皇家加勒比遊輪 (RCL) 2024 Q4 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 the Royal Caribbean Group fourth-quarter and full-year 2024 earnings conference call.

此時此刻，我歡迎大家參加皇家加勒比集團第四季及2024年全年財報電話會議。

(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 fourth-quarter 2024 earnings call.

大家早安，感謝您今天參加我們的 2024 年第四季財報電話會議。

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 the Royal Caribbean Brand.

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；皇家加勒比品牌總裁兼執行長 Michael Bayley。

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

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 fourth quarter, the current booking environment, and our outlook for 2025.

Naftali 隨後將回顧我們的第四季、目前的預訂環境以及我們對 2025 年的展望。

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 fourth-quarter and full-year results, our outlook for 2025, and the many exciting things happening at the Royal Caribbean Group.

我很高興能夠討論我們出色的第四季度和全年業績、我們對 2025 年的展望，以及皇家加勒比集團發生的許多令人興奮的事情。

2024 was an incredible year for us, and the fourth quarter was no exception.

2024 年對我們來說是不可思議的一年，第四季也不例外。

We delivered a record 8.6 million memorable vacations at very high customer satisfaction scores, achieved an 11.6% net yield growth, generated more than $5 billion of operating cash flow, and returned the balance sheet to investment grade metrics.

我們以極高的客戶滿意度評分提供了創紀錄的860 萬次難忘假期，實現了11.6% 的淨收益增長，產生了超過50 億美元的營運現金流，並將資產負債表恢復到投資級指標。

We achieved our trifecta of financial goals 18 months ahead of schedule, and at the same time, we expanded capital allocation, all while continuing to invest in the business to support our growth ambitions.

我們提前 18 個月實現了三重財務目標，同時擴大了資本配置，同時繼續投資業務以支持我們的成長雄心。

We also met our double-digit carbon intensity reduction target a full year ahead of schedule.

我們也提前一年實現了兩位數的碳強度降低目標。

These strong financial results set the foundation for a very bright future, which is truly just beginning for us.

這些強勁的財務表現為非常光明的未來奠定了基礎，而這對我們來說確實才剛開始。

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 $2 trillion vacation market.

憑藉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 2 兆美元的度假市場中贏得更大份額。

Our plan to capitalize on this opportunity continues to be 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繼續以我們經過驗證的成功公式為基礎：適度的產能增長、適度的產量增長和強有力的成本控制。

I want to thank the entire Royal Caribbean Group team for their passion, dedication, and commitment that enables 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。

Before getting into the details, I would like to take a moment to discuss an exciting new chapter in our mission to deliver the best vacation experiences.

在詳細介紹之前，我想花點時間討論我們的使命中令人興奮的新篇章，即提供最佳的度假體驗。

Celebrity River Cruises, which we announced this morning, will unlock exciting new opportunities for our guests, our business, and our shareholders.

我們今天早上宣布推出的名人河遊輪將為我們的客人、我們的企業和我們的股東帶來令人興奮的新機會。

Beginning in 2027, Celebrity River Cruises will provide yet another opportunity for guests to explore even more destinations with our leading brands.

從 2027 年開始，精緻河畔遊輪將為賓客提供另一個機會，透過我們的領先品牌探索更多目的地。

We placed an initial order for 10 transformative ships, which will serve as the foundation for this new Edge Class-inspired product.

我們最初訂購了 10 艘變革性船舶，這將作為這款受 Edge Class 啟發的新產品的基礎。

Our ambitions, however, go far beyond that.

然而，我們的野心遠不止於此。

We see river cruising as an exciting growth opportunity that aligns with our strategy of turning the vacation of a lifetime into a lifetime of vacations, expanding our ecosystem of vacation offerings, and broadening our reach into adjacent lines of businesses.

我們認為內河巡遊是一個令人興奮的成長機會，它符合我們的策略，即把一生難忘的假期變成一生難忘的假期，擴大我們的度假產品生態系統，並將我們的業務範圍擴大到鄰近的業務領域。

River cruising is a sizable and attractive market that has experienced double-digit growth over the last decade, driven by increasing demand from both seasoned cruisers as well as new customers.

內河巡遊是一個規模龐大且有吸引力的市場，在經驗豐富的巡遊者和新客戶不斷增長的需求的推動下，過去十年經歷了兩位數的增長。

It is a very fragmented market that presents an exciting opportunity for us to win substantial market share.

這是一個非常分散的市場，為我們贏得大量市場份額提供了令人興奮的機會。

It delivers attractive APDs that we can capture while deepening customer loyalty within our family of brands.

它提供了我們可以捕捉的有吸引力的 APD，同時加深了我們品牌系列中的客戶忠誠度。

River cruising is a complimentary, high-margin, high-ROIC business that fits nicely within our portfolio.

內河巡遊是一項免費、高利潤、高投資報酬率的業務，非常適合我們的投資組合。

The smaller scale of river ships and shorter build timelines allow us for faster deployment and return profiles.

河船規模較小，建造時間較短，使我們能夠更快地部署和返回。

Celebrity River Cruises is a natural extension of Celebrity's premium ocean offering and appeals to a similar demographic of discerning travelers who value immersive, destination-focused experiences.

精緻河輪遊輪是精緻郵輪優質海洋服務的自然延伸，吸引了類似的挑剔遊客群體，他們重視沉浸式、以目的地為中心的體驗。

River cruises spend a disproportionate amount of their time and money on travel, including more spend on all types of cruises.

內河遊輪在旅行上花費了不成比例的時間和金錢，包括在所有類型的遊輪上花費更多的費用。

We have a remarkable opportunity.

我們有一個非凡的機會。

Approximately half of our guests have either already experienced or intend to take a River Cruise vacation and a majority of guests who would add an additional vacation to take a River Cruise.

大約一半的客人已經體驗過或打算參加河上遊船度假，大多數客人會增加額外的假期來參加河遊船。

Furthermore, Celebrity's existing reputation for exceptional hospitality and unparalleled experiences will attract new demand from travelers who are curious about river cruising but who haven't yet taken that leap.

此外，精緻遊輪在卓越的接待和無與倫比的體驗方面現有的聲譽將吸引對河流巡遊感興趣但尚未邁出這一步的旅行者的新需求。

Just as we've set the standard of excellence in ocean cruising, we will continue to innovate and elevate in the river space.

正如我們在海洋巡航領域設定了卓越標準一樣，我們將繼續在河流領域進行創新和提升。

The quality and sophistication of our Edge Class ocean ships will bring cutting-edge design, sustainable technologies, and reimagined onboard and shore experiences that raises the bar for river cruising.

我們邊緣級遠洋船舶的品質和先進性將帶來尖端設計、永續技術以及重新構想的船上和岸上體驗，從而提高內河巡航的標準。

This is an exciting time for the Celebrity brand as this news follows our recent agreement to order a sixth Edge Class ship set to be delivered to Celebrity Cruises in 2028.

對於精緻遊輪品牌來說，這是一個激動人心的時刻，因為此消息是在我們最近達成協議訂購第六艘邊緣級遊輪並將於 2028 年交付給精緻遊輪之後發布的。

Edge 6, also known as Xcel 2, will be the sister ship to Celebrity Xcel, which is gearing up for its inaugural sailing later this year.

Edge 6，也稱為 Xcel 2，將成為 Celebrity Xcel 的姊妹船，該船正為今年稍後的首航做好準備。

So now, let's talk about 2024 results and 2025 outlook.

現在，我們來談談2024年的業績和2025年的展望。

I am proud of what we have accomplished in 2024.

我為我們在 2024 年所取得的成就感到自豪。

We delivered double-digit yield growth and generated $0.5 billion more in revenue than we originally expected.

我們實現了兩位數的收益率成長，並創造了比我們最初預期多 5 億美元的收入。

Our strong performance was propelled by the flawless execution of our incredible team, which drove elevated demand across our brands.

我們出色的團隊完美的執行力推動了我們的強勁表現，這推動了我們品牌的需求上升。

We also continued our focus on driving durable margin expansion, resulting in 74% year-over-year adjusted EPS growth.

我們也持續致力於推動持久的利潤率擴張，調整後每股盈餘較去年同期成長 74%。

We continue to invest in our future while strengthening the balance sheet, achieving our target of investment grade metrics, and reaching mid-teen ROIC.

我們繼續投資我們的未來，同時加強資產負債表，實現我們的投資等級指標目標，並達到中等的投資報酬率。

The year ended on a great note with revenue yields up 7.3% in the fourth quarter, earnings that were $0.20 better than our guidance, and a strong book position for 2025 from both a pricing and volume standpoint.

今年以優異的成績結束，第四季度的收入收益率增長了 7.3%，收益比我們的指導高出 0.20 美元，而且從定價和銷量的角度來看，2025 年的帳面狀況強勁。

2024 was another year of remarkable innovation as we ushered in a new era of vacations with the launch of Icon of the Seas, Utopia of the Seas, and Silver Ray, while announcing and advancing several key private destinations that will further differentiate our leading portfolio of brands, including Perfect Day Mexico, Royal Beach Clubs in Paradise Island and Cozumel.

2024 年是另一個非凡創新的一年，我們推出了“海洋之星”、“海洋烏托邦”和“Silver Ray”，開啟了度假的新時代，同時宣布並推出了幾個重要的私人目的地，這些目的地將進一步使我們領先的私人目的地組合脫穎而出。

We received exceptionally high guest satisfaction scores and attracted a record number of both new and loyal guests.

我們獲得了極高的賓客滿意度評分，並吸引了創紀錄數量的新賓客和忠實賓客。

We continue to invest in our commercial and vacation experiences flywheel.

我們繼續投資我們的商業和度假體驗飛輪。

In 2024, we expanded our capabilities across distribution channels to create a digital experience that connects the dots across all aspects of the consumer journey.

2024 年，我們擴展了跨分銷管道的能力，打造將消費者旅程各個方面連接起來的數位體驗。

Guests have been seamlessly planning and booking their dream vacations, reducing the amount of time to book a cruise by half.

客人可以無縫地規劃和預訂他們的夢想假期，將預訂遊輪的時間減少一半。

We launched over 300 new digital capabilities across channels in 2024, improving the overall experience and reducing friction points while increasing spend.

2024 年，我們跨通路推出了 300 多項新的數位功能，改善了整體體驗並減少了摩擦點，同時增加了支出。

We also infused AI into the guest journey to provide a better, more efficient experience and more personalized service.

我們也將人工智慧融入賓客旅程中，提供更好、更有效率的體驗和更個人化的服務。

For example, our new in-app chat saw a 35% increase in guest adoption that led to a 20% reduction in the customer service line on board.

例如，我們新的應用程式內聊天使賓客採用率增加了 35%，從而導致船上客戶服務熱線減少了 20%。

With 9 out of 10 guests indicating their intent to repeat, our new Loyalty Status Match program allows our guests to earn loyalty status across all three brands, fostering long-term relationships and rewarding loyal customers across our portfolio.

九成的客人表示願意重複，我們新的忠誠度狀態匹配計劃使我們的客人能夠在所有三個品牌中獲得忠誠度狀態，從而培養長期關係並獎勵我們產品組合中的忠實客戶。

Turning to this year, momentum continues in 2025 with bookings accelerating since the last earnings call, resulting in the best five booking weeks in the company's history.

談到今年，2025 年的勢頭仍在繼續，自上次財報電話會議以來預訂量加速增長，導致公司歷史上最好的五個預訂週。

Bookings have continued to outpace last year across all key products.

所有主要產品的預訂量繼續超過去年。

Our book position is in line with prior years at higher APDs, allowing us to further optimize pricing and yield growth as we continue to build the book of business for 2025.

我們的帳面狀況與往年一致，APD 較高，這使我們能夠在繼續建立 2025 年業務帳簿的同時進一步優化定價和收益率成長。

As our bookings for 2025 have ramped up since the last earnings call, our APD premium from last year has widened, underlining our continued focus on optimizing yield growth.

自上次財報電話會議以來，我們 2025 年的預訂量有所增加，我們去年的 APD 溢價有所擴大，這突顯了我們對優化收益率成長的持續關注。

Our commercial apparatus is firing on all cylinders, and all channels are delivering quality demand above 2024 levels.

我們的商業設備正在全速運轉，所有通路都在提供高於 2024 年水準的品質需求。

Our direct-to-consumer channels are performing extremely well.

我們的直接面向消費者的通路表現非常出色。

We added hundreds of new capabilities across our digital platforms last year as consumers' preference for digital engagement continues to grow.

隨著消費者對數位參與的偏好不斷增長，我們去年在數位平台上增加了數百項新功能。

Our travel partners are also delivering meaningfully more bookings than last year at higher rates.

我們的旅遊合作夥伴也以更高的價格提供了比去年更多的預訂。

We continue to see particularly healthy demand from North America, where about 80% of our guests will be sourced for this year.

我們繼續看到來自北美的需求特別旺盛，今年我們約有 80% 的客人將從北美採購。

Our brand's global appeal and nimble sourcing model allows us to attract the highest yielding guests by positioning our ships in multiple markets around the world.

我們品牌的全球吸引力和靈活的採購模式使我們能夠透過將我們的船舶定位於世界各地的多個市場來吸引最高收益的客人。

Our brands lead in their respective segments and are very successful at capturing quality demand across sectors and sourcing from new consumer bases.

我們的品牌在各自的細分市場中處於領先地位，並且在捕捉跨行業的品質需求和從新的消費者基礎進行採購方面非常成功。

As we think about consumer demand for 2025 and beyond, we look to both macro trends and data points from millions of daily interactions with our customers.

當我們思考 2025 年及以後的消費者需求時，我們會關注宏觀趨勢以及來自與客戶的數百萬次日常互動的數據點。

We continue to see very positive sentiment from our customers bolstered by strong labor markets, high wages, surplus savings, and elevated wealth levels.

在強勁的勞動力市場、高薪、盈餘儲蓄和財富水平提高的支撐下，我們繼續看到客戶的正面情緒。

At the same time, they continue to prioritize travel experiences.

同時，他們繼續優先考慮旅行體驗。

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強勁的消費支出。

We see positive sentiment from our customers in a macro environment that favors experiences over things, as leisure and travel spend continue to grow.

隨著休閒和旅行支出的持續增長，我們看到客戶在註重體驗而非物質的宏觀環境中表現出積極情緒。

Consumers plan to spend more on vacations and take more trips in the coming year, and our guests over-index in their intent to spend more on leisure travel.

消費者計劃在未來一年在假期上花更多錢並進行更多旅行，而我們的客人在休閒旅行上花更多錢的意願指數過高。

Consumers place significant value on visiting multiple destinations, and this is even more important to millennial and Gen Z consumers, something that cruising is uniquely positioned to deliver on.

消費者非常重視造訪多個目的地，這對千禧世代和 Z 世代消費者來說更為重要，而郵輪遊輪則具有獨特的優勢。

Cruise consideration is high, with the biggest gains among millennials and younger travelers.

郵輪旅遊的關注度很高，其中千禧世代和年輕旅客的增幅最大。

Cruise remains an attractive value proposition and also leads in guest satisfaction compared to other vacation alternatives.

與其他度假選擇相比，遊輪仍然是一個有吸引力的價值主張，並且在客人滿意度方面也處於領先地位。

We are very well positioned to benefit from these trends with our exceptional and leading portfolio of brands, innovative and differentiated ships, exciting and inclusive destination experiences, and leading commercial and AI-driven capabilities.

憑藉我們卓越且領先的品牌組合、創新和差異化的船舶、令人興奮和包容的目的地體驗以及領先的商業和人工智慧驅動能力，我們完全有能力從這些趨勢中受益。

2025 is shaping up to be another great year, with 23% expected earnings growth and accelerated path towards robust cash flow generation.

2025 年將是另一個偉大的一年，預計獲利成長 23%，並加速實現強勁的現金流產生。

In 2025, we expect to grow capacity by 5% through the introduction of Star of the Seas and Celebrity Xcel, as well as the full-year benefit of Utopia of the Seas and Silver Ray.

到2025年，我們預計透過海洋之星號和名人Xcel號的引入，以及海洋烏托邦號和銀射線號的全年效益，運力將增加5%。

New ships not only elevate our vacation experience and draw new customers to our brand, but also provide yield tailwinds and enhance overall profitability.

新船不僅提升了我們的度假體驗並吸引新客戶加入我們的品牌，而且還提供了收益順風並提高了整體盈利能力。

We expect yields to grow 2.5% to 4.5%, driven by the performance of our entire fleet, new and existing ships, combined with our leading private destinations and strengthening commercial apparatus.

我們預計收益率將成長 2.5% 至 4.5%，這得益於我們整個船隊、新船和現有船舶的表現，加上我們領先的私人目的地和不斷增強的商業機構。

Strong rates and load factors, together with a continued focus on margins and strategic capital allocation, are expected to drive adjusted earnings per share of $14.35 to $14.65, which includes $0.65 of FX in a fuel rate headwinds compared to our last earnings call.

強勁的費率和負載率，加上對利潤率和策略資本配置的持續關注，預計將推動調整後每股收益達到14.35 美元至14.65 美元，其中與我們上次財報電話會議相比，其中包括0.65美元的燃油費率逆風外匯。

Our proven formula for success is working.

我們行之有效的成功秘訣正在發揮作用。

Moderate capacity growth, moderate yield growth, and strong cost control leads to enhanced margins, profitability, and superior financial performance.

適度的產能成長、適度的產量成長和強有力的成本控制可以提高利潤率、獲利能力和卓越的財務表現。

For decades, the Royal Caribbean Group has been redefining what a vacation experience can be.

幾十年來，皇家加勒比集團一直在重新定義度假體驗。

It's clear that our success has been built on a foundation of differentiation, setting ourselves apart through innovation and excellence.

很明顯，我們的成功建立在差異化的基礎上，透過創新和卓越使我們脫穎而出。

We have led the way in delivering best-in-class ships that redefine possible.

我們在交付重新定義可能性的一流船舶方面處於領先地位。

As we look ahead, we continue to redefine vacations through the ambition expansion of our private destination portfolio, the exciting entry into new lines of businesses like Celebrity River Cruises, and the development of industry-leading digital and AI capabilities.

展望未來，我們將繼續透過雄心勃勃的私人目的地投資組合擴張、令人興奮地進入名人河輪遊輪等新業務領域以及開發行業領先的數位和人工智慧功能來重新定義假期。

We relentlessly pursue an acute understanding of how today's families, couples, and individuals want to spend their valuable vacation time so that we can continue to develop an expanding ecosystem of vacation experiences that wildly exceed their expectations.

我們堅持不懈地敏銳地了解當今的家庭、夫婦和個人希望如何度過寶貴的假期時間，以便我們能夠繼續開發一個不斷擴大的假期體驗生態系統，遠遠超出他們的預期。

Our goal is to create seamless, personalized journeys across a portfolio of experiences -- from ship to private island to river cruises and beyond -- that inspire loyalty, deepen relationships, and position us as the preferred choice for every kind of vacation.

我們的目標是打造無縫、個人化的旅程，涵蓋從船舶到私人島嶼、內河巡遊等一系列體驗，激發忠誠度，加深關係，並使我們成為各種度假的首選。

This is not just a strategy; it's a promise to redefine what travel means for our guests.

這不只是一個策略；更是一個策略。這是重新定義旅行對我們的客人意味著什麼的承諾。

It's about meeting them where they are, dreaming alongside them, and turning the vacation of a lifetime into a lifetime of vacations.

這是關於在他們所在的地方與他們見面，與他們一起夢想，並將一生難忘的假期變成一生難忘的假期。

With this vision, we are poised to lead not just the cruise industry, but the broader world of travel into an exciting new era.

憑藉著這個願景，我們不僅準備好引領郵輪產業，還將引領更廣泛的旅遊世界進入一個令人興奮的新時代。

Through it all, we remain committed to our SEA the Future vision: sustaining the planet, energizing communities, and accelerating innovation.

縱觀這一切，我們仍然致力於實現 SEA the Future 願景：永續發展地球、激勵社區並加速創新。

2024 was an exceptional year for our company, marked by many milestones that set the stage for an even brighter future.

2024 年對我們公司來說是不平凡的一年，實現了許多里程碑，為更光明的未來奠定了基礎。

We are continuously elevating what it means to deliver the best vacation experiences, awe-inspiring ships, an unparalleled private destination portfolio, and globally trusted brands, all propelled by the best people.

我們不斷提升提供最佳度假體驗、令人驚嘆的船舶、無與倫比的私人目的地組合以及全球值得信賴的品牌的意義，所有這些都由最優秀的人才推動。

Royal Caribbean Group is redefining what people have come to expect from a vacation.

皇家加勒比集團正在重新定義人們對假期的期望。

As we embark on 2025, we remain focused on winning an even greater share of the broader vacation market, and we are just getting started.

踏入 2025 年，我們仍然專注於在更廣泛的度假市場中贏得更大份額，而我們才剛剛開始。

And with that, I will turn it over to Naftali.

有了這個，我會把它交給納夫塔利。

Naf?

納夫？

Thank you, Jason, and good morning, everyone.

謝謝傑森，大家早安。

I will start with reviewing fourth-quarter results.

我將首先回顧第四季度的業績。

Our teams delivered another exceptional quarter that exceeded our expectations, resulting in adjusted earnings per share of $1.63. The outperformance, compared to our guidance, is driven by better revenue across our brands and products and strong cost performance despite a headwind from stock compensation due to increase in our share price.

我們的團隊又交付了超出我們預期的出色季度業績，調整後每股收益為 1.63 美元。與我們的指導相比，業績表現優於我們的指導，是由於我們的品牌和產品的收入增加以及強勁的性價比，儘管我們的股價上漲導致股票補償面臨阻力。

We finished the fourth quarter with a net yield growth of 7.3%, 200 basis points higher than the midpoint of our guidance that was driven by stronger-than-expected APDs from both new ships and like-for-like hardware.

在第四季結束時，我們的淨收益率成長了 7.3%，比我們的指導中位數高出 200 個基點，這是由新船和同類硬體的 APD 強於預期推動的。

We also saw both better pricing on ticket, as well as better-than-expected onboard spend.

我們也看到了更好的機票價格以及好於預期的機上支出。

Net cruise costs excluding fuel increased 13.5% in constant currency.

以固定匯率計算，不包括燃油的遊輪淨成本增加了 13.5%。

The increase in costs compared to guidance is entirely driven by a 300 basis points impact from higher stock-based compensation due to the rise in the stock price.

與指引相比，成本增加完全是由於股價上漲導致股票薪酬上漲 300 個基點的影響所致。

Adjusted EBITDA was $1.1 billion, 10% year-over-year growth, and operating cash flow was $1.5 billion.

調整後 EBITDA 為 11 億美元，年增 10%，營運現金流為 15 億美元。

Now switching to our 2025 outlook.

現在轉向我們的 2025 年展望。

I will start by taking you through capacity and deployment for the year.

我將首先向您介紹今年的容量和部署。

With the introduction of Star, Xcel, and a full year of Utopia and Silver Ray, capacity is expected to increase 5.4% year over year.

隨著Star、Xcel以及Utopia和Silver Ray全年的推出，產能預計將年增5.4%。

We have fewer dry dock days this year compared to 2024, contributing about 1 percentage point to capacity growth.

與 2024 年相比，今年的乾船塢天數減少，對運能成長貢獻了約 1 個百分點。

This year, we also have some of our biggest ships planned for dry dock, and we also have restarted our modernization program that has more days for each dry dock.

今年，我們還計劃將一些最大的船舶進駐乾船塢，並且我們還重新啟動了現代化計劃，為每個乾船塢提供了更多的天數。

As a result, we have less dry dock days than 2024, but more days than 2023.

因此，我們的乾船塢天數比 2024 年少，但比 2023 年多。

In terms of quarterly cadence, the first quarter has more dry docks than last year, negatively impacting capacity growth by 300 basis points.

從季度節奏來看，第一季乾船塢比去年更多，對運能成長產生了300個基點的負面影響。

The second and the third quarter are relatively flat to last year, while the fourth quarter will have fewer dry dock days compared to last year, benefiting capacity growth by 500 basis points.

第二季和第三季與去年相比相對持平，而第四季的乾船塢天數將比去年減少，有利於運力成長500個基點。

As a result, APCDs are expected to grow around 3% in the first and third quarters, 6% in the second quarter, and 10% in the fourth quarter.

因此，APCD預計第一季和第三季將成長3%左右，第二季成長6%，第四季成長10%。

New hardware in 2025 represents 4% of total capacity growth, compared to 8% in 2024.

2025 年新硬體佔總產能成長的 4%，而 2024 年為 8%。

As Jason mentioned, the year is off to a very strong start.

正如傑森所提到的，今年有一個非常強勁的開局。

Last quarter, we said the demand for 2025 is strong, with book load factors in line with prior years and at higher rates, allowing for further pricing and yield growth as 2025 bookings continue to ramp up, and that's exactly what is happening.

上個季度，我們表示 2025 年的需求強勁，預訂量與往年一致，且利率更高，隨著 2025 年預訂量的持續增加，定價和收益將進一步增長，而這正是正在發生的情況。

Since the last earnings call, we've continued to build load factors while also expanding our booked APD versus the same time last year.

自上次財報電話會議以來，我們繼續提高載客率，同時與去年同期相比擴大了預訂的 APD。

The Caribbean represents 57% of our deployment this year, and capacity in the region is up 6% over last year, with the introduction of Star of the Seas and Celebrity Xcel in the second half of the year.

加勒比地區占我們今年部署量的 57%，隨著下半年「海洋之星號」和「名人 Xcel」號的推出，該地區的運力比去年增長了 6%。

We continue to differentiate in the Caribbean market with our incredible ships and private destinations, driving very strong performance.

我們繼續憑藉我們令人難以置信的船舶和私人目的地在加勒比市場脫穎而出，推動非常強勁的業績。

Over 70% of guests on these itineraries sailing with the Royal Caribbean brand will visit a private destination this year, and that percentage will increase to 90% in 2027 with the opening of the Beach Clubs at Paradise Island, Nassau, and Cozumel and Perfect Day, Mexico.

今年，皇家加勒比品牌航線上超過 70% 的乘客將前往私人目的地，隨著天堂島、拿騷和科蘇梅爾海灘俱樂部以及 Perfect Day 的開業，這一比例到 2027 年將增至 90% ，墨西哥。

Caribbean bookings have been strong, with Icon and Utopia continuing to perform well above expectations on top of strong performance of existing hardware.

加勒比地區的預訂量一直很強勁，除了現有硬體的強勁表現之外，Icon 和 Utopia 的表現繼續遠高於預期。

Europe will account for 15% of capacity and is up 5% versus last year.

歐洲將佔運力的 15%，比去年增長 5%。

European sailings continue to perform very well on both rate and volume basis.

歐洲航線在運價和運量方面繼續表現良好。

Alaska is expected to account for 6% of total capacity.

阿拉斯加預計將佔總運力的6%。

We have some of the best hardware in the region, including Celebrity Edge, two Quantum class ships, and Silver Nova, among others.

我們擁有該地區最好的硬件，包括 Celebrity Edge、兩艘量子級飛船和 Silver Nova 等。

Alaska demand has been very strong and continues to surpass our expectations.

阿拉斯加的需求一直非常強勁，並繼續超越我們的預期。

Now let me talk about our guidance for 2025.

現在讓我談談我們對 2025 年的指導。

Our proven formula for success -- moderate capacity growth, moderate yield growth, and strong cost discipline -- is expected to drive 23% earnings growth and higher cash flow generation this year.

我們行之有效的成功秘訣——適度的產能成長、適度的收益率成長和嚴格的成本控制——預計將推動今年 23% 的獲利成長和更高的現金流產生。

We expect yield growth of 2.5% to 4.5%, balanced between new and existing hardware.

我們預計產量將成長 2.5% 至 4.5%，新硬體和現有硬體之間保持平衡。

Our 2025 yield growth outlook is on top of 11.6% growth in 2024 that was boosted by fourth-quarter outperformance and put 40-basis-point headwind on this year's growth metric.

我們的 2025 年收益率成長預期高於 2024 年 11.6% 的成長預期，這一成長受到第四季度優異表現的推動，並對今年的成長指標造成 40 個基點的阻力。

Full-year net cruise costs excluding fuel are expected to be flat to up 1%, as our focus remains to enhance margin as we continue to grow the business.

預計全年淨郵輪成本（不包括燃油）將持平至上升 1%，因為我們的重點仍然是在業務不斷增長的同時提高利潤率。

The cadence of our cost growth varies throughout the year, with second- and third-quarter costs expected to be higher than the first and fourth quarter, driven by timing of dry docks, ramp-up of costs related to our acquisition of the Costa Maya port, and other destinations.

我們的成本成長節奏全年各有不同，第二和第三季度的成本預計將高於第一和第四季度，原因是乾船塢時間表以及與我們收購 Costa Maya 相關的成本上升港口和其他目的地。

We anticipate a fuel expense of $1.17 billion for the year, and we are 60% hedged at below market rates.

我們預計今年的燃料費用為 11.7 億美元，並且我們以低於市場利率的價格對沖 60%。

Based on current fuel prices, currency exchange rates, and interest expense, we expect adjusted earnings per share between $14.35 and $14.65. I would also note that this range includes $0.65 headwind from foreign exchange and fuel rates since the last earnings call when we shared our preliminary expectations for the year.

根據當前燃油價格、貨幣匯率和利息支出，我們預計調整後每股收益將在 14.35 美元至 14.65 美元之間。我還要指出的是，自從上次財報電話會議分享我們對今年的初步預期以來，這一範圍包括來自外匯和燃油價格的 0.65 美元阻力。

We also expect 13% growth in adjusted EBITDA and a 150-basis-point growth in gross EBITDA margin.

我們也預期調整後 EBITDA 成長 13%，EBITDA 毛利率成長 150 個基點。

This positions us to accelerate our cash flow generation, which allows us to continue investing in game-changing strategic initiatives, maintaining investment grade balance sheet metrics, and expanding capital return to shareholders.

這使我們能夠加速現金流的產生，使我們能夠繼續投資於改變遊戲規則的策略性舉措，維持投資等級資產負債表指標，並擴大股東的資本回報。

We expect to invest $5 billion of capital into our key strategic growth initiatives, as well as ensuring our assets are well maintained.

我們預計將投資 50 億美元資金用於我們的關鍵策略成長計劃，並確保我們的資產得到良好維護。

We are set to deliver Star of the Seas in the third quarter and Celebrity Xcel in the fourth quarter, with both ships having committed financing in place.

我們計劃在第三季交付海洋之星號，在第四季度交付名人 Xcel 號，兩艘船都已承諾融資到位。

Non-ship capital is expected to be $1.6 billion, with a significant portion related to our private destination portfolio, including the acquisition of the Costa Maya port that we announced last year, the Beach Club in Cozumel, and the Beach Club in Nassau that is expected to open in the fourth quarter of this year.

非船舶資本預計為 16 億美元，其中很大一部分與我們的私人目的地投資組合有關，包括我們去年宣布的收購科斯塔瑪雅港口、科蘇梅爾海灘俱樂部和拿騷海灘俱樂部預計今年第四季度開業。

Now, I will discuss our first-quarter guidance.

現在，我將討論我們的第一季指導。

In the first quarter, capacity will be up 3% year over year.

第一季運力將年增3%。

More than 70% of our capacity will be in the Caribbean, 19% in Asia-Pacific, and the remaining capacity spread across several other itineraries.

我們超過 70% 的運能將分佈在加勒比地區，19% 將分佈在亞太地區，其餘運力分佈在其他幾個航線上。

Net yields are expected to be up 4.75% to 5.25%, with growth coming from both new and existing hardware across all products.

淨收益率預計將成長 4.75% 至 5.25%，成長來自所有產品的新硬體和現有硬體。

First-quarter yield growth disproportionately benefits from both the timing of dry docks and new hardware, a full quarter of Icon in addition to Utopia and Silver Ray.

第一季的產量成長不成比例地受益於乾船塢和新硬體的時機，除了 Utopia 和 Silver Ray 之外，還有 Icon 整整一個季​​度的收益。

Net cruise costs excluding fuel are expected to be up in the range of 1.6% to 2.1% and include 130 basis points impact from increased dry docks compared to the first quarter of 2024.

與 2024 年第一季相比，不包括燃油的遊輪淨成本預計將上漲 1.6% 至 2.1%，其中包括乾船塢增加帶來的 130 個基點的影響。

Taking all this into account, we expect adjusted earnings per share for the quarter to be $2.43 to $2.53.

考慮到所有這些因素，我們預計本季調整後每股收益為 2.43 美元至 2.53 美元。

Turning to our balance sheet, we ended the quarter with $4.1 billion in liquidity.

轉向我們的資產負債表，本季末我們的流動資金為 41 億美元。

Our balance sheet is in a very strong position to support our growth ambitions while expanding capital allocation.

我們的資產負債表處於非常有利的地位，可以支持我們的成長雄心，同時擴大資本配置。

At year-end 2024, our balance sheet was unsecured and leverage was at low 3 times consistent with our goal of investment grade credit metrics.

截至 2024 年底，我們的資產負債表無擔保，槓桿比率低至 3 倍，符合我們的投資等級信用指標目標。

With a strong expected cash flow generation and increase in EBITDA, we expect to finish 2025 with leverage at mid to high 2 turns.

憑藉強勁的預期現金流生成和 EBITDA 成長，我們預計 2025 年槓桿率將達到中高 2 倍。

We will continue to manage maturities and find opportunities to reduce cost of capital.

我們將繼續管理到期日並尋找降低資本成本的機會。

In closing, we remain committed and focused on our mission to deliver the best vacation experiences responsibly as we work to deliver another year of solid results.

最後，我們仍然致力於並專注於我們的使命，以負責任的方式提供最佳的度假體驗，同時我們努力在新的一年中取得紮實的成果。

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

之後，我將要求我們的接線生打開電話進行問答環節。

(Operator Instructions) Brandt Montour, Barclays.

（操作員說明）Brandt Montour，巴克萊銀行。

Good morning, everybody.

大家早安。

Thanks for taking my question, and congratulations on the strong 2024 results.

感謝您提出我的問題，並祝賀 2024 年的強勁業績。

The first question is about yields and your guidance.

第一個問題是關於收益率和您的指導。

Just looking at the 3.5% midpoint of the yield guide, and I guess, Naf, you kind of want us to think about 40 basis points of tough comps from the fourth quarter upside.

只要看看收益率指南 3.5% 的中點，我猜，Naf，你有點希望我們考慮第四季度上漲的 40 個基點。

But just sort of level-setting that versus the high single-digit per diems that you reported in '24, kind of help us think about -- we're trying to bridge that gap.

但是，與您在 24 年報告的高個位數每日津貼相比，這種水平設定有助於我們思考——我們正在努力彌合這一差距。

And just maybe if you could help us think about the puts and takes this year versus last year, what you had last year, the tailwind on the new hardware side, what you have this year and how it sort of compares.

也許您可以幫助我們思考今年與去年相比的看跌期權、去年的情況、新硬體方面的順風車、今年的情況以及比較情況。

Okay.

好的。

Well, Brandt, thank you.

嗯，布蘭特，謝謝你。

Thanks for the question, and we hope all is well.

感謝您的提問，我們希望一切順利。

I think to the first point, the strong demand we saw in the fourth quarter did kind of elevate the base comparable for us, and so we would be guiding north of or forward, maybe slightly north.

我認為對於第一點，我們在第四季度看到的強勁需求確實提高了我們的可比基數，因此我們將引導向北或向前，也許稍微向北。

But we saw that rise happen in that close-in demand, which is really great.

但我們看到近距離需求出現成長，這真的很棒。

We're also coming off of some very incredible comps.

我們也完成了一些非常令人難以置信的比賽。

So 2023, we had a 13.5% yield improvement.

因此，到 2023 年，我們的產量提高了 13.5%。

Last year, we had 11.6% improvement.

去年，我們進步了 11.6%。

So it is a little bit more of a difficult comp, and of course, we also recovered our load factors a long time ago.

所以這是一個有點困難的比賽，當然，我們也很早之前就恢復了我們的負載係數。

And so that potential lift-up from the load factors is not something that's an opportunity for us.

因此，負載率的潛在提升對我們來說並不是一個機會。

But it is early in Wave, and we've seen, obviously, incredible booking activity during Wave.

但現在還處於 Wave 的早期階段，我們顯然已經在 Wave 期間看到了令人難以置信的預訂活動。

Last week was our highest booking week ever for Wave, and so we are very encouraged in what we're seeing.

上週是 Wave 有史以來預訂量最高的一周，因此我們對所看到的情況感到非常鼓舞。

And I think the other thing that we're very encouraged on is that we're not only seeing improvement on new hardware, but also on like-for-like.

我認為另一件令我們非常鼓舞的事情是，我們不僅看到了新硬體的改進，而且還看到了類似的改進。

And of course, we have some very incredible comps on Icon when we launched her, as well as Utopia as well.

當然，當我們推出 Icon 時，我們在 Icon 以及 Utopia 上有一些非常令人難以置信的組合。

Our guide of the 2.5% to 4.5% is based off of where we're booked today and the trends that we're seeing, as always.

我們的 2.5% 至 4.5% 指導是基於我們今天的預訂地點以及我們所看到的趨勢，一如既往。

And I think we feel confident in the yield guide, and we're also very encouraged to be able to give a midpoint on our guidance of $14.50, considering all the headwind from FX and fuel that arose since the last call.

我認為我們對收益率指引充滿信心，考慮到自上次電話會議以來出現的來自外匯和燃料的所有不利因素，我們也非常高興能夠給出 14.50 美元指引的中點。

Great.

偉大的。

Thanks for that, Jason.

謝謝你，傑森。

And I should also say congratulations on the exciting announcement on entering the river market.

我還應該對進入河流市場的令人興奮的公告表示祝賀。

My second question is about the river market.

我的第二個問題是關於河流市場的。

Obviously, you guys have done a lot of research on the existing market and where you think your place can be in that market, and so we all know there's a prominent competitor out there that qualifies themselves as luxury.

顯然，你們已經對現有市場以及您認為自己在該市場中的位置進行了大量研究，因此我們都知道有一個突出的競爭對手將自己定位為奢侈品。

The per diems that they charge are luxury rates.

他們收取的每日津貼是奢侈費率。

Your Celebrity brand in ocean charges a rate significantly below that, commensurate with the broader premium ocean market.

您的海洋名人品牌的收費遠低於此，與更廣泛的優質海洋市場相稱。

So I guess the question is, do you foresee the Celebrity brand sort of slotting in the river market below that luxury per diem general area?

所以我想問題是，你是否預見到名人品牌在河流市場上的定位低於每日奢侈品的一般區域？

Because it sounds like, again, you used the word elevate, you used the word cutting-edge.

因為聽起來你又使用了「提升」這個詞，你使用了「尖端」這個詞。

It doesn't sound like you expect the product to sort of be second rate.

聽起來您並不希望該產品是二流的。

So maybe you could provide a little more color around that.

所以也許你可以圍繞它提供更多的顏色。

Sure.

當然。

Well, first, obviously, there's great competitors in that river space, like the one you don't want to say, but I'll say Viking.

嗯，首先，很明顯，在河流領域有很多強大的競爭對手，就像你不想說的那樣，但我會說維京人。

I mean, Tor does an exceptional job in that space.

我的意思是，Tor 在這個領域做得非常出色。

It's also a very fragmented market as well.

這也是一個非常分散的市場。

And also, I think it's important when you're comparing what Celebrity gets today versus what you might see what Viking gets today, as an example, it's important to note that on the Celebrity side, it's not an all-inclusive product.

而且，我認為，當您將 Celebrity 今天獲得的產品與 Viking 今天獲得的產品進行比較時，這一點很重要，例如，重要的是要注意，在 Celebrity 方面，它不是一個包羅萬象的產品。

So as you start adding in some of the inclusivity that comes with river, we expect those APDs to also elevate.

因此，當您開始添加河流帶來的一些包容性時，我們預計這些 APD 也會提高。

The other thing when I talk about the elevating of the brand, at least in our point of view, is there's an incredible opportunity to take these beautiful, small ships and through design improving in culinary and entertainment, state rooms, et cetera, and really bring it up to the level of what you see on edge, which to us is far superior to anything else that's in that space, that we're going to draw really high quality demand.

當我談論品牌提升時的另一件事，至少在我們看來，是有一個難以置信的機會來乘坐這些美麗的小型船隻，並通過改進烹飪和娛樂、特等艙等方面的設計，並且真的將其提升到您所看到的邊緣水平，這對我們來說遠遠優於該領域的任何其他產品，我們將吸引真正高品質的需求。

At the end of the day for us, we have well over 8 million guests a year.

歸根究底，我們每年接待的客人數量遠遠超過 800 萬。

We have a database of 35 million people who are continually vacationing with us.

我們擁有一個包含 3500 萬人的資料庫，這些人不斷與我們一起度假。

And so it's a great opportunity for us to use that flywheel to generate high quality demand and, of course, with our loyalty program, being able to make sure that people are being incentivized to stay within our ecosystem.

因此，這對我們來說是一個很好的機會，可以利用飛輪來產生高品質的需求，當然，透過我們的忠誠度計劃，能夠確保人們受到激勵留在我們的生態系統中。

And that's really what this is about is -- we're trying to meet our customers where they want to be on an experience standpoint.

這就是我們的真正意義所在——我們正在努力從體驗的角度滿足客戶的需求。

There's high trust in our brands that we're going to deliver the vacation experience that lives up to the marketing that's out there.

人們對我們的品牌高度信任，我們將提供符合行銷的度假體驗。

And I think that's why we think this is a great space for us to go into.

我認為這就是為什麼我們認為這是一個值得我們進入的偉大空間。

And as I've said before in the past, we really focus on ourselves as being an experience company.

正如我過去所說，我們真正專注於成為一家體驗公司。

We're here to deliver those experiences.

我們來這裡是為了提供這些體驗。

And we think the cruising platform is obviously where we really excel.

我們認為巡航平台顯然是我們真正擅長的地方。

And we think that there is a great opportunity for us to do this as well in the river side.

我們認為，我們在河邊也有很好的機會做到這一點。

Excellent.

出色的。

Congrats again on the quarter.

再次恭喜本季。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey.

嘿。

Good morning, and thanks for taking my questions.

早上好，感謝您回答我的問題。

I actually want to stay on that same page with the River Cruise announcement, just trying to get a feel for the offering and how it's going to be similar versus -- different to the Viking offering.

實際上，我想與 River Cruise 的公告保持一致，只是想感受一下該產品以及它與 Viking 產品的相似之處和不同之處。

But I guess first, let's just start.

但我想首先，讓我們開始吧。

So 10 ships, you're going to start in 2027.

10 艘船將於 2027 年啟動。

I'm assuming all 10 ships won't be up and running by 2027.

我假設到 2027 年所有 10 艘船都不會投入使用。

What's the shape of that ramp?

那個坡道是什麼形狀的？

And then as I just think about sort of what the offering is going to look like, are kids going to be allowed on the ships?

然後，當我想到產品會是什麼樣子時，孩子們會被允許登上船上嗎？

Is it primarily US customers going to Europe?

主要是美國客戶前往歐洲嗎？

I'm assuming that there's going to be a big nightlife component, given that's sort of Celebrity's brand.

鑑於這是名人的品牌，我認為將會有一個很大的夜生活組成部分。

Just trying to put some meat on these bugs.

只是想給這些蟲子加點肉。

Okay.

好的。

Well, also, there's also going to be a lot to come, which I think is going to be great.

嗯，還有很多事情即將發生，我認為這會很棒。

On the river side, our plan is to deliver a couple of ships in 2027, and then it's about four a year.

在河岸方面，我們的計劃是在2027年交付幾艘船，然後每年大約交付四艘。

I'd also point out, as we are very intentful in our words, the word put in front of it was initial order was 10 ships.

我還想指出的是，由於我們用詞非常用心，所以放在前面的詞是「初始訂單是10艘」。

And so this is not a hobby for us.

所以這對我們來說不是一個愛好。

So we are going into this space.

所以我們要進入這個領域。

So I just wanted to point that out.

所以我只是想指出這一點。

And of course, 2027, when these ships come in, it is going to be an incredibly exciting year anyways for the company, because we're going to have Icon 4 and we're going to have a couple of river ships.

當然，到 2027 年，當這些船隻投入使用時，無論如何，這對公司來說都將是令人難以置信的激動人心的一年，因為我們將擁有 Icon 4，我們將擁有幾艘河船。

We're going to have Perfect Day Mexico launching in 2027.

我們將於 2027 年推出 Perfect Day Mexico。

We're going to have the Beach Club in Cozumel will have a full year because that's going to launch in 2026.

我們將在科蘇梅爾開設一整年的海灘俱樂部，因為該俱樂部將於 2026 年開業。

And so there's a lot of great things that we're looking forward to in 2027.

因此，我們期待 2027 年發生很多偉大的事情。

One of the things that I would say -- I think it's one of the things that differentiates us is that we, for decades, have built out a set of brands that are globally sourced.

我想說的一件事 - 我認為這是我們與眾不同的原因之一是，幾十年來，我們已經建立了一系列全球採購的品牌。

And we source those guests from all over the world and our yield management tools, which get more and more sophisticated each and every day, allow us to source the highest-yielding guests in the world.

我們從世界各地尋找這些客人，我們的收益管理工具每天都變得越來越複雜，使我們能夠找到世界上收益最高的客人。

And so our sourcing can range from -- obviously, today, we're about 80% coming from the US, but we have times when we're 60% coming from the US, and so we have an inflow based off of those markets.

因此，我們的採購範圍很明顯，今天，我們大約 80% 來自美國，但有時我們 60% 來自美國，所以我們的資金流入來自這些市場。

And so we would expect our sourcing would generally be similar to what we're seeing on the ocean side of things.

因此，我們預計我們的採購通常與我們在海洋方面看到的類似。

And so -- but I think it's important to remember, these ships are not Icon of the Seas size.

所以，但我認為重要的是要記住，這些船不是海洋圖標號的尺寸。

They hold about 180 passengers, and so our ability to sell and market and attract high quality demand from a Royal brand, our Celebrity brand, as well as our Silver Sea brand, is going to be an incredible tidal wave for us to be able to manage our demand for this product.

它們可容納約 180 名乘客，因此我們的銷售和行銷能力以及吸引皇家品牌、名人品牌以及銀海品牌的高品質需求的能力將成為一股令人難以置信的浪潮，使我們能夠管理我們對該產品的需求。

On the experience side, it will be similar to what you see on Celebrity.

在體驗方面，它將與您在名人上看到的類似。

And so there are, from time to time, kids that can be on Celebrity.

因此，時不時會有一些孩子可以上名人節目。

But we think that there's a real opportunity to, as I said, elevate the aesthetics and the details and design of the ship, have more activities, whether that is on the culinary side or whether that is on the beverage side of things, whether that is with entertainment, whether that's with the staterooms, and how you can connect further from the ship to shore and so you're able to kind of get an end-to-end intense experience with land as well as what can happen on the ship.

但我們認為，正如我所說，確實有機會提升船舶的美學、細節和設計，開展更多活動，無論是烹飪方面還是飲料方面，無論是是娛樂，無論是客艙，還是如何從船上更遠地連接到岸上，這樣您就能夠獲得陸地上以及船上可能發生的事情的端到端的強烈體驗。

So we're really excited about it.

所以我們對此感到非常興奮。

We'll be talking more and more about it, about the design, like we always do.

我們將像往常一樣越來越多地談論它、談論設計。

We like to tease and then build up on what it's going to be.

我們喜歡戲弄然後再繼續發展。

And I could tell you in the four hours since we've announced this, just watching the number of -- the amount of interest from our travel partners, from our guests to get on one of our riverboats as soon as possible is exceptional.

我可以告訴你，自從我們宣布這一消息以來的四個小時內，只要看看我們的旅行合作夥伴、我們的客人對盡快登上我們的一艘河船的興趣就非常了不起。

And that comes down to, I think, which is what's most important, is trust.

我認為，歸根究底，最重要的是信任。

Our guests do trust us that we're going to deliver on this.

我們的客人確實相信我們將實現這一目標。

That's great color, and love the tease.

那顏色真棒，喜歡挑逗。

I guess secondly, just on the CapEx front, I think you guided 2025 to $5 billion, pretty big step up.

其次，就資本支出而言，我認為您將 2025 年的目標定為 50 億美元，這是相當大的進步。

I'm assuming we'll need to wait on the free cash flow front until the Analyst Day to get a more sort of unified outlook.

我假設我們需要等到分析師日才能獲得更統一的前景。

But maybe, is there any way to think about sort of CapEx requirements moving forward?

但也許，有什麼辦法可以考慮未來的資本支出要求嗎？

I think we're looking at $3.4 billion new build, $1.6 billion non-new build.

我認為我們正在考慮 34 億美元的新建項目，16 億美元的非新建項目。

How should we model those going forward?

我們應該如何為未來建模？

I'm assuming the new build piece goes up with capacity, but then non-new build, there's a lot of non-new build opportunities for you guys, for sure.

我假設新的構建部分會隨著容量的增加而增加，但是對於非新建的構建，肯定會為你們帶來很多非新建的機會。

So how do we think about that $5 billion number and how it moves into '26, '27?

那麼我們如何看待這個 50 億美元的數字以及它如何進入「26」、「27」？

Hi, it's Naf.

嗨，我是納夫。

So I think if you kind of think about what we have this year and kind of what we laid out in terms of our priorities, so you think about the ships that we have to deliver this year, both Star of the Seas and Celebrity Xcel, compared to what we had last year.

所以我認為，如果你想一下我們今年有什麼，以及我們在優先事項方面安排了什麼，那麼你想一下我們今年必須交付的船隻，包括海洋之星號和名人 Xcel 號，與去年相比。

And remember, Icon last year did not actually deliver in '24, it actually delivered in 2023.

請記住，Icon 去年實際上並沒有在 24 年交付，它實際上是在 2023 年交付的。

So that capital was counted in '23.

所以這筆資金是在 23 年計算的。

So you have the ship layout in terms of our delivery and what we're expecting.

因此，您已經了解了我們的交付情況和我們的期望的船舶佈局。

And you should expect that to follow that.

你應該期待接下來的事情。

And I remind you that we do have committed financing for those when we order the ships.

我提醒您，當我們訂購船舶時，我們確實承諾為這些人提供融資。

And so the $5 billion that I noted, and it's in the release, obviously, is on a gross basis.

因此，我在新聞稿中提到的 50 億美元顯然是按總額計算的。

And we have the committed financing related to the deliveries, as well as installment payments.

我們擁有與交付相關的承諾融資以及分期付款。

In terms of non-ship capital, we have maintenance capital and kind of the things that we do that should not change materially year over year.

就非船舶資本而言，我們有維護資本以及我們所做的一些事情，這些事情不應該逐年發生重大變化。

But we did lay out our priorities in terms of private destinations.

但我們確實在私人目的地方面列出了我們的優先事項。

And as we ramp up our private destination effort, and you see what we've announced, those are following kind of that cadence.

當我們加強私人目的地的力度時，你會看到我們所宣布的內容，這些都遵循著這種節奏。

And this year, we have particularly Costa Maya, where we announced last year, the acquisition of the port, that acquisition actually will close between end of first quarter to second quarter.

今年，我們特別是科斯塔瑪雅，我們去年宣布收購該港口，該收購實際上將在第一季末至第二季之間完成。

And then we'll obviously be acquiring land and then we'll start the construction at some point.

然後我們顯然會收購土地，然後我們會在某個時候開始建造。

And then this year, we also expected to deliver the Beach Club in Nassau at the end of the year.

今年，我們也預計在年底交付拿騷的海灘俱樂部。

So obviously, development capital there as well.

顯然，那裡也有發展資本。

So majority of that capital is going to be there.

因此，大部分資本將在那裡。

We're also restarting our modernization program.

我們也將重新啟動我們的現代化計劃。

So we have one ship this year, and then we'll share more details going forward around our program.

所以我們今年有一艘船，然後我們將分享有關我們計劃的更多細節。

But we do see an opportunity around that.

但我們確實看到了這方面的機會。

All of that said, if you think about the size of the company and where we are, we delivered $6 billion of EBITDA last year.

綜上所述，如果您考慮公司的規模和我們所處的位置，我們去年實現了 60 億美元的 EBITDA。

You kind of look at our guidance this year, we're going to deliver 13% more of EBITDA.

你看看我們今年的指導，我們將實現 EBITDA 增加 13%。

And we're made a significant progress around our balance sheet, reducing our interest expense, you see it below $1 billion.

我們在資產負債表方面取得了重大進展，減少了利息支出，低於 10 億美元。

If you put that into account, you see that we're generating significant amount of cash flow.

如果考慮到這一點，您會發現我們正在產生大量現金流。

And our focus is to continue to expand margin as we grow the business.

我們的重點是隨著業務的發展繼續擴大利潤率。

It will accelerate cash flow and allow us to invest in our key priorities, maintain an investment grade balance sheet metric, and also do capital returns.

它將加速現金流，使我們能夠投資於我們的關鍵優先事項，維持投資等級資產負債表指標，並實現資本回報。

And so the size of the company and the generation of the cash flow really, we feel, is allowing us to achieve all those things.

因此，我們認為，公司的規模和現金流的產生確實使我們能夠實現所有這些目標。

Makes a lot of sense.

很有道理。

Thanks, Naf.

謝謝，納夫。

Thanks, Jason.

謝謝，傑森。

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

So going back to the guidance for this year, I'm not going to sit here and harp on the fact that the yield guidance does look a little bit conservative to us.

因此，回到今年的指導，我不會坐在這裡喋喋不休地討論收益率指導對我們來說確實有點保守這一事實。

But if we think about the EPS guide, let's go over there, that's actually much better than I think we were expecting given the FX and the fuel headwinds.

但如果我們考慮每股盈餘指南，讓我們看看那裡，考慮到外匯和燃料的不利因素，這實際上比我想像的要好得多。

So just wondering if you guys embedded anything in there in terms of buybacks or debt refis, or that excludes those potential accretions.

所以只是想知道你們是否在回購或債務再融資方面嵌入了任何東西，或者排除了這些潛在的增值。

And I guess saying that another way is, Jason, you talked about $14 handle comment.

我想另一種說法是，傑森，你談到了 14 美元的句柄評論。

And probably to us, that could have easily been a $15 handle without these headwinds right now.

也許對我們來說，如果現在沒有這些不利因素，這很容易就是 15 美元的手把。

Is that kind of a fair statement?

這樣的說法公平嗎？

Yes.

是的。

Obviously, if you add the $0.65 to the $14.50, that would get you north of $15.

顯然，如果您將 0.65 美元加到 14.50 美元上，那麼您的收入將超過 15 美元。

I think what may have been a surprise was where our cost guide came out for the year.

我認為令人驚訝的是我們今年的成本指南的發布。

Our teams have worked exceptionally hard at continuing to leverage scale within our business.

我們的團隊在繼續擴大業務規模方面付出了巨大的努力。

And similar to the past, we do not contemplate capital returns in that guide.

與過去類似，我們在該指南中沒有考慮資本回報。

So if we were to repurchase shares, in which our strategy has been to do that opportunistically, that would obviously be a tailwind on the earnings per share side.

因此，如果我們要回購股票（我們的策略是趁機回購股票），這顯然會對每股盈餘產生推動作用。

Okay, got you.

好的，明白了。

And then -- go ahead, Naf.

然後——繼續吧，納夫。

We always say that our formula is moderate capacity growth, moderate yield growth, strong cost control.

我們總是說我們的公式是產能適度成長、產量適度成長、成本控制有力。

And you can see that those deliver significant performance.

您可以看到它們提供了顯著的性能。

And so whatever is in the normal debt paydowns, that's already in.

因此，無論正常的債務償還中有多少，都已經存在了。

Our capital investment's already in.

我們的資本投資已經到位。

And then the dividends, of course, that we've announced, that's already in.

當然，我們已經宣布了股息，而且已經派發了。

But any other things are not included.

但不包括任何其他東西。

Okay, got you.

好的，明白了。

And then, Jason, going back to river real quickly, I mean, obviously, river's a much different animal versus ocean.

然後，傑森，很快回到河流，我的意思是，顯然，河流與海洋是一種截然不同的動物。

And one of those key differences is the fact that the operators in river need berthing rights to get access to certain ports.

這些主要區別之一是河流運營商需要停泊權才能進入某些港口。

So just wondering if Celebrity has already secured those berthing rights or is in the process of getting some of those berthing rights.

因此，我想知道名人是否已經獲得了這些停泊權，或者正在獲得其中一些停泊權。

And then maybe is there an opportunity down the road to enter river as well with Silver Sea to kind of capture a little bit more of that higher-end customer?

那麼，也許未來有機會進入河流以及銀海，以吸引更多的高端客戶嗎？

Sure.

當然。

Well, I think, first, Steve, just to use your metaphor of an animal, it is a different animal, but it's still an animal.

好吧，我認為，首先，史蒂夫，用你對動物的比喻來說，它是一種不同的動物，但它仍然是一種動物。

And so I think we've grown to get comfort with the space, understanding how it works, different people to partner with in this space.

因此，我認為我們已經逐漸適應了這個空間，了解它是如何運作的，以及在這個空間中與不同的人合作。

Of course, we didn't just make this announcement without having the orders in place.

當然，我們並不是沒有下訂單的情況下才宣布這項消息的。

We did not make this announcement without having the berthing in place.

在沒有停泊到位的情況下，我們並沒有宣布這一消息。

And I also think that sometimes, we always think about certain rivers inside of Europe, but there are also rivers around the world.

我也認為，有時，我們總是會想到歐洲境內的某些河流，但世界各地也有河流。

And we're trying to make sure that we are being able to provide the experiences that our guests are looking for.

我們正在努力確保我們能夠提供客人所尋求的體驗。

As we build up this kind of engine for river under Celebrity, it will certainly provide opportunity for our ultra-luxury guests to consider a river experience under Silver Sea.

當我們在名人號下建造這種河流引擎時，它肯定會為我們的超豪華客人提供考慮銀海下河流體驗的機會。

We're going to start off with Celebrity.

我們將從名人開始。

That's where we think that there is great scale opportunity.

這就是我們認為存在巨大規模機會的地方。

And then, of course, we'll be looking to see if there's other ways to expand it for our other brands as it sees fit.

當然，我們會看看是否有其他方法可以在我們認為合適的情況下為我們的其他品牌擴展它。

But we have gone into this very prepared, very buttoned up.

但我們對此已經做好了充分的準備、非常有把握。

And again, as I said a few minutes ago, this is not a hobby for us.

再說一次，正如我幾分鐘前所說，這對我們來說不是一種愛好。

So we do plan to -- we are taking this extremely seriously.

所以我們確實計劃——我們非常認真地對待這個問題。

And we want to make sure we can live up to deliver the best vacation experiences in the world and making sure we're doing that in a responsible way.

我們希望確保我們能夠提供世界上最好的度假體驗，並確保我們以負責任的方式做到這一點。

And that's all heavily in the consideration of what we're doing.

這都是我們正在做的事情的重要考慮因素。

Okay.

好的。

Got you.

明白你了。

Thanks, guys.

謝謝，夥計們。

Appreciate it.

欣賞它。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Thanks, and congrats on another great quarter.

謝謝，並祝賀又一個偉大的季度。

So Jason, maybe a two-part question.

傑森，也許是一個由兩部分組成的問題。

On the strong start to '25, any specific areas that you're seeing notable acceleration globally?

在 25 年的強勁開局中，您在全球範圍內看到哪些特定領域顯著加速？

And how are you optimizing the pricing relative to capacity?

您如何優化相對於容量的定價？

And then maybe just higher level, I guess, what inning overall would you say we're in today on your market share opportunity in the $2 trillion global vacation market?

然後也許只是更高的水平，我想，您認為我們今天在 2 兆美元的全球度假市場中的市場份額機會總體上處於哪一局？

Okay.

好的。

Sure.

當然。

Well, thanks, Matt.

嗯，謝謝，馬特。

I think on the 2025 side, again, one of, I think, the interesting trends we've now seen going into kind of three-year -- our third year here of coming out of the incident is that we see really strong demand across all of our products.

我認為，在 2025 年方面，我認為，我們現在看到的有趣趨勢之一是進入三年——我們從事件中走出來的第三年，我們看到了非常強勁的需求我們所有的產品。

And obviously, having incredible assets like Perfect Day and ships like Utopia and Icon in the Caribbean are just drawing a different level of quality demand from all different generations and all different mixes of first-time cruisers, first-of-brand, as well as our loyalists.

顯然，擁有像 Perfect Day 這樣令人難以置信的資產以及像加勒比海的 Utopia 和 Icon 這樣的船舶，只是吸引了來自不同世代和不同組合的首次巡洋艦、第一品牌以及我們的忠誠者。

And so really strong demand in the Caribbean, continued elevation in Alaska, and really across all European products, as well as in Southeast Asia and Australia and New Zealand and even in China.

因此，加勒比地區的需求非常強勁，阿拉斯加的需求持續上升，所有歐洲產品的需求也確實強勁，東南亞、澳洲和紐西蘭甚至中國也是如此。

So we're seeing an elevation or high demand across all those different products.

因此，我們看到所有這些不同產品的需求都在提高或很高。

And then in terms of markets, we're -- again, everyone's fighting over the highest -- where could the highest yielding guests come from.

然後就市場而言，我們再次強調，每個人都在爭奪最高收益的客人來自哪裡。

By fighting, I mean our guests are fighting for -- based on our ships, we're seeing really good demand trends from Europe, as well as, obviously, the US is exceptionally strong and North America is exceptionally strong.

透過戰鬥，我的意思是我們的客人正在為之而戰——基於我們的船隻，我們看到來自歐洲的非常好的需求趨勢，顯然，美國異常強大，北美也異常強大。

So there's no area of kind of weakness.

所以不存在任何弱點。

There's always a deployment here or there that we would maybe switch up, but that's heavy, heavy on the margin.

總是有一些部署在這裡或那裡我們可能會改變，但這是沉重的，沉重的邊際。

Overall, we're seeing really strong demand across that.

總的來說，我們看到這方面的需求非常強勁。

And then of course, all the different technology that we're now utilizing is just getting stronger and stronger on what I would describe as disruptive tech, whether that is using AI or GenAI and other things to enhance the guest experience or to just get a better read on what we can be recommending to our guests, whether it's on pricing or whether it's on the guest experience.

當然，我們現在使用的所有不同技術都在我所說的顛覆性技術上變得越來越強大，無論是使用人工智慧或 GenAI 以及其他東西來增強客人體驗，還是僅僅獲得更好地了解我們可以向客人推薦的內容，無論是價格方面或客人體驗方面。

That's in the really kind of early innings of all of this.

那是在所有這一切的真正的早期階段。

And I think that's why I think we continue to see just kind of outperformance in these different trends.

我認為這就是為什麼我認為我們繼續在這些不同的趨勢中看到優異的表現。

It's tough to tell what inning we're in, but I would say that we are generally in the early innings of the opportunity that's in front of us.

很難說我們處於哪一局，但我想說，我們通常處於擺在我們面前的機會的早期局。

It's great to hear.

很高興聽到。

Congrats again.

再次恭喜。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Thank you very much.

非常感謝。

I wanted to circle back to your River Cruise launch.

我想回到你們的河上遊輪發布會。

Can we get a sense of -- you've mentioned obviously your ambitions are much more than these initial 10 river ships in terms of how quickly you could order more.

我們能否了解一下——您顯然已經提到，您的野心遠不止這些最初的 10 艘河船，就您可以多快訂購更多船舶而言。

Is it fair to say, given the length of time and lead time is not as long as you would need for an ocean ship, you can actually wait until you launch in 2027 to see what's working, what's not working before you order ships for sort of 2030 and beyond?

公平地說，考慮到時間長度和交付時間並不像遠洋船舶所需的那麼長，您實際上可以等到 2027 年推出，看看哪些有效，哪些無效，然後再訂購船舶進行分類2030 年及以後？

Is that kind of what we should think about as the timeframe for additional orders?

這是我們應該考慮的額外訂單的時間表嗎？

And then second part of the question, can you give us just a rough sense of how the build per berth cost compares to maybe some of the ocean ships you've had delivered in the last year?

問題的第二部分，您能否讓我們大致了解每個泊位的建造成本與您去年交付的一些遠洋船舶相比如何？

Is it pretty comparable or less or more than that?

是相當可比還是更少或更多？

And then squeeze in like a part three of it is just similarly on the yield you mentioned, obviously it's going to be a more inclusive product.

然後擠進去就像它的第三部分與你提到的產量類似，顯然這將是一個更具包容性的產品。

But if we think about your yield, which of course includes on board, and I assume a premium to your existing yield, given that the majority of your fleet right now is the Royal brand, and this will be Celebrity and maybe even Celebrity plus pricing and all of that, kind of a sense of what premium to your existing yield.

但是，如果我們考慮您的收益，當然包括機上收益，我假設您現有的收益會有所溢價，因為您目前的大部分機隊都是皇家品牌，這將是名人，甚至可能是名人加上定價所有這些，都讓你感覺到你現有的收益有多少溢價。

Thank you.

謝謝。

Sure.

當然。

Well, good morning, Robin.

好吧，早安，羅賓。

So on the timeframe side, what I would say is, no, you're not going to wait until 2027 to order more.

因此，在時間框架方面，我想說的是，不，您不會等到 2027 年才能訂購更多。

This is our initial order -- these -- each yard probably can produce about four of these a year.

這是我們最初的訂單——這些——每個船廠每年可能可以生產大約四個。

You're not going to get into what a cost per ship; obviously, the cost per berth is going to be elevated.

您不會考慮每艘船的成本；您不會考慮每艘船的成本。顯然，每個泊位的成本將會提高。

However, these are -- I mean, relative to a cruise ship, they are a very small amount of money.

然而，這些——我的意思是，相對於遊輪來說，它們只是很小的一筆錢。

And so our ability to scale into this, we could probably be the second largest operator and it would be significantly less money than the Xcel 2 ship that we just bought.

因此，我們有能力擴大規模，我們可能會成為第二大營運商，而且比我們剛剛購買的 Xcel 2 船花費的錢要少得多。

So it's not something that has a high barrier of entry on a cost, but there is a high barrier in terms of the execution and making sure we can do this in a flawless way.

因此，這並不是一個在成本上有很高的進入門檻的東西，但在執行方面有很高的門檻，並確保我們能夠以完美的方式做到這一點。

As it relates to on the yield side, we would expect that this would be a yield tailwind to our business.

由於它與收益方面有關，我們預計這將成為我們業務的收益推動力。

We do expect that it's going to have at scale a similar, if not better, margin profile and better ROIC profile.

我們確實預計它將在規模上具有相似的（如果不是更好的話）利潤率狀況和更好的投資回報率狀況。

And then lastly, I would say is the only thing that will be a little bit different is, usually the riverboats do not operate year round, so there'll be parts of the year where the ships are laid up.

最後，我想說的是，唯一有點不同的是，通常內河船不會全年運營，所以一年中會有部分時間船舶閒置。

That's under the kind of the current model, so we'll see just as we found a way to lift the shoulder seasons back in the day.

這是當前模型的情況，所以我們會看到我們找到了一種方法來提昇平季的表現。

We will obviously be studying that to see how we can make them as productive as we can during the off-season when it's cold.

顯然，我們會研究這一點，看看如何讓他們在寒冷的淡季期間盡可能提高生產力。

Great.

偉大的。

Thank you very much.

非常感謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone.

大家好。

Thank you.

謝謝。

I'm just trying to understand the cost guide a little bit better.

我只是想更好地理解成本指南。

Obviously, a lot better for the full year, but can you just give a little bit of a shape of how the year progresses?

顯然，全年情況要好得多，但您能否簡單介紹一下這一年的進展？

Does it just follow capacity?

它只遵循容量嗎？

And then what is not in it?

那麼其中不包括什麼呢？

You had a big headwind from stock-based comp, like I assume that's not in it this year.

基於股票的比較給你帶來了巨大的阻力，就像我認為今年不會出現的那樣。

Just any thoughts around that.

只是對此有任何想法。

Thank you.

謝謝。

Yeah.

是的。

Hi, Conor.

嗨，康納。

So yes, you're right.

所以是的，你是對的。

The cadence of the year really follows mainly the dry dock cadence.

這一年的節奏其實主要遵循乾船塢​​的節奏。

And I spent some time in my prepared remarks walking through the capacity growth quarter over quarter because that does impact the cost cadence as well.

我在準備好的發言中花了一些時間逐季度回顧產能成長，因為這確實也會影響成本節奏。

And then remember, we also buy in the Costa Maya.

然後記住，我們也在科斯塔瑪雅購買。

It's going to be an operating port this year that's going to close, as I said, towards the end of the first quarter, second quarter, and so we don't have that cost because we do need to operate.

正如我所說，今年它將成為一個營運港口，並將在第一季末、第二季關閉，因此我們沒有這筆成本，因為我們確實需要營運。

It doesn't have APCDs.

它沒有 APCD。

And then as we ramp up some of our private destinations, mainly the Paradise Island in Nassau, obviously, there are some costs kind of towards the end of the year.

然後，隨著我們增加一些私人目的地，主要是拿騷的天堂島，顯然，到年底會產生一些成本。

And so those are mainly the real impact of the cost cadence throughout the year, and obviously, we will give guidance as kind of the year progresses for the next quarter.

因此，這些主要是全年成本節奏的實際影響，顯然，我們將根據下一季的進展提供指導。

But as I said, the second and third quarter are going to be higher, and then the fourth quarter is going to be benefiting from significant capacity growth.

但正如我所說，第二季和第三季將會更高，然後第四季將受益於產能的顯著成長。

Helpful.

有幫助。

And then, sorry to talk about river again, maybe it's just a higher level question.

然後，抱歉再次談論河牌，也許這只是一個更高級別的問題。

I think that Viking, obviously, it goes after an older demographic.

我認為維京人顯然是針對老年人的。

I think Celebrity is younger.

我覺得名人比較年輕。

So if you could just talk about the demographic that you're looking at because it just seems like when you talk about fragmented, it seems like there's an opportunity with a younger cohort rather than an older one.

因此，如果你可以只談論你正在關注的人口統計，因為當你談論碎片化時，似乎年輕群體比年長群體更有機會。

Just sorry to belabor of the point, but just any thoughts there.

很抱歉要詳細說明這一點，但只是有一些想法。

Thank you.

謝謝。

Yeah.

是的。

I'm not sure I would have expected so many questions on something that is just beginning and will always be a small part of our broader business, but it's a big part of expanding, making sure that we match our customers where they want on a vacation experience standpoint.

我不確定我是否會想到這麼多關於剛開始的事情的問題，並且永遠只是我們更廣泛業務的一小部分，但它是擴展的重要部分，確保我們在客戶想要的地方匹配他們。的角度。

The average age of a Celebrity guest is in their early to mid-50s, but obviously, they have older clientele, they have younger clientele.

名人嘉賓的平均年齡在 50 歲出頭到 50 歲左右，但顯然，他們有年長的客戶，也有年輕的客戶。

First off, I mean, I think the key thing is, again, going back to the $2 trillion market space, whether it's cruise or whether it's cruise in the river, I mean, we're a fraction of a fraction of that overall market, which to me is just incredible opportunity for us all to grab more and more share of all of this.

首先，我的意思是，我認為關鍵是，再次回到 2 兆美元的市場空間，無論是遊輪還是河中遊輪，我的意思是，我們只是整個市場的一小部分，對我來說，這對我們所有人來說都是難以置信的機會，可以從這一切中獲得越來越多的份額。

And I think the other part is that I think we feel very confident that this isn't about chasing Viking customers or another customer.

我認為另一部分是我認為我們非常有信心這不是為了追逐維京客戶或其他客戶。

This is about leveraging this incredible business that we have, this incredible flywheel, this incredible leading brands in each one of their segments, and making sure that we keep them inside of our ecosystem.

這是關於利用我們擁有的這一令人難以置信的業務、這個令人難以置信的飛輪、每個細分市場中令人難以置信的領先品牌，並確保我們將它們保留在我們的生態系統中。

And so we don't think there's a demand challenge here, and I'm sure there'll be some demographic changes.

因此，我們認為這裡不存在需求挑戰，我確信人口結構將會發生一些變化。

But I think the real big difference here is more of where they're being sourced from, and they're being sourced from a highly productive, accelerating flywheel that we built.

但我認為真正的巨大差異更多在於它們的來源，而且它們來自我們建造的高效、加速的飛輪。

And of course, we're adding more and more things like enterprise loyalty, the reciprocity, and so forth, that really incentivizes our guests and recognizes our guests to stay inside of our ecosystem.

當然，我們正在添加越來越多的東西，例如企業忠誠度、互惠等，這確實可以激勵我們的客人並認可我們的客人留在我們的生態系統中。

And that, at the end of the day, is what we're really trying to achieve, and that results in better lifetime value of the customer, we get more reps out of it, and we get guests that are happy and supportive because they trust us.

歸根結底，這就是我們真正想要實現的目標，這會帶來更好的客戶終身價值，我們從中獲得更多的代表，並且我們會得到快樂和支持的客人，因為他們相信我們。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey.

嘿。

Good morning.

早安.

On the private destination, Nassau is opening in December.

私人目的地拿騷將於 12 月開幕。

How do you think about pricing access to that opportunity?

您如何看待該機會的定價？

I ask because the Beach Club comes with a lot of benefits, beach, food, drink, that are all inclusive, if I'm not mistaken, which is different than Perfect Day.

我之所以這麼問，是因為海灘俱樂部有很多好處，海灘、食物、飲料，全包，如果我沒記錯的話，這與 Perfect Day 不同。

And then kind of related to that, is there any way to think about the -- quantify the volume of passengers annually that touch Nassau today?

與此相關的是，有沒有什麼方法可以考慮──量化今天到達拿騷的每年乘客量？

And then I have one quick follow-up.

然後我會進行快速跟進。

Thanks.

謝謝。

Hi, Ben.

嗨，本。

Thank you for asking that question.

謝謝你問這個問題。

I was kind of feeling lonely on this call.

在這次通話中我感到有點孤單。

So it's Michael.

所以是麥可。

Yeah, we have a pricing strategy laid out.

是的，我們制定了定價策略。

We'll be launching the product into the market, opening for sale in April.

我們將把該產品推向市場，並於四月開始銷售。

So we'll be able to talk about our pricing in about two months' time.

因此，我們將能夠在大約兩個月的時間內討論我們的定價。

It's an all-inclusive package.

這是一個全包套餐。

We have quite a lot of volume going into Nassau.

我們有相當多的貨量進入拿騷。

In total, just for the Royal brand, it way exceeds the capacity of the Beach Club.

總的來說，僅就皇家品牌而言，就遠遠超過了海灘俱樂部的容量。

Our expectation is in the first full year of the operation of the Beach Club, we'll have approximately 1 million guests going into the Beach Club for the experience.

我們的預期是，在海灘俱樂部運營的第一年，我們將有大約 100 萬客人進入海灘俱樂部體驗。

And we'll talk about the pricing later on, but I can't really comment on it with any detail during this call.

我們稍後會討論定價，但在這次通話中我無法詳細評論。

Understood.

明白了。

And then obviously recognizing it opens late in the year, do the -- and I think Naf kind of alluded to this, but do the '25 net cruise costs include anything for Nassau that's worth highlighting?

然後顯然認識到它將在今年晚些時候開放，我認為 Naf 有點暗示了這一點，但是 25 年的淨遊輪成本是否包括拿騷值得強調的任何內容？

And then also on a net cruise cost basis, how is this similar, maybe just talking anecdotally, or different from CocoCay?

然後，在淨遊輪成本的基礎上，這與 CocoCay 有什麼相似之處（也許只是軼事）或不同？

On the surface, obviously it's smaller, so presumably less headcount, but just any reason this would be more or less efficient than Coco on the cost side?

從表面上看，顯然它更小，因此員工人數可能也更少，但有什麼理由在成本方面比 Coco 更有效率或更低？

Thanks.

謝謝。

I mean, the big difference really will be volume.

我的意思是，最大的區別實際上是數量。

I think this year on -- for '25, CocoCay will be hosting 3.5 million guests, so we get all of those scale economies that come with the operation.

我認為今年 - 25 年，CocoCay 將接待 350 萬名客人，因此我們將獲得營運帶來的所有規模經濟。

For Nassau, the volume will be around 1 million and 1.5 million when it's fully operational.

對於拿騷來說，全面投入營運後，吞吐量將在 100 萬至 150 萬左右。

So obviously, there's less scale opportunities, but it's still a very efficient operation.

顯然，規模機會較少，但仍然是一種非常有效率的營運。

So its margins will be pretty attractive.

因此它的利潤率將相當有吸引力。

It's going to be a very profitable business.

這將是一項非常有利可圖的業務。

It's also -- I mean, one of the major elements of the Beach Club, of course, is its proximity to our ships.

當然，我的意思是，海灘俱樂部的主要元素之一是它靠近我們的船隻。

And it's a product offering that we think is really needed in Nassau.

我們認為這是拿騷真正需要的產品。

So it's going to be a great guest experience.

所以這將會是一次很棒的賓客體驗。

It's also incredibly complimentary with CocoCay because we'll have a lot of shore product that goes to Perfect Day on one day and the next day it'll be in the Beach Club.

這對 CocoCay 來說也是令人難以置信的補充，因為我們將有很多海岸產品在某一天送到 Perfect Day，第二天就會在海灘俱樂部。

So it's like the greatest weekend in the history of cruising.

所以這就像是郵輪史上最偉大的周末。

Yeah.

是的。

Just to add that, in terms of operation, you know, it's still a very accretive investment, shouldn't expect this to be material different.

只是補充一點，就營運而言，您知道，這仍然是一項非常增值的投資，不應指望這會有實質性的不同。

And then as we go through the cost towards the end of the year, obviously, as the brand is ready to open up the private destination, there's some opening and kind of ramp-up costs they're going to touch towards the end of the year, and obviously we'll be fully in the base in 2025 -- in 2026, sorry.

然後，當我們在年底前審查成本時，顯然，隨著該品牌準備開放私人目的地，他們將在年底前觸及一些開業和某種形式的提升成本今年，顯然我們將在2025 年——2026 年——抱歉，完全進入基地。

Vince Ciepiel, Cleveland Research.

文斯·西皮爾，克利夫蘭研究中心。

Thanks so much.

非常感謝。

I wanted to circle back on loyalty.

我想回到忠誠度上來。

Maybe you could comment on relating to share of wallet, repeat booking behavior, crossover between brands.

也許您可以評論有關錢包份額、重複預訂行為、品牌之間的交叉的問題。

I know that -- I think it was maybe in the second quarter of this year there was some changes with the program to be more inclusive across brands.

我知道——我認為今年第二季該計劃可能發生了一些變化，以更具跨品牌的包容性。

Just kind of curious if there's anything quantifiable in the response that you've seen in the last roughly year now.

只是有點好奇你在過去大約一年中看到的反應中是否有任何可以量化的東西。

Yeah.

是的。

Well, I think we want to be generally muted in terms of how successful it is, but I will tell you it has been grossly successful in terms of the reciprocity program.

好吧，我認為我們希望對它的成功程度保持沉默，但我會告訴你，就互惠計劃而言，它非常成功。

One for our guests are recognized and you believe it or not, there are not as many as you would think they recognize that Royal Celebrity and Silver Sea were in the same house.

為我們的客人提供的一間是公認的，無論您相信與否，他們認識皇家名人和銀海酒店的人並不像您想像的那麼多。

And so I think just building that broader awareness, and of course, we have guests that when they're on Royal or traveling with their kids and grandkids and when they're not, they might be looking to travel on Celebrity or Silver Sea or maybe it's their kids and their adult and maybe older children are on Celebrity and they're not.

所以我認為只是建立更廣泛的意識，當然，我們有客人，當他們在皇家或與他們的孩子和孫子一起旅行時，當他們不這樣做時，他們可能會尋求乘坐名人或銀海或也許是他們的孩子和成人，也許年齡較大的孩子在名人節目中，而他們卻沒有。

But when they're not with their children, they want to go on Silver Sea or Royal, whatever it might be.

但當他們不和孩子在一起時，他們想去銀海或皇家，無論是什麼。

So bringing that awareness is one thing.

因此，提高這種意識是一回事。

Now that there's reciprocity, then it makes it a lot stickier for them to stay inside of our ecosystem because of all the benefits that they get coming with that.

既然有了互惠，那麼他們就更願意留在我們的生態系統中，因為他們可以獲得隨之而來的所有好處。

So I mean, I think we have been incredibly surprised at how quickly our guests have taken to that program.

所以我的意思是，我認為我們對我們的客人接受該計劃的速度感到非常驚訝。

And I think it's one of many reasons why our flywheel continues to get faster and faster and we're getting significantly more repeat guests than we had planned for.

我認為這是我們的飛輪變得越來越快的眾多原因之一，而且我們的回頭客比我們計劃的要多得多。

Thanks.

謝謝。

And then thinking about kind of your expansion to Perfect Day Mexico, I think Western Caribbean is maybe 30%, 35% of the story in the Caribbean today.

然後考慮到向 Perfect Day Mexico 的擴張，我認為西加勒比海可能佔當今加勒比地區故事的 30%、35%。

Just comment on where you think that could go over time as Perfect Mexico ramps.

只需評論一下您認為隨著完美墨西哥的發展，隨著時間的推移，情況可能會走向何方。

And then I thought it was really helpful commenting on I think it was 3.5 million guests, Coco, 1.5 million eventually with the Beach Club in Nassau, the number of passengers you think Perfect Day Mexico could eventually support.

然後我認為這真的很有幫助，我認為拿騷海灘俱樂部最終有 350 萬名客人，可可，最終有 150 萬名客人，你認為完美的墨西哥最終可以支持的乘客數量。

Hi, it's Michael again.

嗨，我又是麥可。

I mean, obviously we're thinking big and we've got some big ships coming.

我的意思是，顯然我們正在考慮大局，而且我們已經有一些大船即將到來。

We've got Icon Class coming online pretty much one every year now.

現在我們幾乎每年都會推出一個 Icon Class。

We've got Galveston in Texas and the opportunity regionally from Texas.

我們在德克薩斯州有加爾維斯頓，也有來自德克薩斯州的地區性機會。

We think that the -- ultimately, the volume that we will take to Perfect Day Mexico will far exceed what we're taking into CocoCay.

我們認為，最終，我們向 Perfect Day Mexico 運送的數量將遠遠超過我們運送到 CocoCay 的數量。

Thanks.

謝謝。

And I'll turn the conference back over to Naftali Holtz, CFO, for any closing remarks.

我將把會議轉交財務長 Naftali Holtz 發表閉幕詞。

We thank you all for your participation and interest in the company.

我們感謝大家的參與和對公司的興趣。

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 all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。