皇家加勒比遊輪 (RCL) 2025 Q4 法說會逐字稿

Good morning. My name is Morgan and I'll be your conference operator today. At this time, I would like to welcome everyone to the Royal Caribbean Group fourth-quarter and full-year 2025 earnings call. (Operator Instructions)

早安.我叫摩根，今天我將擔任你們的會議接線生。在此，我謹代表皇家加勒比集團歡迎各位參加 2025 年第四季及全年業績電話會議。（操作說明）

I would like to introduce Mr. Blake Vanier, Vice President of Investor Relations. Mr. Vanier, the floor is yours.

我謹向大家介紹投資者關係副總裁布萊克·瓦尼爾先生。瓦尼埃先生，請您發言。

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

各位早安，感謝各位今天參加我們2025年第四季財報電話會議。與我一起來到邁阿密的有：我們的董事長兼執行長 Jason Liberty；我們的財務長 Naftali Holtz；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.

在正式開始之前，我想指出，本次電話會議中我們將發表一些前瞻性聲明。這些聲明是基於管理層目前的預期，但存在風險和不確定性。

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 undertake to update any forward-looking statements as circumstances change.

多種因素可能導致實際結果與我們目前的預期有重大差異。有關這些因素的詳細說明，請參閱我們今天早上發布的盈利報告以及我們向美國證券交易委員會提交的文件。我們不承諾會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. Unless we state otherwise, all metrics are on a constant currency-adjusted basis.

此外，我們將討論一些非GAAP財務指標，這些指標已按定義進行調整，所有非GAAP項目的調節表可在我們的投資者網站和收益公告中找到。除非另有說明，所有指標均以固定匯率調整後為基礎。

Jason will begin the call by providing a strategic overview and update on the business. Naftali will follow with a recap of our fourth quarter, the current booking environment, and our outlook for 2026. We will then open the call for your questions.

Jason 將首先對公司業務進行策略性概述和最新進展報告。Naftali 將隨後回顧我們第四季的情況、目前的預訂環境以及我們對 2026 年的展望。接下來我們將開放提問環節。

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

接下來，我很高興把電話交給傑森。

Thank you, Blake, and good morning, everyone. I'm very pleased to share our fourth-quarter and full-year 2025 results, our outlook for 2026, and our exciting strategic investments that will continue to shape and accelerate Royal Caribbean Group's future success.

謝謝你，布萊克，大家早安。我非常高興地與大家分享我們 2025 年第四季和全年業績、2026 年展望，以及我們令人興奮的策略投資，這些投資將繼續塑造和加速皇家加勒比集團的未來成功。

2025 was an outstanding year, defined by strong demand for our brands and vacation experiences, disciplined execution of our strategies, strong balance sheet management, and robust financial performance.

2025 年是傑出的一年，其特點是：市場對我們的品牌和度假體驗需求強勁，策略執行嚴謹，資產負債表管理穩健，財務表現強勁。

We delivered a record 9.4 million memorable vacations at a very high customer satisfaction score, achieved nearly $18 billion of total revenue, and 33% earnings growth, all while expanding our margins, increasing return on invested capital, and reducing leverage. We generated nearly $6.5 billion of operating cash flow and returned $2 billion to shareholders through dividends and share buybacks.

我們創造了 940 萬次令人難忘的假期記錄，客戶滿意度非常高，總收入接近 180 億美元，盈利增長 33%，同時擴大了利潤率，提高了投資資本回報率，降低了槓桿率。我們創造了近 65 億美元的經營現金流，並透過股息和股票回購向股東返還了 20 億美元。

Meanwhile, our scale, profitability and consistent execution enable continued investments in the differentiated experiences and innovations that delight guests and fuel the next chapter of long-term growth. I want to thank our team members worldwide for their passion and unwavering dedication to providing outstanding vacation experiences every day. Their efforts made our guest vacations memorable and contributed to a successful year for our shareholders.

同時，我們的規模、獲利能力和持續的執行力使我們能夠繼續投資於差異化的體驗和創新，從而取悅顧客，並推動長期成長的下一個篇章。我要感謝我們全球的團隊成員，感謝他們每天為顧客提供卓越的度假體驗，並為此傾注了極大的熱情和堅定不移的奉獻精神。他們的努力使我們的客人擁有了一個難忘的假期，並為股東帶來了成功的一年。

As a global vacation leader, we continue to broaden our vacation ecosystem across ocean, river, and land with unique experiences, giving guests more ways to experience the world with our family of brands. Today, we are announcing a further expansion of Celebrity River Cruises with a commitment for 10 additional ships. This will expand Celebrity's River Cruise fleet to 20 vessels by 2031. The expansion will make Celebrity River Cruises one of the largest European River cruise operators, offering more itineraries and destinations than ever before.

身為全球度假產業的領導者，我們不斷拓展我們在海洋、河流和陸地上的度假生態系統，提供獨特的體驗，讓賓客透過我們的品牌家庭獲得更多體驗世界的方式。今天，我們宣布將進一步擴大名人河輪業務，承諾增建 10 艘郵輪。到 2031 年，這將使名人郵輪的內河遊輪船隊規模擴大到 20 艘。此次擴張將使名人河輪成為歐洲最大的河輪營運商之一，提供比以往更多的航線和目的地。

We are also announcing the launch of the Royal Caribbean brand's new Discovery class ships that will redefine how Royal's guests experience the world. The agreement with the shipyard includes two firm order ships, and options for four additional ships. And we recently shared the next evolution of our loyalty program with Points Choice, which gives consumers the freedom to earn points on any of our three vacation brands and apply them where they matter most, regardless of the ship they're sailing.

我們同時宣布推出皇家加勒比品牌全新的探索級郵輪，將重新定義皇家加勒比賓客體驗世界的方式。與造船廠的協議包括兩艘確定訂單的船舶，以及另外四艘船舶的選擇權。我們最近推出了積分選擇計劃，這是我們忠誠度計劃的另一個升級，它讓消費者可以自由地在我們三個度假品牌中的任何一個品牌上賺取積分，並將積分用於最重要的地方，而無需考慮他們乘坐的是哪艘船。

The expansion of our ocean and River fleets, loyalty enhancements, and our growing exclusive destination portfolio strengthens the integrated ecosystem we are building. These investments broaden our appeal to new guests while deepening the connection with those who already vacation with us, supported by technology and AI that make the experience more seamless and more personal. This approach expands the way guests can vacation with our family of brands and reinforces our vacation of a lifetime strategy.

我們不斷擴大海洋和內河船隊，提升客戶忠誠度，並不斷拓展獨家目的地組合，從而加強了我們正在建構的綜合生態系統。這些投資擴大了我們對新客人的吸引力，同時加深了與現有客人的聯繫，並藉助技術和人工智慧，使體驗更加無縫和個性化。這種做法拓展了賓客與我們旗下品牌一起度假的方式，並強化了我們打造終身難忘假期的策略。

Now turning to our results. I am very proud of what we have accomplished in 2025. Flawless execution of our incredible teams propelled our strong performance in 2025, elevating demand across our brands and driving durable margin expansion. This resulted in a 33% year-over-year increase in adjusted earnings per share and ROIC in high teens.

現在來看我們的結果。我為我們在2025年所取得的成就感到非常自豪。我們傑出團隊的完美執行力推動了我們在 2025 年的強勁業績，提升了我們旗下所有品牌的需求，並推動了利潤率的持續成長。這使得調整後每股收益年增 33%，ROIC 也達到了接近 10% 的水平。

We also invested in key strategic priorities while strengthening the balance sheet and returning capital to shareholders. The year ended on a great note. Fourth quarter net yields grew 2.5% and adjusted EPS was $2.80, higher than our guidance.

我們也投資於關鍵策略重點領域，同時加強資產負債表並向股東返還資本。這一年以完美的收尾畫上了句點。第四季淨收益率成長2.5%，調整後每股收益為2.80美元，高於我們的預期。

We also generated strong profitability and margin expansion as we continue to execute on both commercial and cost priorities. With this strong performance, we are on track to achieve our perfected financial targets in 2027. As we said before, Perfecta is an important milestone on our growth journey, but our ambitions go well beyond it.

隨著我們在商業和成本控制方面持續推進各項優先事項，我們也實現了強勁的獲利能力和利潤率成長。憑藉這一強勁的業績，我們預計在 2027 年實現既定的財務目標。正如我們之前所說，Perfecta 是我們成長歷程中的一個重要里程碑，但我們的目標遠不止於此。

2025 was another year of remarkable milestones on our journey to expand the way our guests can experience our brands on a ship and shore. We welcomed World Caribbean Star of the Seas, took delivery of Celebrity Excel, launched Celebrity River Cruises, and finally, in late December, opened the Royal Beach Club Paradise Island. Our joint venture with TUI Cruises also added to this momentum with the delivery of Mein Schiff Relax, the first vessel in its new class and the largest ship in its fleet.

2025 年是我們拓展賓客在船上和岸上體驗我們品牌方式的旅程中又一個具有里程碑意義的年份。我們迎來了“世界加勒比海之星號”，接收了“名人卓越號”，推出了“名人河輪”，最後在 12 月下旬，開設了“皇家海灘俱樂部天堂島”。我們與 TUI Cruises 的合資企業也透過交付 Mein Schiff Relax 號（其新級別的第一艘船，也是其船隊中最大的船）為這一勢頭增添了動力。

We also continue to invest in technology and innovation that makes our vacations easier to discover, easier to plan, and more personalized while making our business smarter and more efficient. Over the past year, we further embedded disruptive technologies like AI across all commercial and operational areas. I'll add more detail on our tech investments later in the call.

我們將繼續投資於科技和創新，讓度假更容易發現、更容易規劃、更個人化，同時讓我們的業務更聰明、更有效率。過去一年，我們進一步將人工智慧等顛覆性技術融入所有商業和營運領域。我稍後會在電話會議中詳細介紹我們的技術投資情況。

2025 demonstrated the power of our model and the strength of our platform and it sets us up well for 2026 and future years. Our momentum continues into 2026. The wave is off to a record start. We experienced the best seven booking weeks in the company's history since the last earnings call.

2025 年證明了我們模式的威力以及我們平台的實力，也為我們 2026 年及以後的幾年奠定了良好的基礎。我們的發展動能將延續到2026年。這波浪潮一開始就創下了紀錄。自從上次財報電話會議以來，我們經歷了公司歷史上預訂量最高的七週。

As a result, we are already about two-thirds booked for the year, with book load factors well within historical ranges at record rates. This sets us up to optimize pricing and yield growth as we continue to build the book of business for the balance of the year.

因此，我們今年的預訂量已經達到三分之二左右，預訂率也處於歷史高位，創下歷史新高。這樣一來，我們就能在今年剩下的時間裡，繼續拓展業務，以優化定價和收益成長。

All commercial channels are delivering quality demand with direct-to-consumer performing particularly well. Last year, we added hundreds of new digital capabilities as consumers' preference for digital engagement continues to grow. Our increasingly connected ecosystem aims to make vacations planning straightforward and seamless.

所有商業管道都帶來了高品質的需求，其中直接面向消費者的通路表現尤為出色。去年，隨著消費者對數位化互動方式的偏好不斷增長，我們新增了數百項數位化功能。我們日益緊密聯繫的生態系統旨在讓度假計畫變得簡單便捷。

Travel partners are also delivering meaningful more bookings than last year and at higher rates. Our spectacular new ships continue to generate strong, high-quality demand, Star of the Seas and Celebrity Excel are exceeding expectations and Legend of the Seas, our first icon class ship debut in Europe later this year, is experiencing very strong booking trends.

旅遊合作夥伴的預訂量也比去年大幅增加，而且價格更高。我們壯觀的新船繼續產生強勁的高品質需求，海洋之星和名人卓越號超出預期，而海洋傳奇號，我們第一艘標誌性郵輪，將於今年晚些時候在歐洲首航，目前預訂情況非常強勁。

Our latest research shows that our consumers feel financially secure and continue to prioritize experiences with 40% planning to increase leisure travel spending in the next year. The cruise value proposition continues to resonate due to quality amenities, value, and convenience.

我們最新的研究表明，我們的消費者感到財務安全，並繼續優先考慮體驗，其中 40% 的消費者計劃在明年增加休閒旅遊支出。由於優質的設施、實惠的價格和便利的條件，郵輪旅行的價值主張持續受到人們的青睞。

Looking ahead for 2026, our proven formula will continue to generate strong financial results. Moderate capacity growth, although 2026 will be a bit higher at mid-single digits, moderate yield growth, and strong cost control. Combination of those three things create meaningful margin expansion, increased cash flow, and drives a stronger balance sheet. That's the model we planned for and it's the model we're executing today while also funding future growth and expanding capital return to shareholders. Revenue is expected to increase double-digit year over year resulting in full year net yield growth in the range of 1.5% to 3.5%.

展望 2026 年，我們行之有效的模式將持續帶來強勁的財務表現。產能成長適中，儘管 2026 年成長速度會略高一些，達到個位數中段；收益率成長適中；成本控制強勁。這三者的結合可以帶來顯著的利潤率成長、現金流增加，並增強資產負債表的穩健性。這就是我們計畫的模式，也是我們今天正在執行的模式，同時我們也正在為未來的成長提供資金，並擴大對股東的資本回報。預計營收將年增兩位數，全年淨收益率成長幅度將在 1.5% 至 3.5% 之間。

We expect positive yield growth for our key products, including the Caribbean, as our investments continue to differentiate us and strengthen our leadership position, even in a period of elevated capacity growth in the region.

我們預計包括加勒比海地區在內的主要產品將實現正收益成長，因為我們的投資將繼續使我們脫穎而出，並鞏固我們的領先地位，即使在該地區產能高速成長的時期也是如此。

Full year adjusted earnings per share is expected to be in the range of $17.70 to $18.10, a 14% year-over-year increase. We also expect to deliver over $7 billion of operating cash flow this year, and we continue to prioritize strategic investments into our future, while enhancing capital returns to shareholders through competitive dividends and opportunistic share repurchase programs.

預計全年調整後每股收益將在 17.70 美元至 18.10 美元之間，年增 14%。我們預計今年將實現超過 70 億美元的經營現金流，我們將繼續優先考慮對未來的戰略投資，同時透過具有競爭力的股息和機會主義的股票回購計劃來提高股東的資本回報。

At Royal Caribbean Group, our strategy is centered on creating a lifetime of vacations for our guests by continually strengthening the ecosystem that makes those experience as possible. We are extending our competitive moat through differentiated experiences, world-class brands, exclusive destination, and industry-leading loyalty program, and technological investments that remove friction and make every interaction more personalized. Together, these elements reinforce our lifetime of vacation ecosystem, attracting new guests, driving more frequency and long-term loyalty that translates into sustainable growth and shareholder value.

皇家加勒比集團的戰略核心是不斷加強使這些體驗成為可能的生態系統，從而為我們的客人創造終身難忘的假期。我們透過差異化的體驗、世界一流的品牌、專屬目的地、業界領先的忠誠度計劃以及消除摩擦、使每一次互動更加個人化的技術投資，來擴大我們的競爭優勢。這些要素共同強化了我們終身度假生態系統，吸引新客人，提高入住頻率和長期忠誠度，從而轉化為永續成長和股東價值。

A cornerstone of that strategy is our exclusive destination portfolio. We're especially excited about Royal Beach Club Paradise Island, which opened in December and is off to an incredible start. Guests' response has been exceptionally positive reinforcing our confidence in the role these experiences play as we continue to expand our destination platform. Innovation on the ship side remains a key differentiator. New ships do more than add capacity, they expand the experience, broaden the guest base and raise guest satisfaction, all while driving and enabling better financial results.

該策略的基石是我們獨有的目的地組合。我們尤其對天堂島皇家海灘俱樂部感到興奮，該俱樂部於 12 月開業，並且開局非常成功。賓客的反應非常積極，這增強了我們對這些體驗在我們不斷擴展目的地平台的過程中所發揮的作用的信心。船舶方面的創新仍是關鍵的差異化因素。新船的角色不僅限於增加運能，它們還能拓展體驗、擴大客戶群、提高顧客滿意度，同時也能帶來更好的財務表現。

And today's announcement of the new discovery class of ships on our Royal Caribbean brand is the next step in our innovation road map designed to continue to raise the bar for our guest experience and to extend our leadership in the vacation space. We'll share more details as we go, but it will follow our disciplined approach, investing in product leadership and high return growth that compounds over time.

今天，我們宣布推出皇家加勒比品牌的全新探索級郵輪，這是我們創新路線圖的下一步，旨在不斷提高賓客體驗的標準，並鞏固我們在度假領域的領先地位。我們會逐步分享更多細節，但它將遵循我們嚴謹的方法，投資於產品領先地位和隨著時間推移而不斷增長的高回報。

As I shared at the beginning of the call, we are expanding our River business with the commitment for 10 additional ships that will expand the Celebrity River Cruise fleet to 20 vessels by 2031. We see river cruising as an exciting growth opportunity that adds an incremental vacation choice and expands the moments and occasions guests can experience with us, all while deepening loyalty across our family of brands.

正如我在電話會議開始時所說，我們正在擴大我們的內河業務，承諾再添置 10 艘船，到 2031 年將名人內河遊輪船隊擴充至 20 艘。我們認為內河遊輪是一個令人興奮的成長機會，它增加了度假選擇，擴大了客人與我們一起體驗的時刻和場合，同時加深了我們旗下所有品牌的忠誠度。

Finally, AI and disruptive technology are becoming a foundational advantage for us, representing a core capability that improves the guest experience, strengthens our commercial engine, and helps us run the business more intelligently. Our digital channels are increasing the gateway to long-term guest value, highlighted by a 25% year-over-year increase in active users on the app in the fourth quarter.

最後，人工智慧和顛覆性技術正在成為我們的基礎優勢，代表著一項核心能力，可以改善賓客體驗，增強我們的商業引擎，並幫助我們更聰明地經營業務。我們的數位化管道正在提升客戶長期價值，第四季度應用程式活躍用戶年增 25% 便是最好的證明。

E-commerce traffic was up 10% year over year in 2025 with conversions improving throughout the year. As it relates to disruptive technology, including AI and Gen AI, we're scaling in two complementary ways: first, we're investing in enterprise programs that deliver better guest satisfaction and experience while improving revenue and margin, helping us to fundamentally change how we run the business.

2025 年電子商務流量年增 10%，轉換率全年持續提高。在人工智慧和新一代人工智慧等顛覆性技術方面，我們正在以兩種互補的方式擴大規模：首先，我們投資企業項目，以提高客戶滿意度和體驗，同時提高收入和利潤率，幫助我們從根本上改變業務運作方式。

And second, we're infusing these technologies across the organization through smaller, practical use cases that create momentum, productivity and confidence at the individual and team level. We are improving our ability to curate and personalize what guests see while increasing pre-cruise engagement because the vacation is better when it's easier to plan and easier to personalize. The goal is to reduce friction, improve the experience, and present relevant options that add value to the guests.

其次，我們正在透過較小的、實際的應用案例，將這些技術融入整個組織中，從而在個人和團隊層面創造動力、生產力和信心。我們正在提高策劃和個性化客人所見內容的能力，同時增加郵輪旅行前的參與度，因為假期越容易規劃和個性化，體驗就越好。目標是減少摩擦，改善體驗，並提供能為客人增加價值的相關選項。

We are also using AI to improve efficiency and execution from supply chain forecasting to energy management and marine operations. These are the types of capabilities that build durable operating leverage over time and reinforce our focus on margin expansion and returns.

我們也利用人工智慧來提高從供應鏈預測到能源管理和海洋作業的效率和執行力。這些能力能夠隨著時間的推移建立持久的經營槓桿，並強化我們對利潤率擴張和回報的關注。

Disruptive technology is not just a tool; it's a capability that we have been building for more than five years. It helps us deliver a better experience, run a smarter operation and strengthen the ecosystem we're building for long-term growth.

顛覆性技術不僅僅是一種工具；它是我們五年多來一直在建構的一種能力。它幫助我們提供更好的體驗，更聰明地運營，並加強我們正在為長期成長而建構的生態系統。

In closing, 2025 was an exceptional year, and we entered 2026 from a position of strength, a differentiated vacation platform, a strong balance sheet, and a disciplined approach to growth and returns.

總之，2025 年是非凡的一年，我們以強大的實力、差異化的度假平台、穩健的資產負債表以及嚴謹的成長和回報策略進入了 2026 年。

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

接下來，我將把麥克風交給納夫塔利。納夫？

Thank you, Jason, and good morning, everyone. I will start by reviewing fourth quarter results. Net yields grew 2.5% in constant currency, 5 basis points above the midpoint of our guidance. Yields grew across all key products on 10% capacity growth and were driven by both new and existing hardware. Total revenue growth in the fourth quarter was 13%.

謝謝你，傑森，大家早安。我將首先回顧第四季度業績。以固定匯率計算，淨收益率成長 2.5%，比我們預期的中點高出 5 個基點。在產能成長 10% 的推動下，所有主要產品的良率均有所提高，這得益於新硬體和現有硬體的共同作用。第四季總營收成長13%。

Net cruise costs, excluding fuel, decreased 6.3% in constant currency, in line with our guidance as we remain focused on identifying sustainable efficiencies in our operations while further enhancing our vacation offerings. Adjusted earnings per share were $2.80. Earnings outperformance compared to guidance was driven by favorable revenue and better performance across our joint ventures.

不含燃油的郵輪淨成本按固定匯率計算下降了 6.3%，這與我們的預期一致，因為我們將繼續專注於在營運中尋找可持續的效率提升，同時進一步增強我們的度假產品。調整後每股收益為2.80美元。與預期相比，獲利超出預期主要得益於有利的收入和合資企業更好的業績。

The fourth quarter capped an incredible year for us as strong demand for our vacation experiences coupled with strong execution by our teams resulted in happy guests and robust financial results. Guest satisfaction continues to outpace industry standards and remains exceptionally strong, will be consistently achieve significant improvements in financial performance.

第四季為我們精彩的一年畫上了圓滿的句號，市場對我們度假體驗的強勁需求，加上我們團隊的出色執行，帶來了滿意的客人和穩健的財務業績。顧客滿意度持續超越行業標準，並保持極高水平，這將持續在財務業績方面取得顯著進步。

For the full year, total revenue grew 8.8%. Adjusted EBITDA grew by 17.6% to just over $7 billion and adjusted EPS grew 33% to $15.64. At the same time, we generated $6.4 billion of operating cash flow, achieved an investment-grade balance sheet, and returned $2 billion of capital to shareholders, all while investing more than $5 billion in our future.

全年總收入成長8.8%。調整後 EBITDA 成長 17.6%，略高於 70 億美元；調整後每股盈餘成長 33%，達到 15.64 美元。同時，我們創造了 64 億美元的營運現金流，實現了投資等級資產負債表，並向股東返還了 20 億美元的資本，同時也為未來投資了超過 50 億美元。

Since 2019, we have transformed the Royal Caribbean Group into a stronger, more profitable, and more resilient vacation platform, solidifying our strong financial foundation. Total guests increased 45% since 2019, with millennials and younger nearly doubling.

自 2019 年以來，我們已將皇家加勒比集團轉型為一個更強大、更盈利、更具韌性的度假平台，鞏固了我們強大的財務基礎。與 2019 年相比，賓客總數增加了 45%，其中千禧世代及更年輕的賓客數量幾乎翻了一番。

At the same time, we saw strong growth from both new and repeat guests. Total revenue has increased by 64% and adjusted EBITDA has surged 94% since 2019. Net income more than doubled and operating cash flow grew 75% and supporting continued growth and long-term shareholder return.

同時，新舊顧客的數量都實現了強勁成長。自 2019 年以來，總收入成長了 64%，調整後 EBITDA 成長了 94%。淨利潤翻了一番多，經營現金流增長了 75%，為持續增長和股東長期回報提供了支持。

Moving to our 2026 outlook. I will start with capacity and deployment for the year. With the introduction of Legend and the annualized impact of Star and Excel, capacity is expected to be up 6.7% year over year, on the higher end of our moderate capacity growth. While the amount of dry docks is modestly higher than 2025, the cadence and its impact on the quarterly capacity is different. We have less capacity in dry dock in the first quarter and more in the second quarter.

接下來展望2026年。我將首先介紹今年的產能和部署情況。隨著 Legend 的推出以及 Star 和 Excel 的年度化影響，預計產能將年增 6.7%，處於我們適度產能成長預期的較高水準。雖然乾船塢的數量比 2025 年略高，但其節奏及其對季度產能的影響卻有所不同。第一季我們的乾船塢產能較低，第二季產能較高。

It is also worth noting that, on average, we have more premium hardware in dry dock this year when compared to last year, hurting yield comparisons, and this is most pronounced in the second quarter. We expect APCDs to grow 8.5% in the first and third quarters and 5% in the second and fourth quarter. As Jason mentioned, the year is off to a very strong start. Book load factors remain within historical ranges at record rates with approximately two-thirds of 2026 inventory having already been booked at higher rates.

值得注意的是，與去年相比，今年我們在幹船塢中待修的高端硬體平均數量更多，這影響了產量比較，而且這種情況在第二季度最為明顯。我們預計第一季和第三季 APCD 將成長 8.5%，第二季和第四季將成長 5%。正如傑森所說，今年開局非常強勁。預訂量仍保持在歷史範圍內，且預訂速度創歷史新高，2026 年的庫存中約有三分之二已經以更高的價格預訂。

Our deployment mix is consistent with last year. The Caribbean represents 57% of our capacity, grew 8% compared to last year, with the full year impact of Star of the Seas and Celebrity Excel. Caribbean yields have grown 35% since 2019, and we expect continued yield growth in 2026, even as capacity in the region is increasing.

我們的部署組合與去年保持一致。加勒比海地區占我們運力的 57%，比去年增長了 8%，這主要得益於「海洋之星號」和「名人卓越號」的全年運營。自 2019 年以來，加勒比地區的石油產量增加了 35%，我們預計 2026 年產量將持續成長，即使該地區的產能也在增加。

The Caribbean continues to be the most desired cruise destination by consumers and the best way to experience the Caribbean is with the Royal Caribbean Group. The combination of leading brands, the best hardware, and exclusive destinations results in the region outperforming in both NPS and profitability.

加勒比海仍然是消費者最嚮往的郵輪目的地，體驗加勒比海的最佳方式就是選擇皇家加勒比集團。領先品牌、最佳硬體和獨家目的地相結合，使得該地區在 NPS 和盈利能力方面均表現出色。

We continue to differentiate in the Caribbean market. We have the best hardware in the market with six Oasis class ships and three Icon class ships. Over 70% of guests on these itineraries sailing on the Royal Caribbean brand will visit a private destination this year, and that percentage will increase to 90% in 2028 with the opening of the Beach Club in Cozumel and Perfect Day Mexico.

我們在加勒比海市場持續保持差異化優勢。我們擁有市場上最好的硬件，包括六艘綠洲級郵輪和三艘標誌級郵輪。今年，乘坐皇家加勒比品牌遊輪的這些航線的客人中，超過 70% 將前往私人目的地；隨著科蘇梅爾海灘俱樂部和墨西哥完美假日酒店的開業，到 2028 年，這一比例將上升至 90%。

Europe will account for 15% of capacity and is growing 5% versus last year, including Legend of the Seas debuting in Europe this summer. European sailings continue to perform very well on both rate and volume with strong demand from both American and European consumers.

歐洲將佔總運力的 15%，比去年增長 5%，其中包括今年夏天在歐洲首航的「海洋傳奇號」。歐洲航線在運價和客流量方面持續保持良好表現，美國和歐洲消費者的需求都很強勁。

It is worth noting that while European capacity, which is high yielding, is up for the year. It is down the first half of the year, driven by a decrease in the second quarter due to dry dock timing. Alaska is expected to account for 5% of total capacity and is up 3% versus last year. We have some of the best hardware in the region, including Celebrity Edge, two Quantum class ships and Silver Moon.

值得注意的是，儘管歐洲產能（高收益率）今年有所成長。上半年業績下滑，主因是第二季因乾船塢維修時間安排而導致產量下降。預計阿拉斯加將佔總運力的 5%，比去年增長 3%。我們擁有該地區最好的硬體設施，包括 Celebrity Edge 號、兩艘量子級郵輪和 Silver Moon 號。

Turning to our 2026 guidance. We expect yield growth of 1.5% to 3.5% from both new and like-for-like hardware with a projected capacity increase of 6.7%, revenue for 2026 is expected to achieve a double-digit growth rate. Our leading vacation platform anchored by attractive value proposition and supported by strategic investments enabled us to grow both capacity and rate setting us apart within the vacation market.

接下來，我們來看看2026年的指導。我們預計，無論是新產品還是同類產品，良率都將成長 1.5% 至 3.5%，產能預計將成長 6.7%，2026 年的營收預計將達到兩位數的成長率。我們領先的度假平台以極具吸引力的價值主張為核心，並輔以策略性投資，使我們能夠擴大容量和提高價格，從而在度假市場中脫穎而出。

We do expect net yield growth to be higher in the second half of the year compared to the first half, given the impact of dry dock timing the ramp-up of Royal Beach Club Paradise Island, timing of new ship deliveries and deployment mix changes. Full year net cruise costs, excluding fuel, are expected to be flat to up 1%.

我們預計，由於乾船塢維修時間對皇家海灘俱樂部天堂島的產能提升、新船交付時間以及部署組合變化的影響，下半年的淨收益成長將高於上半年。預計全年郵輪淨成本（不含燃料）將持平或上漲 1%。

We following a 10 basis points decrease in 2025. There are also about 200 basis points of cost headwinds, mainly related to our private destinations' portfolio ramp-up to come without APCD increase. The cadence of our call growth varies throughout the year with first half cost growth expected to be higher than second half, driven mainly by timing of dry docks and year-over-year quarterly comps compared to 2025.

我們預計到 2025 年將下降 10 個基點。此外，還有大約 200 個基點的成本不利因素，主要與我們私人目的地組合的擴大有關，而 APCD 卻沒有增加。我們的業務成長節奏全年都在變化，預計上半年的成本成長將高於下半年，這主要是由於乾船塢的建造時間以及與 2025 年相比的同比季度比較所致。

We anticipate full year fuel expense of approximately $1.17 billion with 60% of our projected fuel consumption hedged. Approximately 10% of our fuel consumption is expected to be from LNG and biofuel blends compared to 8% in 2025. Fuel efficiency continues to improve, with fuel consumption per APCD reducing by approximately 4% compared to 2025, driven by new hardware and deployment optimization.

我們預計全年燃料支出約為 11.7 億美元，其中 60% 的預計燃料消耗量已進行避險。預計到 2025 年，我們燃料消耗量的約 10% 將來自液化天然氣和生質燃料混合物，而 2025 年這一比例將為 8%。燃油效率持續提高，與 2025 年相比，每 APCD 的燃油消耗量將減少約 4%，這得益於新的硬體和部署優化。

As a reminder, the scope of the European Union Emissions Trading System, or EU ETS, will extend in 2026 to cover 100% of emissions associated with our European itineraries, up from 70% in 2025. Based on current fuel prices, currency exchange rates, and interest expense, we expect adjusted earnings per share between $17.70 and $18.10, a 14% year-over-year growth at the midpoint. This also represents a 23% CAGR over the first two years of Perfecta, which sets us up well to achieve our targets by 2027.

提醒大家，歐盟排放交易體系（EU ETS）的範圍將於 2026 年擴大，涵蓋我們歐洲行程相關的 100% 的排放，高於 2025 年的 70%。根據目前的燃油價格、匯率和利息支出，我們預計調整後的每股收益將在 17.70 美元至 18.10 美元之間，按中間值計算，年增 14%。這也意味著 Perfecta 在前兩年實現了 23% 的複合年增長率，這為我們在 2027 年實現目標奠定了良好的基礎。

We expect adjusted EBITDA to be a little shy of $8 billion, a 13% year-over-year growth an adjusted EBITDA margin that is just over 40%. Strong growth and improved profitability enabled us to enhance cash flow, invest in key initiatives, maintain investment-grade metrics, and increase capital returns to shareholders.

我們預計調整後的 EBITDA 將略低於 80 億美元，年增 13%，調整後的 EBITDA 利潤率略高於 40%。強勁的成長和獲利能力的提高使我們能夠增強現金流，投資於關鍵項目，維持投資等級指標，並提高股東的資本回報。

We expect to invest $5 billion of capital into our key strategic growth initiatives as well as ensuring our assets are well maintained. We are set to deliver Legend of the Seas in the second quarter with committed financing in place.

我們預計將投入 50 億美元資金用於關鍵策略成長計劃，並確保我們的資產得到良好維護。我們已落實融資，預計第二季交付「海洋傳奇號」。

Non-ship capital is expected to be $1.8 billion with a significant portion related to our private destination portfolio. Santorini Beach Club, the Cozumel Beach Club, and Perfect Day in Mexico as well as our fleet modernization program that ensures we keep elevating the guest experience and enhancing financial performance.

非船舶資本預計為 18 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。聖托里尼海灘俱樂部、科蘇梅爾海灘俱樂部和墨西哥完美假日，以及我們的船隊現代化計劃，確保我們不斷提升賓客體驗並增強財務業績。

Now I will discuss our first quarter guidance. In the first quarter, capacity will be up 8.5% year over year. More than 70% of our capacity will be in the Caribbean, 16% in Asia Pacific, and the remaining capacity is spread across several other itineraries. Net yields are expected to be up 1% to 1.5% in constant currency. This includes an impact of 30 basis points from recent itinerary modifications in China and approximately 50 basis points of yield headwinds due to deployment shifts.

現在我將討論我們第一季的業績預期。第一季產能將年增8.5%。超過 70% 的運能將用於加勒比海地區，16% 用於亞太地區，其餘運力則分佈在其他幾條航線上。以固定匯率計算，淨收益率預計將上升 1% 至 1.5%。這包括近期中國航線調整帶來的 30 個基點的影響，以及部署調整帶來的約 50 個基點的收益率不利影響。

Net cruise costs, excluding fuel, are expected to be up in the range of 0.9% to 1.4% in constant currency. Taking all this into account, we expect adjusted earnings per share for the quarter to be $3.18 to $3.28.

不包括燃油費用的郵輪淨成本，以固定匯率計算預計將上漲 0.9% 至 1.4%。綜合考慮以上因素，我們預計本季調整後每股收益為 3.18 美元至 3.28 美元。

Turning to our balance sheet. We ended the quarter with $7.2 billion in liquidity and leverage well below 3 times, consistent with our goal of solid investment-grade metrics. With the strong expected cash flow generation, we will continue to manage maturities, find opportunities to reduce cost of capital, and opportunistically buy back shares.

接下來來看看我們的資產負債表。本季末，我們的流動資金為 72 億美元，槓桿率遠低於 3 倍，這與我們實現穩健的投資等級指標的目標相符。憑藉強勁的預期現金流，我們將繼續管理到期債務，尋找降低資本成本的機會，並以伺機回購股票。

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 great results.

最後，我們將繼續致力於以負責任的方式提供最佳度假體驗，並努力在新的一年中取得優異的成績。

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

接下來，我將請接線生開啟問答環節。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作說明）Matthew Boss，摩根大通。

Great. Thanks, and congrats on another really nice quarter.

偉大的。謝謝，也恭喜你們又一個季度業績出色。

Thank you.

謝謝。

So Jason, maybe to kick off, could you elaborate on the further acceleration and momentum into 2026 that you cited? And just larger picture, how do you see your portfolio differentiated today relative to that $2 trillion total vacation market with the opportunity to capture additional market share from here?

那麼，Jason，或許可以先詳細說明你提到的到 2026 年的進一步加速和發展勢頭？從更宏觀的角度來看，您認為在目前這個價值 2 兆美元的度假市場中，您的投資組合有哪些差異化優勢，並有機會從中獲得更多市場份額？

Well, thanks, Matt. I hope you're doing well. One, I think that, obviously, our business is growing. Our capacity is growing 6.7% this year. And one of the things that we just see coming into this year, and we saw this even during the Black Friday and cyber sale activities that we've seen an acceleration in demand, which, of course, more than matches the capacity that we have when we have coming on. So we continue to see a very strong consumer who is really attracted to our incredible brands and the experiences that they're delivering.

謝謝你，馬特。希望你一切都好。首先，我認為很明顯，我們的業務正在成長。今年我們的產能成長了6.7%。我們看到今年以來，尤其是在黑色星期五和網路促銷活動期間，需求出現了加速成長，這當然遠遠超過了我們目前的產能。因此，我們持續看到消費者對我們卓越的品牌及其帶來的體驗表現出極大的熱情。

We're also seeing additional tailwind, and you can see that in our -- just in terms of on the loyalty side, we're seeing an increase in the percentage of our guests that are loyalists. So our loyalty programs and now with that coming with Point Choice, we're seeing more and high-quality demand for our guests. And of course, with loyalty, you're able to personalize more and put a very effective package in front of them in terms of what they're looking to achieve with their friends and family that their sailing with.

我們也看到了額外的利多因素，這一點從我們的——僅就忠誠度而言，我們看到忠誠顧客的比例正在增加。因此，隨著積分選擇計劃的推出，我們的會員忠誠度計劃以及現在的積分選擇計劃，我們看到顧客對我們的產品和服務提出了更高的要求。當然，有了忠誠度，你就可以更加個人化，並根據他們與朋友和家人一起航行時想要達成的目標，為他們提供非常有效的方案。

As we look at the business, and you've heard me say this in the past, we really do look at that $2 trillion-plus. I mean it's growing now, it's even over $2 trillion leisure space for us to grab more share of. And when you get into why are we so focused obviously, there are many reasons to do that -- to close that gap and focus less on our cruise competitors is that we think that we're able to increase our margins by putting a product in place that is really attracted to our guests.

當我們審視這項業務時，你們也聽我以前說過，我們確實關注的是超過 2 兆美元的規模。我的意思是，它現在正在成長，休閒娛樂領域已經超過 2 兆美元，我們可以從中分得更多份額。至於我們為什麼如此專注於此，顯然有很多原因——縮小差距，減少對郵輪競爭對手的關注，是因為我們認為，透過推出真正吸引客人的產品，我們能夠提高利潤率。

And so what you're seeing us do commercially, first is we're making sure that we are personalizing, putting things in front of our guests that they're attracted to and taking friction out of how they book their activities each and every day.

因此，您在商業上看到的是，首先，我們正在確保個性化，將吸引客人的內容呈現在他們面前，並消除他們每天預訂活動時的摩擦。

On the product standpoint, we listen very closely to what our guests are looking for. And so you're seeing us on the new ships that we deliver. You're seeing it on the modernization activities we're doing and also the changes we're making on the ship to how do we close the gap to what our guests are looking to, not just for a cruise vacation but for a broader vacation experience.

在產品方面，我們會非常認真地傾聽顧客的需求。所以，你們會在我們交付的新船上看到我們。您可以看到，我們正在進行的現代化改造活動，以及我們正在對船舶進行的改造，旨在縮小與客人期望之間的差距，不僅僅是郵輪度假，而是更廣泛的度假體驗。

And then on the destination side, you're seeing us you invest in enhancing the guest experience. And when you look at, for example, I think Santorini is a great example of this, we're not looking to take guests out of the key cities of Santorini.

然後，在目的地方面，你會看到我們投入資金來提升賓客體驗。例如，聖托里尼就是一個很好的例子，我們並不打算把客人從聖托里尼的主要城市帶走。

What we're looking to do is help them maximize their day and spend time in our private destination in the Royal Beach Club that will be there as well as in the key cities in Santorini. So all of this is really focused on how do we enhance the experience and when we find when we're doing that, we're building more trust, and we're also enhancing the overall guest experience, and we see that just through the change in the Net Promoter Score.

我們希望幫助他們最大限度地利用時間，在皇家海灘俱樂部的私人目的地以及聖托里尼的主要城市度過美好時光。所以，這一切的重點其實都在於如何提升使用者體驗，而當我們發現這樣做時，我們不僅能建立更多信任，還能提升整體的客戶體驗，這一點我們從淨推薦值的變化中就能看出。

Then when you get into the ecosystem, we think about what are our guests doing when they're not with us. And so when we grab share of that $2 trillion marketplace as you expand your offering. And so that's one of the things that we -- historically, we would expand our offering by add more destinations.

然後，當我們進入生態系統時，我們會思考我們的客人不在酒店時都在做什麼。因此，當您擴展產品和服務時，我們將搶佔這2兆美元市場的一部分份額。因此，從歷史上看，我們會透過增加更多目的地來擴大我們的服務範圍。

Here, we see that when our guests are not with us or some of our guests when they're not with us, they're taking an additional vacation on a river. And that's why we feel so passionate about getting deeper and deeper into that business.

在這裡，我們看到，當我們的客人不在我們這裡的時候，或者當一些客人不在我們這裡的時候，他們會在河上享受額外的假期。正因如此，我們才對深入鑽研這個產業充滿熱情。

And what we see is we're closing gaps to Orlando. We're closing gaps to Vegas. We're closing gaps to other vacation on inclusive experiences, which get higher APDs than us, probably so at least 15% higher on APDs. And so we're trying to close that gap.

我們看到的是，我們與奧蘭多之間的差距正在縮小。我們正在縮小與拉斯維加斯的差距。我們正在縮小與其他全包式度假體驗之間的差距，這些體驗的平均每人入住率 (APD) 比我們高，可能至少高出 15%。因此，我們正在努力縮小這一差距。

We think we deliver a higher value proposition than what happens on land. And that collectively, you tie that together with great loyalty, personalization is resulting in I think what you see is outperformance.

我們認為我們提供的價值比陸地上發生的事情更高。而所有這些，再加上高度的忠誠度和個人化，最終帶來了我認為是超額完成的業績。

Just to add one more thing to what Jason said. So all these things that we're doing, as you can see this year, we're growing both capacity and yield. And as we look at it, we feel that this is a differentiation within the vacation marketplace. And that leads really to winning more share from the consumer in that $2 trillion market.

我只想補充傑森剛才說的一點。所以，正如你今年所看到的，我們所做的所有這些事情，都提高了產能和產量。我們仔細觀察後認為，這是度假市場的差異化優勢。而這確實有助於在價值 2 兆美元的市場中贏得更多消費者的份額。

So we feel very passionate that we'll continue to innovate. And that's -- so we continue to innovate and add more experiences like River, and that sets us very well to continue to win that share from that $2 trillion, which is obviously a very big market.

因此，我們充滿熱情，並將繼續創新。因此，我們將繼續創新，增加更多像 River 這樣的體驗，這使我們能夠更好地繼續從 2 兆美元的市場中贏得份額，這顯然是一個非常大的市場。

Steve Wieczynski, Stifel.

史蒂夫·維欽斯基，斯蒂費爾。

Yeah. Hi, guys. Good morning. And congrats on a strong 2025. So they want me to ask one question, I'm going to do that, but it's going to be two different parts. So I'm going to -- so Jason, obviously, there's a lot of concern in the market about Caribbean capacity and what that means in terms of taking price action, especially on the close-in side of things.

是的。嗨，大家好。早安.恭喜您在2025年取得輝煌成就。所以他們想讓我問一個問題，我會問的，但會分成兩個部分。所以我要說的是——傑森，很明顯，市場上對加勒比海地區的運力以及這對價格走勢的影響非常關注，尤其是在臨近交貨日期的時候。

So if you could, could you walk us through maybe what you're seeing today in the Caribbean, maybe more so, whether it's by brand, whether it's by itinerary, whether it's bispecific product. And I guess what I'm trying to understand is what is doing well in the Caribbean. What might be lagging?

所以，如果您可以的話，能否帶我們了解一下您今天在加勒比海地區看到的情況，特別是按品牌、行程或特定產品劃分的情況。我想了解的是，加勒比地區哪些方面發展良好。可能有哪些滯後環節？

And then I would assume that you guys are probably taking a conservative approach to what close-in pricing is going to look like in the Caribbean, given the industry capacity increases.

那麼，考慮到產業產能的增加，我認為你們對加勒比海地區近海定價的走勢可能會採取保守的態度。

And then second part of my question would be, Jason, if you think about your 2026 yield guidance, 2.5% at the midpoint. Just wondering if that 2.5% fits with your company tagline, meaning you guys talked about moderate yield growth, and I'm just wondering, 2.5% fits that profile or is this a year where yield growth might be more hampered given what's happening in the Caribbean? That's it.

那麼我的第二個問題是，Jason，如果你考慮一下你 2026 年的收益率預期，中位數為 2.5%。我只是想知道2.5%的收益率是否符合貴公司的標語，也就是說，你們之前談到的是適度的收益率增長，我想知道2.5%是否符合這一預期，或者考慮到加勒比海地區的情況，今年的收益率增長是否會受到更大的阻礙？就是這樣。

Okay. Well, thanks, Steve.

好的。謝謝你，史蒂夫。

Sorry.

對不起。

I think there are more than two questions in that in that. But I think, first off, just talking about the Caribbean and certainly my colleagues here can chime in as well. Of course, we read what everybody also is putting out there in terms of points of view on the Caribbean.

我認為這裡麵包含的問題不只兩個。但我認為，首先，就加勒比海地區而言，當然我的同事們也可以發表一些看法。當然，我們也會閱讀大家對加勒比海地區各種觀點的看法。

I think, first, what I think we need to point out is I think when you have the best ships and you have the best destinations and you have brands that have incredible loyalty and trust with their guests, that equates to, which is what we're seeing is very similar demand trends for the Caribbean as we're seeing in other parts of the world.

首先，我認為我們需要指出的是，當你擁有最好的船隻、最好的目的地，以及與顧客建立起巨大忠誠度和信任度的品牌時，我們所看到的加勒比海地區的需求趨勢與其他地區非常相似。

Now there is a significant level of demand for Europe, which is great, but it's also not a place where we have over half of our capacity. But you're seeing very good trends in the Caribbean across all three brands. So if you want to get into -- we're concerned about K-shapes or too much supply, we're seeing it whether it's on the Royal Caribbean brand or Celebrity Silversea, we're seeing high demand wanting to go to the Caribbean.

現在歐洲的需求量很大，這很好，但我們的產能並沒有在那裡達到一半以上。但從加勒比海地區來看，這三個品牌都呈現出非常好的發展趨勢。所以，如果你想進入——我們擔心K型船型或供應過剩，無論是皇家加勒比品牌還是銀海郵輪，我們都看到了前往加勒比海的高需求。

And so as Naf commented, we're not only seeing good volume, but our pricing is higher in the Caribbean than it was last year. And I know that may not feed into what maybe some groups want to hear, but that is a reality that we continue to see strong demand for the Caribbean. And we continue to see strong demand for our broader organization.

正如納夫所說，我們不僅看到了良好的銷售量，而且我們在加勒比海地區的定價也比去年更高。我知道這可能不是某些群體想聽到的，但事實是，我們持續看到對加勒比海地區的強勁需求。我們持續看到市場對我們整個組織的強勁需求。

And that leads us, when we think about 2026, yeah, I mean, the there were a few things that we do not expect, for example, with some of the redeployments we've had in around China. And that also resulted a little bit more of our deployment in locations that are a little bit lower yielding, doesn't mean they're less margin or less profit.

這就引出了我們展望 2026 年的問題，是的，我的意思是，有些事情是我們意想不到的，例如，我們在中國各地進行的一些重新部署。這也導致我們在收益率稍低的地區部署了更多項目，但這並不意味著這些地區的利潤率或利潤會更低。

They just may not have the same price point as something else. And that's why we're seeing strong earnings growth coming out of all of this. But when you think about a company that our capacity is growing 6.7% this year, our total revenue was up double digits. I think it's up almost 88% versus '19 total revenue. And so we're growing our business. We're going to continue to grow our business moderately.

它們的價格可能與其他產品不同。正因如此，我們看到了強勁的獲利成長。但想想看，我們公司今年的產能成長了 6.7%，總收入實現了兩位數的成長。我認為與 2019 年的總收入相比，成長了近 88%。因此，我們的業務正在不斷發展壯大。我們將繼續穩步發展業務。

And the yield, I mean, typically, you think about moderate yield growth somewhere between 2% to 4%. We're in that 2% to 4%. And probably be a little bit better if it wasn't for China. But besides that, we're seeing people who are willing to pay more money than they did last year. They're willing to spend more money on the ships than they did last year. We're getting the volumes that are more what our capacity increases. And we're benefiting from a lot of the investments that we've made around AI and loyalty and so forth.

至於收益率，我的意思是，通常情況下，你會認為適度的收益率成長在 2% 到 4% 之間。我們屬於那 2% 到 4% 的行列。如果不是因為中國，情況可能會更好一些。但除此之外，我們也看到人們願意支付比去年更多的錢。他們願意在船舶上投入比去年更多的資金。隨著產能的提升，我們的產量也隨之增加。我們從在人工智慧、客戶忠誠度等方面的大量投資中受益匪淺。

The last comment I just want to make about -- the comment I just made about that our total revenue is growing double digits in 2026. The Caribbean total revenue is growing by double digits in 2026.

最後我想補充一點，關於我剛才提到的，我們的總收入將在 2026 年達到兩位數成長。預計到 2026 年，加勒比地區的總收入將實現兩位數成長。

James Hardiman, Citi.

詹姆斯‧哈迪曼，花旗集團。

Good morning. I actually just wanted to continue down that same line of thinking. Maybe if you could help us think about your business organic versus inorganic. Obviously, you've got another icon class shift coming on. You've got some calendar benefits from last year's icon celebrity ships. And then you've got the Royal Club coming on.

早安.我其實只是想繼續沿著這個思路思考下去。或許您可以幫我們思考貴公司選擇有機成長還是無機成長。顯然，你們又要迎來一次圖標類切換了。去年那些標誌性的名人郵輪為你帶來了一些日曆福利。接下來還有皇傢俱樂部的比賽。

I don't think you're going to get any benefit from the second one in Cozumel but at least that first one. And so when I just think about the inorganic stuff, it feels like you could get made north of 2% on that alone. So how should I think about the organic business?

我覺得你在科蘇梅爾的第二個療程不會有任何好處，但至少第一個療程會有好處。所以，當我想到無機物的時候，我感覺光靠這個就能賺到 2% 以上的利潤。那我該如何看待有機產業呢？

And then maybe specifically, the organic business in Caribbean, just given the idea that seems to be if there's going to be more capacity coming to the Caribbean, those older ships, the older tonnage probably is taking on the brunt of that -- the competitive environment that you're seeing from one of your peers? Thanks.

具體來說，加勒比地區的有機業務，考慮到如果加勒比地區將增加運力，那些老舊的船舶、老舊的噸位可能會首當其沖地受到衝擊——就像你從同行那裡看到的競爭環境一樣？謝謝。

Okay. Well, thanks, James, for the question. And I think, first, as we look at our yield profile for this year, about half of it is going to come from new hardware. By the way, as we add new hardware into our environment, just because the denominator is bigger, it has less of effect on our yield improvement. So half of it's going to come from new hardware or new -- and the other half is coming from like-for-like.

好的。謝謝你的提問，詹姆斯。首先，我認為，從今年的良率來看，大約一半的良率將來自新硬體。順便說一下，隨著我們在環境中添加新的硬件，雖然分母變大了，但這對我們的良率提升的影響卻較小。所以一半的成本將來自新的硬體或新產品，另一半則來自同類產品。

I'll have Michael talk for a second here in a minute on the Royal Beach Club. But historically, if you look at when we launched Perfect Day, we started very slow and the buildup of that business. And we do that very intently to make sure that we have mastered the experience and Michael, and his team are masters at doing that before we ramp up to more significant levels.

稍後我會讓麥可簡單談談皇家海灘俱樂部的情況。但從歷史角度來看，如果你回顧我們推出 Perfect Day 的歷程，你會發現我們起步非常緩慢，業務也是逐步發展起來的。我們非常認真地進行這項工作，以確保我們掌握了相關經驗，而麥可和他的團隊正是這方面的專家，在我們擴大規模之前，他們都會認真對待這項工作。

But when you think about our business, that's typically the tailwinds that we see. And we see like-for-like yield growth, by the way, that also includes the Caribbean. And you're also seeing the benefits of the new hardware as it comes on.

但從我們公司的業務來看，這通常是我們所看到的順風。順便說一句，我們看到同類收益成長，這也包括加勒比地區。隨著新硬體的推出，您也開始看到它帶來的好處。

Sometimes in quarters, it's a little bit -- when some of the new ships are coming in, some of the deployment changes, especially even when the new ships come in, like a ship might have been in on a Saturday, now it goes out on a Friday. That can sometimes play a little bit of a mix in that.

有時在艦艇部署方面，會有一些變化——當一些新艦艇入港時，一些部署也會發生變化，尤其是當新艦艇入港時，比如一艘艦艇可能原本是在周六入港，現在卻在周五出港了。這有時會在其中起到一些混合作用。

Hi, James, it's Michael. Just to comment on Jason's commentary regarding the Royal Beach Club and the opening. We typically start all of these new products slowly, we have capacity restraints when we open up, just to make sure that we've got the product absolutely perfect, and that's exactly what we've done with the Royal Beach Club.

嗨，詹姆斯，我是麥可。我只想就傑森關於皇家海灘俱樂部及其開業的評論發表一些看法。我們通常會緩慢地推出所有這些新產品，在開幕初期會限制產能，以確保產品絕對完美，而這正是我們對皇家海灘俱樂部所做的。

The great news is that within four weeks, the Royal Beach Club has already become the number one top rated experience in Nassau for our cruise guests, and it's already outperformed all other products that are available in the market. That's exactly where we want to be so we're pushing it now to get to exactly the same level of satisfaction as Perfect Day.

好消息是，短短四周內，皇家海灘俱樂部就已成為我們郵輪客人在拿騷評價最高的體驗場所，並且已經超越了市場上所有其他同類產品。這正是我們想要達到的目標，所以我們現在正努力爭取達到與《完美的一天》完全相同的滿意度。

Our latest results showing about 0.81% behind Perfect Day for a satisfaction delivery, which means that the NPS is really stunning. So we're moving towards that goal of making sure that we've got the perfect product and the demand now is really starting to ramp up. And we feel like we're going to have a huge success with the product.

我們最新的結果顯示，客戶滿意度交付比 Perfect Day 低約 0.81%，這意味著 NPS 非常出色。所以，我們正朝著確保我們擁有完美產品的目標邁進，而現在市場需求真的開始激增了。我們感覺這款產品一定會獲得巨大的成功。

Just wanted to think about the yields and the like-for-like. Obviously, the yield is just one part of the equation. We also look at the profitability of the ships. So if you look at the way we are expecting margins to grow this year and of course, earnings. There is also the ability to not only benefit from new ships, efficiency and sale and just better margins.

我只是想考慮一下收益率和同類比較的情況。顯然，產量只是等式的一部分。我們也會考察船舶的獲利能力。所以，看看我們預計今年的利潤率和收益都會成長。此外，不僅可以從新船、效率和銷售以及更高的利潤率中受益。

But we also make -- even if we make those deployment changes, we find ways to also run them more efficiently and deliver the guest experience in a better way. So the profitability is also growing on both, not just the yield.

但是，即使我們做出這些部署變更，我們也會找到更有效率地運行它們的方法，並以更好的方式提供賓客體驗。因此，獲利能力不僅在收益率上成長，而且在收益率上也成長。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

Hey. Thanks for taking the question and congrats a great year. I guess thinking more, you gave a lot of great color in terms of the cadence for the year, and the fact is like on the dry dock side of things in deployment, islands, et cetera. Could you maybe share a little more in terms of how you're thinking about that net yield cadence for the year, I guess, in terms of the ramp of what's factored into your guidance? And I suppose specifically for 2Q, given you called that out on the dry dock side. Thanks.

嘿。感謝您回答這個問題，並祝賀您度過了美好的一年。我想，仔細想想，你對這一年的節奏描述得非常精彩，事實上，就像在部署、島嶼等方面的乾船塢方面一樣。能否再詳細分享您對今年淨收益率成長節奏的看法，以及您在業績指引中考慮的因素？我想，特別是針對第二季度，因為你在乾船塢方面提到了這一點。謝謝。

Yeah. We're not -- I'm not going to comment specifically about Q2 more about the first half and the second half. But I said in the prepared remarks, there are really a couple of things that are driving that cadence. One is dry dock timing. So we do have more dry docks than last year.

是的。我們不——我不會具體評論第二季度，更多評論的是上半年和下半年。但我在事先準備好的演講稿中說過，推動這種節奏的因素主要有兩個。一是乾船塢的建造時間。所以，我們今年的乾船塢數量確實比去年多。

And I talked about them being more in the second quarter versus the first quarter. And, of course, towards the end of the year. One thing that is a little unique in this year is that we have also larger ships going into modernization or dry docks so those come obviously with higher yield. So the year-over-year comparison is different.

我談到他們在第二季的表現比第一季更出色。當然，還有接近年底的時候。今年比較特別的一點是，我們也有一些大型船舶進行現代化改造或進塢維修，所以這些顯然會帶來更高的收益。因此，同比情況有所不同。

And then we have also more silver sea ships significantly in the last year. And so those are, of course, also highly online. So this is more about how the comps work and year-over-year cadence.

而且，去年我們還有相當數量的銀色海船。因此，這些當然也高度依賴網路。所以這更多是關於比賽的運作方式和逐年變化的節奏。

The second one is the ramp-up of the Royal Beach Club. Michael talked about. We want to get the experience right. We're doing great, and we'll just make it better. And so there's a little bit of impact that. And then some of the deployment and mixes and the time of new ships that we have every year. And so that's really the main impact of the cadence throughout the year.

第二個項目是皇家海灘俱樂部的啟動儀式。麥可談到了。我們希望提供完美的使用者體驗。我們現在做得很好，而且我們會做得更好。所以這會產生一些影響。然後還有一些部署和組合，以及我們每年新艦艇的建造時間。所以，這就是全年節奏的主要影響。

Robin Farley, UBS Financial.

Robin Farley，瑞銀金融。

Great. Thank you. I wanted to ask about the new ship order discovery class. There's not a ton of detail, but the industry chatter is that it's going to be much smaller than the Icon, Oasis, a lot of other ships you've done. And so I wonder if you could talk a little bit about -- I assume that means you can put them in higher-yielding destinations or just what's the trade-off between maybe those ships not being as much capacity growth versus pricing.

偉大的。謝謝。我想詢問一下關於新艦船訂單發現級的情況。雖然細節不多，但業內傳言說，它將比 Icon、Oasis 以及你們建造的許多其他船隻都要小得多。所以我想知道您是否可以談談——我假設這意味著您可以將它們部署在收益更高的目的地，或者只是這些船舶運力增長可能不高與定價之間的權衡是什麼。

And then I'm just going to squeeze in a part two, I won't make it but just on net cruise costs, just this is like a year or two here of just incredibly low net cruise cost. Is this due to just the timing of two years in a row of dry dock days, something related? Or is this actually like a sustainable rate of net cruise cost growth that we would think about longer term? Thanks.

然後我打算擠出時間寫第二部分，雖然可能寫不完，但就郵輪淨成本而言，這裡一兩年的郵輪淨成本都非常低。這是否僅僅是由於連續兩年進塢維修的時間表造成的，還是另有其他原因？或者，這實際上是我們應該從長遠角度考慮的可持續的郵輪淨成本增長率？謝謝。

Hi, Robin, it's Michael. I'll talk a little bit about Discovery. Actually, I'm really not going to talk about Discovery. We've been working on Discovery for the last couple of years and from the business perspective, we are really excited with the innovation, creativity, and the kind of product that we've now created with Discovery. It really is going to be a game changer.

嗨，羅賓，我是麥可。我來簡單談談探索頻道。其實，我真的不想談探索頻道。過去幾年我們一直在開發 Discovery，從商業角度來看，我們對 Discovery 所展現的創新、創造力和產品類型感到非常興奮。這真的會改變遊戲規則。

Just as Icon was introduced and changed the game. Discovery is going to do exactly the same thing. We are really looking forward to sharing more details about Discovery with the marketplace. But we're not planning on saying much about it today or in the next couple of months. We have a promotional campaign that will be ready to go soon.

就像 Icon 的推出改變了遊戲規則一樣。探索頻道也將採取完全相同的做法。我們非常期待與市場分享更多關於Discovery的細節。但我們今天或未來幾個月都不打算對此事發表太多評論。我們即將推出一項推廣活動。

And we'll be very excited to visit multiple cities and start talking about Discovery. I can tell you that it really is going to be a game changer. The -- many of the assumptions that are currently out there in social media, et cetera, in terms of size, capacity, et cetera, et cetera, are probably fair to say, inaccurate. So we're looking forward to introducing it. It's going to be a big deal, and we'll make sure that you get an invitation.

我們將非常興奮地造訪多個城市，並開始討論探索頻道的相關事宜。我可以告訴你，這真的會改變遊戲規則。目前在社群媒體等領域存在的許多假設，例如規模、容量等等，很可能是不準確的。所以我們很期待推出它。這將是一件大事，我們會確保你收到邀請。

Okay. And Robin, I'll cover the cost. So I think for -- you know our formula, and we do subscribe to it, and that's the way we run the business. And so we want to always have that spread between yield growth and cost growth. And we believe that, that's the right way to do that. And so that's going to follow our formula, right? And this year, it follows that formula.

好的。羅賓，費用我來承擔。所以我覺得──你知道我們的模式，我們也確實遵循這種模式，這就是我們經營業務的方式。因此，我們希望始終保持收益成長與成本成長之間的差距。我們認為，這才是正確的做法。所以這要遵循我們的公式，對吧？今年，它依然遵循這一模式。

I think the first thing to really -- this is really important, we're very proud of how our teams not only growing the commercial aspects of it and revenue, but how they are also delivering the experience and the cost that management will do that.

我認為首先要強調的是——這一點非常重要——我們為我們的團隊感到非常自豪，他們不僅在商業方面和收入方面取得了增長，而且還在管理方面提供了良好的體驗和控制了成本。

And what's very, very important to us is we are not compromising on the product because for us, it's really important that we continue to deliver the best vacation experiences, and Jason talked a lot about how that will carry us and allow us to grow sustainably into the future and win share.

對我們來說，非常非常重要的一點是，我們不會在產品上妥協，因為對我們來說，繼續提供最好的度假體驗至關重要。 Jason 也多次談到，這將如何帶領我們走向未來，使我們能夠永續發展並贏得市場份額。

The other thing that is -- two other things that are kind of helping us in terms of how we manage costs. First, our capacity growth this year is 6.7%. And so you should expect from us and we expect from ourselves that we can leverage the scale of this business. We're now going to be a $1 billion company that as we continue to grow the capacity, right, there comes some economies of scale on the cost side as well. That's one.

還有兩件事——這兩件事在成本控制方面對我們有幫助。首先，我們今年的產能成長率為 6.7%。因此，你們應該對我們抱持期望，我們也對自己抱持期望，那就是能夠充分利用這項業務的規模優勢。我們現在將是一家市值 10 億美元的公司，隨著產能的不斷成長，成本方面也會出現規模經濟效益。這是其中之一。

And the second one is that we're finding more and more ways, and Jason talked about it in his prepared remarks, about how do we more sustainably and smartly run the business, utilizing all the disruptive technology that's out there, including AI and Gen AI.

第二點是，我們正在找到越來越多的方法，正如傑森在他的準備好的演講稿中談到的那樣，那就是如何更永續、更聰明地經營業務，利用所有現有的顛覆性技術，包括人工智慧和新一代人工智慧。

And we talked a little bit about how we're doing that on large commercial activities, but it's really infused in everything that we do day to day, and the teams are really working through that and utilizing it and find better ways to run the business.

我們稍微談到了我們在大型商業活動中是如何做到這一點的，但它實際上已經融入到我們日常工作的方方面面，團隊正在努力研究和利用它，並找到更好的業務運作方式。

Yeah. And I just want to -- just to add on the AI side because I think a lot of times, it's attributed to people like you're going to have less people. I think we look at AI as really allowing us to do more higher purpose activities to enhance the experience for our guests.

是的。我只是想補充一點關於人工智慧方面的內容，因為我認為很多時候，人們會把人工智慧的限制歸咎於人，例如你會減少人手。我認為人工智慧真正讓我們能夠進行更多更高層次的活動，從而提升我們客人的體驗。

And our business, especially because of the scale of our business, we just -- you can think about supply chain, you think about how our ships get from point A to point B, you think about how we yield manage or just being able to get people to start further up the chain in their -- and the activities that they do, that yields not only get a better experience for our guests, a better experience for our employees, but also then provides the cost opportunities for us. And so we see it as a huge commercial enhancer. It's a significant guest experience enhancer.

而我們的業務，尤其是由於我們業務的規模，我們——你可以想想供應鏈，想想我們的船隻如何從 A 點到達 B 點，想想我們如何進行收益管理，或者僅僅是讓人們從供應鏈的更上游開始——以及他們所做的活動，這不僅為我們的客人帶來更好的體驗，為我們的員工帶來更好的體驗，而且還為我們提供了成本方面的機會。因此，我們認為它具有巨大的商業促進作用。它能顯著提升賓客體驗。

We see it as really tooling our employees to make their experience better and for them to provide higher value. And it's less about what I think sometimes we think that there's just like less people. What we actually see it as more as a lot of new things that we can be doing that's going to drive higher margins into our business.

我們認為這實際上是在為員工提供工具，以改善他們的工作體驗，並讓他們創造更高的價值。而且，這與其說是我認為的問題，不如說是我們有時覺得人變少了。我們實際上認為，這更多的是我們可以做很多新的事情，這些事情將為我們的業務帶來更高的利潤率。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

Great. Thanks for taking the question. So we spend a lot of time on the supply situation in the Caribbean. My question is more about how maybe industry participants away from you have reacted to that. Does it feel -- I mean, Jason, you've been watching this industry for a long time. Does it feel like a little bit more or less rational than maybe what this type of environment would have been generated in the past?

偉大的。感謝您回答這個問題。因此，我們花了很多時間關注加勒比地區的供應情況。我的問題更多是想了解一下，除了你之外，其他行業的參與者對此有何反應。感覺如何？我的意思是，傑森，你觀察這個行業已經很久了。與過去這類環境可能產生的環境相比，你覺得它更理性還是更不理性？

And sitting here halfway through wave with industry volumes so far, seemingly pretty strong across the board. Are we at a point now where maybe things can improve or still wait and see?

目前正處於浪潮中期，就目前的產業交易量來看，各方面似乎都相當強勁。現在情況是否有可能好轉，還是仍需觀望？

Well, it's only been 20 years. So but I've seen a lot of Michael Fisher has seen a lot over the 20 years in terms of all the different promotional activities. For sure, this industry is so much more rational, so much more about price integrity. And there's always promotions in the market. And -- but those promotions in the market are, we would say, very similar to what we saw last year or two years ago and similar to what we saw in 2017, '18, '19, et cetera.

嗯，才過了20年而已。所以，在過去的20年裡，我看到麥可費雪在各種不同的推廣活動中經歷了很多。可以肯定的是，這個行業要理性得多，也更注重價格的誠信。市場上總是有促銷活動。但是，我們認為，市場上的這些促銷活動與我們去年或前年看到的非常相似，也與我們在 2017 年、2018 年、2019 年等看到的非常相似。

Now there's a -- there's -- if you go back probably a decade ago, you saw some irrational activity. But I think overall, we would say that it's rational -- there's a lot of price integrity. Our travel partners are doing such an exceptional job in generating high-quality demand as well as our other channels as we're, for sure, a channel of choice.

現在，如果你回顧一下大概十年前的情況，你會發現一些非理性行為。但我認為整體而言，我們會說這是理性的——價格很有公允性。我們的旅遊合作夥伴在創造高品質需求方面做得非常出色，我們的其他管道也同樣如此，因為我們無疑是首選管道。

And -- and so I think collectively, from what I can see, there's a lot of rational activities. And that, by the way, also expands into really have a look at our true competitive set which includes land-based vacations. And when we -- and I think somewhat the cruise saw this is a little bit insulated because of the price gap to land based, but we're certainly chasing to see how we can go back and close that.

所以——因此我認為，總的來說，從我所看到的來看，有很多理性的活動。順便說一句，這也進一步擴展了我們對真正競爭對手的考察範圍，其中包括陸地度假。而且我認為，郵輪旅遊在某種程度上受到了影響，因為與陸地旅遊相比，郵輪旅遊的價格差距較小，但我們當然正在努力尋找辦法來縮小這種差距。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

Hi, everyone. Thank you. Just maybe a comment around the close in bookings strength. I was just hoping you could talk about your skewed itineraries that are moving more towards three to four days versus seven plus. It's not in the context of like you having less visibility. It's more in the idea of close-in demand has the opportunity to move yields a lot more.

大家好。謝謝。或許可以就接近尾聲的預訂情況發表一下評論。我只是希望你能談談你目前行程安排的偏差，現在更多的是三到四天的行程，而不是七天以上的行程。這並不是說你的曝光率降低了。更確切地說，是臨近的需求有機會帶來更大的利益。

So just can you talk a little bit about that and how -- I think it was 20% in 2025. So if could just maybe correct that number but also give your thought process for around '26 and beyond. Thank you.

所以能稍微談談這方面的情況嗎？我認為到 2025 年這個比例會達到 20%。所以，能否請您更正一下這個數字，並談談您對 2026 年及以後情況的看法？謝謝。

Yeah. Well, first Conor, I think that coming in -- obviously, over the past, call it, three or four years, we certainly have made it a priority to bring more shorter product to the market. And that is to really match how guests or certain segments you want to go out on vacation. They want more vacation experiences. They want them more often.

是的。首先，Conor，我認為，很顯然，在過去的三年或四年裡，我們一直把向市場推出更短的產品作為優先事項。這樣做是為了真正滿足客人或特定群體希望他們如何度假的需求。他們想要更多不同的度假體驗。他們想要更頻繁地購買。

They want them shorter duration. That's not everybody, but there are certain segments that want that great weekend get away. And so we've certainly added that into this. But we haven't -- we're now in a more mature state with those short products. But as you pointed out, it is closer in business.

他們希望縮短持續時間。雖然不是所有人，但確實有一部分人渴望享受美好的週末假期。因此，我們當然也把這一點加了進去。但我們並沒有——我們現在在這些短期產品方面已經處於更成熟的狀態。但正如你所指出的，它們在商業上更為接近。

But the reason why I want to combine those two thoughts about it is closer in business, and we've -- we've reached a good level of scale. Not that there's not more growth. It's just that it's not going from single digits into something that's more material into our business.

但我想把這兩種想法結合起來的原因是，它們在商業上更緊密相關，而且我們已經達到了相當不錯的規模。並非沒有成長空間。問題在於，它並沒有從個位數成長到對我們的業務更有意義的程度。

The reason those thoughts are important to bring together is that our yield management models, right, do catch up, right? I mean, they are AI based, they do learn. And so when we think about close in, and you can see this in the fourth quarter, we did see better demand, but it's not -- it doesn't necessarily mean that, that better demand is going to result in what we saw in previous quarters with close-in booking. I think we have a pretty good handle now on closing demand, how we market it, how we price it, how it comes in, and our yield management and our forecasting is informed by all of that.

之所以要把這些想法結合起來，是因為我們的收益管理模式確實需要迎頭趕上，對吧？我的意思是，它們是基於人工智慧的，它們確實會學習。因此，當我們考慮臨近截止日期時，正如你在第四季度所看到的，我們確實看到了更好的需求，但這並不意味著——這種更好的需求必然會導致我們在前幾個季度看到的臨近截止日期預訂量。我認為我們現在已經很好地掌握了成交需求、行銷方式、定價方式、成交方式以及收益管理和預測，所有這些都為我們的業績做出了貢獻。

I think the other point I want to say on the short product side that I think Michael and Laura have really -- on the celebrity side have done an exceptional job is they have really elevated the experience. Our guests walk away with having the best vacation weekend, certainly of the year.

我想說的另一點是，就產品本身而言，我認為邁克爾和勞拉——就名人效應而言——做得非常出色，他們確實提升了用戶體驗。我們的客人都能度過最棒的週末假期，絕對是全年最棒的。

And of course, we want it to be at the lifetime, but certainly over the year. And I think that when you're delivering that experience, you're building that trust, it's an incredible feeder for our broader part of our business, especially new to cruise because now they're hooked on the vacation experience. And that's also yielding more reps we're getting out of our guests, and that's resulting in achieving that goal of delivering a lifetime of vacations.

當然，我們希望它能持續終生，但肯定也要持續一年。我認為，當你提供這種體驗時，你就是在建立信任，這對我們更廣泛的業務來說是一個強大的推動力，尤其是對郵輪新手而言，因為他們現在已經迷上了度假體驗。這也讓我們從客人那裡獲得了更多的好評，從而實現了為客人提供終身難忘的假期。

And Conor, just to add to Jason's comments, I mean, for Royal, we've got -- now we've got two Oasis-class ships, one out of Port Canaveral, one out of Miami, moving twice a week, carrying around 12,000 people per ship per week, so that's 24,000 a week going to Perfect Day in CocoCay and now, of course, with the Royal Beach Club and they're also going to the Royal Beach Club.

康納，我補充傑森的評論，我的意思是，對於皇家加勒比來說，我們現在有兩艘綠洲級郵輪，一艘從卡納維拉爾港出發，一艘從邁阿密出發，每週航行兩次，每艘船每週運送約 12,000 人，所以每周有 24,000 人前往皇家可可島的完美，當然，現在他們也會去皇家海灘俱樂部。

So when you think about the proposition in the marketplace to the customer, the fact that you can get on these incredible ships, just tactful of activities and entertainment features, multiple restaurants, then wake up in the morning and take the kids to Perfect Day CocoCay and then have a great show in the evening and the next day, get to the Royal Beach Club and be back in work on Monday morning, it's really a fantastic proposition. And we've seen the demand for those products really accelerating. And of course, the the margins that we generate on those products are really quite significant.

所以，當你思考向顧客提出的市場方案時，你會發現，你可以登上這些令人驚嘆的遊輪，享受各種活動和娛樂設施、多家餐廳，早上醒來帶孩子們去可可島完美假日，晚上欣賞精彩的演出，第二天前往皇家海灘俱樂部，週一早上又能回去上班，這真是一個絕妙的方案。我們已經看到對這些產品的需求正在加速成長。當然，我們從這些產品中獲得的利潤也相當可觀。

The other comment is the simplicity of booking, the ease of being able to get on board these ships. It's become increasingly easier. And then with all of the investments that we've made over time, in the pre-cruise planning and the ability to start communicating with our guests about opportunities to book and buy products before they come on board.

另一個值得一提的是預訂流程簡單便捷，登船也很方便。變得越來越容易了。此外，隨著時間的推移，我們在郵輪旅行前的規劃方面進行了大量投資，使我們能夠在客人登船前就開始與他們溝通，告知他們預訂和購買產品的機會。

All of that is really combined to make this a very seamless, easy product to buy, and that's exactly what we're seeing. And so in many ways, it does encourage people to wait a little longer before they book because they know how simple it is, and they also know what a great time they're going to have.

所有這些因素結合起來，使得這款產品購買起來非常便捷順暢，而這正是我們所看到的。因此，從很多方面來看，這確實鼓勵人們在預訂前多等一段時間，因為他們知道預訂有多簡單，也知道自己將會度過一段多麼美好的時光。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Good morning, everybody. Congrats and thanks for taking my question. Can you just talk about what information or inputs you have with respect to River that are driving the increased commitment there? And the degree to which you believe you can induce trial of your current customer base versus taking share from existing river cruise companies, an update there would be great. Thank you.

大家早安。恭喜你，也謝謝你回答我的問題。您能否談談您掌握的關於River公司的哪些信息或信息，促使您加大對該公司的投入？如果您認為您能夠促使現有客戶群嘗試新服務，而不是從現有遊輪公司手中搶佔市場份額，請提供相關資訊。謝謝。

Sure. Well, obviously, we were very excited about River. Of course, when we announced River, and we announced the first 10 ships. Also at the same time, I said this was not going to be a hobby. And so we are -- this is another, I think, a point of evidence that this is not a hobby for us.

當然。很顯然，我們對River這個名字感到非常興奮。當然，當我們宣布 River 項目時，我們也宣布了前 10 艘船的建造計劃。同時，我也說過這不會是我的愛好。所以，我認為這又是一個證明這並非我們業餘愛好的證據。

And we feel -- well, obviously, we've done a lot of research before you've been announcing this or getting into this about the trust that we've built with our customers, how loyal affects them and that really -- their desire for an elevated river experience.

我們覺得——顯然，在你們宣布或深入探討此事之前，我們已經做了很多研究，了解我們與客戶之間建立的信任，忠誠度對他們的影響，以及他們對更高品質河流體驗的渴望。

And so we felt very strongly just based off -- we have 9.5 million guests. This year, we'll have over 10 million guests sailing with us. We have a massive database of loyalists that our ability to generate high-quality demand is, I think, very strong.

因此，我們強烈感受到這一點，因為我們有 950 萬名客人。今年，我們將迎來超過1000萬名遊客搭乘我們的郵輪。我們擁有龐大的忠實客戶資料庫，因此我認為我們創造高品質需求的能力非常強。

That really availed itself when we began to tease it and build waiting lists and so forth that you immediately saw specifically from our loyalty guests, not just with the celebrity brand, but across our three brands, a strong desire to take a vacation on river with us.

當我們開始預熱宣傳、建立候補名單等等時，這種策略真正奏效了。您立刻就能從我們的忠實顧客身上看到這一點，不僅是名人品牌，而是我們旗下所有三個品牌，他們都強烈渴望與我們一起在河上度假。

And of course, we see that every day in terms of the demand from -- we hear from the trade and from our customers for any open spot that they can possibly get. So we feel very good about it. And I think we always just need to remember these are not 20 -- 7,500 passenger ships. These are sub-200 passenger ships, and we're very excited. And we think Europe is just one area of the world where our guests want to go on river.

當然，我們每天都能看到這種需求——我們從貿易商和客戶那裡了解到，他們想要獲得任何可能的空缺職位。所以我們對此感到非常滿意。我認為我們始終需要記住，這些不是載客量達 20 至 7500 人的船舶。這些都是載客量不到200人的船隻，我們對此感到非常興奮。我們認為歐洲只是我們的客人想要乘船遊覽的世界地區之一。

And just two other things to add as we were opening for sale, obviously, the demand actually exceeded our expectations. So that gave us a lot of confidence also as well. And that's both on the volume, but also on the the price?

還有兩件事要補充，在我們開始銷售的時候，很明顯，需求實際上超出了我們的預期。這也給了我們很大的信心。這既包括成交量，也包括價格？

And then one other maybe data point that really was encouraging to us because this is what we thought that's going to happen is that roughly 80% of the people that are booked or actually existing customers, but they've never experienced river cruise before. And so they're very excited because they trust the celebrity brand to actually experience another differentiation with the celebrity brand.

還有一個數據點讓我們非常鼓舞，因為我們之前認為會發生這種情況：大約 80% 的已預訂或現有客戶，但他們以前從未體驗過河輪旅行。因此他們非常興奮，因為他們相信名人品牌能夠真正帶來另一種差異化體驗。

And so that tells you that we can have an opportunity not only to attract other river cruises but also expand the market.

這說明我們不僅有機會吸引其他內河遊輪，還能擴大市場。

This concludes the Q&A period. I'd like to turn the call back to Naftali Holtz, CFO, for any concluding remarks.

問答環節到此結束。我想把電話轉回給財務長納夫​​塔利‧霍爾茨，請他作總結發言。

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

感謝各位的參與及對公司的關注。布萊克將隨時接受後續諮詢。祝大家今天過得愉快。

Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。