皇家加勒比遊輪 (RCL) 2025 Q1 法說會逐字稿

Good morning. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Royal Caribbean Group first-quarter 2025 earnings call. (Operator Instructions) I would now like to introduce Blake Vanier, Vice President, Investor Relations. Mr. Vanier, the floor is yours.

早安.我叫 Regina，今天我將擔任您的會議主持人。現在，我歡迎大家參加皇家加勒比集團 2025 年第一季財報電話會議。（操作員指示）現在我想介紹投資者關係副總裁 Blake Vanier。瓦尼埃先生，請您發言。

Good morning, everyone, and thank you for joining us today for our first-quarter 2025 earnings call. Joining me here in Miami are Jason Liberty, our Chief Executive Officer; Naftali Holtz, our Chief Financial Officer; and Michael Bayley, President and CEO of the Royal Caribbean Brand.

大家早安，感謝您今天參加我們的 2025 年第一季財報電話會議。與我一起來到邁阿密的還有我們的執行長 Jason Liberty； Naftali Holtz，我們的財務長；以及皇家加勒比品牌總裁兼執行長 Michael Bayley。

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

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陳述。這些聲明是基於管理層目前的預期，並受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. We do not under update any forward-looking statements as circumstances change.

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。隨著情況的變化，我們不會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. Unless we state otherwise, all metrics are on a constant currency adjusted basis.

此外，我們將討論某些非 GAAP 財務指標，這些指標根據定義進行了調整，所有非 GAAP 項目的對帳表可在我們的投資者網站和收益報告中找到。除非我們另有說明，所有指標均以固定貨幣調整為基礎。

Jason will begin the call by providing a strategic overview, and update on the business. Naftali will follow with a recap of our first quarter, the current booking environment and our outlook for 2025. We will then open the call for your questions.

傑森將在電話會議開始時提供策略概述和業務更新情況。接下來，Naftali 將回顧我們的第一季、目前的預訂環境以及我們對 2025 年的展望。然後我們將開始回答您的問題。

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

說完這些，我很高興將電話轉給傑森。

Thank you, Blake, and good morning, everyone. I am pleased to share our strong first-quarter results and updated outlook for the year. During the first quarter, we delivered over 2 million unforgettable vacations at exceptional guest satisfaction scores and achieved financial results that exceeded our expectations.

謝謝你，布萊克，大家早安。我很高興與大家分享我們強勁的第一季業績和今年的最新展望。在第一季度，我們為超過 200 萬名客人提供了難忘的假期，獲得了極高的客戶滿意度，並取得了超越我們預期的財務業績。

Likewise, WAVE season was the best in our company's history, putting us in a strong book position for the remainder of the year and for 2026. Clearly, consumers continue to use our vacations because we consistently deliver the best experiences and provide value to our guests.

同樣，WAVE 季節也是我們公司歷史上最好的季節，這為我們在今年剩餘時間和 2026 年的預訂情況帶來了良好的前景。顯然，消費者繼續使用我們的假期，因為我們始終如一地為客人提供最佳體驗和價值。

As we look across the current macro landscape, we recognize that there is heightened uncertainty. However, research, including the direct surveying of our customers continue to show that the propensity to crews remains encouraging.

縱觀當前的宏觀形勢，我們認識到不確定性加劇。然而，包括對客戶的直接調查在內的研究繼續表明，對船員的傾向仍然令人鼓舞。

The combination of the world-class experiences we deliver, continued strong secular tailwinds and the persistent value gap land-based vacation positions us well to navigate the current environment. I'll touch more on this in a little bit.

我們所提供的世界級體驗、持續強勁的長期順風以及持續存在的陸上度假價值差距，使我們能夠很好地應對當前的環境。稍後我將更詳細地討論這一點。

We are certainly not immune to macro volatility, but what we're seeing on the ground, in our bookings and the real-time spending occurring on our ships is that consumers are still prioritizing experiences, planning to spend more on them this year and are seeking value that we are well positioned to offer.

我們當然無法免受宏觀波動的影響，但我們在實際預訂和船上實時消費中看到的情況是，消費者仍然重視體驗，計劃今年在體驗上花費更多，並尋求我們能夠提供的價值。

At this point, it's still too early to determine how exactly the current macro environment could impact the broader economy or consumer behavior. What I want to emphasize is that we are focused on what we can control, delivering the best vacation experiences for our guests, optimizing revenue, managing costs and executing on our long-term strategies.

目前，判斷當前宏觀環境將如何影響整體經濟或消費者行為還為時過早。我想強調的是，我們專注於我們能夠控制的事情，為我們的客人提供最佳的度假體驗，優化收入，管理成本並執行我們的長期策略。

Over the past several years, we have taken decisive steps to strengthen our balance sheet, and we continue to do so. We are in a very strong financial position, investment-grade balance sheet, strong cash flow generation, robust liquidity and minimal near-term maturities, and we remain focused on maintaining financial flexibility.

過去幾年來，我們已採取果斷措施加強資產負債表，並且我們將繼續這樣做。我們的財務狀況非常強勁，資產負債表達到投資等級，現金流產生能力強，流動性充足，短期到期債務極少，而且我們仍然致力於保持財務靈活性。

We are confident in our growth strategy and the incredible opportunity ahead of us, continuing to win a greater share of the growing $2 trillion vacation market, as we further progress from delivering the vacation of a lifetime into a lifetime of vacations.

我們對我們的成長策略和眼前的難以置信的機會充滿信心，隨著我們從提供一生一次的假期邁向提供一生一次的假期，我們將繼續在不斷增長的 2 萬億美元度假市場中贏得更大的份額。

We also continue to invest in the future of fleet, our private destination portfolio and the guest experience. We do this all with the best talent, and I want to thank the entire Royal Caribbean Group team for their passion, dedication and commitment to delivering the best vacation experiences responsibly after driving strong financial results.

我們也將繼續投資於機隊的未來、我們的私人目的地組合和客戶體驗。我們以最優秀的人才來完成這一切，我要感謝整個皇家加勒比集團團隊的熱情、奉獻和承諾，在取得強勁的財務業績後，以負責任的方式提供最佳的度假體驗。

Now moving to our results and outlook. We are very pleased with our first-quarter results which exceeded our expectations. Yields grew 5.6% and we saw better-than-expected close-in bookings across all itineraries.

現在談談我們的結果和展望。我們對第一季的業績感到非常滿意，它超出了我們的預期。收益率成長了 5.6%，所有行程的預訂量都比預期好。

Adjusted earnings per share of $2.71 in the first quarter was $0.23 higher than our guidance. Better revenue and favorable timing of expenses contributed to the better-than-expected earnings performance. Naftali will elaborate more on the first quarter results shortly.

第一季調整後每股收益為 2.71 美元，比我們的預期高出 0.23 美元。更好的收入和有利的支出時機促成了好於預期的獲利表現。納夫塔利將很快詳細說明第一季的業績。

Now I'll provide some insight into the demand environment and WAVE season. During the first quarter, bookings outpaced last year across all products, resulting in the best WAVE season in the company's history. In the month of April, bookings for 2025 are outpacing last year, with close-in bookings trending particularly well. Our book position is in line with prior years at higher APDs.

現在我將對需求環境和 WAVE 季節提供一些見解。第一季度，所有產品的預訂量都超過了去年同期，這是該公司歷史上最好的 WAVE 季度。4 月份，2025 年的預訂量超過了去年，近月預訂量趨勢特別好。我們的帳面狀況與前幾年持平，且 APD 較高。

Onboard spending and pre-cruise purchases continue to exceed prior years, driven by increased participation in onboard activities and experiences at higher prices. All commercial channels are generating quality demand with particular strength in our direct-to-consumer channels. As always, we continue to possess a nimble and flexible sourcing model, both geographically and demographically, with the ability to source quality demand all over the globe.

由於船上活動和體驗的參與度增加，且價格上漲，船上消費和航行前購買量繼續超過往年。所有商業管道都在產生優質需求，尤其是我們的直接面向消費者的管道。像往常一樣，我們繼續擁有靈活的地理和人口採購模式，能夠滿足全球各地的優質需求。

We continue to be thrilled by the reception of our spectacular new ships, the enthusiasm for Star of the Seas, our second icon class ship; and Celebrity Xcel, the latest addition to the Edge class lineup, have exceeded expectations, driving strong pricing and low factors.

我們繼續為我們壯觀的新船受到的歡迎以及對我們的第二艘標誌性郵輪“海洋之星”號的熱情而激動不已；以及 Edge 級遊輪陣容中的最新成員 Celebrity Xcel 的業績超出預期，推動了強勁的定價和較低的費率。

As we look at our current and potential consumers, we remain encouraged. While broader consumer spending moderated, vacation spend continued to grow as consumer sentiment around leisure vacations remains positive. Our customers continue to be engaged and excited about vacations.

當我們看到現有和潛在的消費者時，我們仍然感到鼓舞。儘管整體消費支出有所放緩，但由於消費者對休閒度假的情緒依然樂觀，度假支出仍持續成長。我們的客戶繼續對假期充滿熱情和興奮。

In a research fielded in April, 7 out of 10 consumers told us that they intend to spend the same or more on leisure travel over the next 12 months, with spend on travel continuing to outpace major material purchases. And for 9 out of 10 consumers surveyed, value for money is crucial when making vacation plans, and this is where we continue to excel.

在四月進行的一項調查中，七成的消費者告訴我們，他們打算在未來 12 個月內在休閒旅遊上花費相同或更多的錢，旅遊支出將繼續超過主要物質購買。對於受訪的 10 名消費者中，有 9 名表示，制定度假計劃時物有所值至關重要，而這正是我們繼續保持卓越表現的地方。

Furthermore, when financial concerns impact lifestyle or spending, travel is not the first place consumers indicate they will pull back. Cruisers are more financially secure and more likely to protect their travel budgets during times of uncertainty.

此外，當財務問題影響到生活方式或支出時，旅遊並不是消費者表示會先放棄的領域。巡遊者的財務狀況更加安全，並且更有可能在不確定的時期保護他們的旅行預算。

We are very well positioned to deliver great vacations from multiple occasion, close to home for millions of people in the US, offering them extraordinary value through a range of itinerary options from 3 to 10 days from Florida, Texas, California, the Northeast and the Northwest. Our vacation experiences remain in an attractive value proposition and leading guest satisfaction compared to other vacation alternatives.

我們有能力為數百萬美國民眾提供適合多種場合、近在咫尺的精彩假期，並透過從佛羅裡達州、德克薩斯州、加利福尼亞州、東北部和西北部出發的 3 至 10 天的一系列行程選擇為他們帶來非凡的價值。與其他度假方式相比，我們的度假體驗仍然具有吸引人的價值主張，並能帶來領先的客人滿意度。

Consumers recognize that our brands are superior value for money versus alternative options. That value is made up of unique ability to give guests the opportunity to visit a variety of destinations in one trip, the convenience of having everything in one place, plus our high-quality onboard amenities and services, and pricing that includes meals, accommodations and entertainment.

消費者認識到我們的品牌與其他品牌相比具有更高的性價比。這一價值在於，我們擁有獨特的能力，讓客人有機會在一次旅程中遊覽多個目的地，在一個地方擁有一切的便利，加上我們高品質的船上設施和服務，以及包含餐飲、住宿和娛樂的價格。

Now let me provide an update on our outlook for 2025. Let me note that our guidance ranges are expanded compared to those we would typically provide and are based on current demand trends, while also considering the complexity of the macro environment based on what we know today.

現在，讓我來更新一下我們對 2025 年的展望。需要指出的是，我們的指導範圍比我們通常提供的指導範圍有所擴大，並且基於當前的需求趨勢，同時也根據我們目前所知考慮了宏觀環境的複雜性。

Capacity is expected to grow 5.5% in 2025, driven by the introduction of Star of the Seas and Celebrity Xcel, as well as the full-year benefit of Icon, Utopia and Silver Ray. Yield growth is expected to be in the range of 2.6% to 4.6%, supported by the incredible appeal of our new ships, the performance across our existing fleet and the continued success of our private destinations.

受「海洋之星號」和「名人 Xcel」號的推出，以及「Icon」、「烏托邦號」和「銀光號」全年收益的推動，預計 2025 年運力將成長 5.5%。預計收益率成長率將在 2.6% 至 4.6% 之間，這得益於我們新船的巨大吸引力、現有船隊的出色表現以及私人目的地的持續成功。

Full-year adjusted earnings per share guidance is now expected to grow approximately 28% and be in the range of $14.55 to $15.55. We are benefiting from better-than-expected first-quarter performance and favorable foreign exchange and fuel rates.

預計全年調整後每股收益將成長約 28%，介於 14.55 美元至 15.55 美元之間。我們受益於第一季優於預期的業績以及有利的外匯和燃料價格。

While we remain cognizant of macroeconomic uncertainties, recent booking trends, disciplined cost management and strong balance sheet positions us well to deliver another year of strong earnings growth and cash generation.

雖然我們仍然意識到宏觀經濟的不確定性，但最近的預訂趨勢、嚴格的成本管理和強勁的資產負債表使我們能夠在新的一年實現強勁的盈利增長和現金創造。

Our formula of moderate capacity growth, moderate yield growth and strong cost control continue to drive superior financial performance. And we remain focused on executing our Perfecta performance program, targeting a 20% compound annual growth rate in adjusted earnings per share through 2027, and return on invested capital in the high teens.

我們的適度產能成長、適度產量成長和強有力的成本控制模式持續推動著卓越的財務表現。我們將繼續專注於執行 Perfecta 績效計劃，目標是到 2027 年實現調整後每股收益的 20% 複合年增長率，投資資本回報率達到 15% 左右。

We are relentlessly focused on delivering and innovating the best vacation experiences on the planet. And a key differentiator for us is our powerful commercial flywheel where, each guest experience fuel deeper loyalty and more engagement, which enables us to give guests the vacation experiences they want so they keep coming back.

我們堅持不懈地致力於提供和創新地球上最好的度假體驗。我們的一個重要區別在於我們強大的商業飛輪，每一次客人體驗都能激發更深的忠誠度和更多的參與度，這使我們能夠為客人提供他們想要的度假體驗，從而讓他們不斷回來。

It starts with our exceptional portfolio of brands, the category leader designed to cater to the diverse needs of our global guest base. We amplified strength with industry-leading ships, exclusive private destinations and continuous innovation that elevates every aspect of the guest journey.

首先從我們卓越的品牌組合開始，該類別的領導者旨在滿足全球客戶群的多樣化需求。我們以業界領先的船舶、專屬私人目的地和持續創新增強了實力，從而提升了賓客旅程的各個方面。

Over the next three years, we will introduce seven game-changing new ships, including Star the Seas and Celebrity Xcel in 2025. We'll launch Celebrity River in 2027, and expand from two to seven exclusive destinations.

未來三年內，我們將推出七艘改變遊戲規則的新郵輪，包括 2025 年的 Star the Seas 和 Celebrity Xcel。我們將於 2027 年推出 Celebrity River，並將獨家目的地從兩個擴展到七個。

We deepen customer relationships through data, personalization and a frictionless experience that makes planning and enjoying a vacation seamless. Our unified and loyal programs connect all our brands under one ecosystem, encouraging repeat travel and unlocking more opportunities to engage across ocean and river cruising, along with our exclusive destinations.

我們透過數據、個人化和無摩擦體驗加深客戶關係，使計劃和享受假期變得無縫銜接。我們統一而忠誠的計劃將我們所有的品牌連接到一個生態系統下，鼓勵重複旅行，並釋放更多參與跨洋和跨河巡航以及我們獨家目的地的機會。

The ecosystem is working. Members of our loyalty programs accounted for nearly 40% of our bookings last year, with cross-brand bookings increasing. Loyalty members are more likely to book direct and spend 25% more per trip than non-members. On the digital front, bookings in our app doubled so far this year, and loyalty members are more likely to book in app than non-loyalty members.

生態系統正在運作。去年，我們忠誠度計畫的會員預訂量占我們預訂量的近 40%，跨品牌預訂量也在增加。忠誠會員更有可能直接預訂，並且每次旅行的花費比非會員高出 25%。在數位方面，今年到目前為止，我們應用程式的預訂量翻了一番，忠誠會員比非忠誠會員更有可能在應用程式上預訂。

Over the last 10 years, we've improved the rate at which guests rebook within three months by 1.7 times and increase Net Promoter Score by 15 points. These results have translated into 50%-plus net yield growth over that time period, and we're just getting started.

在過去的 10 年裡，我們將客人在三個月內重新預訂的比例提高了 1.7 倍，並將淨推薦值提高了 15 個百分點。這些結果轉化為該時間段內 50% 以上的淨收益成長，而我們才剛開始。

Looking ahead, we are incredibly energized by the momentum we're building. These ambitious initiatives reinforce our flywheel and strengthening our ecosystem as we turn the vacation of a lifetime into a lifetime of vacations.

展望未來，我們正在形成的勢頭令我們充滿活力。這些雄心勃勃的舉措強化了我們的飛輪並增強了我們的生態系統，讓我們將一生一次的假期變成了一生一次的假期。

I'm incredibly proud of the teams at the Royal Caribbean Group for their passion and relentless focus on delivering great vacation experiences for our guests. We are executing from a position of strength, and I remain optimistic about our ability to capitalize on the many opportunities that lie ahead.

我為皇家加勒比集團的團隊感到無比自豪，他們充滿熱情並堅持不懈地致力於為我們的客人提供絕佳的度假體驗。我們正以強大的實力執行任務，我對我們利用未來眾多機會的能力保持樂觀。

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

說完這些，我將把電話轉給納夫塔利。納夫？

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

謝謝你，傑森，大家早安。我將首先回顧第一季度的業績，該業績超出了我們的預期。

Adjusted earnings per share were $2.71, 9% higher than the midpoint of our guidance. We had a great first quarter that was driven by better-than-expected pricing on close-in demand and $0.08 per share of favorable timing of expenses.

調整後每股收益為 2.71 美元，比我們的預期中位數高出 9%。我們第一季表現優異，這得益於近距離需求帶來的好於預期的定價以及每股 0.08 美元的有利費用時機。

We finished the quarter with a net yield increase of 5.6% in constant currency compared to the first quarter of 2024, 60 basis points above the midpoint of our initial guidance in late January. Most of our yield growth was driven by strength in ticket pricing versus '24.

與 2024 年第一季相比，本季的淨收益率按固定匯率計算增長了 5.6%，比我們 1 月底最初預期的中點高出 60 個基點。我們的大部分收益成長是由票價相對於 24 年的強勁表現所推動的。

Net cruise costs, excluding fuel, increased 0.1% in constant currency, 175 basis points lower than our initial guidance, driven entirely by timing of expenses that will roll into the second quarter and some of the rest of the year. Adjusted EBITDA margin was 35%, 360 basis points better than last year. And operating cash flow was $1.6 billion.

不包括燃料在內的淨郵輪成本按固定匯率計算上漲了 0.1%，比我們最初的預期低了 175 個基點，這完全是由於費用的時間安排將延續到第二季​​度以及今年剩餘時間的部分時間。調整後的 EBITDA 利潤率為 35%，比去年高出 360 個基點。經營現金流為16億美元。

As Jason said, we had a record WAVE season and our book load factor is in line with prior years and at higher APDs. Bookings since the beginning of April continued at a higher pace than last year, including strength in close-in demand and cancellation levels remain normal.

正如 Jason 所說，我們度過了一個創紀錄的 WAVE 季節，我們的圖書載量與往年持平，並且 APD 更高。自 4 月初以來，預訂量持續高於去年同期，包括近距離需求強勁以及取消率保持正常。

The Caribbean represents 57% of our deployment this year and 49% of capacity in the second quarter. In 2025, we offered Caribbean sailings from 9 US home ports, Miami, Fort Lauderdale, Tampa, Port Canaveral, Galveston, Baltimore, Cape Liberty, San Juan and New Orleans, and a variety of sailing length.

加勒比海地區占我們今年部署的 57%，佔第二季運力的 49%。2025 年，我們提供從 9 個美國母港（邁阿密、勞德代爾堡、坦帕、卡納維拉爾港、加爾維斯頓、巴爾的摩、自由角、聖胡安和新奧爾良）出發的加勒比海航行，航行距離多種多樣。

Our leading hardware and destinations strengthen our competitive position in this market, with the introduction of Star of the Seas in late August, Celebrity Xcel in November and the opening of Royal Beach Club Paradise Island by the end of this year.

我們領先的硬體和目的地加強了我們在這個市場上的競爭地位，8 月底推出了海洋之星號，11 月推出了名人 Xcel 號，今年年底推出了皇家海灘俱樂部天堂島。

Europe will account for 15% of capacity for the year and 20% of capacity in the second quarter. Alaska is expected to account for 6% of total capacity, and 9% in the second quarter. We have also some of the best hardware in the region with Celebrity Edge, two Quantum class ships and Silver Nova.

歐洲將佔全年運力的15%，佔第二季運力的20%。阿拉斯加航空預計將佔總運力的 6%，第二季將佔 9%。我們還擁有該地區最好的硬件，包括 Celebrity Edge、兩艘 Quantum 級遊輪和 Silver Nova。

Now let me talk about our guidance for 2025. Our proven formula for success, moderate capacity growth, moderate yield growth and strong cost discipline, is expected to drive significant earnings growth and higher cash flow generation this year.

現在讓我談談我們對 2025 年的指導。我們行之有效的成功秘訣是適度的產能成長、適度的產量成長和嚴格的成本控制，預計將在今年推動獲利大幅成長和更高的現金流產生。

Moving to the revenue guidance. We are increasing our guidance for the year compared to our prior one in January. We did expand our typical guidance ranges to account for the broader external factors and the complexity of the current macroeconomic environment.

轉向收入指導。與 1 月的預測相比，我們提高了今年的預測。我們確實擴大了我們的典型指導範圍，以考慮更廣泛的外部因素和當前宏觀經濟環境的複雜性。

For the full year, we expect yield growth of 2.6% to 4.6%. As a reminder, first-quarter yield growth disproportionately benefited from both the timing of drydocks and new hardware, a full quarter of Icon, in addition to Utopia and Silver Ray. The cadence of yield growth throughout the year, as expected, is driven by the introduction of Star of the Seas and Celebrity Xcel into third and fourth quarters, respectively.

我們預計全年收益率成長率為 2.6% 至 4.6%。需要提醒的是，第一季的收益率成長主要受益於乾船塢和新硬體的時機，Icon 的整個季度，以及 Utopia 和 Silver Ray 的收益率都得到了提升。正如預期的那樣，全年收益增長的節奏是由“海洋之星”號和“名人 Xcel”號分別在第三季度和第四季度的推出所推動的。

The impact of the timing of new ship deliveries on yield growth in the second half of this year is a headwind of approximately 140 basis points.

新船交付時機對今年下半年收益率成長的影響約為140個基點。

Full-year net cruise costs, excluding fuel, are expected to be negative 0.1% to up 0.9%, 10 basis points lower than our prior guidance, as we remain focused on efficiency, enhancing margins and maximizing cash flow. While we manage our costs more on the yearly basis, the cadence of our cost growth varies throughout the year. This is driven by timing of dry docks, ship deliveries and the ramp-up of costs related to our acquisition of the Costa Maya Port and other destinations.

預計全年郵輪淨成本（不包括燃料）將下降 0.1% 至上升 0.9%，比我們之前的預期低 10 個基點，因為我們仍然專注於提高效率、提高利潤率和最大化現金流。雖然我們更多是按年度管理成本，但成本增長的節奏在全年都是不同的。這是由於乾船塢、船舶交付的時間以及與我們收購科斯塔瑪雅港和其他目的地相關的成本增加所致。

Second and third-quarter cost growth is expected to be higher than the first and the fourth quarter, with the third quarter being most impacted by 280 basis points from these headwinds. We anticipate a fuel expense of $1.14 billion for the year, and we are 59% hedged at below market rates. We are benefiting from the current low rates and have capitalized on this opportunity by executing hedges for the upcoming years at very favorable rates.

預計第二季和第三季的成本成長將高於第一季和第四季度，其中第三季受這些不利因素的影響最大，為 280 個基點。我們預計今年的燃料費用為 11.4 億美元，並且我們以低於市場價格的價格進行了 59% 的避險。我們受益於當前的低利率，並利用這一機會以非常優惠的利率對未來幾年進行對沖。

Based on current fuel prices, currency exchange rates and interest expense, we expect adjusted earnings per share between $14.55 and $15.55. The $0.55 increase compared to our prior guidance is driven by a $0.37 benefit from FX and fuel rates for the remaining of the year, a $0.05 benefit from a lower share count due to share repurchases, with the remainder attributed to the outperformance in the first quarter.

根據當前的燃料價格、貨幣匯率和利息支出，我們預計調整後的每股盈餘將在 14.55 美元至 15.55 美元之間。與我們先前的指導相比，0.55 美元的增長是由於今年剩餘時間外匯和燃油費率帶來的 0.37 美元收益，由於股票回購導致的股票數量減少帶來的 0.05 美元收益，其餘部分歸因於第一季度的優​​異表現。

We also expect 15% growth in adjusted EBITDA and 210 basis points growth in gross EBITDA margin. This positions us to accelerate our cash flow generation, which allows us to continue investing in our strategic initiatives, maintaining investment-grade balance sheet metrics and expanding capital return to shareholders.

我們也預期調整後的 EBITDA 將成長 15%，毛 EBITDA 利潤率將成長 210 個基點。這使我們能夠加速現金流的產生，使我們能夠繼續投資於我們的策略計劃，維持投資等級資產負債表指標並擴大股東的資本回報。

Now let me comment on second quarter guidance. In the second quarter, we expect capacity will be up 6% year over year and a net yield growth of 4.3% to 4.8%. Roughly half of the yield increase is driven by new hardware and the rest is driven by higher rates and load factors on like-for-like hardware.

現在讓我對第二季的指導進行評論。我們預計第二季運力將年增 6%，淨收益率將成長 4.3% 至 4.8%。大約一半的收益成長是由新硬體推動的，其餘的收益成長是由同類硬體的更高費率和負載率推動的。

Net cruise costs, excluding fuel, are expected to be up 3.7% to 4.2%. This includes higher dry dock days in the first half of the year compared to last year, and 140 basis points impact from first quarter cost timing shifts. Taking all this into account, we expect adjusted earnings per share for the quarter to be $4 to $4.10.

不包括燃料的淨郵輪成本預計將上漲 3.7% 至 4.2%。其中包括今年上半年乾船塢天數較去年同期增加，以及第一季成本時間變化造成 140 個基點的影響。考慮到所有這些因素，我們預計本季調整後的每股收益為 4 美元至 4.10 美元。

Turning to our balance sheet. We ended the quarter with a strong $4.5 billion in liquidity. We're in a very strong financial position, and we'll continue to further strengthen the balance sheet.

轉向我們的資產負債表。本季結束時，我們的流動資金達到 45 億美元。我們的財務狀況非常強勁，我們將繼續進一步加強資產負債表。

During the quarter, S&P Global Ratings upgraded our credit rating to investment grade, reflecting the strength of our financial position, consistent performance and disciplined capital allocation strategy. We are very pleased with this acknowledgment of the strong trajectory of the business and our commitment to strengthening the balance sheet.

本季度，標準普爾全球評級將我們的信用評級上調至投資級，反映了我們強勁的財務狀況、穩定的業績和嚴謹的資本配置策略。我們很高興看到公司業務的強勁發展軌跡以及我們致力於加強資產負債表的承諾。

Also during the quarter, we exchanged $213 million of our outstanding convertible notes for cash and stock. This transaction reduced our fully diluted share count by 1 million shares. We have $110 million left outstanding that we plan to settle at maturity.

此外，在本季度，我們將 2.13 億美元的未償還可轉換票據兌換成現金和股票。此次交易使我們的完全稀釋股份數量減少了 100 萬股。我們尚未償還 1.1 億美元，計劃在到期時結清。

During the quarter, we also repurchased 1 million shares under our 1 billion share repurchase program. As of March 31, we have $759 million available for repurchases under the current authorization. We will continue to opportunistically buy back shares while ensuring a strong balance sheet.

本季度，我們也根據 10 億股回購計畫回購了 100 萬股。截至 3 月 31 日，根據目前授權，我們有 7.59 億美元可供回購。我們將繼續適時回購股票，同時確保強勁的資產負債表。

We have very limited maturities left this year, all related to ship amortization payments that we plan to repay with cash flow. We also expect to further reduce leverage to below 3 times by the end of 2025.

我們今年剩餘的到期債務非常有限，全部與船舶攤提付款有關，我們計劃用現金流償還。我們也預期2025年底槓桿率將進一步降至3倍以下。

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 returns.

最後，我們將繼續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，並努力實現另一年的穩健回報。

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

接下來，我將請我們的接線生開啟電話會議，進行問答環節。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

Thanks and congrats on a nice quarter. So Jason, could you speak to drivers of the better-than-planned performance in the first quarter? Maybe elaborate on business in April, and just walk through the company-specific initiatives and continued investments that you have that you think could insulate results and win multiyear market share.

謝謝並恭喜本季取得良好業績。那麼傑森，您能談談第一季業績好於計畫的因素嗎？也許會在四月詳細說明業務，並簡單介紹一下您認為可以確保業績並贏得多年市場份額的公司特定舉措和持續投資。

Sure, Matt. So I think just starting off in the first quarter. We have seen this kind of continuous trend that -- inside of a quarter, we see kind of an uplift in demand as we get very close in. And not only do we see an uplift in demand, we're also able to raise our pricing during that period of time. And there are also high-quality customers that are also spending well in the ship.

當然，馬特。所以我認為從第一季才剛開始。我們已經看到了這種持續的趨勢——在一個季度內，隨著我們越來越接近，我們看到需求上升。我們不僅看到需求的成長，而且我們還能夠在那段時間內提高價格。還有一些優質客戶也在船上消費。

So the driver in Q1 is really just really strong close-in demand that we've seen. And you've heard us talk about in April and in the second quarter, we're seeing that continuous trend. The interesting thing about the trend is, of course, our revenue management tools take those things into account and then try to predict the next quarter that it's going to be in the same level and it keeps elevating, which I know it's probably counterintuitive to some of the reporting around consumer confidence and so forth that's out there.

因此，第一季的驅動因素實際上就是我們所看到的非常強勁的近距離需求。您可能已經聽到我們談論過四月份和第二季的情況，我們看到了這種持續的趨勢。當然，這一趨勢的有趣之處在於，我們的收入管理工具會考慮這些因素，然後嘗試預測下一季的收入將保持在同一水平，並且會持續上升，我知道這可能與一些有關消費者信心等的報告相悖。

I think the reason for that is several factors, one of which is we're obviously incredibly focused on our flywheel. We had -- how do we get our guests to come with us more frequently. So the investments we've made in loyalty, the investments we've made even in our app and online, so that it makes it easier and easier, whether it's through us or through our travel partners, to do business with us gets easier and easier. And then we're getting more and more reps out of those that we're making.

我認為造成這種情況的原因有幾個，其中之一就是我們顯然非常關注我們的飛輪。我們有—我們如何讓我們的客人更頻繁地來我們這裡。因此，我們在忠誠度方面所做的投資，甚至在我們的應用程式和線上所做的投資，使得無論是透過我們還是透過我們的旅遊合作夥伴，與我們做生意變得越來越容易。然後，我們從所做的工作中獲得了越來越多的回報。

I think behind that is also -- and we've seen this for a while, it's just a flight to quality. When you're delivering an exceptional vacation experience with Net Promoter Scores that are above 70, you get a very strong advocacy and you get customers that continue to sail with you.

我認為這背後還有——我們已經看到這種情況有一段時間了，這只是對品質的追求。當您提供卓越的度假體驗，且淨推薦值超過 70 時，您將獲得非常強大的宣傳力，並且客戶將繼續選擇您的服務。

And I think that's why we're seeing, again, another -- we saw an outperformance quarter in Q1, and while I also think we're bucking some of the trends that are very intuitive when you look at consumer confidence and so forth.

我認為這就是為什麼我們再次看到——我們在第一季看到了一個表現優異的季度，同時我還認為我們正在逆轉一些趨勢，當你看消費者信心等等時，這些趨勢是非常直觀的。

The combination, I think, of what we're delivering, combined value gap to land-based vacation, which as you everyone on this call has heard me over time, is frustrating to have that gap in times like this. And we've seen this in other markets when there's economic concerns, that value gap is actually a pretty good buffer for -- across our vacation experiences and our guests willing to pay for those experiences and for us to meet our financial expectations.

我認為，我們提供的服務與陸地度假的綜合價值差距令人沮喪，正如大家在這次電話會議上聽到的那樣，在這種時候存在這種差距是令人沮喪的。我們也在其他市場看到過這種情況，當出現經濟問題時，價值差距實際上是一個很好的緩衝——對我們的度假體驗、我們的客人是否願意為這些體驗付費以及我們是否能滿足我們的財務預期都是一種很好的緩衝。

I also think when we think about the longer-term opportunity and the investments we're making, obviously, our destination portfolio has been exceptionally successful. But we're going to basically be adding a destination or two over the next several years.

我還認為，當我們考慮長期機會和我們正在進行的投資時，顯然我們的目的地投資組合非常成功。但未來幾年我們基本上會增加一兩個目的地。

That's going to drive tremendous value for our shareholders. It's a great margin business for us and it also enhances the guest experience. We have a lot of great ships coming online that are very, very well received as are very focused and designed to who the customer of today and the customer of tomorrow is.

這將為我們的股東帶來巨大的價值。這對我們來說是一項利潤豐厚的業務，同時也提升了客人的體驗。我們有許多優秀的船舶即將上線，這些船舶受到了非常熱烈的歡迎，因為它們非常注重並針對當前客戶和未來客戶進行設計。

We've got a lot of investments on the technology side. So obviously, our yield management program is -- has a tremendous amount of AI inside of it, and that gets smarter and smarter. We're -- a new travel platform that will be centered around the customer instead of being centered around the cabin. And then we have a lot of other, I would say, modernization activities and so forth that are taking some of the great learnings from the newer ships and rolling them back on to some of our legacy fleet.

我們在技術方面投入了大量資金。顯然，我們的收益管理程式內部有大量的人工智慧，而且越來越聰明。我們是一個新的旅行平台，將以客戶為中心，而不是以客艙為中心。然後，我想說，我們還有很多其他的現代化活動等等，這些活動吸收了新船上的一些寶貴經驗，並將其重新應用到我們的一些傳統艦隊中。

So we're really excited. I think we all appreciate that there is something in the environment. But we are seeing, I think all things considered, very strong on consumer trends for our business.

所以我們真的很興奮。我想我們都很欣賞環境中存在的某些東西。但我認為，綜合考慮各方面因素，我們看到我們的業務的消費趨勢非常強勁。

That's really great color. And then maybe, Naftali, if you could just walk through the areas of this year's guidance where you embedded expand assumption ranges tied to the current macro backdrop. And just multiyear, any change in thinking to your outlined 20% earnings growth CAGR based on anything that you've seen to date?

這顏色真是太棒了。然後，納夫塔利，也許您可以簡單介紹今年的指導方針中嵌入的與當前宏觀背景相關的擴大假設範圍的領域。那麼，就多年而言，根據您迄今為止所看到的情況，您對所概述的 20% 盈利增長複合年增長率的看法有什麼變化嗎？

Yeah, hi Matt. So really, if you look historically at this time of the year, we actually narrowed the range. So we started roughly around 50 -- sorry, 100 basis points on yield. In the beginning of the year and this point, we were around 50%. So we kept it at 100. So that's really where the difference is.

是的，嗨，馬特。所以實際上，如果你回顧一下歷史上每年的這個時候，我們實際上縮小了範圍。因此，我們的起始殖利率大約是 50 —— 抱歉，是 100 個基點。從今年年初到現在，我們的佔比都在 50% 左右。所以我們將其保持在 100。這就是真正的區別所在。

Obviously, cost is something that we feel we can control. Also that hasn't changed. And obviously, the earnings we've expanded that range.

顯然，我們認為我們可以控製成本。這一點也沒有改變。顯然，我們的收益已經擴大了這個範圍。

No -- obviously, we just announced Perfecta just a couple of weeks ago, and so we feel very good about -- as Jason said, about the long-term opportunity to continue to win share for a very, very large and exciting $2 trillion vacation market. We continue to invest in our strategies. We believe our strategies work. And so we feel that we are also in a great financial position to continue to capitalize on that opportunity.

不——顯然，我們幾週前才宣布推出 Perfecta，因此我們對此感到非常高興——正如 Jason 所說，這是一個長期機會，可以繼續贏得這個非常龐大且令人興奮的 2 兆美元度假市場的份額。我們將繼續投資我們的策略。我們相信我們的策略是有效的。因此，我們認為我們的財務狀況也很好，可以繼續利用這個機會。

Best of luck.

祝你好運。

Ben Chaiken, Mizuho.

瑞穗的本‧查肯 (Ben Chaiken)。

Hey, good morning. Thanks for taking my questions. You've -- in December, Naftali, I think on the last call, you said this is greatest weekend in the history of cruise. Any updated thoughts on the pricing of that day pass? Thanks.

嘿，早安。感謝您回答我的問題。納夫塔利，我想在 12 月的最後一次通話中，您曾說過這是郵輪歷史上最棒的周末。對於當日通票的定價有什麼最新想法嗎？謝謝。

Hey Ben, it's Michael. Yes, the greatest weekend in the world is, of course, Utopia of the Seas, sailing out of Port Canaveral to Perfect Day and soon to be the Royal Beach Club. So, and we are absolutely delighted with the performance of that product. It has been outstanding. So we said that, and it truly is the greatest weekend in the world.

嘿，本，我是麥可。是的，世界上最棒的周末當然是「海洋烏托邦號」，它從卡納維拉爾港出發，駛往「完美一天」號，很快還將駛往皇家海灘俱樂部。因此，我們對該產品的性能非常滿意。它一直很出色。所以我們這麼說，這確實是世界上最棒的週末。

The Beach Club pricing strategy, we have a big event that we're hosting in New York City in a couple of weeks, and we'll be talking about the destination portfolio and sharing some of the images and concepts that will be coming alive in the coming years.

海灘俱樂部的定價策略，我們將在幾週後在紐約市舉辦一場大型活動，我們將討論目的地組合併分享未來幾年將實現的一些圖像和概念。

And particularly, we'll be talking about the Royal Beach Club in Nasssau. And we'll be talking during that presentation about how we're thinking about pricing. We're very -- as Jason mentioned and Naf, we're super excited about this portfolio that we've got coming online over the next few years, and the first one out of the gate is the Royal Beach Club Nasssau.

特別是，我們將討論拿騷的皇家海灘俱樂部。我們將在演示過程中討論我們如何考慮定價。我們非常 — — 正如 Jason 和 Naf 所提到的那樣，我們對未來幾年即將上線的這個投資組合感到非常興奮，而第一個上線的就是拿騷皇家海灘俱樂部 (Royal Beach Club Nassau)。

Understood. I appreciate that. And then one maybe clarification. Why the new ships a headwind in 3Q and 4Q? I think you mentioned 140 basis points in (inaudible) yield. I guess, simplistically, I would have thought the ships are positive. Is this just basically like test cruises ramping up APCDs without the associated full revenue ramp?

明白了。我很感激。然後也許需要澄清一下。為何新船在第三季和第四季遭遇逆風？我想您提到了（聽不清楚）收益率 140 個基點。我想，簡單地說，我會認為這些船是積極的。這基本上是否就像測試巡航增加 APCD 而沒有帶來相關的全部收入增加一樣？

Yeah, let me just clarify. So it's really about timing of when the ships enter into the service. And we broadly say second -- sorry, third quarter, but really there's timing into it. So if you think about Utopia, it entered pretty early in July. Star is actually entering towards very late in August.

是的，讓我澄清一下。所以這其實與船舶投入使用的時間有關。我們大致說的是第二季度，抱歉，是第三季度，但實際上這裡面有時間因素。所以如果你想想烏托邦，它在七月初就進入了。星星實際上是在八月下旬進入的。

And so you have both lower APCDs as well as less of an impact from the load factors ramping up. So that's really the headwind that is mostly on Q3. Now Q3 also, on an absolute dollar, is the highest in the second half. So it weighs a little bit more on the second half of the year.

因此，APCD 較低，且受負載係數上升的影響較小。所以這確實是第三季面臨的最大阻力。現在，從絕對美元價值來看，第三季也是下半年最高的。因此，下半年的情況會更加嚴峻。

Understood. Thank you very much.

明白了。非常感謝。

Sure.

當然。

Steven Wieczynski, Stifel.

史蒂文·維辛斯基（Steven Wieczynski），Stifel。

Hey guys, good morning. So Jason, if we go back to revised guidance for the rest of the year. I guess, I would say, I'm probably a little surprised you guys didn't take up a more conservative view around onboard spending and/or close-in pricing. And I know you mentioned the feedback that you from -- in your data your customer base is it does remain positive. But clearly, onboarding close-in can change very quickly.

大家好，早安。所以傑森，如果我們回顧今年剩餘時間的修訂指南。我想說，我可能有點驚訝你們沒有對船上支出和/或近距離定價採取更保守的觀點。我知道您提到了您的回饋——從您的數據來看，您的客戶群確實保持了積極的狀態。但顯然，入職近距離變化非常快。

So I guess my question is, if there was going to be pressure from your customer base, do you think the low end of your guidance is now set low enough, that even if there was going to be some pressure, it would capture that? And look, I know that's kind of a tough question because we have no clue how that spending levels would have to be before it goes outside that range. But I want to get your kind of feedback there or take on that.

所以我想我的問題是，如果來自客戶群的壓力存在，您是否認為現在您指導的低端已經設定得足夠低了，即使有一些壓力，也能承受住？我知道這是一個很難的問題，因為我們不知道支出水準要達到什麼程度才會超出這個範圍。但我希望得到您的回饋或接受這一點。

Yes. I think obviously, there's a lot of companies that are doing different things with -- there's a heightened level of uncertainty that's out there. When we're guiding, Steve, the best that we can do is look at how we're trading each and every day and also how our customers are spending, and where we see resistance and where we don't resistance in what we're doing. I think that when we look at how we've guided for the balance of the year, obviously, we need an update for Q1, we needed to update for FX and fuel, but we did not update for the back half.

是的。我認為，顯然有很多公司正在做不同的事情——存在的不確定性程度很高。史蒂夫，當我們進行指導時，我們能做的最好的事情就是觀察我們每天的交易情況以及我們的客戶的消費情況，以及我們在做什麼時在哪裡看到阻力，在哪裡沒有阻力。我認為，當我們回顧我們對今年餘額的指導時，顯然我們需要對第一季進行更新，我們需要對外匯和燃料進行更新，但我們沒有對下半年進行更新。

And so typically, what you would see is when we see trends that we saw in the first quarter, you would start to think about how that's going to impact the balance of the year. So I think we've try to take a little bit more of a conservative position that's by how we see our guests trading with us each and every day. And then we've tried to extend that range to think about how we look at maybe a softer side and maybe a more optimistic side to help kind of investors understand how we see the range of it.

通常，當我們看到第一季的趨勢時，你會開始思考這將如何影響今年的平衡。因此，我認為我們試圖採取更保守的立場，這就是我們如何看待我們的客人每天與我們進行交易的方式。然後，我們嘗試擴大這個範圍，思考我們如何看待更柔和的一面和更樂觀的一面，以幫助投資者了解我們如何看待它的範圍。

As you mentioned, there is uncertainty and so things could change, obviously. But I think we feel we're over -- we're 86% booked for the year. So I think we have pretty good visibility. We see really no change in cancellation rates. We see no real change in how consumers are acting.

正如您所說，存在不確定性，因此情況顯然可能會發生變化。但我想我們已經完成了——今年的預訂率為 86%。所以我認為我們的能見度相當高。我們發現取消率確實沒有改變。我們沒有看到消費者行為有真正的改變。

Outside of that, they are a little bit more short-term focused, and we see that in the elevation of bookings for the second quarter.

除此之外，他們更注重短期利益，我們從第二季預訂量的上升中看到了這一點。

Okay. Got you. That's good color, Jason. And then second question. One of the questions we get a lot from investors is around discounting, and what we call kind of promotional work in order to drive demand.

好的。明白了。顏色真好看，傑森。然後是第二個問題。投資人經常向我們詢問的一個問題是關於折扣，以及我們所說的為推動需求而採取的促銷活動。

So as we think about bookings -- and maybe not so much for this year, but as we think into 2026, and beyond, can you maybe help us think about how you would attack using -- lowering pricing versus other tools in order to stimulate the -- there was going to be a slowdown in bookings?

因此，當我們考慮預訂量時——也許不是針對今年，而是考慮 2026 年及以後，您能否幫助我們思考如何使用——降低價格而不是其他工具來刺激——預訂量會放緩？

And then, Jason, I'm not sure you mentioned this in your prepared remarks, but can you give us some color around what you're seeing so far for '26, and maybe how you're booked for next year versus what you would call your optimal booked position?

然後，傑森，我不確定您是否在準備好的演講中提到了這一點，但是您能否向我們介紹一下您目前對 26 年的看法，以及您對明年的預訂情況以及您所說的最佳預訂情況？

Sure. So first and foremost, we are very religious about price integrity. We've been through different cycles before and ensuring that the level of price integrity, we think, is very important. And I think the combination of all the tools that we have in place, having that kind of global yield management platform and being able to sail to different parts of the world -- different parts of the US on a dime, I think, positions us really, really well.

當然。因此，首先，我們非常重視價格誠信。我們之前經歷過不同的周期，我們認為確保價格的完整性水準非常重要。我認為，我們現有的所有工具的組合，擁有這種全球收益管理平台，並且能夠以極低的成本航行到世界各地——美國的不同地區，我認為，這讓我們處於非常非常有利的地位。

But I would say, Steve, is that what we generally view is that we have a pretty good holster of different promotional tools and so forth that we use and we engage all the time in the marketplace. But I think we would lead with product integrity, and we would obviously want to focus on making whatever we're putting into in place does not have something we believe will impact the integrity of our brands or how we're managing into the future.

但我想說，史蒂夫，我們普遍認為，我們擁有一系列不同的促銷工具等，我們一直在使用它們，並且一直在市場上參與其中。但我認為我們會以產品完整性為先導，而且我們顯然希望專注於確保我們所實施的任何措施不會影響我們品牌的完整性或我們未來的管理方式。

I did comment on 2026 that -- so the window is about a week shorter, but that's really being driven by close-in demand. And our book position for 2026, I said at this point, is in line with same time last year on a volume standpoint. And of course, obviously, we have -- and that's on a percent. So obviously, we have more capacity next year and at higher prices.

我確實對 2026 年發表了評論——因此窗口期大約縮短了一周，但這實際上是由近距離需求推動的。我剛才說過，從數量上看，我們 2026 年的圖書狀況與去年同期持平。當然，顯然，我們已經——而且這是百分比。因此顯然，明年我們的產能會更大，而且價格也會更高。

Okay. Got you. Thanks guys. Appreciate it.

好的。明白了。謝謝大家。非常感謝。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi there, thanks for taking the question. Congrats on good set of --. I'm just curious, in terms of the inventory you still have to fill for 4Q and to 2026, has there been any difference in terms of like the type of bookings without that like Europe versus US itineraries or different brands, strengthened contemporary versus premium, short duration, drive-through? Anything like that, that you would call out that's kind of different than usual trends?

您好，感謝您提出這個問題。恭喜你獲得--.我只是好奇，就您到第四季和 2026 年仍需填補的庫存而言，在預訂類型方面是否有任何差異，例如歐洲與美國的行程或不同的品牌、強化當代與高端、短期、免下車？您是否認為這與通常的趨勢有什麼不同？

There's really nothing specific, Lizzie, that I would call out, what we're seeing by market. Obviously, some of the things that you read out there about things a little bit softer for markets like Canada, that's there, but it's very, very -- for us, it's very immaterial to our business. But when we look at whether it's sourcing from whether it's North America, Europe or Asia, for the products that they source to, we feel very good in terms of their booking activity.

莉齊，我真的沒有什麼特別之處可以指出我們在市場上看到了什麼。顯然，你們讀到的一些關於加拿大等市場情況稍微疲軟的消息，確實存在，但對我們來說，這對我們的業務來說非常不重要。但當我們查看他們採購的產品來自北美、歐洲還是亞洲時，我們對他們的預訂活動感到非常滿意。

And I think we've also been studying obviously, we have brands that are in different segments. And so we're looking at is there any behavioral change in the family market, is there any behavioral change in the longer market, because there are different consumers, they have different balance sheets and they do tend to act and behave differently.

而且我認為我們也一直在研究，我們擁有不同領域的品牌。因此，我們正在觀察家庭市場中是否存在任何行為變化，長期市場中是否存在任何行為變化，因為存在不同的消費者，他們有不同的資產負債表，並且他們確實傾向於採取不同的行動和行為。

But from what we can see so far -- and so far, meaning as of an hour ago, they continue to be focused on their vacation experiences, making sure that they planned and then getting the vacation experience that they want.

但從我們目前看到的情況來看——到目前為止，也就是截至一小時前，他們仍然專注於他們的度假體驗，確保他們計劃好並獲得他們想要的度假體驗。

I think there's just a recognition that there is this value gap. And potentially, they're trading more for a more known all-inclusive experience, which is why I think we're seeing trends that are more favorable than what we might see with other travel peers.

我認為人們只是認識到存在這種價值差距。而且他們可能會選擇更多更知名的全包式體驗，這就是為什麼我認為我們看到的趨勢比其他旅遊同行更為有利。

Got it. That makes sense. And then I guess just thinking about the makeup of the yield outlook for this year. Obviously, you've been getting such great premiums on the new ships. It's been a big driver.

知道了。這很有道理。然後我想我只是在思考今年的殖利率前景的組成。顯然，您在購買新船時獲得瞭如此高的保費。這是一個巨大的推動力。

I'm curious, any color you can share of like the contribution of new ship premiums versus like-for-like pricing, whether you distil a bit of private island maybe less so this year? But in that -- is like-for-like pricing still up year on year? Or just any way to kind of think about the relative contribution of each of those kind of blocks, I suppose.

我很好奇，您可以分享一下新船保費與同類定價的貢獻嗎？今年您是否會少一點私人島嶼的元素？但那樣的話——同類價格是否仍比去年同期上漲？或者只是以某種方式思考每種類型的區塊的相對貢獻，我想。

Yeah. So Lizzie, so I said that in the first quarter it was roughly half and half between like-for-like and new hardware. It's pretty consistent throughout the year, except for the third quarter, as I mentioned, because of the timing of the new ship, Star of the Seas, that obviously is a little bit low and mostly like-for-like. So it's pretty consistent, excluding that piece in the third quarter.

是的。所以 Lizzie，我說在第一季度，同類產品和新硬體的比例大約各佔一半。全年情況都相當穩定，除了第三季度，正如我所提到的，因為新船「海洋之星號」的上市時間，第三季度的運價顯然有點低，而且大部分情況都與去年同期持平。因此，除了第三季的那部分之外，它是相當一致的。

Got it. Thank you.

知道了。謝謝。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning, everybody. Thanks for taking my question. Just a follow-up on the near-term demand commentary. You guys see a lot of data from your loyalty program, now that your loyalty program is 40% of your business, you see you can track customers and where they're going in the system. Are you seeing any one trade down between ships, between brands, just looking for more value within the system?

大家早安。感謝您回答我的問題。這只是對近期需求評論的後續。你們從忠誠度計畫中看到了很多數據，現在忠誠度計畫佔了你們業務的 40%，你們可以看到你們可以在系統中追蹤客戶以及他們的去向。您是否看到有人在船舶之間、品牌之間進行交易，只是為了在系統內尋找更多的價值？

I'll just be crisp about it. No, Brandt, they're continuing to behave how they normally behave. We have even been watching the -- even as they -- it's not just about the booking in itself, it's also the journey they go through and they're researching and so forth, are they looking for alternatives that are less, and not seeing that either occurring at this point.

我會簡單明了地講一下。不，布蘭特，他們繼續按照正常方式行事。我們甚至一直在觀察——即使他們——這不僅僅是關於預訂本身，也是他們經歷的旅程，他們正在研究等等，他們是否在尋找更少的替代方案，並且目前還沒有看到這種情況發生。

Okay, thanks for that, Jason. And then another question sort of recession scenario type of question. But your load factors are in line with prior years for this year, for next year. One of your larger peers is running their booked position ahead of prior years.

好的，謝謝你，傑森。然後是另一個有關經濟衰退情境類型的問題。但今年和明年的載客率與往年一致。您的一家規模較大的同業的預訂情況比前幾年提前。

And so the question is, if you go into a slower bookings environment, would you be willing to -- how much would you be willing to flex your load factors in order to protect price? And if that's something that you'd even need to do or if there's other levers you could pull?

所以問題是，如果您進入預訂速度較慢的環境，您是否願意—為了保護價格，您願意在多大程度上調整您的載客率？您是否確實需要這樣做，或者您可以利用其他手段？

Well, I don't think -- I mean, it's tough to deal with hypotheticals. I think that we're obviously focused on optimizing our revenue, and -- but at the same time, maintaining price increases. I don't have an answer on how much load factor give up. I think what we've been trying to do is actually increase our load factor. We've outfitting our legacy ships with more capabilities to take on more load factor, our new ships are able to take on more load factor. And so we're trying to maximize that.

嗯，我不這麼認為——我的意思是，處理假設是很困難的。我認為我們顯然專注於優化我們的收入，但同時，保持價格上漲。我不知道放棄多少負載係數。我認為我們一直在努力做的實際上是提高我們的載客率。我們為我們的傳統船舶配備了更多功能以承擔更多的載客率，我們的新船舶也能夠承擔更多的載客率。因此我們正在努力實現最大化。

And it's not about load factor to get more people in, it's actually to bring more value to the vacation experience for our guests, especially our families and multigenerational. And instead of having to buy two cabins, they're able to maybe get their family members into one because we've been able to increase the load factor inside that cabin. And of course, because of the demand that we have and the flywheel that we have, the -- system we have, we're able to kind of maintain that momentum and get more and more reps out of our loyalty guests.

這不是為了吸引更多的人來提高載客率，而是為了給我們的客人，特別是家庭和多代人的度假體驗帶來更多價值。而且他們不必購買兩個艙位，而是可以讓家人住一個艙位，因為我們已經能夠增加艙位內的載客率。當然，由於我們擁有的需求和飛輪，我們擁有的系統，我們能夠保持這種勢頭，並從我們的忠誠客人那裡獲得越來越多的代表。

And so that's -- I don't really know what the hypothetical answer to it is, but I'd lean into that we do look to obviously maximize our load factor, but also not at the sacrifice of price integrity.

所以，我真的不知道這個問題的假設答案是什麼，但我傾向於認為，我們確實希望最大化我們的載客率，但也不能以犧牲價格完整性為代價。

Got it. Makes sense. Thanks everyone.

知道了。有道理。謝謝大家。

Vince Ciepiel, Cleveland Research.

文斯·西皮爾（Vince Ciepiel），克里夫蘭研究公司。

Thanks. Maybe as a follow-up to Brandt. It sounds like your April bookings were quite strong. There has been some reports out there of a little choppier April. So just be curious what you see out in the marketplace. You have new leadership across all three major cruise lines going through, what potentially might be, some choppy waters.

謝謝。也許是作為 Brandt 的後續行動。聽起來您四月的預訂量相當強勁。有報道稱，四月的情況會稍微動盪一些。所以，請好奇你在市場上看到了什麼。三大郵輪公司的領導階層都換了人，他們正在經歷一些可能出現的困難。

The jury still out. But up to this point in time, how do you think the industry has been navigating through the last 30 to 60 days from a price perspective?

目前尚無定論。但到目前為止，從價格角度來看，您認為該行業在過去 30 到 60 天內表現如何？

Yes. Well, I'm 3.5 years into this, I don't know how -- if you can call me young, that would be great as well. I mean, first of all, you're also dealing, I think, with a set of industry leaders that, while they might be relative -- if 3.5 years is new, then I guess the dens might be a little bit newer. But we've been in this industry for a long time, and I continue to see the pretty rational behavior. Everyone generally meeting with price integrity.

是的。好吧，我已經從事這個行業 3.5 年了，我不知道怎麼回事——如果你能稱我為年輕人，那也很好。我的意思是，首先，我認為你也在與一群行業領袖打交道，雖然他們可能是相對的——如果 3.5 年是新的，那麼我想這些窩點可能會更新一些。但我們在這個行業已經很久了，我仍然看到相當理性的行為。大家普遍以價格誠信來滿足。

And I think that's -- it's tough to get a read on it because I think there's been a lot of high-quality demand that the industry is continuing to see. And I think it goes back to what we keep pressing on, is that this isn't about share or I think volume in the cruise industry, this is about where -- how small cruise is to the broader travel and the leisure industry.

我認為，這很難理解，因為我認為該行業持續存在大量高品質的需求。我認為這又回到了我們一直強調的問題，那就是這與郵輪行業的份額或數量無關，而是郵輪相對於更廣泛的旅遊和休閒產業來說有多小。

And the focus -- and I think we're all collectively focused, though I can't speak for the others, is how do we close that gap to land-based vacation and how do we get that extra rep from land onto our ships. And I think that's kind of what the vision and the focus is, most about stealing share from each other on the cruise industry.

而焦點——我認為我們所有人都在關注，雖然我不能代表其他人發言，是如何縮小與陸地度假的差距，以及如何將陸地上的額外聲譽轉移到我們的船上。我認為這就是我們的願景和重點，主要是為了搶佔郵輪產業的份額。

I think that's -- that combined with the value gap, I think, is why you're seeing a difference in behavior. I just want to comment on the -- what you referred to on the choppiness. I mean somebody gets their sources from different places, but I think you should -- the commentary around April to describe what we're seeing, and that may be seen differently by different channels as well. But I just wanted to make that point.

我認為，這是——加上價值差距，這就是你看到行為差異的原因。我只是想評論一下你提到的波動性。我的意思是，有些人從不同的地方獲取消息來源，但我認為你應該——四月份左右的評論來描述我們所看到的情況，而不同的管道也可能會有不同的看法。但我只是想說明這一點。

Yeah. That's really helpful clarification. And then maybe for Naf, just around capital allocation. You recently announced the share repurchase plan. Just thoughts as you get a sense of what you're seeing on the macro front with returning capital versus showing up the balance sheet, how are you thinking about that? And any change to the CapEx plans in light of what you're seeing out there?

是的。這確實是一個很有幫助的澄清。那麼對 Naf 來說也許只是圍繞著資本配置。您最近宣布了股票回購計畫。只是想一想，當您從宏觀角度了解資本回報與資產負債表的情況時，您是如何看待這一點的？根據您所看到的情況，資本支出計劃有任何變化嗎？

Yes. So first, I'll start by saying that we feel very good about financially and this balance sheet and where we are. We have made, as you know, a lot of effort over the last couple of years to make sure that we get to the place where the balance sheet is strong. So investment grade now rated. We have a very strong liquidity.

是的。首先，我要說的是，我們對財務狀況、資產負債表和現狀感到非常滿意。如您所知，過去幾年我們付出了很多努力來確保我們的資產負債表強勁。因此現在評級為投資等級。我們的流動性非常強。

We're generating very healthy cash flows. And so we feel pretty good about where we are. And so as we look at the opportunity, we feel that there's so much opportunity to kind of win the share of $2 trillion market, and we do want to continue to invest.

我們正在產生非常健康的現金流。因此，我們對目前的狀況感到十分滿意。因此，當我們審視這個機會時，我們覺得有很大機會贏得 2 兆美元的市場份額，我們確實希望繼續投資。

We are very confident with our strategies. And we have a very well-articulated and defined capital management over the next couple of years. And obviously, it's articulated in Perfecta. So that we will continue to do, and the balance sheet is very good to support that.

我們對我們的策略非常有信心。未來幾年，我們將有一個非常清晰和明確的資本管理計劃。顯然，它在 Perfecta 中得到了清晰的表達。因此我們將繼續這樣做，資產負債表也很好地支持了這一點。

We do acknowledge that also there is supplemental to the investment because we are focused on growth and we are a growth company, but we do appreciate that there is excess cash flow. So we've restarted the dividend. We've increased it 3 times since the summer of 2024. We feel we're in a very good spot right now, offering competitive dividend, and we'll continue to evaluate as things come by.

我們確實承認，還需要補充投資，因為我們專注於成長，而且我們是一家成長型公司，但我們確實意識到有多餘的現金流。因此我們重新開始派發紅利。自 2024 年夏季以來，我們已經增加了 3 次。我們覺得我們現在處於一個非常好的位置，提供有競爭力的股息，我們會隨著情況的發展繼續評估。

And then the share repurchases are optimistic. And so we did feel that, this quarter, we had an opportunity to recapture some shares and we've done that, and we'll continue to evaluate it opportunistically.

然後股票回購是樂觀的。因此，我們確實覺得，本季度我們有機會重新獲得一些份額，而且我們已經這樣做了，我們將繼續抓住機會進行評估。

And of course, it's important to note that we are very focused on the sheet. So we will not compromise the balance sheet for that. But we feel we're in a very good position, and we'll continue to evaluate those share repurchases.

當然，值得注意的是，我們非常關注表格。因此我們不會因此損害資產負債表。但我們覺得我們處於非常有利的地位，我們將繼續評估這些股票回購。

Helpful. Thanks.

很有幫助。謝謝。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great, thank you. Just circling back to your comment that the month of April, you said bookings for 2025 are outpacing year over year. And just thinking about what that might imply about '26 bookings, I know you said the load factor for '26 is in line with the same time last year.

太好了，謝謝。回到您四月份的評論，您說 2025 年的預訂量比去年同期增長了不少。想想這對 26 年的預訂量意味著什麼，我知道您說過 26 年的載客率與去年同期持平。

But is it fair to say it's still above sort of historic ranges, right? So even if maybe the focus of bookings from the consumer today is on the close-in more than 2026, is it fair to say there's still room for that load factor to come down or just you can sort of wait out a little bit of uncertainty here if the consumer is waiting a little bit to be more aggressive in 2026? Thanks.

但我們可以公平地說它仍然高於歷史水平嗎？因此，即使今天消費者的預訂重點是 2026 年以後，是否可以說載客率還有下降的空間，或者如果消費者在 2026 年稍作等待以採取更積極的行動，那麼你只能等待一些不確定性？謝謝。

Yeah, sure. So our commentary around April represents our future bookings. So I'll leave it there as it relates to whether it's '26 or '27, because we are booking some things for '27 at this point in time. And I think on the load factor or the booked position for 2026, Robin, the way that I would look at this is -- you heard me say this in the beginning of this year, I said it, towards the end of last year and also towards the end of 2023, is I think we always have some level of regret that we're too booked going into the calendar year, and we leave revenue on the table. So I think we feel very good being booked in line with same time last year.

是的，當然。因此，我們對四月份的評論代表了我們未來的預訂量。因此，我將把它留在那裡，因為它與'26 或'27 有關，因為我們目前正在為'27 預訂一些東西。羅賓，關於 2026 年的載客率或預訂情況，我的看法是 - 你在今年年初聽到我這麼說過，我在去年年底和 2023 年底也說過，我認為我們總會有某種程度的遺憾，因為進入日曆年時我們的預訂量太大，導致我們損失了收入。因此，我認為我們的預訂情況與去年同期持平，感覺非常好。

Our revenue management models say that's where we should be booked. And of course, we're booked at higher rates. So I think -- and load factors are a little bit lower, that's okay because it is substantially higher on a book position than if you were to look back in the 2015 and 10 years ago, the position is much higher. But we typically do have a level of regret that we would have had an opportunity to grab more revenue or optimize more revenue if we wait a little bit longer.

我們的收益管理模型表明，這就是我們應該預訂的地方。當然，我們的預訂價格更高。所以我認為 - 載客率稍微低一點，這沒關係，因為與 2015 年和 10 年前相比，現在的預訂情況要高得多，當時的預訂情況要高得多。但我們通常確實會感到一定程度的遺憾，如果我們再等一段時間，我們就有機會獲得更多的收入或優化更多的收入。

Great. No, it totally makes sense. And then maybe just one quick follow-up. I just noticed the capacity in 2026 is just like slightly lower growth rate than it was previously. Is that just sort of dry dock scheduling or like a chip delivery changing by a few weeks, something like that?

偉大的。不，這完全有道理。然後可能只需要一個快速的跟進。我剛剛注意到 2026 年的產能成長率比之前略低。這是否只是一種乾船塢調度或像晶片交付幾週內發生變化之類的事情？

Yeah, Robin, it's really rounding. So it's -- and this is exactly what you said, some of the refinement of dry docks, some of the specific entry of the new hardware. And it's not 100 basis points, it's much smaller. It's close to 30 basis points.

是的，羅賓，它確實很圓。所以 — — 這正是您所說的，一些乾船塢的改進，一些新硬體的具體進入。而且它不是 100 個基點，而是小得多。接近30個基點。

Okay. Great. Yeah, it shows up as like a point in the release. No, that's right. Thank you.

好的。偉大的。是的，它就像發布中的一個點一樣出現。不，沒錯。謝謝。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi everyone, thank you. You shared some great survey stats, I thought, at the beginning of the call. And I think you mentioned that 9 in 10 people that you surveyed cite the relative value of cruising in general. So I was curious, we're early days in the potential downturn here from an economic standpoint.

大家好，謝謝大家。我認為，在通話開始時，您分享了一些很棒的調查統計數據。我記得您提到過，在您調查的 10 個人中，有 9 個人都提到了巡航的相對價值。所以我很好奇，從經濟角度來看，我們正處於潛在經濟衰退的早期階段。

Like how has moved up your consumers' priorities like other secular opportunities that you see within this space? I'm just trying to understand how much more insulated your outcomes could be relative to other forms of travel that are out there (inaudible) more difficult backdrop in general. Thank you.

就像您在這個領域看到的其他長期機會一樣，您的消費者的優先事項是如何提升的？我只是想了解，與其他形式的旅行相比，您的結果會受到多大的保護，而其他形式的旅行通常都有更困難的背景（聽不清楚）。謝謝。

Yeah. I mean value is always an important consideration. It is at a higher level than what we have historically seen, but it's only moved up a position or two on that list. I think that one of the things that we've been trying to close that value gap to land-based vacation and the appreciation of so much more you get out of this experience than you do by land base.

是的。我的意思是價值始終是一個重要的考慮因素。它比我們歷史上見過的水平要高，但在名單上只上升了一兩位。我認為，我們一直在努力縮小與陸地度假的價值差距，並讓您從這種體驗中獲得比陸地度假更多的收穫。

And I think it's -- but it does serve in times like this when there's maybe a greater level of uncertainty, it does help us navigate some of -- maybe some of those concerns that might be out there from the consumer.

我認為，在目前這種不確定性較大的時候，它確實發揮了作用，它確實能幫助我們解決消費者可能存在的一些擔憂。

Because they know much value they get out of it, they have a sense on the bookends on what it will cost them and their family or friends to be able to do it, and they know they're going to get a great experience out of it.

因為他們知道從中可以獲得很多價值，他們清楚自己和家人朋友要做到這一點需要花費多少錢，並且他們知道他們將從中獲得很棒的體驗。

And I think those are the combination of them being able to build memories and experiences with their friends and family, which are very high on that list. Visiting locations that they haven't been before is very high on this. And value for money is very high on that list. And it's a little bit elevated versus what we've seen in the past.

我認為這些都是他們能夠與朋友和家人一起建立回憶和經歷的結合，這在名單上排名很高。參觀他們以前沒有去過的地方對此非常重視。且性價比在該榜單上名列前茅。與我們過去所見的相比，這一數字略有上升。

Okay. And then maybe just going back to the capital allocation commentary, I'm just trying to -- I know it's early days on the buybacks. And you guys' conviction level continues to improve basically every quarter and you have a pretty robust outlook for the next couple of years.

好的。然後也許只是回到資本配置評論，我只是想 - 我知道回購還處於早期階段。你們的信心水平基本上每個季度都在不斷提高，並且對未來幾年的前景非常樂觀。

So why wouldn't we be leaning in really hard on the buyback in general? Just like there's a mismatch in what you're communicating at times as to what the market is doing. So just any thoughts there on why we wouldn't leaning in or maybe it would. Thank you.

那麼，為什麼我們不會大力支持回購呢？就像您有時所傳達的訊息與市場動態不匹配一樣。所以，關於為什麼我們不會傾向於或可能會傾向於，有什麼想法嗎？謝謝。

Yeah. So I think the main driver of it. I think just to -- I think to be clear about it, is that we're still (inaudible) a little bit with some of the covenants from -- during COVID because we lost a lot of equity in the balance sheet and the P&L that's still being built up.

是的。所以我認為這是其主要驅動力。我認為要明確的是，我們仍然（聽不清楚）有點遵守 COVID 期間的一些契約，因為我們在資產負債表和仍在累積的損益表中損失了很多權益。

And so they're net worth covenants that we have to manage around. And so it's -- that $1 billion announcement for the year is based -- meant to be kind of smoothed out, not because of the opportunity that might lay in front of us on the stock side, but some of it has to do with just the timing of that net worth calculation and the cushion that's on top of that to make sure that we don't take on some type of an issue. Just really the driver on why we would not have lot more, as an example.

所以，我們必須管理淨值契約。因此，今年宣布的 10 億美元投資計畫旨在實現平穩成長，這並不是因為我們在股票方面可能存在機會，而是因為淨值計算的時間和在此基礎上的緩衝有關，以確保我們不會遇到某種問題。舉個例子，這就是為什麼我們不能擁有更多東西的原因。

And then we take advantage of opportunities that we did with the converts, that Naf's team did, that allowed us to grab some more of those shares. What I will tell you is all the dilution that we had to incur which again, is a fraction of others is very personal to us, and we're focused on how do we recapture it as soon as we can.

然後，我們利用與皈依者合作的機會，Naf 的團隊也利用了這些機會，這讓我們獲得了更多的股份。我要告訴你們的是，我們必須承受的所有稀釋，這對我們來說只是其他人的一小部分，非常私人，我們專注於如何盡快重新奪回它。

Okay. I appreciate the detail. Thank you.

好的。我很欣賞這個細節。謝謝。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, this is Sean Wagner on for James. The growth in occupancy is increasingly noteworthy. How should we be thinking about occupancy in the context of the 2025 guide, and I guess that opportunity going forward as you add the icon class ship every year with what we know about the load factors on those ships.

嘿，我是肖恩·瓦格納 (Sean Wagner)，代替詹姆斯。入住率的成長越來越引人注目。我們應該如何根據 2025 年指南來考慮入住率？我想，隨著每年增加標誌性船舶，並根據我們對這些船舶的載客率的了解，未來的機會將會不斷增加。

Yeah, so I think we've articulated in the past that, we feel that there's a great opportunity for both for existing ships, right? So retrofitting some of the rooms with some higher ability to take a bigger occupancy and capacity, and then also with the newer ships there are accretive to our overall average load factor, and so we have icons, we have utopia, and these are much higher than the average. So as we continue to add those shifts, that will inch up the load factor. And, at the end of the day, we're trying to maximize yield, right? And that's a, both load factor and price.

是的，所以我認為我們過去已經明確表示過，我們認為對於現有船舶來說，這兩者都有很大的機會，對嗎？因此，對一些房間進行改造，使其能夠容納更多的人，同時容納更多的遊客，而且隨著新船的到來，我們的整體平均載客率也會提高，所以我們有標誌性的烏托邦，這些都比平均水平高得多。因此，隨著我們繼續增加這些班次，載客率將會逐漸上升。最終，我們都會努力實現收益最大化，對嗎？這就是載客率和價格。

Okay, and for the 2025 guidance, what is your assumed occupancy for the year?

好的，對於 2025 年的指導，您假設當年的入住率是多少？

Yeah, we don't really kind of guide on occupancy just on yield, but it's consistent with kind of how we're trending here.

是的，我們實際上並不僅僅根據收益來指導入住率，但這與我們目前的趨勢一致。

Okay, fair enough. And I guess what are you assuming for your equity income line in the context of the full-year guide? Do you expect that growth to keep up with the EBIT growth or, as far as variability going from here forward, do you expect that to flex up and down, commensurate with your full-year guidance?

好吧，夠公平。我想，根據全年指南，您對股權收益線有何假設？您是否預計該增長將與息稅前利潤增長保持同步，或者就今後的變化而言，您是否預計該增長將上下波動，與您的全年指導相稱？

Yeah, I think it's really consistent throughout the year, so there's nothing specific to call out.

是的，我認為全年情況都很一致，所以沒有什麼特別需要指出的。

Okay. Thank you very much.

好的。非常感謝。

Xian Siew, BNP Paribas.

法國巴黎銀行的 Xian Siew。

Hi guys, thanks for the question. On 1Q, you kind of beat the net yield guidance, and then 2Q looks like a nice guidance as well on net yield, but the full-year net yield guidance on constant currency may be up just a little bit. I'm just curious how you're thinking about 2H, and if that's changed at all versus 90 days ago?

大家好，感謝您的提問。在第一季度，你的淨收益率超過了預期，而第二季度的淨收益率看起來也是一個很好的預期，但以固定匯率計算的全年淨收益率預期可能只會略有上升。我只是好奇你對 2H 有何看法，與 90 天前相比是否有所改變？

Yeah. No, as you can see, we haven't really changed our yield guidance for the year, it was up slightly, basically going into account the outperformance in the first quarter. And so we made the comments around the first quarter where we disproportionately benefited from timing of new hardware. If you remember last year Icon came in during the first quarter. And as its ramping its load factors, we did not have Utopia.

是的。不，如您所見，我們實際上並沒有改變今年的收益率預期，只是略有上升，基本上考慮到了第一季的優異表現。因此，我們在第一季發表了上述評論，我們因新硬體的推出而獲得了不成比例的利益。如果你還記得的話，去年 Icon 是在第一季推出的。隨著負載率的不斷增加，我們不再擁有烏托邦。

So it's a lot of contribution from that timing in the first quarter. And then on the third quarter, I made these comments earlier that there's also a headwind this year from the timing of Star entering into service and just the year-over-year comp, both from APCDs as well as just the load factor ramp-up.

因此，第一季的那個時間貢獻很大。然後，關於第三季度，我之前曾說過，今年星空聯盟投入營運的時間和同比增速也面臨阻力，既有 APCD 的推動，也有載客率的上升。

And so there's kind of that cadence throughout the year, and there are the things that we're trying to point out of how they are trying to impact. But if you kind of normalize for that, it's pretty consistent throughout the year.

因此，全年都有這樣的節奏，我們正試圖指出它們如何影響某些事物。但如果你將其標準化，你會發現它在全年都是相當一致的。

And our formula is very clear, right, moderate capacity growth, moderate yield growth, strong cost control. That's our formula for success. That's how we're managing the business. And so that's pretty consistent this year.

我們的公式非常明確，適度的產能成長，適度的產量成長，強而有力的成本控制。這就是我們的成功秘訣。這就是我們管理業務的方式。今年的情況相當一致。

Great. Thanks. And then maybe just another follow-up on the booking trend. Any kind of change differences between returning customers versus new customers? Are you seeing any differences there? You mentioned kind of strong loyalty, but, yeah, any curious, any other thoughts?

偉大的。謝謝。然後也許只是對預訂趨勢的另一次跟踪。回頭客和新客戶有變化差異嗎？您發現那裡有什麼不同嗎？您提到了強烈的忠誠度，但是，是的，還有什麼好奇心，還有其他想法嗎？

No. I think the only thing that we would -- the reason why we pointed out the point on the royalty side is we have way more reps out of our loyalty customers. And some of that is also just cross-sell opportunities that are being enabled by our loyalty program. But demand from new-to-cruise and first-to-brand is exceptionally high. We're just -- there just a creation of greater competition for inventory because of the successful activities that are coming from our loyalty program.

不。我認為我們唯一會做的事情——我們指出特許權使用費方面的原因是我們擁有更多的忠誠客戶代表。其中一些也只是我們的忠誠度計畫所帶來的交叉銷售機會。但新郵輪乘客和首次購買品牌郵輪的乘客的需求卻異常高。由於我們的忠誠度計畫取得了成功，庫存競爭也因此更加激烈。

Great. Thanks guys. Good luck.

偉大的。謝謝大家。祝你好運。

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

現在，我將會議交還給財務長納夫​​塔利·霍爾茨 (Naftali Holtz) 進行結束語。

Thank you. We thank everyone for your participation, and interest in the company. Blake will be available for any follow-ups. We wish you all a great day.

謝謝。我們感謝大家的參與和對公司的關注。Blake 將隨時關注後續事宜。我們祝福大家有個愉快的一天。

Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。