皇家加勒比遊輪 (RCL) 2024 Q2 法說會逐字稿

Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Royal Caribbean Group second-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，我歡迎大家參加皇家加勒比集團 2024 年第二季財報電話會議。 （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 second-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 World Caribbean International.

大家，早安。感謝您今天參加我們的 2024 年第二季財報電話會議。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；以及世界加勒比海國際公司總裁兼執行長 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.

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。

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. 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 website and in our earnings release. Unless we state otherwise, all metrics are on a constant currency adjusted basis.

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。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 second 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二季、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 am proud to share our outstanding second-quarter results and the continued upward trajectory of our business. As you saw in the press release this morning, our momentum continues. Demand for the incredible experiences our leading brands deliver continue to be robust.

謝謝你，邁克爾，大家早安。我很自豪地與大家分享我們出色的第二季業績以及我們業務的持續上升軌跡。正如您在今天早上的新聞稿中看到的，我們的勢頭仍在繼續。對我們領先品牌提供的令人難以置信的體驗的需求持續強勁。

As a result, we achieved Trifecta 18 months early, we are reinstating a dividend, and we are raising our full year guidance. Less than two years ago, we announced Trifecta, a three-year financial performance program that created a pathway back to what we internally call base camp. We said we would deliver triple-digit adjusted EBITDA per APCD, double-digit adjusted earnings per share, and return on invested capital in the teens.

結果，我們提前 18 個月實現了 Trifecta，我們正在恢復股息，我們正在提高全年指引。不到兩年前，我們宣布了 Trifecta，這是一項為期三年的財務績效計劃，為我們內部所謂的「大本營」開闢了一條途徑。我們表示，我們將實現每 APCD 的三位數調整後 EBITDA、兩位數的調整後每股收益以及十幾位數的投資資本回報率。

Today, I'm delighted to share that we have achieved all three Trifecta goals on a trailing 12-month basis 18 months ahead of schedule. In addition, our leverage is now below 3.5x when excluding the impact of new ships that were delivered midyear.

今天，我很高興與大家分享，我們在過去 12 個月的基礎上提前 18 個月實現了全部三個 Trifecta 目標。此外，如果排除年中交付的新船的影響，我們的槓桿率目前低於 3.5 倍。

With Trifecta accomplished and our balance sheet in the strong position, we are excited to broaden our capital allocation by reinstating a quarterly dividend of $0.40 per share. Capital returns that include a competitive dividend have always been and will continue to be a key pillar of our strategy to supplement our growth as we focus on delivering long-term shareholder value.

隨著 Trifecta 的完成以及我們的資產負債表處於強勢地位，我們很高興透過恢復每股 0.40 美元的季度股息來擴大我們的資本配置。當我們專注於提供長期股東價值時，包括有競爭力的股利在內的資本回報一直並將繼續成為我們補充成長策略的關鍵支柱。

I want to thank the entire World Caribbean Group team for their passion, dedication, and commitment. Their efforts helped accelerate our path to reaching Trifecta and will continue to ensure us to deliver the best vacation experiences responsibly while driving exceptional financial results.

我要感謝整個世界加勒比海集團團隊的熱情、奉獻和承諾。他們的努力幫助我們加快了實現 Trifecta 的目標，並將繼續確保我們負責任地提供最佳的度假體驗，同時推動卓越的財務表現。

Trifecta is an important milestone, but we are just getting started as our ambitions go well beyond it. We are excited by the large opportunity in front of us as we seek to take a greater share from the rapidly growing $1.9 trillion vacation market.

Trifecta 是一個重要的里程碑，但我們才剛開始，因為我們的抱負遠遠超出了它。當我們尋求從快速成長的 1.9 兆美元度假市場中獲得更大份額時，我們對眼前的巨大機會感到興奮。

Our plan to capitalize on this opportunity is well grounded in a set of underlying strategies, the powerful foundation of our leading global brand, and a proven formula for success, moderate capacity growth, moderate yield growth, and strong cost discipline, and the best people in the world to execute on it all.

我們利用這一機會的計劃以一系列基本戰略、全球領先品牌的強大基礎、經過驗證的成功公式、適度的產能增長、適度的產量增長、嚴格的成本控制以及最優秀的人才為基礎。上執行這一切。

Now moving on to our results. The second quarter exceeded our already-elevated expectations. We have seen an incredibly robust booking and pricing environment across all our key itineraries, which is not only setting us up for success in the future periods but also contributed to the outperformance in the second quarter.

現在繼續我們的結果。第二季超出了我們已經提高的預期。我們在所有主要行程中都看到了極其強勁的預訂和定價環境，這不僅為我們在未來取得成功奠定了基礎，而且還促成了第二季的優異表現。

This, coupled with continued strength and onboard spend, which is heavily influenced by our pre-cruise commercial engine, drove the revenue and earning outperformance for the quarter. In the second quarter, we delivered approximately 2 million vacations at exceptional guest satisfaction scores.

再加上持續的實力和船上支出，這在很大程度上受到我們郵輪前商業引擎的影響，推動了本季的營收和獲利表現。第二季度，我們以卓越的賓客滿意度提供了約 200 萬次假期。

Yields grew 13.3% compared to the second quarter of last year, which was almost 300 basis points above our guidance. The revenue outperformance combined with approximately $0.15 and favorable timing of costs resulted in an adjusted EPS that was considerably higher than our guidance. Naftali will elaborate more about second-quarter details and results in a few minutes.

與去年第二季相比，殖利率成長 13.3%，比我們的指引高出近 300 個基點。收入表現出色，再加上約 0.15 美元和有利的成本時機，導致調整後的每股收益大大高於我們的指導。納夫塔利將在幾分鐘內詳細闡述第二季的細節和結果。

The strong demand environment is also translating into higher revenue and earnings expectations for the balance of the year. We are increasing full-year yield growth expectations by 115 basis points compared to our prior guidance. And we now expect adjusted earnings per share to grow 68% year over year.

強勁的需求環境也轉化為今年剩餘時間更高的營收和獲利預期。與先前的指導相比，我們將全年收益率成長預期提高了 115 個基點。我們現在預計調整後每股收益將年增 68%。

2024 bookings have consistently outpaced last year throughout the entire second quarter and into July, despite the fact that we have significantly fewer staterooms left to sell, leading to higher pricing for all key products. The North American consumer, who represents approximately 80% of our sourcing this year, continues to be robust, driving strong yield growth across all key products.

從整個第二季到 7 月，2024 年的預訂量持續超過去年，儘管我們待售的客艙數量明顯減少，導致所有關鍵產品的定價更高。北美消費者約占我們今年採購量的 80%，他們持續保持強勁勢頭，推動所有關鍵產品的產量強勁成長。

In addition to strengthen the Caribbean, European and Alaska summer itineraries are performing exceptionally well, and we have experienced greater pricing power than expected since our last earnings call, leading to increased expectations for yield growth.

除了強化加勒比海地區外，歐洲和阿拉斯加夏季行程的表現也異常出色，而且自上次財報電話會議以來，我們的定價能力超出了預期，從而提高了對收益率增長的預期。

Our nimble sourcing model coupled with our brand's global appeal and leading position in their respective segments, allows us to successfully capture quality demand across those segments, source from new and younger consumer bases, and attract the highest yielding guests. With such strong momentum, 2024 is on track to be another exceptional year with double-digit yield growth and significant earnings growth.

我們靈活的採購模式加上我們品牌的全球吸引力和在各自細分市場的領先地位，使我們能夠成功捕捉這些細分市場的優質需求，從新的和年輕的消費者群體中採購，並吸引最高收益的客人。憑藉如此強勁的勢頭，2024 年有望成為另一個非凡的一年，收益率將實現兩位數增長，盈利將顯著增長。

We now expect full-year net yield growth of 10.4% to 10.9%. 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.

我們目前預計全年淨收益率將成長10.4%至10.9%。我們的收益前景是由新船和現有船舶的性能、加上我們領先的私人目的地、強大的定價環境、船上收入的持續增長以及我們不斷加速的商業設備推動的。

We increased our revenue expectations for the second half of 2024, and now expect to deliver mid-single-digit yield growth in the back half of the year, which continues to be above our typical moderate yield growth expectations. Just as a reminder that this is on top of approximately 17% yield increase versus 2019 in the back half of 2023.

我們上調了 2024 年下半年的營收預期，目前預計下半年收益率將實現中個位數成長，這繼續高於我們通常的適度收益率成長預期。提醒您的是，2023 年下半年殖利率較 2019 年成長約 17%。

We also continue to expect higher margins and higher earnings with adjusted EPS expected to be between $11.35 and $11.45 and EBITDA margins that is over 300 basis points higher than last year. As we look ahead, we remain focused on executing our proven formula for success, moderate capacity growth, moderate yield growth, and strong cost controls, which lead to enhanced margins, profitability, and superior financial return.

我們也繼續預期更高的利潤率和更高的收益，調整後每股收益預計在 11.35 美元至 11.45 美元之間，EBITDA 利潤率比去年高出 300 個基點以上。展望未來，我們仍然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回報。

We continue to see a very positive sentiment from our customers bolstered by a resilient economy, low unemployment, stabilizing inflation, and record-high household net worth. Consumer preference continues to shift towards spend on experiences, with particularly prioritizing towards travel.

在經濟有彈性、失業率低、通膨穩定和創紀錄的家庭淨資產的支撐下，我們繼續看到客戶的正面情緒。消費者的偏好繼續轉向體驗支出，尤其是旅行。

Consumers have 10% more vacation days compared to 2019, and they are using half of that increase to travel. In fact, our research suggests that consumers are spending more on travel than any other leisure category and that they intend to increase their travel spend in the next 12 months. Cruise remains an attractive value proposition, and cruise purchase intent is high and continues to strengthen.

與 2019 年相比，消費者的假期天數增加了 10%，其中一半用於旅行。事實上，我們的研究表明，消費者在旅行上的支出比任何其他休閒類別都多，並且他們打算在未來 12 個月內增加旅行支出。郵輪仍然是一個有吸引力的價值主張，郵輪購買意願很高且持續增強。

Consumer financials remain healthy across demographics. The number of baby boomers reaching retirement age is expected to grow 30% to 73 million by 2030. Based on our research, retirees take 50% more vacation time than non-retirees.

從人口統計來看，消費者金融狀況依然健康。到 2030 年，達到退休年齡的嬰兒潮世代人數預計將增加 30%，達到 7,300 萬人。

The baby boomer generation also holds 50% of the $156 trillion of US wealth, and they are expected not only to spend more on travel, but also to transfer $72 trillion of their wealth to other generations over the next two decades, including traveling together.

嬰兒潮世代也掌握著美國156兆美元財富的50%，預計他們不僅會在旅行上花費更多，而且會在未來二十年將72兆美元的財富轉移給其他幾代人，包括一起旅行。

We're already benefiting from that active and real-time wealth transfer through multi-generational travel across our brands. Our research shows that younger generations, millennials and younger, are also benefiting from the 10% increase in leisure time compared to 2019 and that they intend to allocate more of this time on travel than any other leisure category.

我們已經從我們品牌的多代旅行所帶來的主動、即時的財富轉移中受益。我們的研究表明，與 2019 年相比，年輕一代、千禧世代和年輕人也受益於休閒時間增加 10%，並且他們打算將更多的時間分配在旅行上，而不是任何其他休閒類別。

This attractive traveler continues to gain share within our customer base at a faster pace than any other generation, and today, one of every two customers is a millennial or younger. Their travel needs and behaviors vary across trip length and type, so the differentiated experiences offered by our incredible brands resonate extremely well with these next generations of cruisers.

這位有吸引力的旅行者繼續以比其他任何一代更快的速度在我們的客戶群中獲得份額，如今，每兩個客戶中就有一個是千禧一代或更年輕的人。他們的旅行需求和行為因旅行長度和類型而異，因此我們令人難以置信的品牌提供的差異化體驗與這些下一代巡洋艦產生了非常好的共鳴。

Our addressable market is growing, and we are attracting more customers into our vacation ecosystem. New to cruise customers are up double digits versus last year, and at the same time, we are seeing stronger repeat rates.

我們的潛在市場正在成長，我們正在吸引更多客戶進入我們的度假生態系統。與去年相比，郵輪新客戶數量增加了兩位數，同時，我們看到重複率更高。

Once booked, guests are quickly engaging with us and buying significantly more onboard experiences per booking than in the second quarter of last year, both earlier and at meaningfully higher APDs, translating into higher satisfaction rates and higher onboard spend.

預訂後，賓客們會迅速與我們互動，每次預訂購買的機上體驗數量明顯多於去年第二季度，而且 APD 明顯更高，這意味著更高的滿意度和更高的機上消費。

Putting customers at the center of our orbit has been critical to our success and allows us to meet guests for all of life's moments, transforming the vacation of a lifetime into a lifetime of vacations. A key differentiator for us on this journey is our hardware, where we are constantly innovating.

將客戶置於我們的軌道中心對於我們的成功至關重要，這使我們能夠在一生中的所有時刻與客人見面，將一生難忘的假期變成一生難忘的假期。在這個過程中，我們的一個關鍵區別在於我們的硬件，我們在硬體上不斷創新。

This quarter, we took delivery of Utopia of the Seas, the ultimate weekend getaway, a shift positioned to be another game changer for our short Caribbean product. Our short Caribbean cruise product is an important entry point for new to cruise and new to brand, with nearly 7 in 10 guests falling in these categories and always skewing more towards younger customers.

本季度，我們交付了終極週末度假勝地「海洋烏托邦號」，這一轉變將成為我們加勒比短程產品的另一個遊戲規則改變者。我們的短程加勒比海遊輪產品是遊輪新手和品牌新手的重要切入點，近十分之七的客人屬於這些類別，並且總是更傾向於年輕客戶。

Younger consumers find this product particularly appealing. In fact, approximately 40% of guests who fall in this demographic have indicated that they intend to book a short vacation in the next 12 months. Moreover, 90% of guests who sail on our short product intend to cruise again, with roughly half planning to return for a longer cruise.

年輕消費者發現該產品特別有吸引力。事實上，大約 40% 屬於這一人群的客人表示他們打算在未來 12 個月內預訂短期假期。此外，90% 乘坐我們短途產品的客人打算再次航行，大約一半的人計劃返回進行更長的航行。

We also launched Silver Ray, which continues to redefine the ultra-luxury segment. Since introducing the Nova class last year, Silver Nova and Silver Ray have attracted a higher mix of younger guests than the rest of the fleet.

我們還推出了 Silver Ray，它繼續重新定義超豪華細分市場。自去年推出 Nova 級以來，Silver Nova 和 Silver Ray 吸引了比船隊其他船隊更多的年輕客人。

We have an exciting lineup of new ships on order, including Celebrity Cruises; Celebrity Excel, which launches in late 2025; and Royal Caribbean's Star of the Seas, debuting in mid 2025; the third Icon class ship in 2026; and the seventh Oasis class ship in 2028.

我們訂購了一系列令人興奮的新船，包括精緻遊輪； Celebrity Excel，將於 2025 年底推出；皇家加勒比的海洋之星號將於 2025 年中期首次亮相； 2026年第三艘Icon級艦；第七艘綠洲級艦將於2028年建造。

We also continue to lead the vacation industry with exciting new experiences on our ships and our portfolio private destinations. Perfect Day at CocoCay continues to perform exceptionally well, and we are reaching important milestones on Royal Beach Club Paradise Island, opening in 2025, and Royal Beach Club in Cozumel, Mexico, opening in 2026.

我們也繼續引領度假產業，在我們的船舶和私人目的地組合上提供令人興奮的新體驗。可可島的 Perfect Day 繼續表現出色，我們在 2025 年開幕的天堂島皇家海灘俱樂部和 2026 年開幕的墨西哥科蘇梅爾皇家海灘俱樂部上都取得了重要的里程碑。

These new experiences uniquely position us to continue taking a share from land-based alternatives. As we deepen our relationship with our guests, this quarter's launch of our Enterprise Loyalty Status Match program is an important step in integrating our brands, rewarding our guests for staying within our family of brand, and making travel planning even more seamless.

這些新經驗使我們能夠繼續從陸基替代品中分一杯羹。隨著我們與客人的關係不斷加深，本季推出的企業忠誠度匹配計劃是整合我們品牌、獎勵入住我們品牌家族的客人並使旅行計劃更加無縫的重要一步。

In just two months since the program launched, we have seen a significant increase in enrollment across all of our brands and positive feedback from our loyal fan base. Once customers booked their dream vacation, over 90% utilize new features and enhancement on our apps. Notably, more than 70% of guests are making pre-cruise purchases before they sail, and they spend more than double compared to those who only make purchases on board.

自從該計劃啟動以來的短短兩個月內，我們所有品牌的註冊人數都顯著增加，並且我們的忠實粉絲群給予了積極的反饋。一旦客戶預訂了夢想假期，超過 90% 的客戶會使用我們應用程式的新功能和增強功能。值得注意的是，超過 70% 的客人會在啟航前進行遊輪前購買，其支出是僅在船上購買的客人的兩倍多。

Finally, our sustainability ambitions help inform our strategic and financial decisions daily, supporting our mission to deliver the best vacation experiences responsibly. We remain committed to our SEA the Future vision, sustaining the planet, energizing communities, and accelerating innovation.

最後，我們的永續發展目標有助於為我們的日常策略和財務決策提供信息，支持我們負責任地提供最佳度假體驗的使命。我們仍致力於實現 SEA the Future 願景，保護地球、激發社區活力並加速創新。

Our recent Maritime Decarbonization Summit onboard Utopia of the Seas underscores our commitment to reaching net zero emissions by 2050 through industry-wide collaboration. More than 30 ship owners, shipbuilders, and technology and energy providers convened to catalyze advancements and necessary technological solutions and alternative fuels. We are optimistic about this important step in unifying our industry and fostering an environment for advancing quality and scalable, sustainable solutions.

我們最近在海洋烏托邦號上舉行的海上脫碳高峰會強調了我們透過全產業合作到 2050 年實現淨零排放的承諾。 30 多家船東、造船商以及技術和能源提供者齊聚一堂，推動技術進步和必要的技術解決方案及替代燃料的發展。我們對這一重要步驟感到樂觀，這將有助於統一我們的行業，並創造一個促進高品質、可擴展、可持續解決方案的環境。

In summary, our business continues to perform exceptionally well, and we are very pleased with our performance, achieving Trifecta early, and reinstating the dividend. This sets us up well as we seek to take share from the rapidly growing $1.9 trillion vacation market. With our strong platform, our proven strategies, we are creating a lifetime of vacation experiences for our customers while delivering long-term shareholder value and strong financial results.

總而言之，我們的業務繼續表現出色，我們對我們的表現非常滿意，提前實現了三連勝，並恢復了股息。這為我們尋求從快速成長的 1.9 兆美元度假市場中分一杯羹奠定了良好的基礎。憑藉我們強大的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，同時提供長期的股東價值和強勁的財務表現。

And with that, I will turn the call over to Naftali. Naf?

接下來，我會將電話轉給納夫塔利。納夫？

Thank you, Jason, and good morning, everyone. I will start by reviewing second-quarter results. Our teams delivered another strong performance that exceeded our expectations, resulting in adjusted earnings per share of $3.21. The $0.51 per share outperformance compared to the midpoint of our guidance is driven by better revenue across our leading brands and across key itineraries, as well as approximately $0.15 per share, favorable timing of expenses.

謝謝傑森，大家早安。我將首先回顧第二季度的業績。我們的團隊再次取得了超出我們預期的強勁表現，調整後每股收益為 3.21 美元。與我們的指導中位數相比，每股表現優於我們的指導值 0.51 美元，這是由於我們的領先品牌和關鍵行程的收入增加，以及每股約 0.15 美元，有利的支出時機。

We finished the second quarter with a net yield growth of 13.3%. Loads factors were 108.2 and contributed approximately 300 basis points to yield growth, with the remaining increase driven by rates that were up by 10% from both new and existing hardware.

第二季結束時，我們的淨收益率成長了 13.3%。負載係數為 108.2，為收益率成長貢獻了約 300 個基點，其餘成長由新硬體和現有硬體增加 10% 的費率推動。

All key products had double-digit yield growth, which strength in close in demand for the Caribbean and Europe that drove the outperformance in the quarter. NCC, excluding fuel, increased 5.7% in constant currency.

所有主要產品的產量均實現兩位數成長，加勒比地區和歐洲的需求強勁，推動了本季的優異表現。 NCC（不含燃料）以固定匯率計算成長 5.7%。

The favorable cost performance compared to our guidance is driven by favorable timing of expenses that more than offset the negative impact of stock compensation given the significant appreciation of our stock price during the second quarter. Adjusted EBITDA was $1.6 billion and gross EBITDA margin was 38%.

與我們的指導相比，有利的成本績效是由有利的費用時機推動的，鑑於第二季度我們的股價大幅上漲，這足以抵消股票補償的負面影響。調整後 EBITDA 為 16 億美元，EBITDA 毛利率為 38%。

As Jason mentioned, we also achieved our Trifecta targets on a trailing 12-month basis as of the end of the second quarter. We delivered $113 adjusted EBITDA per APCD, 13% above our triple-digit target; mid-teens ROIC consistent with our target in the teens; and $10.08 adjusted EPS slightly above our double-digit target.

正如 Jason 所提到的，截至第二季末，我們也實現了過去 12 個月的 Trifecta 目標。我們實現了每 APCD 113 美元的調整後 EBITDA，比我們的三位數目標高出 13%；十幾歲左右的投資報酬率與我們十幾歲的目標一致；調整後每股收益 10.08 美元，略高於我們的兩位數目標。

Leverage was below 3.5x when excluding the impact of new ships that were delivered mid-year. And we are on track to get very close to our double-digit carbon intensity reduction target by year end. Our 2024 booked position remains very strong across all products and markets and continues to outpace last year in both rate and volume.

在排除年中交付的新船的影響後，槓桿率低於 3.5 倍。我們預計在年底前非常接近兩位數的碳強度削減目標。我們 2024 年的所有產品和市場的預訂量仍然非常強勁，並且在比率和數量上繼續超過去年。

The Caribbean makes up approximately 55% of our capacity for the year and 42% for the third quarter. This product is booked ahead in both rate, and volume and the strong yield growth is driven by new hardware and higher pricing on existing ships supported by our private destinations.

加勒比海地區約占我們今年運力的 55%，第三季約佔 42%。該產品在價格和數量上均已提前預訂，而產量的強勁增長是由新硬體和我們私人目的地支持的現有船舶更高的定價推動的。

Europe accounts for 15% of our capacity for the full year and 28% during the third quarter. Europe is in a record booked position in both rate and volume, and continued strength in pricing has resulted in an increase in our revenue expectations for Europe's sailings.

歐洲占我們全年產能的 15%，第三季佔 28%。歐洲的運價和預訂量均創歷史新高，定價的持續走強導致我們提高了對歐洲航線的收入預期。

Our summer Alaska season represents 6% of full-year capacity and 14% in the third quarter. We have increased our capacity this year as a result of upgrading the hardware in the market. Like Europe, we have seen strong demand since our last earnings call, leading to increased expectations for yield growth for this product.

我們的夏季阿拉斯加季節佔全年運力的 6%，第三季佔 14%。由於市場硬體的升級，我們今年增加了產能。與歐洲一樣，自上次財報電話會議以來，我們看到了強勁的需求，導致對該產品產量成長的預期增加。

Now let me talk about our increased guidance expectations for 2024. Net yields are expected to be up 10.4% to 10.9% for the full year. The increase in the guidance is driven by higher pricing for both new hardware and like for like as well as onboard revenue. The yield cadence for the year is influenced by the load factor and pricing power catchup in the first half.

現在讓我談談我們對 2024 年上調的指導預期。指導意見的增加是由新硬體和同類產品的定價以及船上收入的上漲所推動的。今年的收益率節奏受到上半年的負載率和定價能力追趕的影響。

The timing of CocoCay's opening makes the comp easier for the first half of 2024. And when adjusting for such structural changes, yield growth is just about the same amount in each quarter compared to 2019.

CocoCay 開業的時機使得 2024 年上半年的業績比較容易。

Now moving to costs, full-year net cruise costs, excluding fuel, are expected to be up approximately 6%. Our cost metric is up 50 basis points compared to our prior guidance and is driven entirely by higher, non-cash stock-based compensation given the significant increase in the stock price since the last earnings call.

現在轉向成本，全年淨郵輪成本（不包括燃油）預計將上漲約 6%。與我們先前的指導相比，我們的成本指標上升了 50 個基點，並且完全是由於自上次財報電話會議以來股價大幅上漲而提高的非現金股票薪酬推動的。

We have very few dry dock days in the third quarter but significantly more in the fourth quarter, which together with timing of stock compensation expense will weigh on our cost metrics for the fourth quarter. We anticipate a fuel expense of $1.17 billion for the year, and we're 61% hedged at below market rates. We are raising our adjusted EPS guidance to $11.35 to $11.45.

我們第三季的乾船塢天數很少，但第四季的乾船塢天數明顯增加，這與股票補償費用的時間一起將影響我們第四季的成本指標。我們預計今年的燃料費用為 11.7 億美元，並且我們以低於市場價格的價格對沖 61%。我們將調整後每股盈餘指引上調至 11.35 美元至 11.45 美元。

I want to provide a little more color on the progress of our earnings guidance. We are increasing our guidance by $0.60 for the year. About half of the increase is driven by second quarter close-in demand and the other half is driven by better pricing and business outlook for the rest of the year. As I mentioned, we had about $0.15 of cost timing in the second quarter, which is shifting into the back half of the year.

我想為我們的獲利指引的進展提供更多的資訊。我們將今年的指導意見上調了 0.60 美元。大約一半的成長是由第二季接近的需求推動的，另一半是由今年剩餘時間更好的定價和業務前景推動的。正如我所提到的，我們第二季的成本時間約為 0.15 美元，將轉移到今年下半年。

Now I will discuss our third-quarter guidance. We plan to operate 13.4 million APCDs during the third quarter. Net yields are expected to be up 6.5% to 7% compared to 2023, and that is on top of a 16.7% yield growth last year. Net cruise costs excluding fuel are expected to be up 4.7% to 5.2%. Taking all of this into account, we expect adjusted earnings per share for the quarter to be $4.90 to $5.

現在我將討論我們的第三季指導。我們計劃在第三季營運 1,340 萬台 APCD。與 2023 年相比，淨收益率預計將增長 6.5% 至 7%，而去年的收益率增長為 16.7%。不包括燃油在內的郵輪淨成本預計將上漲 4.7% 至 5.2%。考慮到所有這些因素，我們預計本季調整後每股收益為 4.90 美元至 5 美元。

Turning to our balance sheet, we ended the quarter with $3.8 billion in liquidity. We have been making significant progress in strengthening the balance sheet towards our goal of investment-grade metrics. Better performance and disciplined capital allocation allowed us to reduce leverage below 3.5x as of the end of the second quarter when excluding the impact of new ships that were delivered mid-year. This level is within our target leverage range.

轉向我們的資產負債表，本季末我們的流動資金為 38 億美元。我們在加強資產負債表以實現投資等級指標的目標方面取得了重大進展。更好的業績和嚴格的資本配置使我們在排除年中交付的新船影響的情況下，截至第二季末將槓桿率降至 3.5 倍以下。該水平在我們的目標槓桿範圍內。

We plan to continue to proactively pay down debt and pursue opportunistic refinancings to manage maturities, reduce interest expense, and achieve an unsecured balance sheet. During the second quarter, we paid down the remaining balance of our debt holiday that allowed us to remove any restrictions around capital return. As you saw in the press release today, we also initiated a quarterly dividend of $0.40 per share.

我們計劃繼續積極償還債務並尋求機會再融資，以管理到期日、減少利息支出並實現無擔保資產負債表。在第二季度，我們償還了債務減免期的剩餘餘額，這使我們能夠取消有關資本回報的任何限制。正如您在今天的新聞稿中看到的，我們還啟動了每股 0.40 美元的季度股息。

In closing, we remain committed and focused on executing our strategy and delivering on our mission. With that, I will ask the operator to open the call for question-and-answer session.

最後，我們仍然致力於並專注於執行我們的策略和實現我們的使命。這樣，我將要求接線員打開問答環節。

(Operator Instructions) Steven Wieczynski, Stifel.

（操作員說明）Steven Wieczynski，Stifel。

Yes. Hey, guys. Good morning. Congratulations. Another pretty solid beat here. So Jason and/or Naf, if we think about the guidance for the rest of the year, not to kind of touch on this very briefly, but the feedback we're getting, I would say from investors this morning, is that the embedded fourth-quarter yield guide of -- I think it's just about 5%, is showing a material sequential decline and could possibly indicate bookings are slowing, I guess.

是的。大家好。早安.恭喜。這裡又是一個非常紮實的節奏。所以傑森和/或納夫，如果我們考慮今年剩餘時間的指導，不要非常簡短地觸及這一點，但我今天早上從投資者那裡得到的反饋是，嵌入式我認為第四季度的收益率指引僅為5% 左右，顯示出連續大幅下降，我猜這可能表明預訂正在放緩。

I'm guessing the lower yield is more a function of you guys being at essentially full load factors last year in the fourth quarter of '23. But is there anything you would add on there? And then maybe also a little bit more color on 2025 bookings and if there's been any changes in booking patterns for next year as well.

我猜產量較低更多是因為去年 23 年第四季你們基本上處於滿載狀態。但你還有什麼要補充的嗎？然後，也許還會對 2025 年的預訂情況以及明年的預訂模式是否有任何變更進行更多的說明。

Yes. Well, good morning, Steve. Hope all is well. So I think maybe just first starting off on the back half of the year, obviously, our yields have grown significantly since 2019. So the back half of the year, our yields are up 25% versus 2019. And so I think our commentary of strength and how we feel about the back half of the year, I think, is still very bullish.

是的。好吧，早上好，史蒂夫。希望一切安好。所以我認為，也許從今年下半年開始，顯然，自 2019 年以來，我們的收益率顯著增長。我認為，下半年的實力和我們的感受仍然非常樂觀。

But as you mentioned, we have been ahead of the curve in terms of bringing our business back up. And so our load factors relative to last year -- our load factors were pretty normalized in the back half of last year. So really, all the yield improvement that you're seeing in Q3 and Q4 is really being driven by price. And so I think it's a really strong indication that not only the willingness to pay more, but these prices continue to increase as we build and manage demand.

但正如您所提到的，我們在業務復甦方面一直處於領先地位。因此，與去年相比，我們的載客率——我們的載客率在去年下半年相當正常化。事實上，您在第三季和第四季看到的所有產量改善實際上都是由價格驅動的。因此，我認為這是一個非常強烈的跡象，不僅表明我們願意支付更多費用，而且隨著我們建立和管理需求，這些價格也會繼續上漲。

When we think about 2025, first, the reason why -- it's July, so we typically don't talk a lot about 2025. So it is early. We mentioned in the release that we are -- we're now in a place where we're taking more bookings for 2025 than we are for 2024. So the strength in the commentary that we talk about on pricing and pricing increasing very much applies to 2025 and beyond.

當我們思考 2025 年時，首先，原因是——現在是 7 月，所以我們通常不會過多談論 2025 年。我們在新聞稿中提到，我們現在的 2025 年預訂量比 2024 年還要多。

So we feel very good. We're in a very strong book position for 2025. Pricing is up and increasing are the trends that we continue to see. But I think it's important to just note again that the load factor recovery is done. We are operating at full load factors. I think it needs to also take into account that the yields have improved by over 25% versus '19.

所以我們感覺很好。到 2025 年，我們的帳面狀況非常強勁。但我認為重要的是再次注意負載因子恢復已經完成。我們正在滿載運行。我認為還需要考慮到與 19 年相比，收益率提高了 25% 以上。

So it's not necessarily a like-for-like story in the industry, I think, to point to. So I think we feel really good about 2025. The pattern show pricing continues to accelerate. And I think that what you're starting to see in the back half of the year is still elevated compared to what we described as our formula of success of that moderate yield growth, which is typically around3% to 5%, and we're pointing to a yield profile that is at the very top end of that in Q4 and above.

因此，我認為，這不一定是行業中類似的故事。所以我認為我們對 2025 年感覺非常好。我認為，與我們所描述的適度收益率增長的成功公式（通常約為 3％ 至 5％）相比，您在今年下半年開始看到的情況仍然較高，而且我們正在表明收益率曲線處於第四季及以上的殖利率曲線的最頂端。

And so I think we feel that, for us, if we're growing our yields moderately, controlling our cost, growing our business in a disciplined way, what you see is significant margin accretion, significant return profile, and a continued step change -- significant step change in our earnings profile.

因此，我認為，對於我們來說，如果我們適度提高產量，控製成本，以有紀律的方式發展業務，那麼您會看到顯著的利潤增長，顯著的回報率以及持續的階躍變化 - - 我們的獲利狀況有重大變化。

Steve, I'll just add one more thing about 2019. I said it in my prepared remarks, but also remember in 2019, the first half had an easier comp, right? Because we didn't have CocoCay open. It opened in the second half of the year. And that, with a lot of other structural changes, it was five years ago. It's pretty consistent through that period in terms of year growth.

史蒂夫，我再補充一點關於 2019 年的事情。因為我們沒有開放CocoCay。下半年開業。加上許多其他結構性變化，那已經是五年前的事了。就年增長率而言，這段時期非常一致。

Thanks for that color, guys. Second question, Jason, would be around your recent change in deployment with Ovation, essentially taking that ship out of China, home porting it on the West Coast. We've gotten a bunch of questions about this move.

謝謝你的顏色，夥計們。第二個問題，Jason，是關於您最近對 Ovation 部署的改變，實質上是將這艘船帶出中國，將其停泊在西海岸。我們收到了很多關於這項措施的問題。

And I think investors are concerned at this time that the China market might not be as strong as what you would have previously thought, or maybe it's just the domestic market is just way more profitable right now. But any thoughts there as to -- any color around the move there would be helpful. Thanks.

我認為投資人此時擔心中國市場可能不像您之前想像的那麼強勁，或者可能只是國內市場目前的利潤更高。但任何關於此舉的想法都會有幫助。謝謝。

Hey, Steve, it's Michael. We're kind of in this great position of having very good market choices to make. I believe that the long-term potential for China has not changed at all. Spectrum, as you know, we started operating it out of Shanghai a few months ago. It's performing very well in the market, and we feel good about the China market.

嘿，史蒂夫，我是麥可。我們處於這樣有利的位置，可以做出非常好的市場選擇。我認為中國的長期潛力沒有任何改變。如您所知，Spectrum 幾個月前開始在上海運作。它在市場上的表現非常好，我們對中國市場的感覺很好。

It still hasn't reached the levels we're seeing in the American market, and of course this is where we've got these good choices. We have strong ambitions to grow the West Coast in the US. If you think about California, it's the sixth largest economy in the world. And Navigator, which is the ship we put in the West Coast about a year or so ago, has been performing exceptionally well.

它仍然沒有達到我們在美國市場看到的水平，當然這是我們有這些不錯的選擇的地方。我們有發展美國西岸的雄心。如果你想想加州，它是世界第六大經濟體。大約一年前我們在西海岸投入使用的 Navigator 船一直表現得非常好。

So we're kind of faced with this choice: should we deploy Ovation into Tianjin, or should we deploy into California? And we made the decision, really, based upon maximizing performance, but it doesn't in any way indicate that we're moving away from the China market. We're quite committed to the opportunity there, and I think you'll see that we'll be announcing in the future more deployment into China.

所以我們面臨這樣的選擇：我們應該將 Ovation 部署到天津，還是我們應該部署到加州？事實上，我們做出的決定是基於效能最大化，但這並不表示我們要離開中國市場。我們非常致力於抓住那裡的機會，我想您會看到我們將在未來宣佈在中國進行更多部署。

Great. Thanks, guys. Thanks for the color. Appreciate it.

偉大的。多謝你們。謝謝你的顏色。欣賞它。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Hey. Good morning, everybody. Thanks for taking my question and congratulations on the dividend announcement this morning. So first question is on the fourth quarter, just following up on Steven's question.

嘿。大家早安。感謝您提出我的問題，並祝賀今天早上宣布股息。第一個問題是關於第四季的，只是跟進史蒂文的問題。

The 5% implied yield guidance, which I know you have tougher comps and that's all price, can you help us understand what the -- how to think about the embedded like the like is within that. And maybe it's easier to answer, how does that compare versus the like for like that you generally embed in your longer term algo?

5% 的隱含收益率指導，我知道你們有更嚴格的比較，這就是價格，你能幫助我們理解如何思考其中的嵌入內容嗎？也許更容易回答，與您通常嵌入長期演算法中的類似方法相比如何？

Yes. Well, so I would comment, Brandt, first, hope all is well. It's actually -- if anything, the like for like is growing faster than what would be in our typical algorithm. And as new ships come on, they're meaningful, but the overall denominator is much larger. So the impact on yield profile -- I mean, Icon is obviously just unbelievably successful, Utopia is crushing it, but it's a smaller percentage of our overall denominator.

是的。好吧，所以我想說，勃蘭特，首先，希望一切順利。事實上，如果有什麼不同的話，那就是同類的成長速度比我們典型演算法中的成長速度更快。隨著新船的出現，它們很有意義，但整體分母要大得多。因此，對收益率的影響——我的意思是，Icon 顯然取得了令人難以置信的成功，Utopia 正在壓垮它，但它只占我們整體分母的一小部分。

So really, what you're reading into that 5% is that the like for like is growing. And as part of that story is not just a ticket, but it's also what's happening onboard. And I think the power of our pre-cruise commerce engine is shifting more and more of that booking activity for onboard spend forward, which is also resulting in us getting our guests to have a fuller breadth of experiences, which increases our share of wallet.

事實上，你從這 5% 中了解到的是，同類之間的相似度正在成長。這個故事的一部分不僅僅是一張機票，還有船上發生的事情。我認為我們的遊輪前商務引擎的力量正在將越來越多的船上支出預訂活動轉移，這也導致我們讓我們的客人獲得更全面的體驗，從而增加我們的錢包份額。

Great. That's super helpful. And then just as a follow up, and I apologize for a shorter-term question, but this earnings season, we have heard from land-based -- some of land-based hotel operators made some softer comments on pricing sensitivity.

偉大的。這非常有幫助。然後，作為後續行動，我對一個短期問題表示歉意，但在這個財報季，我們聽到了來自地面酒店的消息——一些地面酒店運營商對定價敏感性發表了一些溫和的評論。

I'm curious. When you look at your '25 bookings data, what you're seeing coming in, are you starting to see any pricing sensitivity at all forming at the lower-end itineraries, the older ships, your base, your Royal Caribbean brand versus your other brands? Anything that you're seeing?

我很好奇。當您查看 25 年的預訂數據時，您會發現，您是否開始看到低端行程、較舊的船舶、您的基地、您的皇家加勒比品牌與其他品牌相比形成的任何價格敏感性品牌？你看到了什麼嗎？

Yes. We obviously -- we have the opportunity of taking on 25,000, 30,000, 35,000 bookings a day. We get to see the cash register ring pretty much every second somewhere in the world on our ships. And I know there might be a group seeking to hear that there's some type of break in the pattern, but there just isn't.

是的。顯然，我們每天有機會接受 25,000、30,000、35,000 個預訂。在世界各地的船上，我們幾乎每秒鐘都能看到收銀機響起。我知道可能有一群人想聽聽這種模式是否有某種突破，但事實並非如此。

We're seeing our guests -- the booking window continues to extend, so they're planning further out. Their willingness to pay more for these incredible vacation experiences continues to increase, so our pricing continues to increase into 2025 and into 2026. And that's not just happening at the short product. That's happening in the ultra-luxury space as well.

我們正在接待我們的客人 - 預訂窗口繼續延長，因此他們正在計劃進一步的計劃。他們為這些令人難以置信的度假體驗支付更多費用的意願持續增加，因此我們的定價在 2025 年和 2026 年繼續上漲。這種情況也發生在超豪華領域。

And I think, Brandt, it's -- people say, well, how can that be? I think it's still just the reality that there's still a 20% value gap to land-based vacation. And you get a lot of bang for the buck when you're traveling with our brands. And I think that value gap is potentially shielding us from some of that noise that you're hearing from land-based operators.

我認為，布蘭特，人們會說，這怎麼可能？我認為這仍然是現實，與陸上度假仍然存在 20% 的價值差距。當您乘坐我們的品牌旅行時，您會得到很多實惠。我認為這種價值差距可能會保護我們免受陸地運營商發出的一些噪音的影響。

But for us, whether you look at it by product, whether you look at it by market, whether it's ticket or whether it's on board, the trends that we see is just continued acceleration on the pricing side.

但對我們來說，無論你從產品角度來看，無論從市場角度來看，無論是機票還是機上，我們看到的趨勢都是定價方面的持續加速。

Now there's some reality as well that we're managing to, which is we're really well booked and you're never at that optimal -- are you too booked or underbooked? But for us, we probably -- because we have less inventory to sell in the back half of this year, a lot of that pricing opportunity is also going to fall into 2025.

現在，我們也正在努力解決一些現實問題，那就是我們的預訂確實已經滿了，而你卻永遠沒有達到最佳狀態——你是預訂太多還是預訂不足？但對我們來說，我們可能會——因為今年下半年要出售的庫存較少，許多定價機會也將落在 2025 年。

Okay. Thanks a lot. Great quarter.

好的。多謝。很棒的季度。

You got it. Thanks, Brandt.

你說對了。謝謝，布蘭特。

Vince Ciepiel, Cleveland Research.

文斯·西皮爾，克利夫蘭研究中心。

Thanks. So I guess it's kind of a question on strategy on a go-forward basis. And you touched on this in your opening comments. Just getting back from this Utopia inaugural and from the moment you're boarding the ship to the naming ceremony, I mean, it's very clear that you're targeting this kind of getaway, biggest party at sea type of focus.

謝謝。所以我想這是一個關於未來策略的問題。您在開場白中談到了這一點。剛從烏托邦首航回來，從你登船到命名儀式的那一刻起，我的意思是，很明顯你的目標是這種度假、最大的海上派對類型的焦點。

So can you talk a little bit about how you make decisions with allocating new hardware towards this shorter sailing that's a getaway as opposed to something more like a week-long vacation, family-oriented icon type experience? And I imagine that the development of your private islands close to South Florida probably unlocks some of this. But what do you see as being a bigger driver in the years ahead?

那麼，您能否談談您如何做出決定，為這種較短的航行分配新硬件，這是一次度假，而不是更像是為期一周的假期，以家庭為導向的圖標類型體驗？我想你們靠近南佛羅裡達州的私人島嶼的開發可能會解鎖其中的一些功能。但您認為未來幾年更大的推動力是什麼？

Well, it's a great question and you kind of answered a lot of the question in your question. For the Royal brand, we're very much a multi-generational family brand. We're fortunate that we've got the scale and the size we've seen over the past couple of years that we've got growth in every single segment.

嗯，這是一個很好的問題，您回答了問題中的許多問題。對於皇家品牌來說，我們在很大程度上是一個多代家族品牌。我們很幸運，我們已經達到了過去幾年所見的規模和規模，我們在每個細分市場都取得了成長。

We know that the on-ramp for cruise is the short product. We've known that for quite some time. We changed up our strategy some years ago with the development of Perfect Day at CocoCay and significant investment in many of our ships that we moved to the short cruise market, and we started to really aggregate that segment of our business.

我們知道遊輪的入口匝道是短產品。我們已經知道這一點有一段時間了。幾年前，隨著「Perfect Day」在 CocoCay 的發展，以及對我們轉向短途郵輪市場的許多船舶的大量投資，我們改變了我們的策略，我們開始真正聚合我們的業務部分。

And the volume of new to cruise is significantly higher on short product than it is on longer for very logical reasons, which I think you touched on. It's just a much easier product to purchase. It's only a few days. It's less investment of time for new to cruise.

由於非常合乎邏輯的原因，短期產品的新郵輪數量明顯高於長期產品，我想您也提到了這一點。它只是一種更容易購買的產品。才幾天而已。對於郵輪新手來說，投入的時間更少。

And we found that when you get the product right, you can stimulate a large amount of demand. And I think what we've seen with Utopia is it was a very strategic decision to take a brand-new Oasis class that we started to work on some years ago in terms of the product vibe, the energy, what we're offering the customer and placing it into, really, the Port Canaveral, Orlando market, drive to market, which is significant.

我們發現，當你得到正確的產品時，你可以刺激大量的需求。我認為我們在 Utopia 中看到的是，參加一個全新的 Oasis 課程是一個非常具有戰略意義的決定，我們幾年前就開始致力於該課程的產品氛圍、能量以及我們提供的服務。其真正放入奧蘭多卡納維爾港市場，開車進入市場，這一點意義重大。

It's a great product to put up against what we see in Orlando, and it's easy to package a trip on Utopia as well as maybe a trip to Orlando. But certainly, we've seen that demand has been outstanding for that product. And we're only in the second week of Utopia, and it is literally knocking it out of the park, exceptionally high customer satisfaction, net promoter scores, the onboard revenues being just very strong.

這是一個很棒的產品，可以與我們在奧蘭多看到的景色相媲美，而且很容易打包烏托邦之旅以及奧蘭多之旅。但當然，我們已經看到對該產品的需求非常旺盛。我們才進入《烏托邦》的第二週，它確實令人驚嘆不已，客戶滿意度極高，淨推薦分數，船上收入非常強勁。

We're very pleased with the onboard revenue, and guests are booking it. So, we know that if we get that product right and we can put our best foot forward, that then we'll see a significant upswing in repeat to brand because of what they've experienced with Utopia.

我們對船上收入非常滿意，客人也開始預訂。因此，我們知道，如果我們能提供正確的產品，並且能夠全力以赴，那麼我們就會看到品牌的回頭率顯著上升，因為他們在烏托邦中的經歷。

And certainly, when you think of Icon in the seven-day market and soon to be Star of the Seas, which is also going to Port Canaveral down into Perfect Day, we've got a really good, strong range of products that we can offer to the customer, and they're booking it. Just as a sideline -- headline, Icon now is currently sailing at around 132% load factor, which is -- we're just delighted with very high customer satisfaction

當然，當您想到7 天市場上的Icon 以及即將成為海洋之星(Star of the Seas) 的郵輪，該郵輪也將前往卡納維拉爾港(Port Canaveral) 進入完美日(Perfect Day) 時，我們已經擁有了一系列非常優質、強大的產品，我們可以向客戶提供，他們正在預訂。順便說一句，Icon 目前的載客率約為 132%，我們對非常高的客戶滿意度感到高興

Yes, and I think just to add, because I think Utopia is just a great example of our intentionality -- I mean, each of our brands are hyperfocused on understanding the different segments, the consumer of today and the consumer of tomorrow, and growing demand.

是的，我想補充一下，因為我認為烏托邦只是我們意圖的一個很好的例子——我的意思是，我們的每個品牌都非常注重了解不同的細分市場、今天的消費者和明天的消費者，並不斷成長要求。

And our commentary around what's happening with the younger generation -- and half of our guests are now kind of in that category. Though I consider myself young but I'm not in that category. But it's us trying to address these multiple generations, these multiple experiences that people are looking to collect and trying hard to meet our guests there.

我們對年輕一代正在發生的事情進行評論——現在我們一半的客人都屬於這一類。雖然我認為自己很年輕，但我不屬於這一類。但我們正在努力解決這些多代人的問題，人們希望收集這些多重體驗，並努力在那裡與我們的客人見面。

And I think you can see that whether you're looking at Utopia with the short, whether you're seeing that with Icon on seven, but you see that in Celebrity, you see that with Silver Sea. And our goal is to really make sure we have an experience that matches with the guests' different points in life. And that goes to our overarching strategy of having a lifetime of vacations.

我想你可以看到這一點，無論你是在短片《烏托邦》中看到這一點，還是在《七號圖標》中看到這一點，但你在《名人》中看到這一點，在《銀海》中看到這一點。我們的目標是真正確保我們擁有與客人生活中不同點相符​​的體驗。這就是我們享受終生假期的整體策略。

That's helpful. So the Michael Bayleys and the millennials of the world like Utopia, it sounds like. A question on 2025 yield setup. I think you got into this a little bit when asked for this on 4Q like for like, but when you think about next year, you have another half year of Utopia, you have Star coming, you have Excel at the tail end, you have Royal Beach Club.

這很有幫助。所以麥可貝利一家和世界各地的千禧世代都喜歡烏托邦，聽起來就像是這樣。關於 2025 年收益率設定的問題。我認為當你在 4Q 上問這個問題時，你有點陷入這個問題，但是當你想到明年，你還有烏托邦的半年，你有 Star 來了，你有 Excel 在尾部，你有皇家海灘俱樂部。

There seems to be a number of drivers incremental to the like for like that could be supportive of yield growth. And then you also mentioned that the denominator is much larger now. So do you expect these other factors to be yield accretive next year in addition to like for like, or like for like is still the larger driver? How should we be thinking about that?

似乎有許多類似的驅動因素可以支持產量成長。然後你還提到現在分母更大了。那麼，除了同類投資之外，您是否預計明年這些其他因素也會增加產量，還是說同類投資仍然是更大的推動因素？我們該如何思考這個問題？

Yes, well, I think when you -- certainly, a full year of Utopia, a full year or half a year of Star will definitely be something that I would point to that will contribute to our yield improvement next year as well as like for like. On Excel, it's at the very, very end of the year and the Royal Beach Club will be towards the back half of the year. And that will ramp itself up as we as we typically do to make sure it's operationally perfect.

是的，好吧，我認為當你——當然，一整年的烏托邦、一整年或半年的明星肯定會是我會指出的，這將有助於我們明年的產量提高以及喜歡喜歡。在 Excel 上，現在是年底，皇家海灘俱樂部將在下半年舉行。這將像我們通常所做的那樣自行加強，以確保其運作完美。

And so I think those are things -- I think Excel and the Royal Beach Club will probably be more of a driver in 2026 than it will be in 2025. But certainly, that new capacity is -- it benefits us. And what we're seeing in the like-for-like pricing is that we expect that to be a meaningful contributor to our yields in 2025, as well as, by the way, onboard spend activity.

所以我認為這些都是 - 我認為 Excel 和皇家海灘俱樂部在 2026 年可能會比 2025 年更具推動力。我們從同類定價中看到的是，我們預計這將對我們 2025 年的收益以及船上支出活動產生有意義的貢獻。

Great. Thanks.

偉大的。謝謝。

Sure.

當然。

Matt Boss, JPMorgan.

馬特‧博斯，摩根大通。

Great, thanks, and congrats on another great quarter.

太好了，謝謝，並祝賀又一個偉大的季度。

Thanks Matt.

謝謝馬特。

So Jason, with all your Trifecta targets hit, you cited today that you're just getting started. So maybe could you elaborate on what that means in terms of global market share based on new customer trends that you're seeing today? And then Naftali, maybe just the multi-year margin opportunity. EBITDA margins exit this year 200 to 300 basis points above 2019. Where do you see us going from here?

傑森，隨著你所有的 Trifecta 目標都實現了，你今天說你才剛開始。那麼，您能否根據您今天看到的新客戶趨勢詳細說明這對全球市場份額意味著什麼？然後納夫塔利，也許只是多年利潤機會。今年的 EBITDA 利潤率比 2019 年高出 200 到 300 個基點。

Yes. Well, I think -- so the comment on the just getting started, and you're all very familiar with this, but when we've talked about Trifecta -- and even internally, we talked about it as base camp. So we've hit it. We've announced we're hitting it, but you won't see anybody here by doing victory laps.

是的。嗯，我想 - 所以關於剛開始的評論，你們都非常熟悉這一點，但是當我們談論 Trifecta 時 - 甚至在內部，我們也將其視為大本營。所以我們成功了。我們已經宣布我們即將實現這一目標，但你不會看到任何人在這裡繞著勝利圈。

It's getting our business. We're now back to full strength, full financial health. And if you just take what we've talked about with our formula of moderate yield growth, cost discipline, discipline, and the growth of our business, it drives significant margin and returns for the business.

它正在吸引我們的生意。我們現在已完全恢復元氣、財務狀況良好。如果你按照我們所說的適度收益率成長、成本紀律、紀律和業務成長的公式，它會為業務帶來顯著的利潤和回報。

You combine that with the land-based things like the Royal Beach Club in the Bahamas, the Royal Beach Club in Mexico, you see the power of the earnings and the returns that are going to come forward here in the business.

你將其與巴哈馬皇家海灘俱樂部、墨西哥皇家海灘俱樂部等陸地設施結合起來，你會看到該業務將帶來的收入和回報的力量。

I think when we look at what's next, it's now setting ourselves on how do we make sure we execute on those significant margin drivers? If you think about just in 2024, a 1% change in our yields is $120 million. A 1% change in our cost is about half of that. So if you're continuing to grow your yields faster than you're growing your costs, or significantly faster than you're growing your costs, that's going to deliver a lot of margin and return.

我認為，當我們考慮下一步時，我們現在要考慮的是如何確保我們執行這些重要的利潤驅動因素？如果您考慮一下 2024 年，我們的殖利率變動 1% 就相當於 1.2 億美元。我們的成本變化 1% 大約是其中的一半。因此，如果您的產量成長速度繼續快於成本成長速度，或者明顯快於成本成長速度，那麼將帶來大量利潤和回報。

The other point that I would add is that when we -- what are we chasing? Again, we're not chasing our cruise competitors. What we're chasing is how do we grab more and more share from that $1.9 trillion and growing vacation market?

我要補充的另一點是，當我們──我們在追逐什麼？再說一遍，我們並不是追逐郵輪競爭對手。我們所追求的是如何從這個價值 1.9 兆美元且不斷增長的度假市場中獲得越來越多的份額？

And I think, with things like Icon and Utopia and Nova and Excel, et cetera, and the private destinations, what we're doing is trying to further differentiate ourselves and reel in more of those land-based consumers and to make sure that we are a clear consideration in that vacation choice.

我認為，透過 Icon、Utopia、Nova 和 Excel 等以及私人目的地，我們正在做的就是努力進一步使自己與眾不同，吸引更多的陸地消費者，並確保我們是該假期選擇的一個明確考慮因素。

And if we do that really well, that's where we can further close the gap to land-based vacation. And that will -- because there's so much operating leverage in this business, that's going to drive significant earnings power and returns to our shareholders.

如果我們做得很好，我們就可以進一步縮小與陸上度假的差距。這將會——因為這項業務有如此大的營運槓桿，這將為我們的股東帶來巨大的獲利能力和回報。

And Matt, I guess the one -- on your question on the margin, so we're very happy with the way we've obviously executed in the last two years. And you can see our margins are much higher than 2019. And this was because we were focused on our formula and kind of continuing to have profitable growth. That doesn't change going forward.

馬特，我想是關於你的問題，所以我們對過去兩年的執行方式非常滿意。你可以看到我們的利潤率比 2019 年高得多。未來這一點不會改變。

So as we think about new ships, new experiences, new initiatives, we want to continue to grow the revenue. That's obviously great opportunity, as Jason said. $65 billion category, $1.9 trillion market. We see this as an amazing opportunity to win share from the consumer and continue to grow the business and expand it and while doing that with higher margins.

因此，當我們考慮新船、新體驗、新措施時，我們希望繼續增加收入。正如傑森所說，這顯然是一個很好的機會。 650 億美元的類別，1.9 兆美元的市場。我們認為這是一個絕佳的機會，可以贏得消費者的份額，並繼續發展和擴大業務，同時獲得更高的利潤。

And I'll go back to what Jason said. 1% of net revenue yield is $120 million. 1% of NCCX is $16 million. So you can see that if we continue on this formula and continue to grow the business, there's much more runway on the margin itself. That also creates a lot of free cash flow, right? We're a much bigger company today. So that will just expand our opportunities for capital allocation as well.

我會回到傑森所說的。 1% 的淨收入收益率為 1.2 億美元。 NCCX 的 1% 為 1600 萬美元。所以你可以看到，如果我們繼續遵循這個公式並繼續發展業務，那麼利潤本身就有更多的空間。這也創造了大量的自由現金流，對嗎？今天我們是一家更大的公司。因此，這也將擴大我們的資本配置機會。

Great. Best of luck.

偉大的。祝你好運。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone. Thank you. Maybe just to stick on that return answer that you had, obviously, it's great to see the dividends back. But as you think about additional -- as the Board thinks about additional avenues of shareholder returns, just curious how you think about that and how that steps up from here. Is it just a function of time? Or are you targeting additional balance sheet optimization before you start to think about maybe share of purchases and so on? Thank you.

大家好。謝謝。也許只是堅持你的回報答案，顯然，很高興看到股息回來。但當你考慮額外的事情時——當董事會考慮股東回報的額外途徑時，我只是好奇你如何看待這個問題以及如何從這裡開始。它只是時間的函數嗎？或者，在開始考慮購買份額等問題之前，您的目標是進行額外的資產負債表優化嗎？謝謝。

Sure. Well, thanks, Connor. And of course, these things are always Board decisions. I think the dividend really reflects that now we have gotten ourselves into our balance sheet zone, our credit metric zone that we have been focused on doing. And I think that historically, we've used both the dividend and other forms like share repurchasing to return capital to shareholders.

當然。好吧，謝謝，康納。當然，這些事情始終由董事會決定。我認為股利確實反映了我們現在已經進入了我們一直專注於的資產負債表區域、信用指標區域。我認為，從歷史上看，我們曾使用股息和股票回購等其他形式將資本返還給股東。

And I would suspect that we would kind of be focused on both of those things and growing both of those things over time. So I think the dividend and the amount of the dividend, I think, is a reflection of keeping ourselves in that 3.25 to 3.5 times debt-to-EBITDA zone. We've reached that on the 3.5 side, but our ultimate goal is to make sure we have a competitive dividend and opportunistically buy back shares over time.

我懷疑我們會專注於這兩件事，並隨著時間的推移不斷發展這兩件事。因此，我認為股息和股息金額反映了我們將債務與 EBITDA 保持在 3.25 至 3.5 倍的區域。我們已經在 3.5 方面達到了這一目標，但我們的最終目標是確保我們擁有有競爭力的股息，並隨著時間的推移機會主義地回購股票。

And I'll just add that our balance sheet is obviously in the zone where we -- this is within the target. There's always opportunities, right? So we obviously, first and foremost, manage maturities. We want to reduce -- continue to reduce the cost of capital. We still are not done with unsecuring our balance sheet. So we have some work to do, but we're definitely in a very strong balance sheet position that allows us to reinstate the dividends and just continue to grow the business.

我只想補充一點，我們的資產負債表顯然處於目標範圍內。機會總是有的，對吧？因此，顯然我們首先要管理到期日。我們希望繼續降低資本成本。我們仍未結束資產負債表的不安全保障。因此，我們還有一些工作要做，但我們的資產負債表狀況肯定非常強勁，這使我們能夠恢復股息並繼續發展業務。

Yes, that's helpful. And then sorry to ask the 2025 booking comment again, but how does your yield management strategy change next year relative to this year? It just seems like there's additional opportunity to optimize that you didn't necessarily have to do. Or maybe to ask it a little differently, did you feel like you left anything on the table, given your booking curve this year wasn't what you expect for it to be next year as you approach that? Thank you.

是的，這很有幫助。然後很抱歉再次詢問 2025 年的預訂評論，但明年相對於今年您的收益管理策略有何變化？似乎還有額外的優化機會，但您不一定需要這樣做。或者換個問法，考慮到今年的預訂曲線與明年接近的預期不同，您是否覺得自己遺漏了什麼？謝謝。

Yes, sure. So I think that -- you could see that obviously in the guide we had in the beginning of the year to where we are today, right? We're about 400-plus basis points higher than we were in our expectations in the beginning of the year. So that's a reflection of an acceleration in demand and really acceleration in price.

是的，當然。所以我認為——你可以在我們年初的指南中清楚地看到我們今天所處的位置，對吧？我們比年初的預期高出約 400 多個基點。因此，這反映了需求的加速和價格的加速。

So your takeaway from that is clearly, we left some money on the table, and we were too booked going into Wave. Now how we decide to take on those revenues is we have a very sophisticated revenue management system, a very sophisticated management team that is looking at historical trends, what's happening in the market to inform price and how much we take on and when.

所以你從中得到的結論很明顯，我們留下了一些錢，而且我們進入 Wave 的時間也已經滿了。現在，我們決定如何承擔這些收入，我們有一個非常複雜的收入管理系統，一個非常複雜的管理團隊，他們專注於歷史趨勢、市場上發生的事情來告知價格以及我們承擔多少和何時承擔。

And so I think for us, it's always a debate on -- and again, this is always probably plus or minus 5 percentage points in terms of where our book position should be as we cross different periods. And of course, our ultimate goal here is not to say that we're record this or record that.

所以我認為對我們來說，這始終是一個爭論——而且，當我們跨越不同時期時，就我們的帳面位置而言，這總是可能正負 5 個百分點。當然，我們的最終目標並不是說我們要記錄這個或記錄那個。

Our ultimate goal here is to optimize our revenue. And that's what our tools do each and every day. And it could very well be that we cross the year in the same type of book position or a little bit less or a little bit more. And that's just to make sure that we are, again, maximizing and optimizing our revenue.

我們的最終目標是優化我們的收入。這就是我們的工具每天所做的事情。很可能我們全年的帳面狀況都保持不變，或者稍微少一點，或者多一點。這只是為了確保我們再次最大化和優化我們的收入。

Appreciate it. Thank you.

欣賞它。謝謝。

Sure.

當然。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Thank you. So Utopia looks like a great new ship. So don't mind that I'd like to ask about your next potential ship order. It's kind of a two-part question. First is, some other cruise lines have been ordering sort of further out than we'd seen before the pandemic, some eight or nine years, some 12 years.

偉大的。謝謝。所以烏托邦看起來像是一艘很棒的新船。因此，請不要介意我想詢問您的下一個潛在的船舶訂單。這是一個由兩部分組成的問題。首先，其他一些郵輪公司的訂購時間比我們在疫情大流行之前看到的要長一些，大約八九年，大約12年。

Are you sort of having to think longer term about your order book than maybe you would have previously? Is that something you feel that you'll also have to do or that we may see you do?

您是否需要比以前更長遠考慮您的訂單？您是否覺得您也必須這樣做，或者我們可能會看到您這樣做？

And then secondly, it seems like there's kind of, unofficially, talk about a new ship class for me that would be smaller than the last two ship classes that you've had and that may allow you to go to some markets that can't handle some of the sort of newer larger ships today.

其次，似乎有一種非官方的方式為我談論一種新的船舶類別，它會比您擁有的最後兩個船舶類別更小，這可能會讓您進入一些無法進入的市場今天處理一些較新的大型船舶。

And I wonder if you can help quantify for us what percent of the drive-in market now, right, because there are clearly markets like Miami, New York, where you have a big driving market. But these other potential new port cities that you're not going to with some of your new hardware, that would be new drives, kind of new source markets with better -- within a drive.

我想知道您是否可以幫助我們量化現在汽車市場的百分比是多少，因為顯然有像紐約邁阿密這樣的市場，那裡有一個很大的汽車市場。但是，您不會使用某些新硬體去其他潛在的新港口城市，這些城市將是新驅動器，一種在驅動器內具有更好的新來源市場。

Can you quantify kind of what percent increase that could be in your drive market penetration if thinking about what those smaller ships may reach? I realize this is a longer-term question, but thanks.

如果考慮到那些小型船舶可能達到的目標，您能否量化您的驅動器市場滲透率的成長百分比？我意識到這是一個長期問題，但謝謝。

Yes. Hey, Robin. Thanks for the question. So first, we feel we have a very good line of sight on our order book. And it's all subscribed to being disciplined in the growth of our business. And of course, as we're adding capacity into our fleet, just always remind that -- as you're seeing with Utopia and Icon or you're seeing with Silver Ray, et cetera, they're going into different segments and different markets and different deployments each and every day.

是的。嘿，羅賓。謝謝你的提問。首先，我們覺得我們對訂單有很好的了解。這一切都是為了我們業務的發展而遵守紀律。當然，當我們增加機隊運力時，請始終提醒您，正如您所看到的 Utopia 和 Icon 或 Silver Ray 等，它們將進入不同的細分市場和不同的領域。的部署。

So of course, in the cruise ship business or in the cruise business, you're always thinking longer term. You're not just thinking longer term in terms of growth and orders, but also your environmental footprint and what we can be doing to further reduce our emissions and the fuel that we burn, et cetera.

當然，在遊輪業務或遊輪業務中，您總是會考慮更長遠的問題。您不僅要考慮成長和訂單的長遠發展，還要考慮您的環境足跡以及我們可以採取哪些措施來進一步減少排放和燃燒的燃料等。

So this is a longer-term business, and designs of ships like Icon, which you heard us talk about, was seven years in the making. So this just doesn't happen a couple of years out. So I think we feel very confident about our path of growth. And we feel very confident in our ability to take on those orders in a very disciplined way.

所以這是一項長期業務，像 Icon 這樣的船舶設計，你聽到我們談論過，已經醞釀了七年。所以這種情況幾年後就不會發生。所以我認為我們對我們的成長道路非常有信心。我們對以非常有紀律的方式接受這些訂單的能力充滿信心。

We're always going through and -- we're always designing the next classes of ships, really, for all of our brands. We specifically pick segments and brands in those segments and deployments and experiences that we believe have a very long runway to generate demand globally as each of our brands are a globally sourced business.

我們一直在經歷——我們一直在為我們所有的品牌設計下一代船舶。我們專門挑選這些細分市場中的細分市場和品牌，以及我們認為在全球範圍內產生需求的很長的路要走的部署和經驗，因為我們的每個品牌都是全球採購的業務。

And of course, the other thing, I think, that's important when you think about ship classes, whether they could be smaller, they could be larger, it's kind of also consideration that we also have ships that are reaching 30, 35 years. And so some of this is not just about we want to build same-size ships, smaller ships. It's also replacing ships that will eventually reach their end of life.

當然，我認為另一件事很重要，當你考慮船舶類別時，它們是否可以更小，它們可以更大，這也是考慮到我們也有達到 30、35 年壽命的船舶。因此，這不僅僅是我們想要建造相同尺寸的船、更小的船。它還正在取代最終將達到使用壽命的船舶。

And I think when your question comes about the drivable market, the ships that you're referring to that we're looking potentially at smaller ships will probably replace some of those older ships. It's a little bit less about the sourcing market. It's more about where those ships can go. It's getting them into maybe some of the more unique and bespoke destinations and further diversify our footprint around the world.

我認為當你的問題涉及可駕駛市場時，你所指的我們正在尋找的小型船舶可能會取代一些舊船。關於採購市場的內容要少一些。更重要的是這些船可以去哪裡。這讓他們進入了一些更獨特和客製化的目的地，並進一步使我們在世界各地的足跡更加多樣化。

We go to about a thousand different destinations today. And we keep more and more, trying to spread out where our guests go. And size of ship can sometimes matter. And I think our brands are always designing to how do we have the most flexible platform to deliver the experiences in which our guests are looking to go on.

今天我們去了大約一千個不同的目的地。我們保留了越來越多的東西，試圖分散我們的客人去的地方。船舶的大小有時很重要。我認為我們的品牌始終致力於如何擁有最靈活的平台來提供客人想要的體驗。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

Great. One more question, please.

偉大的。請再問一個問題。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, good morning. With Paradise Island, how are you positioning this relative to CocoCay? And is this a different customer or a similar? Meaning, are your future Paradise Island guests going to CocoCay today, or is it a different itinerary? And then a quick follow-up, thanks.

嗨，早安。相對於可可島，您如何定位天堂島？這是不同的客戶還是類似的客戶？意思是，您未來的天堂島客人今天會前往可可島，還是有不同的行程？然後快速跟進，謝謝。

Hi Ben, it's Michael. Yes, it's positioned as another incredible experience. It's a beach club experience. It's exactly what our customers are looking for when they go to the Caribbean. They are seeking an experience on the beach. So it's a Royal Caribbean beach club. It will fit very well into Perfect Day, particularly for the short product market.

嗨，本，我是麥可。是的，它被定位為另一種令人難以置信的體驗。這是海灘俱樂部的體驗。這正是我們的客戶前往加勒比海時所尋找的。他們正在尋找海灘上的體驗。這是皇家加勒比海灘俱樂部。它將非常適合 Perfect Day，特別是對於短期產品市場。

You can spend a day in Perfect Day. And then the next day, you can spend the day in the Beach Club. So it's kind of really totally perfect. And we think we're going to be seeing very strong demand for the product.

您可以在完美的一天度過一天。第二天，您可以在海灘俱樂部度過一天。所以它真的非常完美。我們認為我們將會看到對該產品的非常強勁的需求。

We've deployed. We've got our itinerary set for the beach clubs as they come online, and it will be a combination of short products, including Perfect Day, longer product that may call into the beach club as it goes into Nassau and often, more often than not, including Perfect Day as well.

我們已經部署了。當海灘俱樂部上線時，我們已經為它們制定了行程，這將是短期產品的組合，包括完美的一天，較長的產品可能會在海灘俱樂部進入拿騷時調用，並且通常比不，包括完美的一天。

So it's really a very complimentary product that fits extremely well with Perfect Day and it also fits very well into short and long product. So we think it's going to be really a huge success. And the demographics are exactly the same as the Perfect Day and exactly the same for the brand.

因此，它確實是一款非常值得稱讚的產品，非常適合 Perfect Day，也非常適合短期和長期產品。所以我們認為這將會取得巨大的成功。人口統計與 Perfect Day 完全相同，對於品牌而言也完全相同。

Very helpful. And then as you think about [ticketing] versus ancillary spend, how do you imagine Paradise will be different than CocoCay or similar?

很有幫助。然後，當您考慮[票務]與輔助支出時，您認為 Paradise 將如何與 CocoCay 或類似的不同？

In terms of spend, we think it's going to be very similar. There's some differences because the Beach Club is a for-purchase experience. Whereas Perfect Day, there's a huge amount of the experience that's complimentary and then there's many elements of the experience that you purchase.

就支出而言，我們認為會非常相似。存在一些差異，因為海灘俱樂部是一種付費體驗。而 Perfect Day 則有大量免費的體驗，而且還有很多體驗元素需要您購買。

Because when you go to Perfect Day, the entire ship goes there and it's the entire day for the guest. Whereas when you have the Beach Club experience, it's an experience that's available to the guest, but the guest can choose other experiences as well. So there's literally a ticket price to enter into the Beach Club.

因為當你去“Perfect Day”時，整艘船都會去那裡，客人們會度過一整天。而當您擁有海灘俱樂部體驗時，這是一種可供客人使用的體驗，但客人也可以選擇其他體驗。因此，進入海灘俱樂部確實需要門票。

Got it. Thank you.

知道了。謝謝。

I'll turn the conference back to Naftali for his closing remarks.

我將把會議轉回納夫塔利作閉幕詞。

All right. Thank you. We thank everyone for your participation and interest. Michael will be available for any follow up. We wish you all a great day.

好的。謝謝。我們感謝大家的參與和興趣。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. Thank you all for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝大家的參與。您現在可以斷開連線。