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 Q3 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 Ian Bailey, Vice President of Investor Relations.

現在我想介紹投資人關係副總裁 Ian Bailey。

Mr. Bailey, the floor is yours.

貝利先生，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, Jason Liberty; Chief Executive Officer, Naftali Holtz our Chief Financial Officer, and Michael Bayley, President and CEO of Royal Caribbean International.

賈森·利伯蒂 (Jason Liberty) 和我一起來到邁阿密；執行長、財務長納夫​​塔利·霍爾茨 (Naftali Holtz) 以及皇家加勒比國際遊輪公司總裁兼執行長 Michael Bayley。

Before we get started, I'd like to note that we will be making forward-looking statements during this call. These statements are based on management's current expectation stations and are subject to risks and uncertainties.

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。

A number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release issued this morning as well as our filings with the SEC for a description of these factors.

許多因素可能導致實際結果與我們目前的預期有重大差異。請參閱我們今天早上發布的收益報告以及我們向美國證券交易委員會提交的文件，以了解這些因素的描述。

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.

我們不承諾隨著情況的變化而更新任何前瞻性陳述。此外，我們還將討論某些按定義進行調整的非公認會計準則財務指標。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，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 with that, I'm pleased to turn the call over to Jason.

然後我們將打開電話詢問您的問題，我很高興將電話轉給傑森。

Thank you, Bailey, and good morning, everyone.

謝謝你，貝利，大家早安。

I'm thrilled to discuss our exceptional third quarter results and updated outlook and all the exciting things happening at the Royal Caribbean group. This has been an incredible year for us in the third quarter was no exception with momentum continuing to build. As you saw the press release, we increased.

我很高興能夠討論我們出色的第三季業績和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。對我們來說，這是令人難以置信的一年，第三季也不例外，勢頭繼續增強。正如您看到的新聞稿，我們增加了。

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

我們的全年殖利率和獲利指引受到第三季優於預期的業績和第四季前景改善的推動。我們預計全年收益率將成長 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 silver seize new hotel in Puerto Williams, Chile opening in the winter of '25, '26 and articles season.

在本季度，我們還宣布了我們的私人目的地投資組合的兩項令人興奮的擴展，即2027 年在墨西哥開業的令人難以置信的完美日，以及在25 年、26 年冬季和文章季開幕的智利威廉斯港新酒店。

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.

這些強勁的財務業績以及提前 18 個月實現 Trifecta 財務目標對我們來說確實只是一個開始。

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 $1.9 trillion vacation market. 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. We are thrilled to share more details during our upcoming investor day in the first quarter of next year.

我們擁有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，我們將繼續致力於贏得 1.9 兆美元的度假市場的更大份額。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。我們很高興在明年第一季即將到來的投資者日分享更多細節。

Before I get into the details of our performance this quarter, I wanted to acknowledge the storms that impacted our local communities. We are incredibly thankful that our South Florida employees were largely unaffected for true to the Royal Caribbean group spirit we mobilized relief efforts for those in need. Our thoughts continue to be with those who have been affected.

在詳細介紹本季的業績之前，我想承認影響我們當地社區的風暴。我們非常感謝南佛羅裡達州的員工基本上沒有受到影響，因為我們秉承皇家加勒比集團的精神，為有需要的人動員了救援力量。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. 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.

現在繼續討論我們的結果和前景。第三季的業績超出了我們的預期，這是由於我們所有主要航線的價格上漲帶來的強勁需求，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. Better revenue, lower cost due to timing and multiple balance sheet actions resulted in adjusted earnings per share that was higher than our guidance not tolerable elaborate more about third quarter details and results in a few minutes.

結果，淨收益率年增 7.9%，比我們的指引高出 110 個基點。由於時間安排和多項資產負債表行動帶來的更好的收入、更低的成本導致調整後的每股收益高於我們的指導，無法在幾分鐘內詳細說明第三季的細節和結果。

We are increasing full year yield growth expectations to 10.8% to 11.3%. A strong demand for our experiences across itineraries is translating into higher load factors, stronger pricing and continued growth and onboard revenue trends remain strong for the ballot of the year 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.

我們將全年收益率成長預期上調至 10.8% 至 11.3%。對我們各行程體驗的強勁需求正在轉化為更高的客座率、更強勁的定價和持續增長，而今年的票選船上收入趨勢仍然強勁，儘管受到颶風米爾頓的影響，我們現在預計淨收益率將成長5.1%在去年接近 18% 的成長基礎上，第四季成長了 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 has 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 had 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往年一致，且比率更高，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 AI enabled yield management tools, coupled with our brands, 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、人工智慧支援的收益管理工具，加上我們的品牌、全球和多代人的吸引力，使我們能夠成功捕捉來自新的和年輕的消費者群的跨細分市場的質量需求，並吸引最高收益的客人。

The last two years of unprecedented yield growth and although that created a high bar for comparables are proven formula for success, a moderate capacity growth, moderate your growth and strong cost control will continue to drive top line growth margin expansion into the early planning process.

過去兩年前所未有的產量成長，儘管這為可比較產品創造了很高的門檻，但已被證明是成功的秘訣，但適度的產能成長、適度的成長和強有力的成本控制將繼續推動營收成長利潤率擴張進入早期規劃過程。

We anticipate or things in 2025 to start with a $14 handle. We continue to see a very positive sentiment from our customer and a macro environment that favors growing demand for experiences and vacations.

我們預計 2025 年手把售價將達到 14 美元。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 Household are wealthier than ever with continued wage growth and low unemployment driving strong consumer spending 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.

美國家庭比以往任何時候都更加富裕，持續的工資增長和低失業率推動了強勁的消費者支出，在過去12 個月中，休閒支出的增長速度比大多數其他支出類別快得多，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. Millennials, families and active cruisers are all over-indexing on both leisure travel and specifically cruise. Travel cruise remain an attractive, the value proposition and crude purchase intent remains high.

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。千禧世代、家庭和活躍的遊輪遊客都對休閒旅行，特別是遊輪過度關注。遊輪旅行仍然具有吸引力，價值主張和原始購買意圖仍然很高。

Furthermore, the majority of consumers are now actively planning their next vacation but haven't voted yet further supporting demand for cruise with our exceptional and leading portfolio of brands innovative and differentiated ships, exciting exclusive destination experiences and leading commercial AI-driven capabilities.

此外，大多數消費者現在正在積極計劃他們的下一個假期，但尚未投票通過我們卓越和領先的創新和差異化船舶品牌組合、令人興奮的獨家目的地體驗和領先的商業人工智能驅動能力進一步支援郵輪需求。

We are excited to welcome those customers onboard our ships and deliver the best vacation experiences responsibly. Our addressable market is growing, and we are attracting more new customers into our vacation ecosystem, particularly younger demographics. In fact, the majority of our gas 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.

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。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。事實上，今年我們的大部分汽油要么是郵輪新手，要么是新品牌，同時，我們的忠誠客人比去年增加了 20%。

Once booked, guests are quickly engage with us and buying onboard experiences at higher [EPDs], translating into higher satisfaction rate and higher onboard spend, notably more than 70% purchase onboard activities before the sale, and they spend more than double compared to those who only make purchases onboard half of our onboard revenue in the third quarter was purchased through our AI-driven pre-cruise channels. We deliver vacation experiences that meet the demands of evolving consumer profiles and preferences.

預訂後，客人會迅速與我們互動，並以更高的[EPD] 購買機上體驗，這意味著更高的滿意度和更高的機上消費，特別是超過70% 的人在促銷前購買機上活動，而且他們的消費是其他人的兩倍多第三季度，我們僅在船上進行購買的一半收入是透過我們人工智慧驅動的郵輪前管道購買的。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 this quarter we launched Utopia disease, a shift 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.

對我們來說，一個關鍵的差異化因素一直是我們的硬件，我們在本季度不斷創新，我們推出了“烏托邦疾病”，這種轉變很快就改變了我們加勒比短程產品的遊戲規則，該產品是新遊輪的重要切入點和新品牌。

It also skews towards millennials and younger guests. The main Utopia has been incredible and has well exceeded our expectations for both ticket prices and onboard revenue.

它也偏向千禧世代和年輕客人。主要的烏托邦令人難以置信，無論是票價還是船上收入都遠遠超出了我們的預期。

Following the incredible market response to high kind 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.

繼海洋之星號獲得令人難以置信的市場反響和海洋之星號的期待之後，我們宣布同意建造第四艘標誌級郵輪，這將使皇家加勒比船隊於 2027 年建成。

Since its debut, Icon has revolutionized vacation experiences and continued to exceed our expectations in both satisfaction and financial performance. We also continue to build on our exciting collection of private Destination Experiences.

自推出以來，Icon 徹底改變了度假體驗，並在滿意度和財務表現方面持續超越我們的預期。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. We are incredibly excited for our recent announcement of perfect day Mexico, which will combine the adrenaline pumping thrills and ways to chill. The Royal Caribbean is known for with the vibrancy and beauty on Mexico. 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 the Caribbean itinerary.

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。我們對最近宣布的墨西哥完美日感到非常興奮，它將結合腎上腺素飆升的刺激和放鬆的方式。皇家加勒比以墨西哥的活力和美麗而聞名。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, has a similar cruise consideration, but only half the penetration upon its completion in 2027 Perfect day Mexico will join our incredible collection of private destinations that include Perfect day CocoCay.

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，包括比佛羅裡達州更大的德克薩斯州市場，也有類似的郵輪考慮，但在2027 年完工後滲透率只有一半完美墨西哥將加入我們令人難以置信的系列私人目的地，包括完美的一天可可島。

Nassau Royal Beach Club Paradise Island opening in 2025 and Royal beach club and cozumel opening in 2026. Silversea is developing the world southernmost hotel and the Puerto Williams, Chile that upon completion in late 2025 will create a unique seamless journey for guest embarking on silver, Steve innovative and Air2Sea flight cruise program.

拿騷皇家海灘俱樂部天堂島將於2025 年開業，皇家海灘俱樂部和科蘇梅爾將於2026 年開業。 ，將為踏上銀海、史蒂夫創新和Air2Sea飛行巡航計畫。

The most direct route to the white continent, allowing guests to enjoy Silversea is personalized service and warm hospitality throughout their voyage. We remain committed to our see the future vision, sustain the planet, energizing communities and accelerating innovation.

前往白色大陸最直接的路線，讓客人享受銀海郵輪的樂趣，就是在整個航程中享受個人化的服務和熱情的款待。我們仍致力於實現未來願景、永續發展地球、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. This further solidifies our commitment and focus on advancing sustainability of our business. As part of our journey to accelerate innovation to decarbonize our business, we continue to diversify our fuel sources.

上個季度，我們實現了 Trifecta 財務目標，現在我們預計與 2019 年相比，碳強度也將實現兩位數的降低，比我們最初的預期提前了一年。這進一步鞏固了我們對促進業務永續發展的承諾和關注。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. The [CDs] completed her inaugural transatlantic crossing using [BioAg] in June and July icon will start utilizing shore power at Port of Miami next week and celebrity Accel will be our first methanol capable ship, which are all important milestones in our energy transition.

我們最新的船烏托邦。 [CD] 於6 月和7 月使用[BioAg] 完成了首次跨大西洋航行，圖標將於下週開始在邁阿密港利用岸電，名人Accel 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中的重要里程碑。

We have so much to be proud of and this is just the beginning with our industry leading brands that Accel 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.

我們有很多值得自豪的事情，這只是我們行業領先品牌的開始，這些品牌在各自的細分市場中加速發展，最具創新性的機隊和目的地以及專注於為我們的客人提供終生假期的最優秀的員工。

We focus on winning share from the large and attractive travel industry while delivering long-term shareholder value.

我們專注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 Holtz.

接下來，我會將電話轉給納夫塔利·霍爾茨。

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 to $0.25 per share outperformed. That's 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 $0.1 per share favorable timing of expenses.

我們的團隊再次取得了超越我們預期的卓越表現，調整後每股收益為 5.20 美元至 0.25 美元，表現優於預期。與我們指導的中位數相比，這是由於我們各品牌的收入有所改善，關鍵行程受益於我們在本季度採取的多項資產負債表行動以及每股約 0.1 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. Strong yield growth was driven by both new ships and like for like hardware and across all key itineraries, especially Alaska and Europe.

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。新船和類似硬體以及所有關鍵航線（尤其是阿拉斯加和歐洲）推動了產量的強勁成長。

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

以固定匯率計算，不包括燃油的遊輪淨成本增加了 4%。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% to 240 basis points higher than last year.

調整後 EBITDA 為 21 億美元，年成長 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. We are set to have another exceptional year of yield growth with net yield is expected to be up 10.8% to 11.3%. The increase in our yield guidance is driven by the stronger than expected in first quarter that are out into fourth quarter, which also include the impact from Hurricane Milton.

現在讓我談談我們對 2024 年指導預期的提高。我們上調收益率指引的原因是第一季至第四季的表現強於預期，其中還包括颶風米爾頓的影響。

Now moving to cost full year net cruise costs, excluding fuel, are expected to be up 6.2% to 6.7%. 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, we anticipate a full fuel expense of $1.16 billion for the year, and we have 61% hedged at below market rates.

現在考慮全年淨郵輪成本（不含燃油）預計將上漲 6.2% 至 6.7%。與我們先前的指導相比，成本指標上升了40 個基點，並且完全是由於考慮到上次財報電話會議股價上漲而提高的非現金股票薪酬推動的，我們預計今年的全部燃料費用為11.6 億美元，而我們有 61% 的資產以低於市場的利率進行避險。

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 $0.2 for the year, which includes $0.14 negative impact from Hurricane Milton and higher stock-based expense. 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.

我們將今年的指導上調了 0.2 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。排除這一影響後，比預期好 0.34 美元的業務業績一半以上是由第四季度前景推動的，其餘部分與數據與更好的第三季度業績相關。

Now I will discuss our fourth-quarter guidance. Many of the ships have now transitioned from their summer to the winter itineraries. 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.

現在我將討論我們的第四季指引。許多船隻現已從夏季行程過渡到冬季行程。第四季度，我們約 63% 的產能將位於加勒比海地區，9% 位於歐洲，約 13% 位於亞太地區。

The remaining capacity is spread across several other itineraries, including repositioning's, West Coast and expedition cruise, as we plan to operate 12.8 million APCDs during the fourth quarter. 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 Melton.

剩餘運力分佈在其他幾個航線上，包括重新定位、西海岸和探險郵輪，因為我們計劃在第四季度運營 1,280 萬艘 APCD。第四季淨收益率預計將上漲 5.1% 至 5.6%，其中包括颶風梅爾頓約 40 個基點的影響。

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

隨著我們的產量成長正常化，我們仍然專注於執行我們經過驗證的現代產能成長、適度的產量成長和強有力的成本控制的公式，以實現強勁的收益、電力和現金流。

Net cruise costs excluding fuel, are expected to be up 11.6% to 12.1% 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 without those costs would have been in the low single digits.

不包括燃油在內的郵輪淨成本預計將年增11.6% 至12.1%。成本）將會是低個位數。

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 $0.1 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帶來的 0.14 美元的影響和更高的股票比較，此外還有第三季度約 0.1 美元的成本轉移。

Now I will share insights for 2025, which was still very early, is shaping up to be another exciting year. 2025 capacity is expected to be up 5% as we introduce start of the Seas in the third quarter and celebrity itself into fourth quarter as well as benefit from it full year of Utopia and silver rating. capacity is most pronounced in the second and fourth quarters due to timing of new ship deliveries and dry docks.

現在，我將分享對 2025 年的見解，雖然現在還很早，但它即將成為另一個令人興奮的一年。預計 2025 年的運能將成長 5%，因為我們將在第三季度推出海洋號，將名人本身引入第四季度，並受益於全年的烏托邦和白銀評級。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. We expect the opening of Royal beach club Paradise Island and also at the end of 2025, which will benefit our 2026 Caribbean itineraries.

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%。我們預計天堂島皇家海灘俱樂部將於 2025 年底開業，這將有利於我們 2026 年的加勒比海行程。

European itineraries will account for 15% of our capacity. Alaska will account for about 6%, and Asia Pacific will account for 11%, as Jason mentioned, our booked load factors are in line with previous years, and it higher APCDs are booked 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. This positions us to continue delivering margin expansion and strong cash flow.

歐洲航線將占我們運力的15%。阿拉斯加將佔6%左右，亞太地區將佔11%，正如Jason所提到的，我們的預訂載客率與往年一致，更高的APCD預訂位置正是我們希望進一步優化的地方我們的產量概況，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。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 in 2025 we expect to have lower dry dock days compared to this year, but still higher than 2023 partial due to longer drydock days for several plant modernization projects of our existing ships.

現在轉向成本。我們的重點仍然是管理成本，因為我們尋求在2025 年提高利潤，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工廠現代化項目的干船塢天數較長。

Overall, we expect disciplined cost growth consistent with our proven formula, and we will provide more details during our fourth quarter earnings call. Taking all of this into account, we expect adjusted earnings per share to start with a $14 handle.

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

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。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. 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.

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

同樣在本季度，我們趁機將 8.27 億美元的未償還可轉換債券兌換成現金和股票。這項交易使我們能夠很好地解決 2025 年債務到期的問題，同時也以每股 154 美元的有吸引力的加權平均價格有效地回購了 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雄心並擴大資本配置，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)

（操作員說明）

Brandt Montour, Barclays

布蘭特·蒙圖爾，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。

And the first question is about pricing and kind of thinking about the exit rate that you're seeing in the fourth quarter. I wanted to get sort of a broader look and think about if you can kind of thought well like pricing that cumulatively from versus 2019 and just sort of level set where your thing and where you think you're at. And if you're still trailing sort of cumulative U.S. inflation and inflation coming down next year Act is some sort of a governor a little bit how strong yield can be or how do you think about that.

第一個問題是關於定價以及對第四季退出率的思考。我想從更廣泛的角度來看待並思考是否可以很好地思考，例如與 2019 年相比的累積定價，以及設定您的產品和您認為自己所處的水平。如果你仍然落後於美國累積通膨和明年通膨下降，那麼該法案就有點像調控收益率可以有多強或你如何看待這一點。

Good morning, I think versus kind of starting off is when you compare to 19 levels, whether it's the fourth quarter is up, about 25% of the year is up about 26% versus 2019 levels from. And so, I think when we look at that, there's a lot of things that can that's inside of that, which is not only just like for like growth of our great assets like Perfect day, you're fully normalizing on within our business. While there has been a lot of growth on the pricing standpoint, a little bit of growth on the occupancy standpoint. On the trends show that we continue to be able to elevate our demand elevate pricing on each day. And so, what you see, or do you see in the overall trends is that we are we continue to see from strong volumes on the customer's willingness to pay more or I don't think this is an inflation related type and driver. I think the driver is that cruise are propensity to cruise is at a significantly high level.

早上好，我認為，當你與 19 個水平進行比較時，無論是第四季度還是上漲，今年約 25% 的時間比 2019 年的水平上漲約 26%。因此，我認為，當我們審視這一點時，裡面有很多東西，這不僅是像 Perfect day 這樣的偉大資產的增長，也是我們業務中完全正常化的情況。雖然從定價角度來看有很大成長，但從入住率角度來看有一點成長。趨勢表明，我們每天都能夠繼續提高需求並提高定價。因此，您所看到的，或者您在總體趨勢中看到的是，我們繼續從強勁的交易量中看到客戶願意支付更多費用，或者我認為這不是與通貨膨脹相關的類型和驅動因素。我認為驅動因素是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 and there's still you see significant value proposition versus land-based vacation.

我認為郵輪體驗現在被認為是一種非常主流的度假產品，與陸上度假相比，您仍然可以看到重要的價值主張。

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

因此，我認為，真正了解我們的客人對 Palm 的需求，並利用我們的品牌提升我們的業務，滿足這些期望，滿足這些期望的船舶，滿足這些期望，才能滿足這些期望。

I mean, 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 and we do not in any way you see anything in the ingredients that say that we're hitting some type of ceiling. if anything, we see continued acceleration in demand for our business.

我的意思是，擁有真正讓我們能夠滿足高品質需求的工具和技術，我認為這都是我們在產量成長方面不斷看到優異表現的原因，而且我們在任何成分中都看不到任何表明我們正在觸及某種天花板。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, and I know that perfect day Mexico, you'll probably see a lot about that in the first quarter investor day. There were some conflicting reports out there at how much the capital investment was that was going to take I was wondering if you could maybe give us a little bit of insight into the sort of gross level of spend and that if you want to talk a little bit about sort of the return expectations that you'd expect for that project, that would be helpful. Thanks.

然後，為了跟進，我在季度內發布了一個非常令人興奮的公告，我知道墨西哥的完美日子，您可能會在第一季投資者日看到很多相關內容。關於需要多少資本投資，存在一些相互矛盾的報告，我想知道您是否可以給我們一些關於支出總額水平的見解，如果您想談談了解一下您對該項目的預期回報，這會很有幫助。謝謝。

Yes, well, I think just starting off on a cost standpoint on the PRB, but we're still in the design and planning process for perfect day Mexico.

是的，我認為只是從 PRB 的成本角度出發，但我們仍在墨西哥完美一天的設計和規劃過程中。

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

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

We did acquire the port which will be you'll see later in our filing today for $292 million It's not just the port, but it's also all the land that that is that a surrounding the port. And again, we're still in that design process but what I would say is, um, we're very mindful of have and sizable significant returns associated with these private destinations.

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，這不僅僅是港口，還包括港口周圍的所有土地。再說一遍，我們仍然處於設計過程中，但我想說的是，嗯，我們非常注意與這些私人目的地相關的可觀的回報。

But more importantly, we're very focused on making sure that the guest experience is that an all-time high, perfect day CocoCay is our highest rated Dan destination on a Net Promoter Score. 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 guests in the Caribbean, I think just drives greater demand for that brand. And I think that's ultimately what we look forward 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, I'm obviously to help us deliver on great financial returns on investments like these destinations.

但更重要的是，我們非常注重確保賓客體驗史無前例的完美一天，可可島是我們淨推薦值評分最高的 Dan 目的地。因此，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，我認為這只會推動對該品牌的更大需求。我認為這最終是我們所期待的，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，他們也願意，我顯然會幫助我們實現巨大的財務目標像這些目的地的投資報酬率。

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 handle the first half of 2025. So that will be also included in our capital commentary in the next quarter.

您將在今天的第 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。

Great.

偉大的。

Thanks, everybody.

謝謝大家。

Steven Wieczynski, Stifel.

史蒂文‧維琴斯基，史蒂菲爾。

Hey, guys, good morning and congrats on another very solid quarter.

嘿，夥計們，早上好，祝賀又一個非常充實的季度。

So, it suggests that we think about your 2025, $14 handle earnings comment. 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 scenario. And I assume you're going to tell me the company line of moderate capacity growth, moderate yield growth and strong cost control. But is there anything else that can help us with as we as we think about next year based on your current book position. 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 cause next year.

因此，這建議我們考慮一下您對 2025 年 14 美元手柄收益的評論。看，我知道你們明年的規劃階段還處於早期階段，但只是想知道你們如何考慮可能使你們達到 14 美元以上場景的一些支柱。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。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？我的意思是，沒有在成本方面為我們帶來一些非常好的色彩，但我們應該從收益率方面考慮任何事情，或者我們應該如何考慮明年的利息原因。

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

每股 14 美元加上任何回購是否會增加這個數字？

Well, what do you think you said our company line really well, and it is something obviously that were very religious about to get to the two. I would tell you; I thought $14 we're saying it's going to have a $14 handle on it. You really just need on your moderate yield growth on the need is to continue to manage our costs effectively. And of course, we're going to benefit from interest costs on 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. So, I think that will help that will help drive that. So, it is on the share repurchase standpoint.

好吧，你認為你把我們公司的路線說得很好，這顯然是非常虔誠的事情，想要接觸到這兩個人。我會告訴你；我以為 14 美元，我們說它會有一個 14 美元的手柄。您實際上只需要適度的產量成長，需要的是繼續有效地管理我們的成本。當然，我們將受益於過去幾季我們所做的許多偉大活動的利息成本，這些活動使我們的資產負債表恢復到新冠疫情前的槓桿水平，並獲得到無擔保的。所以，我認為這將有助於推動這一目標。所以，這是從股票回購的角度來看的。

Obviously, we were able to take some action here I'm last quarter and being able to keep a two to recapture about $5.1 million shares that were dilutive to us. And but I would say in that and that number that does not contemplate us from buying back shares, which of course, you when you look back in time, we've always had when we think about capital returns, a mix of from having competitive dividend and opportunistically buying back shares.

顯然，我們能夠在上個季度採取一些行動，並能夠保留 2 股，以重新奪回對我們造成稀釋的約 510 萬美元股票。但我想說的是，在這個數字中，我們並沒有考慮回購股票，當然，當你回顧過去時，當我們考慮資本回報時，我們總是會考慮回購股票，這是一種來自競爭性的混合因素。

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

所以，它就在那裡，但這並不在考慮範圍內，也沒有在 14 美元手柄的早期指南中。

Okay. Got you. Thanks for that.

好的。明白你了。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，回到完美日，墨西哥，傑森，你能否幫助我們考慮一下，根據你從 CocoCay 學到的知識，你們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. I mean, if we assume based on our math CocoCay but we had at least a double-digit impact or yield impact on your Eastern Caribbean itineraries.

我想我只是想弄清楚我們是否開始考慮 2027 年，您的西加勒比行程的收益前景會是什麼樣子。我的意思是，如果我們根據可可島的數學假設，但我們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，有沒有理由相信你們的西加勒比行程不會看到同樣類型的提升。

What I would say that what you pointed to is directionally right. I mean, I think we certainly see an uplift.

我想說的是，你所指出的方向是正確的。我的意思是，我認為我們肯定會看到進步。

Not there's a piece of it, which is the uplift on that we get from the onboard side or the or the on Ireland revenue that we get. But it's also a lot of things in Ireland We don't charge for ARM until all of our guests, whether you're paying for us, some of the more unique experience like hide away where the beach club or the slides that you would see on perfect day CocoCay That will, of course, exist in perfect day Mexico, people go into those islands are going to 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. So, I think what you kind of pointed to a double-digit yield opportunity is certainly there in the Western Caribbean. And I don't think we can think of something that would more than because of course, we're going to take the learnings from CocoCay And we'll obviously apply things that work exceptionally well. And there's things that we can do better because that's kind of our continuous improvement mantra. We will certainly do so to drive really strong demand.

不存在其中的一部分，這是我們從船上方面獲得的提升或我們獲得的愛爾蘭收入。但在愛爾蘭還有很多事情我們不會向所有客人收取 ARM 費用，無論您是否為我們付費，一些更獨特的體驗，例如隱藏在海灘俱樂部或您會看到的滑梯的地方在完美的一天可可島當然，這將存在於完美的一天墨西哥，人們進入這些島嶼將前往可可島的完美一天，支付額外的費用以獲得我們在島上提供的所有東西，而不僅僅是那些你必須付出代價。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。我認為我們無法想到更多的事情，因為當然，我們將從 CocoCay 中吸取經驗教訓，而且我們顯然會應用效果非常好的東西。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。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, Steve and I along with all this, too, is we're going to have the Royal Beach clubs one and one in Nassau. We're going to have one in [ARM] and cause a mill as well. And then I want to which is in the South Pacific. So, there are other things that we're doing that [Tom] will also be from a value drivers for our shareholders and also improve our yield profile.

我想補充一點也很重要，史蒂夫和我以及所有這一切，我們將在拿騷擁有一個又一個皇家海灘俱樂部。我們將在[ARM]中擁有一個並創建一個磨坊。然後我想要哪一個在南太平洋。因此，我們正在做的其他事情也將成為我們股東的價值驅動因素，並改善我們的收益率狀況。

Okay, got you.

好的，明白了。

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。

Jason, could you elaborate on the continued elevated demand patterns that you cited. Maybe just trends across regions through October eight you're seeing and then for 2025, Naftali, maybe just if you could elaborate on the books position being exactly where you want to further online cruise weddings, basically, that means how it translates to continued margin expansion.

傑森，您能否詳細說明您提到的持續成長的需求模式。也許只是您看到的10 月8 日之前各地區的趨勢，然後是2025 年，納夫塔利，也許您可以詳細說明圖書位置正是您想要進一步開展在線郵輪婚禮的地方，基本上，這意味著它如何轉化為持續利潤擴張。

Yes.

是的。

So, I'll call, but I'll take the first one.

所以，我會打電話，但我會接第一通電話。

We have, I think each month that goes by our expectations rise that you're seeing that in the close-in demand. And even as we saw through the month of October, we saw that demand continued to rise. We're able to come to increase pricing as well as being able to successfully build on our book position, whether it's for the quarter or whether it is into next year. So that's where our commentary around the elevation is that it continues to show lengthen, and that is and that is despite obviously having a couple of days around the hurricanes, because when we have hurricanes or is your people are concentrated on hiring, more important thing is like making sure their homes or secured or they're focused on the news. And so, there's always a little bit of softness that can come up a couple of days in our around our storm but we were able to see when we look at the month, we were at an elevated position now and we saw the same thing happened in September and elevated position above and beyond what had already risen through the course of the year. And I think that that that helps us kind of build not only a strong quarter, but also a strong period into next year and all that now comment on the optimal book position.

我認為我們的預期每個月都會上升，你會在近期的需求中看到這一點。即使我們看到整個 10 月份，需求仍在持續成長。我們能夠提高定價，並能夠成功地鞏固我們的帳面狀況，無論是本季還是明年。因此，這就是我們對海拔高度的評論，即它繼續顯示出延長，儘管顯然颶風周圍有幾天，因為當我們發生颶風或您的員工集中在招聘時，更重要的是就像確保他們的家或安全或他們專注於新聞一樣。因此，在風暴周圍的幾天裡，總是會出現一點疲軟的情況，但當我們查看這個月時，我們能夠看到，我們現在處於較高的位置，我們看到同樣的事情發生了9 月的排名上升至高於全年上升水準。我認為這不僅有助於我們打造一個強勁的季度，而且還有助於我們在明年建立一個強勁的時期，以及現在所有對最佳帳面狀況的評論。

Yes.

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, we tried to maximize yield, but 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.

所以，馬特，正如你可以想像的，每年我們都會經歷這個過程，為下一年建立一本業務手冊，我們試圖最大限度地提高產量，但這是我們所做的最重要的事情，我們試圖做，我們過去幾年我們一直專注於部署人工智慧工具和其他技術，以確保我們獲取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 said 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 kind of crossed a year into wave.

這意味著我們對我們所說的建立了一個良好的開端來建立良好的業務手冊感到非常滿意，並且我們有良好的跑道來繼續推動需求和定價，因為它已經進入了一年的浪潮。

And Matt, if I could just add 1 point to it. Obviously our yield management tools get smarter and better every day and when we look back on whether we look back at this at the same time last year or even the year before we what we would obviously look at that and say we had some [summary, Greg,] we left revenue on the table on the tools would have said we should have slowed a little bit on our bookings, but we think we're probably a little more conservative in that. And so, I think were we're building more and more confidence in these tools, we're in line with our book position same time last year are way ahead of where we were in 2019 were at higher rates. And so, I think we are we're not looking to come wake up and be able to say, look we're booked ahead of same time last year on a volume standpoint.

馬特，如果我能給它加 1 分就好了。顯然，我們的收益管理工具每天都變得更加聰明和更好，當我們回顧去年的同一時間甚至前年的情況時，我們顯然會看到這一點並說我們有一些[總結，格雷格，]我們把收入留在了工具上，本來我們應該放慢一點預訂速度，但我們認為我們在這方面可能會更保守一些。因此，我認為，如果我們對這些工具越來越有信心，我們與去年同期的帳面狀況是一致的，遠遠領先 2019 年更高的水平。因此，我認為我們不希望一覺醒來就能夠說，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 wanted to make sure that we optimize our revenue for 2025 and beyond and that's ultimately what's most important is to drive your growth arm and arm and strong margin and returns.

我們希望確保優化 2025 年及以後的收入，而最終最重要的是推動您的成長以及強勁的利潤和回報。

That's great color, festival.

這顏色真棒，節日。

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 booking's trends recently. 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. Can you comment on what you expect bookings growth to look like through the course of the quarter. I imagine that pouring and at a time when there's hurricanes or election noise, maybe isn't the best strategy and how you imagine I'm managing your AD budget through the course for Q1 and early next year as you get a kick in wave season.

我想進一步了解最近的預訂趨勢。聽起來，我認為自上次通話以來您使用了“加速”一詞，儘管 10 月的預訂中可能有一點颶風噪音。您能否評論一下您對本季預訂量成長的預期？我想，在有颶風或選舉噪音的時候，傾盆大雨也許不是最好的策略，你想像我如何在第一季和明年初的課程中管理你的廣告預算，因為你在波浪季節得到了刺激。

But you're right, obviously, our guide for the quarter we typically tried to guide at a 50:50 tough competition.

但顯然，你是對的，我們通常試圖在 50:50 的激烈競爭中指導本季度的指南。

I think what we have not been able to lower. I feel 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 other life and then, of course, we're seeing them book more frequently, Palm I'm occurring 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. 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 we have been doing, and that's driving your really healthy demand for our business. So, we're obviously not guiding on the quarters for next year or for next year. Outside, same moderate yield growth. But I think there we're focused on generating high-quality demand across our different channels in our different markets.

我想我們還沒有能夠降低什麼。我覺得這可能是一個很好的問題，但是當我們看到需求模式提升時，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，享受著人生中最好的假期，然後，當然，我們看到他們更頻繁地預訂，Palm I 正在出現，然後我們的宣傳正在建立更多的需求，這有助於滿足我們團隊每天所做的所有出色的營銷。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投資於行銷，這將推動您對我們業務的真正健康的需求。因此，我們顯然不會對明年或明年的季度進行指導。外部，產量同樣溫和成長。但我認為我們的重點是透過不同市場的不同管道產生高品質的需求。

Great. And one follow-up on that.

偉大的。還有一個後續行動。

You mentioned the hurricane having a small impact here in 4Q yields any carry through into '25 based on what you can see right now. And I think last year at this time, you called out a little bit on the cadence of the out years yield growth in worth mentioning, there's still opportunity to drive occupancy. Anything worth calling out for your growth into next year.

您提到颶風在第四季產生的影響很小，根據您現在所看到的情況，任何影響都會延續到 25 年。我認為去年這個時候，您對未來幾年收益率成長的節奏提出了一些值得一提的觀點，仍然有機會推動入住率。任何值得你為明年的成長而呼籲的事情。

Yes, so no, not really that hasn't been any impact on from the hurricane.

是的，所以不，並不是說颶風沒有造成任何影響。

So that's not and nothing really to call out of called out some of the capacity growth by just given the drydock days and the delivery of the ship, the new ships next year.

因此，考慮到乾船塢天數和明年新船的交付，這並沒有什麼真正值得呼籲的一些運力增長。

Great. Thanks.

偉大的。謝謝。

Hi, Vince. I'm Michael.

嗨，文斯。我是麥可。

Just to add on the impact of the elections on bookings, we've come back and done the analysis over literally decades, and it may be maybe a little bit of volatility during the week of the election but overall, when you spread it over a longer period, there's effectively no impact on bookings as a result of elections, the amount of which way they go.

只是為了增加選舉對預訂的影響，我們回過頭來進行了近幾十年來的分析，在選​​舉期間可能會出現一點波動，但總體而言，當你將其分散到在較長一段時間內，選舉實際上不會對預訂量、預訂量產生影響。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, thanks for taking my questions. First, just wanted to touch on something that, Jason, I think you mentioned that may have been glossed over it. Did I hear you correctly. Did you say that Gulf Coast it's a similar size on all penetration. Presumably I got actually.

嘿，謝謝你回答我的問題。首先，我想談談傑森，我認為你提到的一些事情可能被掩蓋了。我沒聽錯吧？您是否說過墨西哥灣沿岸的所有穿透力大小都相似？想必我確實得到了。

I didn't say that. I said, Texas did a similar size marketplace that has had the penetration with a very similar propensity to cruise. So, I think that some having assets like there will be common cause of Mount Royal Beach. Mexico will allow us to drive more and more not only of that market, but also more of the Gulf Coast and other markets that and you have an easier flight cruise experience and at a lower cost flight cruise experience.

我沒那麼說。我說過，德州有一個類似規模的市場，其滲透率與郵輪的傾向非常相似。所以，我認為一些擁有像皇家山海灘這樣的資產的人將會有共同的事業。墨西哥將使我們不僅能夠越來越多地進入該市場，而且能夠越來越多地進入墨西哥灣沿岸和其他市場，這樣您就可以獲得更輕鬆的飛行巡航體驗和更低的成本飛行巡航體驗。

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, South Texas being underpenetrated, or how do you think about that opportunity. And it seems really compelling.

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，南德克薩斯州的滲透率不足，或者你們如何看待這個機會。這看起來確實很引人注目。

Hi, it's Michael.

嗨，我是麥可。

I'm just to add to Jason's comments.

我只是想補充一下傑森的評論。

I mean, there's quite a few really positive things that come with perfect day Mexico into the role beach club Cosimo. one is that we can really introduced a much larger volume of short product market out of Texas, Louisiana from Tampa. I mean, it really is a great opportunity for us. 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 .

我的意思是，完美的一天墨西哥在海灘俱樂部科西莫的角色中帶來了很多真正積極的事情。一是我們確實可以從德州、路易斯安那州和坦帕引入更大量的短期產品市場。我的意思是，這對我們來說確實是一個很好的機會。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 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, that's been a huge success at some incredibly efficient so that can handle the large Oasis and Icon class ship.

因此，我們認為這確實是一個巨大的競爭優勢，當你想到皇家加勒比將提供的產品時，例如，在德克薩斯州市場，我們在疫情結束時開設了一個全新的航站樓，那就是在一些令人難以置信的高效方面取得了巨大成功，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 shore product to perfect day Mexico and Royal beach club, we think we you've really got a great product offering for our customers are Texas and all of the Gulf ports.

因此，當您想到在墨西哥和皇家海灘俱樂部完美一天的岸上運營的此類船舶時，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 bit Coke, okay, it's clearly been a material positive over the last couple of years. As you think about your next private destination Paradise Island, directionally, will that have a similar level of ancillary uplift per customer wire line. I know it's slightly different than think.

然後稍微改變一下可口可樂，好吧，在過去的幾年裡，這顯然是一個實質的正面因素。當您考慮您的下一個私人目的地天堂島時，從方向上看，每條客戶線路的輔助提升水平是否會類似。我知道這與想像的略有不同。

Okay.

好的。

Yes, it is slightly different.

是的，略有不同。

I mean, it's going to be an exclusive beach club experience. It does have approximately 4,000 people a day will be able to go to the role of each club in the Bahamas. The differences is that when you go to perfect day, it's a combination of pay for and included in the cruise. You can actually go to perfect day and you can have a great day, a perfect day without having to spend additional to experience things. But with the Royal beach club, it'll be all full pay. I mean, you I'll have to literally buy a ticket to go and experienced the beach club. And so we see it as a really positive revenue generator with good margins.

我的意思是，這將是一次獨特的海灘俱樂部體驗。每天確實有大約 4,000 人能夠前往巴哈馬各俱樂部的角色。不同之處在於，當您度過完美的一天時，它是付費和包含在遊輪中的組合。你實際上可以度過完美的一天，你可以度過美好的一天，完美的一天，而無需花費額外的錢來體驗事物。但在皇家海灘俱樂部，一切都是全薪的。我的意思是，你必須買一張票才能去體驗海灘俱樂部。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。

Thanks. Appreciate it.

謝謝。欣賞它。

Olivia Tong, Goldman Sachs.

唐奧莉維亞，高盛。

Hi there. Good morning. Thanks for taking the question.

你好呀。早安.感謝您提出問題。

I wanted to start off on cost that is looking back and you've called out favorable timing of costs, I think every quarter. Just curious if you can share more details and which kind of cost buckets that hitting in the fourth quarter and whether there is also a degree of just in that strong cost discipline that's also kind of benefit in the cost line.

我想從回顧成本開始，我認為每季你都指出了有利的成本時機。只是好奇您是否可以分享更多細節，以及第四季度的成本範圍，以及在嚴格的成本紀律中是否也存在一定程度的正義，這也在成本線中帶來了某種好處。

Yes, I was a So this year is a little bit unique here. We have a lot of dry docks, double what we had last year.

是的，我是一個所以今年在這裡有點獨特。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 then related to those dry dock, specifically around supply chain impacts from the suppliers. And we're trying to work around it and make sure that we kind of get the best timing out of it. But that's always a little tricky, especially today.

因此，我們今年取消了許多成本計時。那麼您就與那些乾船塢有關，特別是圍繞供應商的供應鏈影響。我們正在努力解決這個問題，並確保我們能找到最好的時機。但這總是有點棘手，尤其是在今天。

So that's really what it is. And we're trying to manage, as you know, cost really, really strongly and really making sure that we are our focus on enhancing margin at the same time, making sure that we make the right investments into the product, making sure that we are investing for the future. And so all of that is going to how we manage the cost.

事實就是如此。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，同時確保我們對產品進行正確的投資，確保我們正在為未來投資。因此，所有這些都取決於我們如何管理成本。

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 question is on the call a focused about the tailwinds you have with the new private island pilot destinations than you've kept premiums that you have said, is that moderate great longer can does that bake in that upside from the private island and the new ships that you have coming online with those big premiums. Is that or is that more of a kind of like for like outlook?

然後，就關於長期適度收益率增長的評論而言，許多問題都集中在新的私人島嶼試點目的地的順風上，而不是你所說的保留溢價，是適度的較長時間可以從私人島嶼和您以巨額溢價上線的新船中受益。這是或更像是一種相似的觀點？

So, I think when we look at moderate your growth, which has a little bit of a range to at I think when we think about like-for-like and new hardware like Tivoli, new hardware will contribute a point or so year to our yields. I mean, because the base is getting bigger home, we do expect it to be like for like growth. And then you get to the high. I mean, again, this is looking at things. Historically, you get to the higher end of the range when you have the introductions of these private destinations as an example into it. And that's why I think when we look at the outlook like world, we're not and we look also we look at the value gap opportunity that's ahead of us. When we think about in the out of each year, we tried to more plan on what we have seen in the past, and that's where we kind of get into that, that moderate our yield growth kind of outlook.

因此，我認為，當我們考慮適度的成長時，這有一點範圍，我認為當我們考慮類似的新硬體（如 Tivoli）時，新硬體將為我們的業務貢獻一個點左右的時間。我的意思是，因為基地正在變得越來越大，我們確實希望它能有同樣的成長。然後你就會到達高峰。我的意思是，這又是在看事情。從歷史上看，當您以這些私人目的地為例進行介紹時，您就會到達該範圍的高端。這就是為什麼我認為，當我們審視世界的前景時，我們不是，我們也著眼於眼前的價值差距機會。當我們考慮每年的情況時，我們嘗試對過去所看到的情況進行更多計劃，這就是我們進入的地方，這會緩和我們的收益率成長前景。

The I would say is that you're 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% as now complemented were over 11% on this year and so just a comparable, you'll get a little bit different, but that moderate your growth has kind of when we look at a long-term run rate is what we have seen. You're generally arm will take place in our business and kind of takes into consideration your market trends and behaviors that we have seen over time.

我想說的是，當你在這一年中你的收益率不斷增加時，我們在年初指導為 6.5%，而今年的補充利率超過 11%，所以只是相比之下，你會得到一點不同，但是當我們考慮長期運行率時，你的成長會有所放緩，這就是我們所看到的。您通常會參與我們的業務，並會考慮您的市場趨勢和我們隨著時間的推移看到的行為。

Got it. Thanks. That's helpful.

知道了。謝謝。這很有幫助。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Thank you.

偉大的。謝謝。

May hear your commentary about the 2025 financial outlook.

可能會聽到您對 2025 年財務前景的評論。

It sounds like it's sort of off to an above average charge. And so, if we look at where you guided yield, say the five years before the pandemic, your initial guidance from the current in three or 4% range, net yields, should we think about that as being kind of weighted average, your typical and in many years in a position to be done in the next year.

聽起來收費有點高於平均值。因此，如果我們看一下你們指導的收益率，例如大流行前的五年，你們目前的初步指引是淨收益率在3% 或4% 的範圍內，我們是否應該將其視為加權平均數，即您的典型收益率？

Hi, Robin. I hope you're well on.

嗨，羅賓。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 kind of our historical long run average that's more or less where we had landed. I mean, we'll see how the book continues to build on and our ability to continue to be able to raise prices off of a already raised them and that's out off a higher base and see how we continue to close that gap to land base vacation. But we're not we're not at the point yet. I think where we want to give your guidance by quarter or for next year, but we are on, but we're feeling very good How about on the strength of our demand patterns that we're seeing in the and the book position and our ability to continue to optimize our yield profile.

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。我的意思是，我們將看到這本書如何繼續發展，以及我們是否有能力繼續在已經提高的基礎上提高價格，這是在更高的基礎上，並看看我們如何繼續縮小與土地基礎的差距假期。但我們還沒到那個地步。我認為我們希望在季度或明年為您提供指導，但我們正在繼續，但我們感覺非常好，我們在書中看到的需求模式以及我們的需求模式的強度怎麼樣？狀況。

Great.

偉大的。

Thank you.

謝謝。

And then just as a follow-up question on your order book, can you give us an idea your sort of done ordering for, in other words from in and counting your options and kind of thinking about taking orders, but anything that you still thinking about any periods like and we've seen all of your orders in 2028 at this point. Is that sort of '29 in Florida are still seeing again. Just how to think about that.

然後，就像您的訂單簿上的後續問題一樣，您能否給我們一個想法，您完成的訂單是什麼，換句話說，從裡面計算您的選擇以及關於接受訂單的想法，但您仍然在考慮的任何事情關於任何時期，例如，我們此時已看到您在 2028 年的所有訂單。佛羅裡達州的那種 29 世紀仍然會再次出現嗎？只是如何思考這一點。

Yes.

是的。

I think for the most part, you certainly have seen all of our orders through our '27 and maybe even into 2028. But as you commented, we have we have lots of options that are available to us that we've secured but I will say that we heavily subscribed to moderate yield growth, moderate capacity growth and good cost controls on that moderate capacity growth standpoint, we continue to look to moderately grow our fleet, moderately grow each of our brands. And again, I was just a general reminder on when we when we order ships and we take ships that are all go into the same brand, but not all go into this a market, they're not all go into the same itinerary. I mean, we operate a very large pickup of global footprint on that. We feel very confident about our ability to get yield growth and good yield growth on capacity growth over time.

我認為在大多數情況下，您肯定已經看到了我們 27 年甚至 2028 年的所有訂單。適度的產量成長、適度的產能成長和良好的成本控制，從適度產能成長的角度來看，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。再說一遍，我只是一般性提醒一下，當我們訂購船舶時，我們乘坐的船舶都進入同一品牌，但並非所有進入這個市場，它們並不都進入相同的行程。我的意思是，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成長以及產能成長帶來的良好產量成長的能力非常有信心。

Thank you.

謝謝。

Thanks, Robin.

謝謝，羅賓。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

The numbers are obviously very good, not be done a very good job with the balance sheet and when I look at your you're done at this point now a lot of high-cost that last, your cash flow is going to start to really ramp. I'm just trying to understand, are you going to continue to lean in the balance sheet. Our rethink and about cash flows or potentially to really start ramping shareholders. I realize that may be discussed that at the Investor Day, but just any thoughts that would be helpful. Thank you.

這些數字顯然非常好，但資產負債表並沒有做得很好，當我看看你的時候，你現在已經完成了很多高成本，最後，你的現金流將開始真正坡道。我只是想了解，您是否會繼續傾斜資產負債表。我們重新思考現金流或可能真正開始增加股東人數。我意識到這可能會在投資者日討論，但任何有幫助的想法都可以。謝謝。

So, thank you. First, where it was very important to us in a very important pillar of trifecta to make sure that we bring back the balance sheet back to being an asset. So, we obviously across a very key milestone this quarter with getting it back to unsecured status, no guarantees or the guarantees and security we have granted everybody during the pandemic to get through are gone now. And then we also feel that that where we are on the leverage is within our targets, we will continue to make sure that we have a very strong balance sheet and low a lot of the higher cost debt and 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. And as we think about capital allocation, obviously, we need to maintain a strong balance sheet. We have a great opportunity to invest as we see a large opportunity and almost $2 trillion market to continue to win share. 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, just getting better with our business.

所以，謝謝你。首先，確保我們將資產負債表恢復為資產，這對我們來說非常重要，是三連勝的一個非常重要的支柱。因此，本季度我們顯然跨越了一個非常關鍵的里程碑，將其恢復到無保障狀態，沒有任何保證，或者我們在疫情期間向每個人提供的保證和安全現在已經消失了。然後我們也認為，我們的槓桿水準在我們的目標之內，我們將繼續確保我們擁有非常強大的資產負債表，並降低大量較高成本的債務，並且已經消失。我們始終不斷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。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。我們有一個很好的投資機會，因為我們看到了一個巨大的機會和近2兆美元的市場來繼續贏得份額。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，讓我們的業務變得更好。

And then we reinitiated the dividend last quarter and we said that we were I continue to get into a competitive dividend factor. And then historically, there were also was capital return through the buyback we did something this quarter with the converts. So obviously, with a lot of cash generation, we'll continue to have those opportunities.

然後我們上個季度重新啟動了股息，我們說我們繼續進入有競爭力的股息因素。從歷史上看，我們本季對轉換者進行了一些回購，也獲得了資本回報。顯然，隨著大量現金的產生，我們將繼續擁有這些機會。

That's helpful.

這很有幫助。

And then you talk about all these investments that you have underway and historically, I would think that with investments come additional cost pressures and so on so forth. But it seems like this is going to be a regulatory type of cadence in terms of new product investment, whether it's onboard our out private islands and whatnot. So should we just assume that there's going to be an ongoing cost pressure from investments in your outlook going forward. And point being, is this like talk about our strong cost management. Is it just is that going to be embedded in there over the long.

然後你談到你正在進行的和歷史上的所有這些投資，我認為投資會帶來額外的成本壓力等等。但就新產品投資而言，這似乎將是一種監管類型的節奏，無論是在我們的私人島嶼上還是其他地方。因此，我們是否應該假設您的前景投資將持續存在成本壓力。重點是，這就像談論我們強大的成本管理一樣。難道只是長期嵌入其中嗎？

Yes, so we managed guess at apps. So, the so we manage the business and the cost on the holistic basis, right. So, we take everything into account, including everything you just said, we continue to grow capacity. We're a large company. So, it was we kind of think about prioritization of where we're going to invest both capital and cost of that into account that we're very by subscribed at committed to the formula modest capacity growth, moderate growth, strong cost control. And we think that a lot of these investments, while they may be some cost of the cost structure that will have incredible returns and will be margin and there will be a margin expansion.

是的，所以我們成功地猜測了應用程式。所以，我們在整體的基礎上管理業務和成本，對吧。所以，我們考慮到一切，包括你剛才所說的一切，我們繼續擴大產能。我們是一家大公司。因此，我們在考慮投資資本和成本的優先順序時，考慮到我們非常贊同「適度產能成長、適度成長、強有力的成本控制」這個公式。我們認為，這些投資中有很多，雖然它們可能是成本結構的一些成本，但會帶來令人難以置信的回報，並且會產生利潤，並且利潤會擴大。

Yes, I think that's right. one billion-plus point from which we began this in the past is we are our focus while obviously we want to grow yields, we want to manage our costs, but our ultimate focus is growing our margins by growing our margins, it leads to obviously a higher and higher return profile, higher margins or result in more free cash flow, capital that's available to our shareholders, etc.

是的，我認為這是對的。我們過去開始的十億多點是我們的重點，顯然我們希望提高產量，我們希望管理我們的成本，但我們的最終重點是透過增加利潤來增加我們的利潤，這顯然會導致越來越高的回報率、更高的利潤率或帶來更多的自由現金流、可供股東使用的資本等。

And 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 a [PET CTs], as an example about what that would also come obviously on increasing our yield profile expectations and all that driving a better guest experience, higher margin and higher returns.

因此，我認為，當我們添加更多沒有[PET CT] 的目的地時，出現的這些新事物有時會給我們的數字帶來一些噪音，作為一個例子，說明隨著增加，這也會明顯帶來什麼我們的收益率預期以及所有推動更好的賓客體驗、更高的利潤和更高的回報的因素。

Thank you.

謝謝。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good morning. I wanted to actually stay on this topic of potential investments.

嘿，早安。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 higher returns, I should say, I guess maybe speak to why your return profile seems to be so much better than that it has been for you, and I would argue maybe better than we've ever seen in this industry.

當然，你似乎擁有比以往任何時候都更廣泛的投資菜單，並且回報率更高，我應該說，我想也許可以談談為什麼你的回報率似乎比你以前的要好得多，並且我認為這可能比我們在這個行業見過的更好。

It's one of the questions I continually get certainly for new cruise, investors who just had theme. This is a viable or a strong return type of an industry. It seems like something has changed meaningfully and I guess as we think about moving forward, where do you think returns ultimately settling over the long term. Is there a ceiling You're at double digit return on invested capital. It doesn't seem like it's slowing down necessarily. So, I'm just trying to think through sort of what the endgame is there or at least the long term.

這是我不斷向新郵輪、剛剛有主題的投資者提出的問題之一。這是一個可行或回報豐厚的產業類型。似乎有些事情已經發生了有意義的變化，我想當我們思考前進時，您認為長期回報最終會在哪裡。有上限嗎？看來它不一定會放緩。所以，我只是想思考一下結局是什麼，或至少是長期的。

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

是的，詹姆斯，我認為這裡面有很多東西。

I mean, we for a long-term business, we've been making very, I think, thoughtful investments for a very long period of time. And I think a lot of it starts with being very Palm 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 some with ships and experiences on those ships that are very much tuned into those segments.

我的意思是，對於長期業務，我們在很長一段時間內一直在進行非常深思熟慮的投資。我認為，很多事情都是從棕櫚樹開始洞察我們想要成為哪些細分市場來建立我們的品牌，成為這些細分市場的領導者，確保他們與一些擁有船舶並在這些船舶上擁有經驗的人坐在一起。

And what are the customers of today and the customers of tomorrow looking like and then really looking at how can we enhance the experience and also monetize it.

今天的客戶和明天的客戶是什麼樣的，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 in front of all that I think comes down to you.

我們已經能夠在目的地上做到這一點，我認為這一切都取決於您。

Our focus is, um, orienting ourselves as an experienced business and focusing on what's happening and broad travel leisure consumer from on the experience side and then you're ensuring that we have the wherewithal and the assets to be able to wake up every day and compete with that, that are visible like ships, but it's also on technology and how do we take friction out of the experience on how do we be more sophisticated in how we yield manage and how we interact with our customer.

我們的重點是，嗯，將自己定位為經驗豐富的企業，並從體驗方面關注正在發生的事情和廣泛的旅遊休閒消費者，然後確保我們擁有能夠每天醒來的資金和資產，與之競爭的是，它們像船舶一樣可見，但它也涉及技術，以及我們如何消除經驗中的摩擦，即我們如何在產量管理以及如何與客戶互動方面更加成熟。

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 on your runway Mio to that uses a business with a lot of fixed operating leverage.

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，我們都認為這在你的跑道上，Mio 到使用具有大量固定運營槓桿的業務。

And so you're just moderately growing your yields and be mindful of your car cost drops a lot of margin opportunity to the bottom line.

因此，你只是適度增加你的產量，並注意你的汽車成本會降低很多利潤機會。

And I think us being very focused on how we take share more share out of that $2 trillion on travel leisure ARM market is, I think what's driving us so that you should expect us to continue to think and behave that way.

我認為我們非常關注如何從 2 兆美元的旅遊休閒 ARM 市場中獲得更多份額，我認為是什麼在推動我們，所以你應該期望我們繼續以這種方式思考和行事。

Got it. That's really helpful.

知道了。這真的很有幫助。

And then along those lines that I think about capital allocation, obviously, returns focus is key. But maybe can you speak to any non-financial considerations for that. And by that, I mean, the early question not talked about leverage profile. 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. But maybe as I think about some of these land base 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.

然後，沿著我對資本配置的思考，顯然，回報焦點是關鍵。但也許你可以談談任何非財務方面的考慮。我的意思是，早期的問題沒有談到槓桿情況。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。但也許當我在競爭環境的背景下思考這些陸地度假時，無論是其他郵輪公司還是其他陸地競爭對手，你如何看待這些投資，以繼續推動你的優勢這些領域以及給你帶來長期利益的因素。

Sure. As you said, James, I think I think we feel really good about the balance sheet. I'm not commenting there's always opportunity for us to do better. Some are obviously also returning and being thoughtful about returning capital to our shareholders might have talked about a competitive dividend as well as share repurchasing, especially on an opportunistic basis. But of course, that's always that's always a Board decision. And then look, we're focused on how do we keep our customer in our ecosystem. And so, we're an experienced driven business and how do we have strong sustainable growth and leverage all the experience and know-how we have internally, how many there are other experiences that will that are that can keep our customer ecosystem and those are all these things that we'll consider that probably doesn't mean we have to buy something on that can mean we could build something.

當然。正如你所說，詹姆斯，我認為我們對資產負債表感覺非常好。我並不是說我們總是有機會做得更好。顯然，有些人也在回歸，並考慮向股東返還資本，可能會談論有競爭力的股息以及股票回購，尤其是在機會主義的基礎上。但當然，這始終是董事會的決定。然後看，我們專注於如何讓我們的客戶留在我們的生態系統中。因此，我們是一家經驗豐富的企業，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，還有多少其他經驗可以保持我們的客戶生態系統，這些是我們會考慮的所有這些東西可能並不意味著我們必須購買一些東西，這可能意味著我們可以建造一些東西。

It could 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. And that's why I know we have we have our slogans, but I think that we are the best in the world at delivering application of a lifetime and we are building more and more of the capabilities to deliver a lifetime of vacations.

這可能意味著我們的合作夥伴擁有策略關係，但最終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。這就是為什麼我知道我們有我們的口號，但我認為我們在提供終生難忘的應用程式方面是世界上最好的，我們正在建立越來越多的能力來提供終生的假期。

That's really helpful.

這真的很有幫助。

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) 進行總結發言。

Thank you all for your participation and interest in the Company will be available for any follow ups.

感謝大家的參與，並對公司感興趣，我們將隨時跟進。

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. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。