistic brands, and these global brands are supported by a very significant commercial apparatus with leading yield management tools and teams around the world. And so the sourcing is really a reflection of the demand patterns that we see to optimize our ultimate revenue.

是的。好吧，謝謝你的提問，莎倫。我希望你一切都好。因此，我認為一開始，我們需要框架我們擁有全球品牌，而不是民族主義品牌，而這些全球品牌得到了一個非常重要的商業機構的支持，該機構在世界各地擁有領先的產量管理工具和團隊。因此，採購實際上反映了我們認為可以優化最終收入的需求模式。

More China next year as we add that second ship into China, we'll -- can move this number a little bit to be less North American-centric. But we're going to follow the demand patterns. And that is how we've done it for a very, very long period of time. And of course, that could potentially shift the mix of onboard in ticket. I don't think it's going to materially shift it because I do think that we'll probably be relatively close to the sourcing that we saw this year. Maybe it moves a little bit, but it's not going to move a lot.

明年，當我們將第二艘船添加到中國時，我們可以將這個數字稍微移動一下，以減少以北美為中心的程度。但我們將遵循需求模式。這就是我們在很長一段時間內的做法。當然，這可能會改變機上機票的組合。我認為這不會實質地改變它，因為我確實認為我們可能會相對接近今年看到的採購情況。也許它會移動一點點，但不會移動很多。

But we're focused on optimizing our revenue. And so if we're getting more in ticket from a customer than a little bit less on onboard, we're perfectly okay with that as long as the answer is higher yield profile and higher margin profile for us. And that's how we've run the business for a very long time. And I think we're very fortunate to have thought long time ago to make sure that our brands are positioned to be globally desirable and sourcing from many different markets.

但我們專注於優化我們的收入。因此，如果我們從客戶那裡得到的門票多於船上的少一點，只要答案是我們獲得更高的收益和更高的利潤，我們就完全可以接受。這就是我們長期以來經營業務的方式。我認為我們非常幸運，很早以前就考慮過確保我們的品牌定位為全球受歡迎的品牌，並從許多不同的市場進行採購。

Jason, can I ask a follow-up? The 1 out of 2 passengers being millennials at this point. Do you find that, that customer is more inclined to pre-book onboard versus kind of their elders like me? Or is it -- are you seeing pre-booking success kind of across the demographic gamut?

傑森，我可以問後續狀況嗎？目前，二分之一的乘客是千禧世代。您是否發現，與像我這樣的長輩相比，該客戶更傾向於在船上預訂？或者是——您是否看到預訂在整個人口領域都取得了成功？

I mean, it skews a little bit younger, but I think Sharon, one, if we can pick any positiveness out of COVID, was that the consumer, a young or middle aged, et cetera, got very used to booking and buying things online. We also really improved our ability to take friction out of the booking experience for ticket price as well as the booking experience for onboard by curating, taking a lot of steps out of the process, et cetera. And that's really what is driving that better behavior. The installation of a proper commerce system that we can yield manage, that we can curate. We're still very in the early innings on is really what's benefiting that.

我的意思是，它有點年輕化，但我認為莎倫，如果我們能從新冠疫情中找出任何積極的一面的話，那就是消費者，無論是年輕人還是中年人等，都非常習慣在在網上預訂和購買東西。我們也透過規劃、在流程中採取大量步驟等，確實提高了消除機票價格預訂體驗以及機上預訂體驗摩擦的能力。這確實是推動更好行為的原因。安裝一個我們可以管理、可以規劃的適當的商業系統。我們還處於早期階段，這確實是有利的。

And you just think about just shopping behavior. In the first quarter, we had 100 million visits to our websites, 100 million. That's twice what we had pre-COVID. And so we have really upped our game, not just on a marketing basis but also to make that -- our websites helped our customers dream about what they want to do and help them get to the experience that they're looking for and then making sure that they have all the onboard experiences that they want to have and being able to resolve all that well in advance of them getting on the ship.

你只考慮購物行為。第一季度，我們網站的訪問量是一億，一億。這是新冠疫情爆發前的兩倍。因此，我們確實提高了我們的遊戲水平，不僅是在行銷基礎上，而且是為了實現這一目標——我們的網站幫助我們的客戶夢想他們想做的事情，幫助他們獲得他們正在尋找的體驗，然後創造確保他們擁有他們想要的所有船上體驗，並能夠在上船之前解決所有問題。

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）。

So maybe for Michael, China restarted this month, I was wondering if you could give us maybe even qualitatively a sense of sort of initial load factors, initial pricing or initial expected onboard spend. Obviously, you can't give us that specifically, but just sort of better or worse than you were forecasting. And clearly, the follow-up is you decided to take Ovation there next year. That's obviously a good sign. But why Ovation, I think that comes out of Alaska and Australia, why that ship and why not a ship necessarily out of the Caribbean or somewhere else?

因此，也許對於邁克爾來說，中國本月重新啟動，我想知道您是否可以給我們定性地了解初始載客率、初始定價或初始預期船上支出。顯然，您無法具體告訴我們，但只是比您的預測更好或更差。顯然，後續行動是您決定明年將 Ovation 帶到那裡。這顯然是一個好兆頭。但為什麼 Ovation，我認為它來自阿拉斯加和澳大利亞，為什麼是那艘船，為什麼不是來自加勒比海或其他地方的船？

Brandt, yes, good question. I think the fact that we've already deployed a second ship into the China market gives you an indication of how well the first ship is doing in the China market. So we're pleased with Spectrum bookings. Our comparison, of course, is back in 2019, which we've used a lot over the last couple of years.

布蘭特，是的，好問題。我認為，我們已經在中國市場部署了第二艘船，這一事實可以讓你了解第一艘船在中國市場的表現有多好。所以我們對 Spectrum 的預訂感到滿意。當然，我們的比較是在過去幾年中經常使用的 2019 年。

Overall, volume and rate for the China product in '24 is significantly higher in both volume and rate from '19, which is a great indicator of the kind of demand that we're seeing for the product. And we feel good about '24, going into '25. That's why we've got the second ship, both Quantum class. Both have done very well in the China market. They seem to be really well suited for that market. And of course, Ovation both in Alaska and Australia is perfectly suited for the China market in terms of its geographical positioning. One will be in Tianjin, which we've operated out of many years before the pandemic and of course, Shanghai, both great markets for us.

總體而言，24 年中國產品的數量和價格均明顯高於 19 年，這很好地表明了我們對該產品的需求類型。我們對 24 年感覺良好，進入 25 年。這就是為什麼我們有第二艘船，都是量子級的。兩者在中國市場都取得了很好的成績。他們似乎非常適合這個市場。當然，阿拉斯加和澳洲的Ovation從地理位置上來說也非常適合中國市場。其中一個將在天津，我們在疫情爆發前已經運作了很多年，當然還有上海，這兩個市場對我們來說都是巨大的。

The onboard spend, obviously, it's only the couple of days into the season. But it's looking really positive. We have high expectations, and I think they're going to be realized. The other thing that's changed quite a lot in terms of the market dynamics in China is the change in our direct business versus the traditional trade business. There was quite a transformation during the pandemic in terms of a lot of the retailers that dropped out of the business.

顯然，船上的支出才剛進入賽季的幾天。但看起來確實很正面。我們抱有很高的期望，我認為它們將會實現。中國市場動態發生很大變化的另一件事是我們的直接業務相對於傳統貿易業務的變化。疫情期間，許多零售商退出了該行業，並發生了相當大的轉變。

Fortunately, pre-pandemic, we started to invest significantly in resources, technology, people to develop that direct business, and we continue through the pandemic, and we've accelerated when we came out of the pandemic, and it's proving to be very productive for us.

幸運的是，在大流行之前，我們開始在資源、技術和人員方面進行大量投資，以發展直接業務，我們繼續度過大流行，並且在走出大流行後我們加快了步伐，事實證明這是非常富有成效的為了我們。

So overall, our distribution strategy is proving to be successful. Demand seems very, very strong. Of course, Korea opened up, which is great. So that gives us a better itinerary product to offer to our guests. And we're feeling good about how this will play out. Of course, we've been in China for a decade before. So we've all been through the ups and downs, but currently, it's looking pretty positive.

總的來說，我們的分銷策略被證明是成功的。需求似乎非常非常強勁。當然，韓國開放了，這很好。這樣我們就可以為客人提供更好的行程產品。我們對事情的進展感到滿意。當然，我們已經在中國十年了。所以我們都經歷過起起落落，但目前看起來相當積極。

Okay. That's really helpful. And then maybe one for Naf. The higher guidance for the year helps bring credit metrics, at least in our model, perhaps a little closer to IG, perhaps a little earlier than we had before. And so I guess, maybe it's worth you refreshing us on what you think the Board needs to see to reestablish capital returns? And if today's report maybe help that picture at all.

好的。這真的很有幫助。然後也許是給納夫的。今年更高的指導有助於帶來信用指標，至少在我們的模型中，也許更接近 IG，也許比我們之前更早。所以我想，也許值得您向我們介紹一下您認為董事會需要看到什麼來重建資本回報？如果今天的報告可能對這幅圖景有幫助的話。

Yes. So just on the balance sheet. So you're right. Obviously, with the acceleration of performance, we're focused on basically 3 things, right? We're focused on reducing leverage. And I said in my prepared remarks, we will -- we expect to get to below the 3.5x leverage by the end of the year. So that's very positive. Obviously, we continue to pay down debt. EBITDA increases are helping with that leverage. So we're feeling pretty good about that.

是的。所以只是在資產負債表上。所以你是對的。顯然，隨著效能的提升，我們基本上主要關註三件事，對嗎？我們專注於降低槓桿率。我在準備好的發言中表示，我們預計到今年年底槓桿率將降至 3.5 倍以下。所以這是非常積極的。顯然，我們繼續償還債務。 EBITDA 的增加有助於提高槓桿率。所以我們對此感覺很好。

And then reducing cost of capital, you saw us take an action this quarter, reducing on one bond more than 500 basis points or almost $60 million of annual interest expense. And we'll continue to find those opportunities to lower the cost of capital and use both cash and opportunistic refinancings. I think there's much more to do there.

然後是降低資本成本，您可以看到我們在本季度採取了一項行動，將一種債券減少了 500 多個基點或近 6000 萬美元的年度利息支出。我們將繼續尋找降低資本成本的機會，並使用現金和機會性再融資。我認為那裡還有很多事情要做。

And lastly, it's just an unsecured balance sheet. We want to get back that capacity on the balance sheet like we had pre-COVID, and we basically have 3 bonds left that if we pay them back or we refinance them, the whole structure collapses, and we're back to unsecured balance sheet. So that's our focus. We'll continue to execute on that. Our focus is on metrics, not ratings. We were very pleased with the upgrades that we got from the rating agencies, but our focus is getting to the balance sheet.

最後，這只是一個無擔保的資產負債表。我們希望恢復資產負債表上的容量，就像新冠疫情之前一樣，我們基本上還剩下3 只債券，如果我們償還它們或為它們再融資，整個結構就會崩潰，我們又回到無擔保的資產負債表。這就是我們的重點。我們將繼續執行這一點。我們的重點是指標，而不是評級。我們對評級機構的升級感到非常滿意，但我們的重點是資產負債表。

No, I was just going to say, obviously, you're getting to base camp and getting to those metrics as an important line for us and as well as for our Board in terms of consideration of capital returns. But I would just point to that pre-COVID, we certainly -- that was very much part of our formula was having a competitive dividend and also buying back shares opportunistically.

不，我只是想說，顯然，您將到達大本營並將這些指標作為我們以及我們董事會在考慮資本回報方面的重要路線。但我只想指出，在新冠疫情爆發之前，我們的公式的很大一部分就是擁有有競爭力的股息，並趁機回購股票。

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

您的下一個問題將來自瑞銀集團的羅賓法利 (Robin Farley)。

One clarification on your really excellent guidance. It sounded like you were suggesting that there were some fall Red Sea cruises that are still on your schedule. But did I understand your comment to mean that if they were to change, that's already factored into your guidance. So if we see that -- see any changes in those, it wouldn't change your guidance? I just want to make sure I understood that part of your commentary, right?

對您非常出色的指導的一項澄清。聽起來您似乎在建議您的日程安排中仍有一些秋季紅海巡航。但我是否理解你的評論意味著如果他們要改變，那已經被納入你的指導中了。因此，如果我們看到這些變化，這不會改變您的指導嗎？我只是想確保我理解你評論的那部分，對吧？

Yes, Robin. That's correct.

是的，羅賓。這是正確的。

Okay. Great. And then just my other question is on capacity and capacity growth. And you mentioned that moderate capacity growth has been your goal. Others out there -- some have been more aggressive lately with ordering ships out into the future. And I wonder if you could just give us your thoughts on whether you feel that, that changes anything with availability of slots at shipyards? Or if that changes in any way what you have been thinking about capacity or would think about needing to do in the future?

好的。偉大的。我的另一個問題是關於容量和容量成長。您提到適度的容量增長是您的目標。其他人——有些人最近更積極地訂購了面向未來的船舶。我想知道您是否可以告訴我們您的想法，您是否認為這會改變造船廠可用槽位的任何情況？或者，如果這以任何方式改變了您一直在考慮的容量或未來需要做的事情？

Sure. Robin, so first, I think it's important that when we talk about our order book, these are ships that are actually on order. We're not talking about options. We're not talking about slot reservations. We're talking about things on order. And of course, we don't have any orders going out to, I think, 2035 or 2036 at this point in time. What we do subscribe to is that we are -- we believe that we are in the right -- that we are in segments that have a lot of growth potential to them. We believe we have the right brands in those segments. And we believe that we should be moderately growing our brands over time.

當然。羅賓，首先，我認為重要的是，當我們談論我們的訂單簿時，這些是實際訂購的船。我們不是在談論選擇。我們不是在談論插槽預訂。我們正在談論按順序進行的事情。當然，我認為目前我們還沒有任何 2035 年或 2036 年的訂單。我們確實認同的是，我們相信我們是對的，我們所處的細分市場對他們來說有很大的成長潛力。我們相信我們在這些細分市場中擁有合適的品牌。我們相信，隨著時間的推移，我們應該適度發展我們的品牌。

And so that's kind of what we're committed to. And I think we feel very good not only about our current order book and about the potential of that order book to grow moderately, but also our access to build those ships over an extended period of time. So it's -- I think we feel very good about it all around. And I think we're showing that the investments we're making in our brands or at the investments we're making in the destinations are yielding very high returns for our shareholders and continuing to expand our margins.

這就是我們的承諾。我認為，我們不僅對目前的訂單量以及訂單量適度增長的潛力感到非常滿意，而且對我們在較長時間內建造這些船舶的機會也感到非常滿意。所以我認為我們對這一切都感覺非常好。我認為我們正在表明，我們對品牌或目的地的投資正在為我們的股東帶來非常高的回報，並繼續擴大我們的利潤率。

I guess maybe to clarify, do you feel that you would need to order ships more than 5 years in advance in the current environment? Or is that sort of 5 to 6 years out?

我想也許需要澄清一下，您是否認為在當前環境下需要提前 5 年以上訂購船舶？或者說是5到6年後的事？

Yes. I think it depends on the circumstances. We've ordered -- I mean, Icon was being designed and in terms of obviously, COVID delayed some of those orders. But somewhere typically in that kind of 5- to 6-year range is where you make those orders. But keep in mind, and that's what I think my comment is, is that doesn't mean you don't have options and you don't have slot reservations and so forth that you could also -- which is why we typically order in that kind of 5- to 6-year type of range. We don't announce things unless they are fully contracted, and we know the price and we have the financing in place.

是的。我認為這取決於具體情況。我們已經訂購了——我的意思是，Icon 正在設計中，顯然，新冠疫情推遲了其中一些訂單。但通常在 5 至 6 年範圍內的某個時間是您發出這些訂單的地方。但請記住，這就是我認為我的評論是，這並不意味著您沒有選擇，您沒有時段預訂等等，您也可以 - 這就是為什麼我們通常訂購那種5到6年的範圍。除非完全簽訂合同，並且我們知道價格並且融資到位，否則我們不會宣布任何事情。

We have time for one more question.

我們還有時間再問一個問題。

Our final question will come from the line of Vince Ciepiel with Cleveland Research.

我們的最後一個問題將來自克利夫蘭研究中心的文斯·西皮爾 (Vince Ciepiel)。

Great. Earlier in the call, there was some commentary on loyalty. And I just wanted to get your sense for what you're seeing within that across your brands and varying products. What you see in terms of overlap of customers? And then maybe finally, within that, have you ever thought about getting into river cruising, thoughts on that segment of the market? And is there much overlap with your current customer base?

偉大的。在電話會議的早些時候，有一些關於忠誠度的評論。我只是想了解一下您對品牌和不同產品所看到的內容的感受。您認為客戶重疊情況如何？最後，您是否考慮過進入內河巡遊領域，對這部分市場有什麼想法？與您目前的客戶群有許多重疊嗎？

Yes. Well, first, just to kind of build off of what I had said earlier is we have been very thoughtful about having the right brands in the right segments. And we have done such an incredible job at delivering a vacation of a lifetime. And we're focused on making sure we're set up to deliver a lifetime of vacations. And our guests, there is overlap between Royal and Celebrity and Royal and Silversea and vice versa, because you could have a set of grandparents on Silversea that next month are going on a cruise with their kids and grandkids on the Royal Caribbean brand. That happens all the time.

是的。嗯，首先，以我之前所說的為基礎，我們一直非常深思熟慮地在正確的細分市場中擁有正確的品牌。我們在提供一生難忘的假期方面做得非常出色。我們致力於確保我們能夠提供終生難忘的假期。對於我們的客人來說，皇家和名人之間以及皇家和銀海之間存在重疊，反之亦然，因為你可能有一群祖父母在銀海，下個月將與他們的孩子和孫子一起乘坐皇家加勒比品牌的遊輪。這種事常發生。

And our ultimate -- one of our ultimate goals here is to make sure that we keep our customer in our ecosystem. And so we do that whether that's through awareness of our brands, whether that's through loyalty programs, whether that's through cross-selling, et cetera. And those are things that we have an opportunity to get better and better at, especially as our travel platform technology-wise is more flexible.

我們的最終目標之一是確保我們的客戶留在我們的生態系統中。所以我們這樣做，無論是透過我們的品牌知名度，無論是透過忠誠度計劃，無論是透過交叉銷售，等等。這些都是我們有機會做得越來越好的事情，特別是當我們的旅行平台技術方面更加靈活時。

The comment on river or other experiences, we're always evaluating opportunities. River is an area where we do see some overlap, not a lot of overlap, but we do see some overlap occurring. And that could be something that we would consider at some point in the future. But at this point in time, we're very focused on excelling in our core, growing our core and also further building out our destination platform. All of that, as we're clearly seeing is working to deliver a very high ROIC profile and producing strong shareholder returns.

對於河牌或其他經驗的評論，我們總是在評估機會。河流是一個我們確實看到一些重疊的區域，不是很多重疊，但我們確實看到一些重疊發生。這可能是我們在未來某個時候會考慮的事情。但目前，我們非常專注於超越我們的核心、發展我們的核心並進一步建立我們的目的地平台。正如我們清楚地看到的那樣，所有這些都在努力提供非常高的投資回報率並產生強勁的股東回報。

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

現在我將把會議轉回財務長納夫​​塔利·霍爾茨 (Naftali Holtz) 致閉幕詞。

Well, thank you all for your participation and interest. Michael will be available for any follow-up. We wish you all a great day.

好的，謝謝大家的參與與興趣。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。