皇家加勒比遊輪 (RCL) 2024 Q3 法說會逐字稿

Good morning.

早安.

My name is Regina, and I will be your conference operator today.

我叫雷吉娜，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to Royal Caribbean Group third-quarter 2024 earnings call.

此時此刻，我謹歡迎大家參加皇家加勒比集團 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to introduce Blake Vanier, Vice President of Investor Relations.

現在我想介紹投資者關係副總裁 Blake Vanier。

Mr. Vanier, the floor is yours.

瓦尼爾先生，請發言。

Good morning, everyone, and thank you for joining us today for our third-quarter 2024 earnings call.

大家早安，感謝您今天參加我們的 2024 年第三季財報電話會議。

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.

與我一起來到邁阿密的是我們的執行長傑森·利伯蒂 (Jason Liberty)； Naftali Holtz，我們的財務長；以及皇家加勒比國際遊輪公司總裁兼執行長 Michael Bayley。

Before we get started, I'd like to note that we will be making forward-looking statements during this call.

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。

These statements are based on management's current expectations and are subject to risks and uncertainties.

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。

A number of factors could cause actual results to differ materially from our current expectations.

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.

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。

We do not undertake to update any forward-looking statements as circumstances change.

我們不承諾隨著情況的變化而更新任何前瞻性陳述。

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

此外，我們將討論某些非公認會計原則財務指標，這些指標根據定義進行調整，並且所有非公認會計原則項目的調節可以在我們的投資者網站和我們的收益發布中找到。

Unless we state otherwise, all metrics are on a constant currency adjusted basis.

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.

傑森將首先提供策略概述和業務最新情況。

Naftali will follow with a recap of our third quarter, the current booking environment, and our updated outlook for 2024.

Naftali 隨後將回顧我們的第三季、目前的預訂環境以及我們對 2024 年的最新展望。

We will then open the call for your questions.

然後我們將打開電話詢問您的問題。

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

至此，我很高興將電話轉給傑森。

Thank you, Blake, and good morning, everyone.

謝謝你，布萊克，大家早安。

I'm thrilled to discuss our exceptional third-quarter results, updated outlook, and all the exciting things happening at the Royal Caribbean Group.

我很高興能夠討論我們出色的第三季業績、最新的前景以及皇家加勒比集團發生的所有令人興奮的事情。

This has been an incredible year for us.

這對我們來說是不可思議的一年。

And the third quarter was no exception, with momentum continuing to build.

第三季也不例外，勢頭繼續增強。

As you saw in the press release, we increased our full-year yield and earnings guidance driven by better-than-expected results for the third quarter and an improved outlook for the fourth quarter.

正如您在新聞稿中看到的那樣，由於第三季度業績優於預期以及第四季度前景改善，我們提高了全年收益率和盈利指引。

Our full-year yield is now expected to be up by more than 11% and earnings by more than 70%.

目前，我們的全年收益率預計將成長 11% 以上，獲利將成長 70% 以上。

In addition, we are on track to deliver more than $3.3 billion of cash flow this year and have reached a key financial milestone while returning to a fully unsecured capital structure that will support our growth ambitions and expanding capital allocation.

此外，我們今年預計將實現超過 33 億美元的現金流，並達到了一個重要的財務里程碑，同時恢復完全無擔保的資本結構，這將支持我們的成長雄心壯志和擴大資本配置。

During the quarter, we also announced two exciting expansions of our private destinations portfolio with the incredible Perfect Day Mexico opening in 2027 and Silversea's new hotel in Puerto Williams, Chile, opening in the winter of '25, '26 Antarctica season.

在本季度，我們還宣布了私人目的地投資組合的兩項激動人心的擴張，即將於2027 年開業的令人難以置信的墨西哥完美日酒店，以及銀海郵輪在智利威廉姆斯港的新酒店，將於25 年、26 年南極洲季節的冬季開幕。

I want to thank the entire Royal Caribbean Group team for their passion, dedication, and commitment that enable us to deliver the best vacation experiences responsibly and to drive exceptional financial results.

我要感謝整個皇家加勒比集團團隊的熱情、奉獻和承諾，使我們能夠負責任地提供最佳的度假體驗並推動卓越的財務表現。

These strong financial results and the achievement of our trifecta financial goals 18 months ahead of schedule are truly just the beginning for us.

這些強勁的財務表現以及提前 18 個月實現三連勝財務目標對我們來說確實只是一個開始。

With our industry-leading global brands, the most innovative fleet and private destinations, and the best people, we remain focused on winning a greater share of the $1.9 trillion vacation market.

憑藉著業界領先的全球品牌、最具創新性的機隊和私人目的地以及最優秀的人才，我們將繼續致力於在價值 1.9 兆美元的度假市場中贏得更大份額。

Our plan to capitalize on this opportunity is grounded in our proven formula for success, moderate capacity growth, moderate yield growth, and strong cost control.

我們利用這一機會的計劃是基於我們經過驗證的成功公式、適度的產能增長、適度的產量增長和強有力的成本控制。

We are thrilled to share more details during our upcoming Investor Day in the first quarter of next year.

我們很高興在明年第一季即將舉行的投資者日期間分享更多細節。

Before I get into the details of our performance this quarter, I want to acknowledge the storms that impacted our local communities.

在詳細介紹本季的業績之前，我想感謝影響我們當地社區的風暴。

We are incredibly thankful that our South Florida employees were largely unaffected.

我們非常慶幸南佛羅裡達州的員工基本上沒有受到影響。

But true to the Royal Caribbean Group spirit, we mobilized relief efforts for those in need.

但秉承皇家加勒比集團的精神，我們為有需要的人動員了救援力量。

Our thoughts continue to be with those who have been affected.

我們的思念仍然與那些受到影響的人同在。

Now moving on to discuss our results and outlook.

現在繼續討論我們的結果和前景。

Third-quarter results exceeded our expectations due to strong close-in demand at higher prices on all of our key itineraries, coupled with continued strength in onboard revenue.

第三季的業績超出了我們的預期，因為我們所有主要航線的價格上漲的強勁需求，加上機上收入的持續強勁。

As a result, net yields are up 7.9% year over year, which was 110 basis points above our guidance.

結果，淨收益率年增 7.9%，比我們的指引高出 110 個基點。

Better revenue, lower cost due to timing, and multiple balance sheet actions resulted in adjusted earnings per share that was higher than our guidance.

更好的收入、由於時間安排而降低的成本以及多項資產負債表行動導致調整後的每股收益高於我們的指導。

Naftali will elaborate more about third-quarter details and results in a few minutes.

納夫塔利將在幾分鐘內詳細闡述第三季的細節和結果。

We are increasing full-year yield growth expectations to 10.8% to 11.3%.

我們將全年收益率成長預期上調至 10.8% 至 11.3%。

A strong demand for our experiences across itineraries is translating into higher load factors, stronger pricing, and continued growth and onboard revenue.

對我們跨行程體驗的強烈需求正在轉化為更高的載客率、更強勁的定價以及持續成長和機上收入。

Trends remain strong for the balance of the year.

今年剩餘時間的趨勢依然強勁。

And despite the impact of Hurricane Milton, we now expect net yield growth of 5.1% to 5.6% for the fourth quarter on top of an increase of close to 18% last year.

儘管受到米爾頓颶風的影響，我們目前預計第四季淨收益率將在去年接近 18% 的基礎上成長 5.1% 至 5.6%。

We also expect a strong margin and earnings growth with adjusted earnings per share expected at $11.57 to $11.62 and EBITDA margins that is more than 300 basis points higher than last year.

我們也預期利潤率和獲利將強勁成長，調整後每股盈餘預計為 11.57 美元至 11.62 美元，EBITDA 利潤率比去年高出 300 個基點以上。

We are very pleased with how demand is shaping up for 2025, with bookings outpacing 2024 levels during the third quarter and into October.

我們對 2025 年的需求變化感到非常滿意，第三季和 10 月份的預訂量超過了 2024 年的水準。

Our book load factors are in line with prior years at nicely higher rates, allowing us to further optimize pricing and yield growth as we build the book of business for 2025.

我們的帳面負載率與前幾年一致，但比率要高得多，這使我們能夠在建立 2025 年業務帳簿時進一步優化定價和收益率成長。

Our nimble sourcing model and AI-enabled yield management tools, coupled with our brand's global and multigenerational appeal, allow us to successfully capture quality demand across segments, source from new and younger consumer bases, and attract the highest-yielding guests.

我們靈活的採購模式和人工智慧收益管理工具，加上我們品牌的全球和多代吸引力，使我們能夠成功捕捉跨細分市場的品質需求，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。

The last two years saw unprecedented yield growth.

過去兩年產量出現了前所未有的成長。

And although, that created a high bar for comparables, our proven formula for success of a moderate capacity growth, moderate yield growth, and strong cost control will continue to drive top-line growth, margin expansion, and substantial cash flow.

儘管這為可比公司設定了很高的門檻，但我們經過驗證的適度產能成長、適度產量成長和強有力的成本控制的成功公式將繼續推動營收成長、利潤率擴張和大量現金流。

While still very early in the early planning process, we anticipate or things in 2025 to start with a $14 handle.

雖然仍處於早期規劃過程的早期階段，但我們預計 2025 年手把的售價將達到 14 美元。

We continue to see a very positive sentiment from our customer and a macro environment that favors growing demand for experiences and vacations.

我們繼續看到客戶的正面情緒和有利於體驗和度假需求不斷增長的宏觀環境。

American households are wealthier than ever with continued wage growth and low unemployment driving strong consumer spending.

美國家庭比以往任何時候都更加富裕，持續的薪資成長和低失業率推動了強勁的消費支出。

Spend on leisure has grown a lot faster than most other spend categories over the past 12 months with spend on travel increasing at a faster pace than other leisure categories.

過去 12 個月，休閒支出的成長速度遠快於大多數其他支出類別，其中旅行支出的成長速度快於其他休閒類別。

Our research suggests that this trend will continue over the next 12 months with leisure travel spending growing by more than any other leisure category.

我們的研究表明，這一趨勢將在未來 12 個月內持續下去，休閒旅行支出的成長將超過任何其他休閒類別。

Millennials, families, and active cruisers are all over-indexing on both leisure travel and specifically cruise travel.

千禧世代、家庭和活躍的遊輪遊客都對休閒旅行，特別是遊輪旅行過度關注。

Cruise remains an attractive value proposition and cruise purchase intent remains high.

郵輪仍然是一個有吸引力的價值主張，郵輪購買意願仍然很高。

Furthermore, the majority of consumers are now actively planning their next vacation but haven't booked it yet, further supporting demand for cruise.

此外，大多數消費者目前正在積極規劃下一個假期，但尚未預訂，這進一步支撐了郵輪需求。

With our exceptional and leading portfolio of brand's innovative and differentiated ships, exciting and exclusive destination experiences, and leading commercial and AI-driven capabilities, we are excited to welcome those customers onboard our ships and deliver the best vacation experiences responsibly.

憑藉我們卓越且領先的品牌創新和差異化船舶組合、令人興奮和獨特的目的地體驗以及領先的商業和人工智慧驅動能力，我們很高興歡迎這些客戶登上我們的船舶，並負責任地提供最佳的度假體驗。

Our addressable market is growing, and we are attracting more new customers into our vacation ecosystem, particularly younger demographics.

我們的潛在市場正在成長，我們正在吸引更多新客戶進入我們的度假生態系統，特別是年輕的人。

In fact, the majority of our guests this year are either new to cruise or new to brand, while at the same time, our loyalty guests are up 20% compared to last year.

事實上，今年我們的大多數客人要么是郵輪新手，要么是品牌新手，同時，我們的忠誠客人比去年增加了 20%。

Once booked, guests are quickly engaged with us and buying onboard experiences at higher APDs, translating into higher satisfaction rates and higher onboard spend.

預訂後，客人很快就會與我們互動，並以更高的 APD 購買機上體驗，轉化為更高的滿意度和更高的機上消費。

Notably, more than 70% purchase onboard activities before they sail, and they spend more than double compared to those who only make purchases onboard.

值得注意的是，超過 70% 的人在啟航前購買了船上活動，他們的花費是那些只在船上購買的人的兩倍多。

Half of our onboard revenue in the third quarter was purchased through our AI-driven pre-cruise channels.

第三季我們一半的船上收入是透過人工智慧驅動的遊輪前管道購買的。

We deliver vacation experiences that meet the demands of evolving consumer profiles and preferences.

我們提供滿足不斷變化的消費者概況和偏好需求的度假體驗。

A key differentiator for us has always been our hardware, where we are constantly innovating.

我們的一個關鍵差異化因素始終是我們不斷創新的硬體。

This quarter, we launched Utopia of the Seas, a ship that has quickly become a game changer for our short Caribbean product, which serves as an important entry point for new to cruise and new to brand.

本季度，我們推出了海洋烏托邦號，這艘船很快就成為我們加勒比短程產品的遊戲規則改變者，成為郵輪新手和品牌新手的重要切入點。

It also skews towards millennials and younger guests.

它也偏向千禧世代和年輕客人。

The demand for Utopia has been incredible and has well exceeded our expectations for both ticket prices and onboard revenue.

對烏托邦的需求令人難以置信，遠遠超出了我們對票價和船上收入的預期。

Following the incredible market response to Icon of the Seas and the anticipation of Star of the Seas, we announce our agreement to build a fourth Icon class ship, which would bring the Royal Caribbean fleet in 2027.

繼海洋圖標號獲得令人難以置信的市場反應以及海洋之星號的期待之後，我們宣布同意建造第四艘圖標級郵輪，這將使皇家加勒比船隊於 2027 年加入。

Since its debut, Icon has revolutionized vacation experiences and continue to exceed our expectations in both guest satisfaction and financial performance.

自推出以來，Icon 徹底改變了度假體驗，並在賓客滿意度和財務表現方面不斷超越我們的預期。

We also continue to build on our exciting collection of private destination experiences.

我們也將繼續打造令人興奮的私人目的地體驗系列。

Earlier this month, we announced two incredible land-based initiatives that will be truly game changing for our guests.

本月早些時候，我們宣布了兩項令人難以置信的陸上舉措，這將真正改變我們的客人的遊戲規則。

We are incredibly excited for our recent announcement of Perfect Day Mexico, which will combine the adrenaline pumping thrills and ways to chill that Royal Caribbean is known for with the vibrancy and beauty on Mexico.

我們對最近宣布的完美墨西哥之旅感到非常興奮，它將把皇家加勒比聞名的腎上腺素飆升的刺激和放鬆方式與墨西哥的活力和美麗結合起來。

Perfect day Mexico is strategically located to deliver exceptional vacation experiences in both the Eastern and Western Caribbean that supports our ambition that every guest on the Royal Caribbean brand will have a perfect day on their Caribbean itinerary.

完美的一天墨西哥地理位置優越，能夠在東加勒比和西加勒比地區提供卓越的度假體驗，這支持了我們的雄心壯志，即皇家加勒比品牌的每位客人都將在他們的加勒比行程中度過完美的一天。

It also allows us to further grow the large and growing Gulf Coast area, including the Texas market, which is larger than Florida, and has a similar cruise consideration but only half the penetration.

它還使我們能夠進一步發展龐大且不斷增長的墨西哥灣沿岸地區，包括德克薩斯州市場，該市場比佛羅裡達州更大，並且具有類似的郵輪考慮因素，但只有一半的滲透率。

Upon its completion in 2027, Perfect Day Mexico will join our incredible collection of private destinations that include Perfect Day at CocoCay and Labadee, Royal Beach Club Paradise Island opening in 2025, and Royal Beach Club in Cozumel opening in 2026.

於2027 年完工後，Perfect Day Mexico 將加入我們令人驚嘆的私人目的地系列，其中包括CocoCay 和Labadee 的Perfect Day、將於2025 年開業的天堂島皇家海灘俱樂部以及於2026 年開業的科蘇梅爾皇家海灘俱樂部。

Silversea is developing the world southernmost hotel in Puerto Williams, Chile, that upon completion in late 2025 will create a unique seamless journey for guest embarking on Silversea's innovative Antarctica fly-cruise program, the most direct route to the white continent, allowing guests to enjoy Silversea's personalized service and warm hospitality throughout their voyage.

銀海郵輪正在智利威廉斯港開發世界最南端的酒店，該酒店將於2025 年底竣工，將為參加銀海郵輪創新的南極洲飛行巡航計劃的客人打造獨特的無縫旅程，這是前往白色大陸最直接的航線，讓客人享受銀海郵輪在整個航程中提供個人化服務和熱情款待。

We remain committed to our SEA the Future vision, sustaining the planet, energizing communities, and accelerating innovation.

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。

Last quarter, we achieved our trifecta financial goals, and we now expect to also achieve a double-digit reduction in carbon intensity compared to 2019 one year ahead of our original expectation.

上個季度，我們實現了三連勝財務目標，現在我們預計與 2019 年相比，碳強度將實現兩位數的下降，比我們最初的預期提前了一年。

This further solidifies our commitment and focus on advancing the sustainability of our business.

這進一步鞏固了我們對促進業務永續發展的承諾和關注。

As part of our journey to accelerate innovation to decarbonize our business, we continue to diversify our fuel sources.

作為加速創新以實現業務脫碳的一部分，我們繼續實現燃料來源多元化。

Our newest ship, Utopia of the Seas, completed her inaugural transatlantic crossing using bio-LNG in June and July; Icon will start utilizing shore power at Port of Miami next week; and Celebrity Xcel will be our first methanol capable ship, which are all important milestones in our energy transition.

我們最新的船舶「海洋烏托邦號」於 6 月和 7 月使用生物液化天然氣完成了首次跨大西洋航行； Icon 將於下週開始在邁阿密港使用岸電； Celebrity Xcel 和 Celebrity Xcel 將成為我們第一艘能夠使用甲醇的船舶，這些都是我們能源轉型的重要里程碑。

We have so much to be proud of and this is just the beginning.

我們有很多值得自豪的事情，而這只是開始。

With our industry-leading brands that excel in each of their respective segments, most innovative fleet and destinations and the best people who are focused on delivering a lifetime of vacations for our guests, we focus on winning share from the large and attractive travel industry while delivering long-term shareholder value.

憑藉我們在各個領域表現出色的行業領先品牌、最具創新性的機隊和目的地以及專注於為客人提供終生假期的最優秀人才，我們致力於從龐大且有吸引力的旅遊業中贏得份額，同時提供長期股東價值。

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

接下來，我會將電話轉給納夫塔利。

Naf?

納夫？

Thank you, Jason, and good morning, everyone.

謝謝傑森，大家早安。

I will start with third-quarter results.

我將從第三季的業績開始。

Our teams delivered another exceptional performance that exceeded our expectations, resulting in adjusted earnings per share of $5.20. The $0.25 per share outperformance compared to the midpoint of our guidance is driven by better revenue across our brands and key itineraries, benefits from multiple balance sheet actions we have taken during the quarter, as well as approximately $0.10 per share favorable timing of expenses.

我們的團隊再次取得了超出我們預期的卓越表現，調整後每股收益為 5.20 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0.25 美元，這是由於我們各品牌和關鍵行程的收入有所改善、我們在本季度採取的多項資產負債表行動中受益，以及每股約0.10 美元的有利支出時機。

We finished the third quarter with a net yield growth of 7.9%, which was driven mostly by stronger APDs.

第三季結束時，我們的淨收益率成長了 7.9%，這主要是由 APD 走強推動的。

The strong yield growth was driven by both new ships and like-for-like hardware and across all key itineraries, especially Alaska and Europe.

收益的強勁成長是由新船和同類硬體以及所有關鍵航線（尤其是阿拉斯加和歐洲）推動的。

Net cruise cost, excluding fuel, increased 4% in constant currency.

以固定匯率計算，不包括燃油的遊輪淨成本增加了 4%。

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 appreciation of our share price during the third quarter.

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，考慮到第三季度我們股價的升值，這足以抵消股票補償的負面影響。

Adjusted EBITDA was $2.1 billion, 24% year-over-year growth; and adjusted EBITDA margin was 44%, 240 basis points higher than last year.

調整後 EBITDA 為 21 億美元，年增 24%；調整後 EBITDA 利潤率為 44%，比去年高 240 個基點。

Now let me talk about our increased guidance expectations for 2024.

現在讓我談談我們對 2024 年上調的指導預期。

We are set to have another exceptional year of yield growth with net yield is expected to be up 10.8% to 11.3%.

我們將迎來另一個產量成長非凡的一年，淨產量預計將成長 10.8% 至 11.3%。

The increase in our yield guidance is driven by the stronger-than-expected performance in the third quarter and better outlook in the fourth quarter, which also include the impact from Hurricane Milton.

我們上調收益率指引的原因是第三季的業績強於預期，第四季的前景較好，其中還包括颶風米爾頓的影響。

Now moving to costs, full-year net cruise costs, excluding fuel, are expected to be up 6.2% to 6.7%.

現在轉向成本，全年淨郵輪成本（不含燃油）預計將上漲 6.2% 至 6.7%。

Our cost metric is up 40 basis points compared to our prior guidance and is driven entirely by higher non-cash stock-based compensation given the increase in the stock prices the last earnings call.

與我們先前的指導相比，我們的成本指標上升了 40 個基點，這完全是由於考慮到上次財報電話會議股價上漲而導致非現金股票薪酬上漲。

We anticipate fuel expense of $1.16 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 11.6 億美元，並且我們以低於市場利率的價格對沖 61%。

We are raising adjusted earnings per share guidance to $11.57 to $11.62. I want to provide a little more color on the progress of our earnings guidance.

我們將調整後每股盈餘指引上調至 11.57 美元至 11.62 美元。我想為我們的獲利指引的進展提供更多的資訊。

We're increasing our guidance by $0.20 for the year, which includes $0.14 negative impact from Hurricane Milton and higher stock-based expense.

我們將今年的指導上調了 0.20 美元，其中包括颶風米爾頓帶來的 0.14 美元負面影響和更高的股票費用。

When excluding that impact, the $0.34 better-than-expected business performance is more than half driven by fourth-quarter outlook and the remainder relates data to better third-quarter results.

排除這一影響後，好於預期 0.34 美元的業務業績一半以上是由第四季度前景推動的，其餘部分則與數據與更好的第三季度業績相關。

Now I will discuss our fourth-quarter guidance.

現在我將討論我們的第四季指引。

Many of the ships have now transitioned from their summer to the winter itineraries.

許多船隻現已從夏季行程過渡到冬季行程。

In the fourth quarter, about 63% of our capacity will be in the Caribbean, 9% in Europe, and about 13% in the Asia-Pacific region.

第四季度，我們約63%的產能將在加勒比海地區，9%在歐洲，約13%在亞太地區。

The remaining capacity is spread across several other itineraries, including repositionings, West Coast, and expedition cruises.

剩餘運力分佈在其他幾個航線上，包括重新定位、西海岸和探險巡航。

We plan to operate 12.8 million APCDs during the fourth quarter.

我們計劃在第四季度營運 1,280 萬台 APCD。

Net yields are expected to be up 5.1% to 5.6% for the fourth quarter, which includes approximately 40 basis points impact from Hurricane Milton.

第四季淨收益率預計將上漲 5.1% 至 5.6%，其中包括颶風米爾頓約 40 個基點的影響。

As our yield growth normalizes, we remain focused on executing on our proven formula of moderate capacity growth, moderate yield growth, and strong cost control to deliver strong earnings power and cash flow.

隨著我們的收益率成長正常化，我們仍然專注於執行我們經過驗證的適度產能成長、適度收益率成長和強有力的成本控制的公式，以提供強勁的獲利能力和現金流。

Net cruise costs, excluding fuel, are expected to be up 11.6% to 12.1%.

不包括燃油在內的郵輪淨成本預計將上漲 11.6% 至 12.1%。

The year-over-year increase in costs in the fourth quarter is predominantly driven by elevated drydock days, higher non-cash stock compensation, and shifting of costs from the third quarter.

第四季成本年增主要是由於乾船塢天數增加、非現金庫存補償增加以及第三季成本轉移所致。

Without those, our costs would have been in the low-single digits.

如果沒有這些，我們的成本將會低至個位數。

Taking all this into account, we expect adjusted earnings per share for the quarter to be $1.40 to $1.45. The quarter includes $0.14 impact from Hurricane Milton and higher stock-based comp, in addition to approximately $0.10 of cost shifting from the third quarter.

考慮到所有這些因素，我們預計本季調整後每股收益為 1.40 美元至 1.45 美元。該季度包括颶風米爾頓 0.14 美元的影響和更高的股票比較，此外還有第三季度約 0.10 美元的成本轉移。

Now I will share insights for 2025, which while as still very early, is shaping up to be another exciting year. 2025 capacity is expected to be up 5% as we introduce Star of the Seas in the third quarter and Celebrity Xcel in the fourth quarter as well as benefit from a full year of Utopia and Silver Ray.

現在，我將分享對 2025 年的見解，儘管 2025 年還為時過早，但它將成為另一個令人興奮的一年。由於我們在第三季推出了海洋之星號和第四季推出的名人 Xcel 號，以及全年的烏托邦號和銀光號，預計 2025 年運力將成長 5%。

Capacity is most pronounced in the second and fourth quarters due to timing of new ship deliveries and dry docks.

由於新船交付和乾船塢的時間安排，第二和第四季的運力最為明顯。

We are growing Caribbean capacity about 5% in 2025, and it will represent about 57% of our deployment.

到 2025 年，我們將把加勒比地區的容量增加約 5%，這將占我們部署的約 57%。

We expect the opening of Royal Beach Club Paradise Island in Nassau at the end of 2025, which will benefit our 2026 Caribbean itineraries.

我們預計拿騷皇家海灘俱樂部天堂島將於 2025 年底開業，這將有利於我們 2026 年的加勒比海航線。

European itineraries will account for 15% of our capacity, Alaska will account for about 6%, and Asia-Pacific will account for 11%.

歐洲航線將占我們運力的15%，阿拉斯加將佔6%左右，亞太航線將佔11%。

As Jason mentioned, our booked load factors are in line with previous years and at higher APDs.

正如 Jason 所提到的，我們的預訂載客率與往年一致，且 APD 較高。

Our book's position is exactly where we want it to be to further optimize our yield profile and deliver on our formula for success, moderate capacity growth, moderate yield growth, and strong cost discipline.

我們本書的立場正是我們所希望的，即進一步優化我們的產量狀況，並實現我們的成功公式、適度的產能成長、適度的產量成長和嚴格的成本控制。

This positions us to continue delivering margin expansion and strong cash flow.

這使我們能夠繼續實現利潤率擴張和強勁的現金流。

Now moving to costs, our focus remains to manage costs as we seek to grow our margins.

現在轉向成本，我們的重點仍然是在尋求增加利潤的同時管理成本。

In 2025, we expect to have lower drydock days compared to this year but still higher than 2023, partially due to longer drydock days for several planned modernization projects of our existing ships.

到 2025 年，我們預計乾船塢天數將低於今年，但仍高於 2023 年，部分原因是我們現有船舶的幾個計劃現代化項目的干船塢天數更長。

Overall, we expect disciplined cost growth consistent with our proven formula, and we will provide more details during our fourth-quarter earnings call.

總體而言，我們預計成本成長將符合我們經過驗證的公式，我們將在第四季度的財報電話會議上提供更多詳細資訊。

Taking all of this into account, we expect adjusted earnings per share to start with a $14 handle.

考慮到所有這些因素，我們預計調整後每股收益將達到 14 美元。

Turning to our balance sheet, we ended the quarter with $3.9 billion in liquidity.

轉向我們的資產負債表，本季末我們的流動資金為 39 億美元。

Over the last two years, we have made significant progress in strengthening the balance sheet and this quarter, we reached a key financial milestone by returning to a fully unsecured capital structure.

過去兩年，我們在強化資產負債表方面取得了重大進展，本季度，我們恢復了完全無擔保的資本結構，實現了一個重要的財務里程碑。

During the quarter, we refinanced $3.5 billion of debt, lowering rates by 300 basis points.

本季度，我們為 35 億美元的債務進行了再融資，利率降低了 300 個基點。

Our leverage was below 3.5 times as of the third quarter on a trailing 12-month basis and when excluding the impact of new ships that were delivered midyear.

截至第三季度，過去 12 個月的槓桿率低於 3.5 倍，且排除年中交付的新船的影響。

Also, this quarter, we opportunistically exchange $827 million of our outstanding convertible bonds for cash and shares.

此外，本季度，我們也趁機將 8.27 億美元的未償還可轉換債券兌換成現金和股票。

This transaction allowed us to address 2025 debt, maturity, while also effectively buying back 5.1 million shares at an attractive weighted average price of $154 per share.

這項交易使我們能夠解決 2025 年的債務到期問題，同時也以每股 154 美元的有吸引力的加權平均價格有效回購 510 萬股股票。

Our strong balance sheet position allows us to further support our growth ambitions and expend capital allocation while delivering strong cash flow and maintaining investment grade balance sheet metrics.

我們強大的資產負債表狀況使我們能夠進一步支持我們的成長目標並擴大資本配置，同時提供強勁的現金流量並維持投資等級資產負債表指標。

In closing, we remain committed and focused on executing our strategy and delivering on our mission.

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。

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

這樣，我將要求我們的接線生打開問答環節。

(Operator Instructions) Brandt Montour, Barclays.

（操作員說明）Brandt Montour，巴克萊銀行。

Good morning, everybody, and congrats on another really solid quarter.

大家早安，恭喜又一個非常紮實的季度。

The first question is about pricing.

第一個問題是關於定價。

And thinking about the exit rate that you're seeing in the fourth quarter, I wanted to take a broader look and think about if you can talk about like-for-like pricing cumulatively from -- versus 2019 and just sort of level set where you think you're at and if you're still trailing sort of cumulative US inflation?

考慮到您在第四季度看到的退出率，我想更廣泛地審視並考慮是否可以談論與 2019 年相比累計的同類定價，以及設定的水平您認為您現在是否仍落後於美國累計通脹？

Does inflation coming down next year act as some sort of a governor a little bit how strong yield can be?

明年通膨下降是否會起到某種調節作用，殖利率可以有多強？

Or how do you think about that?

或者你對此有何看法？

Sure.

當然。

First, good morning, Brandt.

首先，早上好，布蘭特。

Hope all is well.

希望一切都好。

I think, first, just starting off is when you compare to '19 levels, whether it's the fourth quarter is up about 25%, the year is up about 26% versus 2019 levels.

我認為，首先，當你與 19 年的水平進行比較時，無論是第四季度都上漲了約 25%，今年與 2019 年的水平相比上漲了約 26%。

And so, I think, when we look at that, there's a lot of things that's inside of that, which is not only just like-for-like growth.

因此，我認為，當我們審視這一點時，裡面有很多東西，而不僅僅是同比增長。

It's not just the new capacity.

這不僅僅是新容量。

It's also great assets like Perfect Day fully normalizing within our business.

這也是像 Perfect Day 這樣的寶貴資產，在我們的業務中完全正常化。

And while there has been a lot of growth on the pricing standpoint, a little bit of growth on the occupancy standpoint, the trends show that we continue to be able to elevate demand, elevate pricing each day.

雖然從定價角度來看有很大成長，從入住率角度來看有一點成長，但趨勢顯示我們繼續能夠每天提高需求、提高定價。

And so what you see in the overall trends is that we continue to see strong volumes, the customer's willingness to pay more.

因此，您在整體趨勢中看到的是，我們繼續看到強勁的銷量，客戶願意支付更多費用。

I don't think this is an inflation-related type of driver.

我不認為這是與通膨相關的驅動因素。

I think the driver is that cruise or propensity of cruise is at a significantly high level.

我認為驅動因素是巡航或巡航傾向處於相當高的水平。

I think that the cruise experience is now considered to be a very mainstream vacation product.

我認為郵輪體驗現在已經被認為是一個非常主流的度假產品。

And there's still a significant value proposition versus land-based vacation.

與陸上度假相比，仍具有重要的價值主張。

So I think the combination of really understanding what our guests are looking for and leveling up our business with our brands, meeting those expectations, the ships meet those expectations, the destinations meeting those expectations.

因此，我認為真正了解客人的需求並透過我們的品牌提升我們的業務、滿足這些期望、船舶滿足這些期望、目的地滿足這些期望相結合。

And having the tools and technology that really allow us to harvest quality demand, I think, is all leading to why we keep seeing outperformance on the yield growth side.

我認為，擁有真正能讓我們收穫優質需求的工具和技術，就是我們在產量成長方面不斷看到優異表現的原因。

And we do not, in any way, see anything, any ingredients that say that we're hitting some type of ceiling.

而且我們沒有以任何方式看到任何東西、任何成分錶明我們正在達到某種天花板。

If anything, we see continued acceleration in demand for our business.

如果有什麼不同的話，那就是我們的業務需求持續加速。

That's super helpful.

這非常有幫助。

Thanks for that, Jason.

謝謝你，傑森。

And then just to follow up, and I had a pretty exciting announcement here intra-quarter.

然後跟進，我在季度內宣布了一個非常令人興奮的消息。

And I know that Perfect Day Mexico, you'll probably talk a lot about that on the first-quarter Investor Day.

我知道墨西哥完美日，您可能會在第一季投資者日談論很多這個問題。

There were some conflicting reports out there at how much the capital investment that was going to take.

對於需要多少資本投資，存在一些相互矛盾的報告。

I was wondering if you could maybe give us a little bit of insight into the gross level of spend.

我想知道您能否讓我們了解總支出水準。

And Naf, do you want to talk a little bit about the return expectations that you'd expect for that project?

Naf，您想談談您對該專案的預期回報嗎？

That would be helpful.

那會有幫助的。

Thanks.

謝謝。

Yeah, sure.

是的，當然。

Well, I think just starting off on a cost standpoint, but we're still in the design and planning process for Perfect Day Mexico.

嗯，我認為只是從成本角度出發，但我們仍在墨西哥完美日的設計和規劃過程中。

Obviously, we have an incredible foundation of what our guests are looking for and their willingness to spend and experience with Perfect Day at CocoCay.

顯然，我們對客人的需求以及他們在 CocoCay 的完美一天度過和體驗的意願有著令人難以置信的基礎。

We did acquire the port which will -- you'll see later in our filing today for $292 million.

我們確實以 2.92 億美元收購了該港口，您將在今天的文件中看到。

It's not just the port, but it's also all the land that is surrounding the port.

不只是港口，還有港口周圍的所有土地。

And again, we're still in that design process.

再說一遍，我們仍處於設計過程中。

But what I would say is we're very mindful of having sizable significant returns associated with these private destinations.

但我想說的是，我們非常注意與這些私人目的地相關的可觀回報。

But more importantly, we're very focused on making sure that the guest experience is at an all-time high.

但更重要的是，我們非常注重確保賓客體驗達到歷史最高水準。

Perfect Day at CocoCay is our highest-rated destination on a Net Promoter Score.

可可島的完美一天是我們淨推薦值最高的目的地。

So our ability to not only capture additional demand from other markets, but our ability to deliver a perfect day to basically every Royal Caribbean International guest in the Caribbean, I think, just drives greater demand for that brand.

因此，我認為，我們不僅有能力抓住其他市場的額外需求，而且有能力為加勒比地區的每位皇家加勒比國際遊客提供完美的一天，這只會推動對該品牌的更大需求。

And I think that's ultimately what we look for.

我認為這就是我們最終所尋求的。

Because we know that when we can deliver the best vacation in the world, our guests are willing to pay for that and they're also willing, obviously, to help us deliver great financial returns on investments like these destinations.

因為我們知道，當我們能夠提供世界上最好的假期時，我們的客人願意為此付費，而且顯然他們也願意幫助我們在這些目的地等投資上獲得豐厚的財務回報。

And Brandt, just one quick thing to add.

布蘭特，我想補充一件事。

You'll see obviously in the 10-Q today, that acquisition and we expect to close that in the first half of 2025.

您將在今天的 10 季中清楚地看到該收購，我們預計將在 2025 年上半年完成該收購。

So that will be also included in our capital commentary in the next quarter.

因此，這也將包含在我們下一季的資本評論中。

Steven Wieczynski, Stifel.

史蒂文‧維琴斯基，史蒂菲爾。

Hey, guys.

嘿，夥計們。

Good morning and congrats on another very solid quarter.

早上好，恭喜又一個非常穩定的季度。

So, Jason, if we think about your 2025 $14 handle earnings comment.

那麼，Jason，如果我們考慮一下您對 2025 年 14 美元手柄收益的評論。

And look, I know it's early on in your planning stages for next year, but just wondering how you guys are thinking about what are maybe some of the pillars that are going to get you to that $14 plus in earnings?

聽著，我知道你們明年的計劃還處於早期階段，但只是想知道你們如何考慮哪些支柱可能會讓你們的收入達到 14 美元以上？

I assume you're going to tell me the company line of moderate capacity growth, moderate yield growth, and strong cost control.

我想你會告訴我公司的路線是適度的產能成長、適度的產量成長和強而有力的成本控制。

But is there anything else that can help us with, as we think about next year based on your current book position?

但是，當我們根據您目前的圖書位置考慮明年時，還有什麼可以幫助我們的嗎？

I mean, not gave us some really good color on the cost side, but anything we should be thinking about from the yield side or how we should maybe be thinking about interest cost next year?

我的意思是，沒有給我們帶來成本方面的一些非常好的信息，但是我們應該從收益率方面考慮什麼，或者我們應該如何考慮明年的利息成本？

And does that $14-plus a share include any buybacks or would be -- or would buybacks be accretive to that number?

每股 14 美元以上是否包括任何回購，或者回購是否會增加這個數字？

Sure.

當然。

Well, Steve, I think you said our company line really well.

好吧，史蒂夫，我認為你把我們公司的路線說得很好。

And it is something, obviously, that we're very religious about.

顯然，這是我們非常虔誠的事。

To get to the -- I would tell you, it's not $14.

我告訴你，這不是 14 美元。

We're saying it's going to have a $14 handle on it -- is you really just need moderate yield growth.

我們說它將有 14 美元的控制權——你真的只需要適度的收益率成長嗎？

You need us to continue to manage our costs effectively.

您需要我們繼續有效地管理我們的成本。

And of course, we're going to benefit from interest costs.

當然，我們將從利息成本中受益。

A lot of the great on activity we've been able to do over the past couple of quarters to get our balance sheet back to pre-COVID leverage levels as well as getting to an unsecured state.

在過去的幾個季度中，我們開展了許多出色的活動，使我們的資產負債表恢復到新冠疫情前的槓桿水平，並進入無擔保狀態。

So I think that will help drive that.

所以我認為這將有助於推動這一目標。

So on the share repurchase standpoint, obviously, we were able to take some action here last quarter in being able to recapture about 5.1 million shares that were dilutive to us.

因此，從股票回購的角度來看，顯然，上個季度我們能夠採取一些行動，重新奪回對我們造成稀釋的約 510 萬股股票。

And -- but I would say in that number, that does not contemplate us buying back shares, which, of course, when you look back in time, we've always had when we think about capital returns, a mix of having competitive dividend and opportunistically buying back shares.

但我想說的是，在這個數字中，這並不意味著我們回購股票，當然，當你回顧過去時，我們在考慮資本回報時總是會考慮回購股票，即具有競爭性股息的組合併趁機回購股票。

So it's -- but that is not something that is in the consideration set in that early guide for the $14 handle.

確實如此，但這並不是 14 美元手柄的早期指南中所考慮的內容。

Okay.

好的。

Got you.

明白你了。

Thanks for that.

謝謝你。

And then second question, going back to Perfect Day Mexico, Jason, can you help us think about maybe the potential yield uplift you guys might be able to achieve based on what you've learned from CocoCay?

然後第二個問題，回到 Perfect Day Mexico，Jason，您能否幫助我們考慮一下，根據您從 CocoCay 學到的知識，您可能能夠實現潛在的產量提升？

I guess, I'm just trying to figure out if we start to think about 2027, what that yield outlook could look like for your Western Caribbean itineraries?

我想，我只是想弄清楚，如果我們開始考慮 2027 年，您的西加勒比行程的收益前景會是什麼樣子？

I mean, if we assume based on our math, CocoCay had at least a double-digit impact or yield impact on your Eastern Caribbean itineraries.

我的意思是，如果我們根據數學假設，可可島對您的東加勒比行程至少有兩位數的影響或收益影響。

I mean, is there any reason to believe you guys won't see that same type of uplift for your Western Caribbean itineraries?

我的意思是，有什麼理由相信你們的西加勒比行程不會看到同樣類型的提升嗎？

Well, I would say that what you pointed to is directionally right.

嗯，我想說，你所指出的方向是正確的。

I mean, I think we certainly see an uplift, not -- there's a piece of it, which is the uplift that we get from the onboard side or the on-island revenue that we get.

我的意思是，我認為我們肯定會看到成長，而不是——其中有一部分是我們從船上或島上獲得的收入的增長。

But it's also a lot of things in island we don't charge for.

但島上還有很多東西我們是不收費的。

And so our guests, whether you're paying for some of the more unique experience like Hideaway or the beach club or the slides that you would see on Perfect Day at CocoCay, that will, of course, exist in Perfect Day Mexico.

因此，我們的客人，無論您是為一些更獨特的體驗付費，如 Hideaway 或海灘俱樂部，還是在可可島 Perfect Day 中看到的滑梯，這些當然都存在於 Perfect Day Mexico 中。

People go into those islands -- or go into Perfect Day at CocoCay, pay additional money for access to all the things that we also provide on that island, not just things that you have to pay for.

人們進入這些島嶼，或進入 CocoCay 的 Perfect Day，支付額外費用即可享受我們在島上提供的所有內容，而不僅僅是您必須付費的內容。

So I think what you pointed to a double-digit yield opportunity is certainly there in the Western Caribbean.

因此，我認為您所指出的兩位數收益率機會肯定存在於西加勒比地區。

And I don't think we can think of something that would generate more demand because, of course, we're going to take the learnings from CocoCay, and we'll obviously apply things that work exceptionally well.

我認為我們無法想到會產生更多需求的東西，因為當然，我們將從 CocoCay 中吸取經驗教訓，並且我們顯然會應用效果非常好的東西。

And there's things that we can do better because that's kind of our continuous improvement mantra.

有些事情我們可以做得更好，因為這是我們持續改進的座右銘。

We will certainly do so to drive really strong demand.

我們肯定會這樣做來推動真正強勁的需求。

I think it's also important to add, Steven, and with all this, too, is we're going to have the Royal Beach Clubs -- one in Nassau; we're going to have one in Cozumel; as well in Vanuatu, which is in the South Pacific.

我認為補充一點也很重要，史蒂文，除此之外，我們還將擁有皇家海灘俱樂部——一個在拿騷；一個在拿騷；一個在拿騷。我們將在科蘇梅爾設立一個；位於南太平洋的瓦努阿圖也是如此。

So there are other things that we're doing that will also be value drivers for our shareholders and also improve our yield profile.

因此，我們正在做的其他事情也將成為股東的價值驅動因素，並改善我們的收益狀況。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Thanks, and congrats on another really nice quarter.

謝謝，並祝賀又一個非常美好的季度。

Thank you.

謝謝。

So Jason, could you elaborate on the continued elevated demand patterns that you cited, maybe just trends across regions through October that you're seeing?

Jason，您能否詳細說明您提到的持續成長的需求模式，也許只是您所看到的截至 10 月份各地區的趨勢？

And then for 2025, Naftali, maybe just if you could elaborate on the booked position being exactly where you want to further optimize yields.

然後到 2025 年，Naftali，也許您可以詳細說明預訂的位置正是您想要進一步優化收益的位置。

What exactly that means?

這到底意味著什麼？

How it translates to continued margin expansion?

它如何轉化為持續的利潤擴張？

Yeah.

是的。

So I'll take the first one.

所以我會選第一個。

Of course, team can chime in on it.

當然，團隊可以參與其中。

We have -- I think, each month that goes by, our expectations rise, and you're seeing that in the close-in demand.

我認為，隨著時間的推移，我們的期望每個月都會上升，你可以在近期的需求中看到這一點。

And even as we saw through the month of October, we saw that demand continued to rise.

即使我們看到整個 10 月份，需求仍在持續成長。

We're able to come to increase pricing as well as being able to successfully build our book position, whether it's for the quarter or whether it is into next year.

我們能夠提高定價，並能夠成功建立我們的帳面狀況，無論是本季還是明年。

So that's where our commentary around the elevation is that it continues to strengthen.

因此，我們對海拔高度的評論是，它繼續加強。

And that is despite, obviously, having a couple of off days around the hurricane, right?

顯然，儘管颶風期間有幾天休息時間，對吧？

Because when we have hurricanes, there is -- people are concentrated on, I think, more important things, like making sure their homes are secured or they're focused on the news.

因為當我們遇到颶風時，我認為人們會專注於更重要的事情，例如確保他們的房屋安全或關注新聞。

And so there's always a little bit of softness that can come a couple of days in or around a storm.

因此，在暴風雨期間或暴風雨前後的幾天裡，總是會出現一些疲軟的情況。

But we were able to see, when we look at the month, we were at an elevated position.

但我們可以看到，當我們查看這個月時，我們處於較高的位置。

We saw the same thing happened in September, an elevated position, above and beyond what had already risen through the course of the year.

我們在 9 月看到了同樣的情況，排名上升，超過了全年的上升幅度。

And I think that helps us build not only a strong quarter but also a strong period into next year.

我認為這不僅有助於我們打造一個強勁的季度，而且還能幫助我們在明年建立一個強勁的時期。

And I'll let Naf comment on the optimal book position.

我會讓 Naf 評論一下最佳的書籍位置。

Yeah.

是的。

So, Matt, as you can imagine, every year, we go through this process where we build a book of business for the next year.

所以，馬特，正如你可以想像的那樣，每年我們都會經歷這個過程，為下一年建立一本商業手冊。

We try to maximize yield, right?

我們試圖最大化產量，對嗎？

That's the most important thing that we do and we tried to do and we, the last couple of years, have been focused on deploying AI tools and other technology to make sure that we are taking all the information and making the right decisions.

這是我們所做和嘗試做的最重要的事情，過去幾年我們一直專注於部署人工智慧工具和其他技術，以確保我們獲得所有資訊並做出正確的決策。

And what it means is that we feel pretty good at where we sit.

這意味著我們對自己坐的地方感覺很好。

We built a good -- start to build a good book of business, and we have good runway to continue to drive demand and pricing as it cross the year into wave.

我們建立了良好的業務記錄，開始建立良好的業務記錄，我們有良好的跑道來繼續推動需求和定價，因為它在今年進入浪潮。

And Matt, if I could just add one point to it.

馬特，如果我可以補充一點的話。

Obviously, our yield management tools get smarter and better every day.

顯然，我們的收益管理工具每天都變得更聰明、更好。

And when we look back, whether we look back at the same time last year or even the year before, we would obviously look at that and say we had some regret.

當我們回顧過去時，無論是去年的同一時間，還是前年的同一時間，我們顯然都會說我們有一些遺憾。

We left revenue on the table.

我們把收入留在了桌面上。

The tools would have said we should have slowed a little bit our bookings.

這些工具會說我們應該放慢一點預訂速度。

But we -- I think we're probably a little more conservative in that.

但我們——我認為我們在這方面可能會更保守一些。

And so I think we're building more and more confidence in these tools.

所以我認為我們對這些工具越來越有信心。

We're in line with our book position at the same time last year, way ahead of where we were in 2019.

我們與去年同期的帳面狀況一致，遠遠領先 2019 年的狀況。

We're at higher rates.

我們的利率較高。

And so I think we're not looking to wake up and be able to say, look, we're booked ahead of same time last year on a volume standpoint.

所以我認為我們不希望一覺醒來就能夠說，看，從數量的角度來看，我們已經比去年同期提前預訂了。

We're here wanting to make sure that we optimize our revenue for 2025 and beyond.

我們希望確保優化 2025 年及以後的收入。

And that's -- ultimately, what's most important is to drive yield growth and strong margin returns.

最終，最重要的是推動收益率成長和強勁的利潤回報。

Vince Ciepiel, Cleveland Research.

文斯·西皮爾，克利夫蘭研究中心。

Thanks.

謝謝。

I wanted to zoom in a little bit more on the bookings' trends recently.

我想進一步關注最近的預訂趨勢。

It sounds like things -- I think you used the term accelerated since the last call, despite maybe a little bit of a hurricane noise within bookings in October.

聽起來像是這樣的事情——我認為自上次通話以來您使用了“加速”這個詞，儘管 10 月份的預訂可能有點颶風般的噪音。

Can you comment on what you expect bookings growth to look like through the course of the quarter?

您能否評論一下您對本季預訂量成長的預期？

I imagine that pouring out dollars at a time when there's hurricanes or election noise maybe isn't the best strategy.

我想，在颶風或選舉喧囂之際投入美元可能不是最好的策略。

And how you imagine managing your ad budget through the course of 4Q and early next year as you get a kick in wave season?

您如何想像在第四季和明年初在旅遊旺季期間管理您的廣告預算？

Well, you're right.

嗯，你是對的。

Obviously, our guide for the quarter -- we typically try to guide at a 50/50 position.

顯然，我們本季的指導 - 我們通常嘗試以 50/50 的位置進行指導。

I think what we have not been able -- or it's probably a good problem to have but when we see demand patterns elevate and I think that's through really just great advocacy from our guests who are coming off of our ships, having the best vacations of their life.

我認為我們還沒有做到——或者這可能是一個好問題，但是當我們看到需求模式上升時，我認為這實際上是透過我們的客人的大力倡導，他們從我們的船上下來，享受了最好的假期他們的生活。

And then, of course, we're seeing them book more frequently on occurring.

然後，當然，我們看到他們更頻繁地預訂活動。

And then we -- that advocacy is building more demand, and that helps feed all the great marketing that our teams do each and every day.

然後我們——這種宣傳正在創造更多的需求，這有助於滿足我們團隊每天所做的所有出色的行銷。

So I think we continue to expect that we're going to invest in marketing the way that we have and the types of marketing that we have been doing.

因此，我認為我們繼續期望我們將以我們現有的方式和我們一直在做的營銷類型進行投資。

And that's driving really healthy demand for our business.

這推動了對我們業務的真正健康的需求。

So we're obviously not guiding on the quarters for next year or for next year outside of same moderate yield growth.

因此，除了同樣溫和的收益率成長之外，我們顯然不會對明年或明年的季度進行指導。

But I think that we're focused on generating high-quality demand across our different channels in our different markets.

但我認為我們專注於透過不同市場的不同管道產生高品質的需求。

Great.

偉大的。

And one follow-up on that.

還有一個後續行動。

You mentioned the hurricane having a small impact here in 4Q yields.

您提到颶風對第四季的收益率影響較小。

Any carry through into '25, based on what you can see right now?

根據您現在所看到的情況，是否會延續到 25 年？

And I think, last year, at this time, you called out a little bit on the cadence of the out-years yield growth.

我認為，去年的這個時候，您對未來幾年收益率成長的節奏提出了一些要求。

Anything worth mentioning, still opportunity to drive occupancy?

有什麼值得一提的，還有提高入住率的機會嗎？

Anything worth calling out for yield growth into next year?

明年的殖利率成長有什麼值得關注的嗎？

Yeah.

是的。

Hey, Vince.

嘿，文斯。

So no, not really.

所以不，不是真的。

There hasn't been any impact on -- from the hurricane.

颶風沒有造成任何影響。

So that's not -- and nothing really to call out of.

所以這並不是——也沒有什麼值得大驚小怪的。

I called out some of the capacity growth, right, just given the drydock days and the delivery of the ship -- the new ships next year.

我提到了一些運力增長，對吧，考慮到乾船塢的日子和船舶的交付——明年的新船。

Great.

偉大的。

Thanks.

謝謝。

Hi, Vince.

嗨，文斯。

It's Michael.

是麥可。

Just to add, on the impact of the elections on bookings, we've come back and done the analysis over literally decades.

補充一下，關於選舉對預訂的影響，我們已經回頭進行了數十年的分析。

And it may be -- there maybe a little bit of volatility during the week of the election.

選舉期間可能會出現一些波動。

But when you spread it over a longer period, there's effectively no impact on bookings as a result of elections, no matter which way they go.

但當你將其分散到更長的時期時，無論選舉結果如何，實際上都不會影響預訂。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey.

嘿。

Thanks for taking my questions.

感謝您回答我的問題。

First, just wanted to touch on something that, Jason, I think you mentioned that may have been glossed over.

首先，傑森，我想談談你提到的一些可能被掩蓋的事情。

Did I hear you correctly?

我沒聽錯嗎？

Did you say that Gulf Coast is a similar size cruise market as Florida but only half the penetration?

您是否說過墨西哥灣沿岸的郵輪市場規模與佛羅裡達州相似，但滲透率只有佛羅裡達州的一半？

And then, presumably -- sorry.

然後，大概——抱歉。

Go ahead.

前進。

Yeah.

是的。

No, actually, I didn't say that.

不，事實上，我沒有這麼說。

I said, Texas is a similar size marketplace that has had the penetration with a very similar propensity to cruise.

我說過，德州是一個規模相似的市場，其滲透率與郵輪的傾向非常相似。

So I think that having assets like the Royal Beach Club in Cozumel, Royal Beach in Mexico will allow us to drive more and more not only in that market but also more of the Gulf Coast and other markets that can have an easier fly-cruise experience -- have a lower-cost fly-cruise experience.

因此，我認為擁有像科蘇梅爾皇家海灘俱樂部和墨西哥皇家海灘這樣的資產將使我們不僅能夠在該市場上越來越多地開車，而且還能在更多墨西哥灣沿岸和其他可以擁有更輕鬆的飛行巡航體驗的市場上開車—享受更低成本的飛行巡航體驗。

Got it.

知道了。

And I guess, the feedback that you've gotten from customers or the work that you guys have done suggest that it's just a lack of destinations.

我想，你們從客戶那裡得到的回饋或你們所做的工作表明，這只是缺乏目的地。

Texas being underpenetrated.

德州滲透不足。

Or how do you think about that opportunity?

或者您如何看待這個機會？

It seems really compelling.

看起來確實很引人注目。

Hi.

你好。

It's Michael.

是麥可。

Just to add to Jason's comments, I mean, there's quite a few really positive things that come with Perfect Day Mexico and the Royal Beach Club Cozumel.

補充傑森的評論，我的意思是，墨西哥完美日和科蘇梅爾皇家海灘俱樂部帶來了很多非常積極的事情。

One is that we can really introduce much larger volume of short product market out of Texas, Louisiana, North Florida, Tampa.

一是我們確實可以從德州、路易斯安那州、北佛羅裡達州、坦帕引入更大容量的短期產品市場。

I mean, it really is a great opportunity for us.

我的意思是，這對我們來說確實是一個很好的機會。

And we know that that short product really catches with the younger families, and of course, we'll be able to offer really an extraordinary short break from these ports to Perfect Day and Royal Beach Club Cozumel.

我們知道這種短途產品確實很受年輕家庭的歡迎，當然，我們將能夠提供從這些港口出發前往 Perfect Day 和科蘇梅爾皇家海灘俱樂部的非凡短暫假期。

So we think that's really a huge competitive advantage.

所以我們認為這確實是一個巨大的競爭優勢。

And when you think about the product offering that Royal Caribbean will have, for example, in the Texas market, we opened up a brand-new terminal just around when we came out of the pandemic.

當你想到皇家加勒比將在德克薩斯州市場提供的產品時，我們在疫情結束後開設了一個全新的航站樓。

That's been a huge success.

這是一個巨大的成功。

It's incredibly efficient, so it can handle the large Oasis and Icon class ship.

它的效率令人難以置信，因此可以處理大型綠洲級和圖標級船舶。

So when you think about that class of ship operating on short product to Perfect Day Mexico and Royal Beach Club, we think we've really got a great product offering for our customers out of Texas and all of the Gulf ports.

因此，當您想到以短途產品運營至 Perfect Day Mexico 和皇家海灘俱樂部的此類船舶時，我們認為我們確實為德克薩斯州和所有海灣港口的客戶提供了優質的產品。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then shifting gears a little, CocoCay has clearly been a material positive over the last couple of years.

然後稍微改變一下，CocoCay 在過去幾年中顯然帶來了實質的正面影響。

As you think about your next private destination, Paradise Island, directionally, will that have a similar level of ancillary uplift per customer?

當您考慮下一個私人目的地天堂島時，每位客戶的輔助提升程度是否會類似？

Why or why not?

為什麼或為什麼不呢？

I know it's slightly different than CocoCay geographically.

我知道它在地理上與 CocoCay 略有不同。

Yeah, it's slightly different.

是的，略有不同。

I mean, it's going to be an exclusive beach club experience.

我的意思是，這將是一次獨特的海灘俱樂部體驗。

It does have -- approximately, 4,000 people a day will be able to go to the Royal Beach Club in The Bahamas.

每天約有 4,000 人能夠前往巴哈馬的皇家海灘俱樂部。

The difference is that when you go to Perfect Day, it's a combination of pay for and included in the cruise.

不同的是，當你去Perfect Day時，它是付費和包含在遊輪中的組合。

You can actually go to Perfect Day and you can have a great day at Perfect Day without having to spend additional to experience things.

你實際上可以去Perfect Day，你可以在Perfect Day度過美好的一天，而無需花費額外的費用來體驗事物。

But with the Royal Beach Club, it'll be all full pay.

但在皇家海灘俱樂部，一切都是全薪的。

I mean, you I'll have to literally buy a ticket to go and experience the beach club.

我的意思是，你必須買一張票才能去體驗海灘俱樂部。

And so we see it as a really positive revenue generator with good margins.

因此，我們認為它是一個真正積極的收入來源，具有良好的利潤率。

Lizzie Dove, Goldman Sachs.

莉齊·多夫，高盛。

Hi, there.

你好呀。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

I wanted to start off on costs.

我想從成本開始。

I was looking back and you've called out favorable timing of costs, I think, every quarter.

我回顧過去，你每季都指出了有利的成本時機。

Just curious if you can share more details there and which kind of cost buckets that hitting in the fourth quarter?

只是好奇您是否可以在那裡分享更多詳細資訊以及第四季度的成本範圍是什麼？

And whether there is also a degree of just that strong cost discipline that's also kind of benefiting the cost line?

是否也存在一定程度的嚴格成本紀律，這也有利於成本線？

Yeah.

是的。

Hi, Lizzie.

嗨，莉齊。

So this year is a little unique here.

所以今年有點獨特。

We have a lot of dry docks, double what we had last year.

我們有很多乾船塢，是去年的兩倍。

So a lot of the cost timing that we have called out of this year, and you're right, has been related to those drydocks, specifically around supply chain impacts from the suppliers.

因此，我們今年取消的許多成本時間安排都與這些乾船塢有關，特別是圍繞供應商的供應鏈影響，你是對的。

And we're trying to work around it and make sure that we get the best timing out of it.

我們正在努力解決這個問題，並確保我們能抓住最佳時機。

But that's always a little tricky, especially today.

但這總是有點棘手，尤其是在今天。

So that's really what it is.

事實就是如此。

And we're trying to manage, as you know, cost really, really strongly and really making sure that we are focused on enhancing margin.

如您所知，我們正在努力非常非常嚴格地管理成本，並真正確保我們專注於提高利潤率。

And at the same time, making sure that we make the right investments into the product, making sure that we are investing for the future.

同時，確保我們對產品進行正確的投資，確保我們為未來投資。

So all of that is going to how we manage the cost.

因此，所有這些都取決於我們如何管理成本。

Got it.

知道了。

That makes sense.

這是有道理的。

And then just on the kind of comments around moderate yield growth longer term, a lot of the questions on the call are focused about all the tailwinds you have with the new private islands, private destinations, the new ship premiums that you have.

然後，就有關長期適度收益率增長的評論而言，電話會議上的許多問題都集中在新的私人島嶼、私人目的地、新船舶溢價方面的所有利好因素。

Does that moderate great longer term?

長遠來看，這會緩和嗎？

Does that bake in the upside from the private islands and the new ships that you have coming online with those big premiums?

這是否會從私人島嶼和您以高額溢價上線的新船中受益？

Or is that more of a kind of like-for-like outlook?

或者這更像是一種類似的觀點？

Yeah.

是的。

Hi, Lizzie.

嗨，莉齊。

So I think when we look at moderate yield growth, which has a little bit of a range to it.

因此，我認為，當我們考慮適度的收益率成長時，它有一點範圍。

I think when we think about like-for-like and new hardware, like typically new hardware will contribute a point or so year to our yields.

我認為，當我們考慮同類新硬體時，通常新硬體將為我們的產量貢獻一點左右。

I mean, because the base is getting bigger, we do expect it to be like-for-like growth.

我的意思是，因為基數越來越大，我們確實預期它會出現類似的成長。

And then you get to the high -- I mean, again, this is looking at things historically.

然後你就會達到高潮——我的意思是，這又是從歷史的角度來看事物。

You get to the higher end of the range when you have the introductions of these private destinations as an example into it.

當您以這些私人目的地為例進行介紹時，您就達到了範圍的高端。

And that's why I think when we look at the outlook like we're not -- and we look -- also, we look at the value gap opportunity that's ahead of us.

這就是為什麼我認為，當我們審視前景時，我們也看到了擺在我們面前的價值差距機會。

When we think about -- each year, we try to more plan on what we have seen in the past, and that's where we kind of get into that moderate yield growth kind of outlook.

當我們思考時，每年，我們都會嘗試對過去所看到的情況進行更多計劃，這就是我們進入適度收益率成長前景的地方。

The only thing I would say is that when you're also in the course of the year where your yields keep increasing -- we guided at the beginning of the year at 6.5%.

我唯一要說的是，當你在這一年中你的收益率持續增長時——我們在年初的指導值為 6.5%。

As now commented, we're over 11% this year.

正如現在所評論的，今年我們的成長率超過了 11%。

And so just a comparable, yield gets a little bit different.

因此，只是比較一下，收益率就會有點不同。

But that moderate yield growth has -- when we look at a long-term run rate is what we have seen generally take place in our business and kind of takes into consideration your market trends and behaviors that we have seen over time.

但是，當我們考慮長期運行率時，這種適度的收益率成長是我們在業務中通常看到的情況，並考慮到了我們隨著時間的推移所看到的市場趨勢和行為。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great.

偉大的。

Thank you.

謝謝。

Just hearing your commentary about the 2025 outlook, it sounds like it's sort of off to an above average start.

剛剛聽到您對 2025 年前景的評論，聽起來似乎有點高於平均水平。

And so, if we look at where you guided yield, say, the five years before the pandemic, your initial guidance would be in the 3% or 4% range for net yields.

因此，如果我們看看你們對收益率的指導，例如大流行前的五年，你們最初的淨收益率指導將在 3% 或 4% 的範圍內。

Should we think about that as being kind of what is average or typical and maybe you're positioned to be better than that next year?

我們是否應該將其視為平均或典型的情況，也許明年你會比這更好？

Well, I would say -- well, first, hi, Robin.

好吧，我會說——好吧，首先，嗨，羅賓。

I hope you're well.

我希望你一切都好。

It is still too early for us to guide for next year, but I think how you looked at our historical long run average that's more or less where we had landed.

對我們來說明年的指導還為時過早，但我認為您如何看待我們的歷史長期平均水平，這或多或少是我們所達到的水平。

I mean, we'll see how the book continues to build and our ability to continue to be able to raise prices off of -- we've already raised them and that's off a higher base and see how we continue to close that gap to land-based vacation.

我的意思是，我們將看看這本書如何繼續發展，以及我們繼續提高價格的能力——我們已經提高了價格，這是在一個更高的基礎上，看看我們如何繼續縮小這一差距陸上假期。

But we're not at the point yet, I think, where we want to give yield guidance by quarter or for next year, but we are feeling very good about the strength of our demand patterns that we're seeing and the book position and our ability to continue to optimize our yield profile.

但我認為，我們還沒有到我們想要按季度或明年提供收益率指引的地步，但我們對我們所看到的需求模式的強度以及帳面狀況和我們有能力繼續優化我們的產量狀況。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝。

And then just as a follow-up, a question on your order book.

然後作為後續行動，詢問有關您的訂單的問題。

Can you give us an idea of what period you're sort of done ordering for?

您能否告訴我們您的訂單完成時間是多少？

In other words -- and I'm counting your options.

換句話說——我正在計算你的選擇。

I'm thinking of them as seeing orders.

我認為他們看到的是命令。

But anything that you're still thinking about, any period?

但任何時期仍在思考什麼？

Like have we seen all of your orders for 2028 at this point but sort of '29 and forward still fair game?

就像我們現在已經看到了你們 2028 年的所有訂單，但 29 年及以後的訂單仍然公平嗎？

Just how to think about that.

只是如何思考這一點。

Thanks.

謝謝。

Yeah.

是的。

I think for the most part, you certainly have seen all of our orders through '27 and maybe even into 2028.

我認為在很大程度上，您肯定已經看到了我們 27 年甚至 2028 年的所有訂單。

But as you commented, we have lots of options that are available to us that we've secured.

但正如您所評論的，我們有很多可供選擇的選擇。

But I will say that we heavily subscribed to moderate yield growth, moderate capacity growth, and good cost control.

但我要說的是，我們大力支持適度的產量成長、適度的產能成長和良好的成本控制。

So on that moderate capacity growth standpoint, we continue to look to moderately grow our fleet, moderately grow each of our brands.

因此，從產能適度成長的角度來看，我們繼續尋求適度成長我們的機隊，適度成長我們的每個品牌。

And again, as just a general reminder, when we order ships and we take ships, they're not at all going to the same brand, they're not all going to the same market, they're not all going to the same itinerary.

再次提醒一下，當我們訂購船舶和接收船舶時，它們根本不會去同一個品牌，它們不會都去同一個市場，它們不會都去同一個行程。

We operate a very large global footprint that we feel very confident about our ability to get yield growth and good yield growth on capacity growth over time.

我們在全球範圍內經營著非常大的業務，我們對隨著時間的推移實現產量增長和產能增長帶來的良好產量增長的能力非常有信心。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone.

大家好。

Thank you.

謝謝。

The numbers are obviously very good.

這些數字顯然非常好。

Naf, you've done a very good job with the balance sheet.

納夫，你的資產負債表做得非常好。

When I look at your debt at this point, not a lot of high cost that's left.

當我此時查看你的債務時，剩下的高成本已經不多了。

Your cash flow is going to start to really ramp.

你的現金流將開始真正增加。

I'm just trying to understand, are you going to continue to lean in the balance sheet?

我只是想了解一下，您會繼續減少資產負債表嗎？

Or are we thinking about cash flow as a potential to really start ramping to shareholders?

或者我們將現金流視為真正開始向股東增加的潛力？

I realize that may be discussed that at the Investor Day.

我意識到這可能會在投資者日討論。

But just any thoughts there would be helpful.

但任何想法都會有幫助。

Thank you.

謝謝。

Sure.

當然。

Yeah.

是的。

So thank you.

所以謝謝你。

First, it was very important to us.

首先，這對我們來說非常重要。

It was a very important pillar of trifecta to make sure that we bring the back -- the balance sheet back to being an asset.

這是三連勝的一個非常重要的支柱，以確保我們將資產負債表恢復為資產。

So we obviously crossed a very key milestone this quarter with getting it back to unsecured status.

因此，本季度我們顯然跨越了一個非常關鍵的里程碑，使其恢復到無擔保狀態。

No guarantees.

沒有保證。

All the guarantees and security that we have granted to everybody during the pandemic to get through are done now.

我們在大流行期間向每個人提供的所有保證和安全現在都已完成。

And then we also feel that where we are on the leverage is within our targets.

然後我們也覺得我們的槓桿作用在我們的目標範圍內。

We will continue to make sure that we have a very strong balance sheet.

我們將繼續確保我們擁有非常強勁的資產負債表。

And while a lot of the higher-cost debt is gone, we always continue to find ways to lower the cost of capital, and that will be the focus to make sure that we generate even more cash flow for the company.

雖然許多成本較高的債務已經消失，但我們始終在繼續尋找降低資本成本的方法，這將是確保我們為公司產生更多現金流的重點。

And as we think about capital allocation, obviously, we need to maintain a strong balance sheet.

當我們考慮資本配置時，顯然我們需要維持強勁的資產負債表。

We have a great opportunity to invest as we see a large opportunity in an almost $2 trillion market to continue to win share.

我們有很好的投資機會，因為我們在近 2 兆美元的市場中看到了繼續贏得份額的巨大機會。

So we're doing very important things and strategic things like the new ships, the destinations, technology, and other things to get closer to the customer and just getting better with our business.

因此，我們正在做非常重要的事情和策略性的事情，例如新船、目的地、技術和其他事情，以更接近客戶並更好地發展我們的業務。

And then we reinitiated the dividend last quarter.

然後我們上個季度重新啟動了股息。

And we said that we want to continue to get into a competitive dividend factor.

我們說過，我們希望繼續進入有競爭力的股利因素。

And then historically, there also was capital return through a buyback.

從歷史上看，也有透過回購來獲得資本回報。

We did something this quarter with the converts.

本季我們對皈依者做了一些事情。

So obviously, with a lot of cash generation, we will continue to have those opportunities.

顯然，隨著大量現金的產生，我們將繼續擁有這些機會。

Okay.

好的。

Helpful.

有幫助。

And then, you talk about all these investments that you have underway.

然後，您談論了您正在進行的所有這些投資。

Historically, I would think that with investments come, additional cost pressures and so on and so forth.

從歷史上看，我認為隨著投資的到來，額外的成本壓力等等。

But it seems like this is going to be a regular type of cadence in terms of new product investment, whether it's onboard or private islands and whatnot.

但就新產品投資而言，這似乎將成為一種常規節奏，無論是船上還是私人島嶼等等。

So should we just assume that there's going to be an ongoing cost pressure from investments in your outlook, going forward?

那麼，我們是否應該假設您的前景投資將持續帶來成本壓力？

The point being is this like -- talk about strong cost management.

重點是──談論強而有力的成本管理。

Is it just -- is that going to be embedded in there over the long haul?

從長遠來看，這是否會被嵌入其中？

Yeah.

是的。

So we managed -- yes, absolutely.

所以我們成功了——是的，絕對成功了。

So we managed the business and the cost on the holistic basis, right?

所以我們對業務和成本進行了整體管理，對嗎？

So we take everything into account, including everything you just said.

所以我們會考慮一切，包括你剛才所說的一切。

We continue to grow capacity.

我們繼續擴大產能。

We're a large company.

我們是一家大公司。

So as we kind of think about prioritization of where we're going to invest, both capital and costs, all of that is into the account.

因此，當我們考慮要投資的優先順序時，無論是資本還是成本，所有這些都納入考慮範圍。

And we're very much subscribed and committed to the formula, moderate capacity growth, moderate deal growth, strong cost control.

我們非常贊同並致力於這個公式：適度的產能成長、適度的交易成長、強而有力的成本控制。

And we think that a lot of these investments, while they may add some cost to the cost structure, they will have incredible returns and will be margin -- and there will be a margin expansion.

我們認為，許多此類投資雖然可能會增加成本結構的一些成本，但它們將帶來令人難以置信的回報和利潤——而且利潤將會擴大。

Yeah.

是的。

I think that's one really important point, which we've gotten this in the past is -- our focus -- while obviously, we want to grow yields, we want to manage our costs.

我認為這是非常重要的一點，我們過去已經意識到這一點是我們的重點，而顯然，我們希望提高產量，我們希望管理我們的成本。

But our ultimate focus is growing our margins.

但我們的最終重點是增加利潤。

And by growing our margins, it leads to obviously a higher and higher return profile.

透過提高我們的利潤率，顯然會帶來越來越高的回報。

Higher margins result in more free cash flow and capital that's available to our shareholders, et cetera.

更高的利潤率會帶來更多的自由現金流和可供股東使用的資本等。

So I think that there are these new things that come up that can sometimes cause a little bit of noise in our numbers as we add more destinations without APCDs as an example.

因此，我認為，當我們添加更多沒有 APCD 的目的地時，出現的這些新事物有時會為我們的數字帶來一些噪音。

But with that, would also come, obviously, increasing our yield profile expectations, and all that driving a better guest experience, higher margin, and higher returns.

但隨之而來的是，顯然，我們的收益預期也會提高，所有這些都會推動更好的賓客體驗、更高的利潤和更高的回報。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey.

嘿。

Good morning.

早安.

I wanted to actually stay on this topic of potential investments.

我實際上想繼續討論潛在投資這個主題。

It certainly seems like you have a broader menu of investments available to you, maybe than ever and at high returns -- higher returns, I should say.

當然，你似乎擁有更廣泛的投資選擇，也許比以往任何時候都具有高回報——我應該說，更高的回報。

I guess, maybe speak to why your return profile seems to be so much better than it has been for you?

我想，也許可以談談為什麼你的回報狀況似乎比以前好得多？

And I would argue maybe better than we've ever seen in this industry.

我認為這可能比我們在這個行業中見過的更好。

It's one of the questions I continue to get, certainly for new cruise investors who just haven't seen this as a viable or a strong return type of an industry.

這是我不斷收到的問題之一，尤其是對於那些還沒有將其視為可行或強勁回報類型的行業的新遊輪投資者來說。

It seems like something has changed meaningfully.

似乎有什麼事情發生了有意義的改變。

And I guess, as we think about moving forward, where do you think returns ultimately settle in over the long term?

我想，當我們考慮前進時，您認為長期回報最終會落在哪裡？

Is there a ceiling?

有上限嗎？

You're at double-digit return on invested capital.

您的投資資本報酬率為兩位數。

It doesn't seem like it's slowing down necessarily.

看來它不一定會放緩。

So just trying to think through sort of what the end game is there, or at least, the long term?

那麼，只是想思考最終的結果，或至少是長期的結果？

Yeah.

是的。

Well, yeah, James, I think there's a lot of things that are inside of that.

嗯，是的，詹姆斯，我認為這裡面有很多東西。

I mean, we for -- is it a long-term business?

我的意思是，我們的目標是──這是一項長期業務嗎？

We've been making very, I think, thoughtful investments for a very long period of time.

我認為，在很長一段時間內，我們一直在進行非常深思熟慮的投資。

I think a lot of it starts with being very discerning about what are the segments we want to be in, building our brands to be leaders in those segments, making sure they're seated with ships and experiences on those ships that are very much tuned into those segments and what are the customers of today and the customers of tomorrow are looking like.

我認為，首先要非常清楚地了解我們想要進入的細分市場，將我們的品牌打造成這些細分市場的領導者，確保他們擁有經過精心調整的船舶和體驗。了解今天的客戶和明天的客戶是什麼樣的。

And then really looking at how can we enhance the experience and also monetize it.

然後真正考慮如何增強體驗並從中獲利。

And we've been able to do that on the destination front.

我們已經能夠在目的地方面做到這一點。

Although, that, I think, comes down to -- our focus is orienting ourselves as an experienced business and focusing on what's happening in broad travel leisure consumer on the experience side, and then ensuring that we have the wherewithal and the assets to be able to wake up every day and compete with that.

儘管如此，我認為，歸根結底，我們的重點是將自己定位為經驗豐富的企業，並專注於廣大旅遊休閒消費者在體驗方面所發生的事情，然後確保我們擁有必要的資金和資產每天醒來並與之競爭。

And I think that's not just on things that are very visible, like ships, but it's also on technology and how do we take friction out of the experience, how do we be more sophisticated in how we manage, and how we interact with our customer.

我認為這不僅涉及船舶等非常明顯的事物，還涉及技術以及我們如何消除體驗中的摩擦，我們如何在管理方式以及與客戶互動方面變得更加成熟。

And I think all those things combined is why we feel that we are able to continue to enhance our margins and our return profile, which we both think have runway to that.

我認為所有這些因素結合起來就是為什麼我們認為我們能夠繼續提高我們的利潤率和回報率，我們都認為這是有途徑的。

This is a business with a lot of fixed operating leverage, and so just moderately growing your yields and being mindful of your cost drops a lot of margin opportunity to the bottom line.

這是一家擁有大量固定營運槓桿的企業，因此，只要適度提高收益率並注意成本，就會降低許多利潤機會。

And I think us being very focused on how do we take share -- more share out of that $2 billion -- I'm sorry, $2 trillion travel leisure market is, I think, what's driving us.

我認為我們非常關注如何獲得份額——從這 20 億美元中獲得更多份額——抱歉，我認為 2 兆美元的旅遊休閒市場是我們的驅動力。

And I think that you should expect us to continue to think and behave in that way.

我認為你應該期望我們繼續以這種方式思考和行為。

Got it.

知道了。

That's really helpful.

這真的很有幫助。

And then along those lines, as I think about capital allocation, obviously, returns focus is key.

沿著這些思路，當我考慮資本配置時，顯然，專注於回報是關鍵。

But maybe can you speak to any non-financial considerations to that?

但也許您能談談對此的任何非財務考慮嗎？

And by that, I mean, in an earlier question, Naf talked about leverage profile.

我的意思是，在之前的一個問題中，Naf 談到了槓桿情況。

It sounds like there's really no priority that you're putting on bringing debt down even further outside of just refinancing and sort of improving maybe that interest rate.

聽起來，除了再融資和提高利率之外，你確實沒有優先考慮進一步降低債務。

But maybe as I think about some of these land-based vacations in the context of the competitive environment, whether it be other cruise lines or other land-based competitors, how do you think about these investments in the context of continuing to push your advantage in those areas and what that brings you longer term?

但也許當我在競爭環境的背景下思考這些陸上度假時，無論是其他郵輪公司還是其他陸上競爭對手，您如何看待這些投資，以繼續推動您的優勢在這些領域，什麼會給你帶來更長遠的發展？

Sure.

當然。

Well, as you said, James, I think we feel really good about the balance sheet.

好吧，正如你所說，詹姆斯，我認為我們對資產負債表感覺非常好。

Naf commented there's always opportunity for us to do better.

Naf 評論說我們總是有機會做得更好。

We obviously also returning and being thoughtful about returning capital to our shareholders.

顯然，我們也回歸並考慮向股東返還資本。

I've talked about it, competitive dividend as well as share repurchasing, especially on an opportunistic basis.

我已經談到了競爭性股利以及股票回購，特別是在機會主義的基礎上。

But of course, that's always a board decision.

但當然，這始終是董事會的決定。

And then look, we're focused on how do we keep our customer and our ecosystem, right?

然後看，我們專注於如何留住我們的客戶和我們的生態系統，對嗎？

And so we're an experience-driven business.

因此，我們是一家體驗驅動型企業。

And how do we have strong sustainable growth and leverage all the experience and know-how we have internally?

我們如何實現強勁的可持續成長並利用我們內部擁有的所有經驗和專業知識？

There are other experiences that will -- that are -- that can keep our customer on our ecosystem.

還有其他體驗可以讓我們的客戶留在我們的生態系統中。

Those are all these things that we'll consider.

這些都是我們要考慮的事情。

And that probably doesn't mean we have to buy something.

這可能並不意味著我們必須買東西。

It could mean we could build something.

這可能意味著我們可以建造一些東西。

It can mean that we partner, have strategic relationships, but ultimately, trying to get more reps out of the customer and doing that because we're delivering the best vacations in the world.

這可能意味著我們是合作夥伴，擁有策略關係，但最終，我們試圖從客戶那裡獲得更多代表，並這樣做是因為我們正在提供世界上最好的假期。

And that's why I know we have bar slogans, but I think that we are the best in the world at delivering a vacation of a lifetime.

這就是為什麼我知道我們有酒吧口號，但我認為我們是世界上最擅長提供一生難忘的假期的。

And we are building more and more of the capabilities to deliver a lifetime of vacations.

我們正在建立越來越多的能力來提供終生的假期。

That will conclude our question-and-answer session.

我們的問答環節就到此結束。

I'll hand the call back to Naftali Holtz, CFO, for closing remarks.

我會將電話轉交給財務長納夫​​塔利‧霍爾茨 (Naftali Holtz)，讓其結束語。

Thank you all for your participation and interest in the company.

感謝大家的參與以及對公司的關注。

Blake will be available for any follow-ups.

布萊克將可以參與任何後續行動。

We wish you all a great day.

我們祝福大家有個愉快的一天。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。