皇家加勒比遊輪 (RCL) 2022 Q1 法說會逐字稿

Good morning. My name is Abigail, and I will be your conference operator today. At this time, I would like to welcome everyone to Royal Caribbean Group's Business Update and First Quarter 2022 Earnings Call. (Operator Instructions) I would now like to introduce Michael McCarthy, Vice President of Investor Relations. Mr. McCarthy, the floor is yours.

早上好。我叫阿比蓋爾，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加皇家加勒比集團的業務更新和 2022 年第一季度財報電話會議。 （操作員說明）我現在想介紹投資者關係副總裁 Michael McCarthy。麥卡錫先生，發言權是你的。

Good morning, everyone, and thank you for joining us today for our Business Update, the First Quarter 2022 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 Royal Caribbean International.

大家早上好，感謝您今天加入我們的業務更新，即 2022 年第一季度收益電話會議。我們的首席執行官 Jason Liberty 和我一起來到邁阿密。 Naftali Holtz，我們的首席財務官；以及皇家加勒比國際公司總裁兼首席執行官邁克爾·貝利。

Before we get started, I would 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. 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.

在開始之前，我想指出，我們將在本次電話會議期間做出前瞻性陳述。這些陳述基於管理層當前的預期，並受到風險和不確定性的影響。許多因素可能導致實際結果與我們目前的預期大相徑庭。有關這些因素的描述，請參閱我們今天上午發布的收益報告以及我們向 SEC 提交的文件。我們不承諾隨著情況的變化更新任何前瞻性陳述。

Also, we will be discussing certain non-GAAP financial measures, which are adjusted, as defined in a reconciliation of all non-GAAP items can be found on our website and in our earnings release available at www.rclinvestor.com. 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 results and an update on our latest actions and on the current booking environment. We will then open the call for your questions.

此外，我們將討論某些經過調整的非 GAAP 財務指標，這些指標在所有非 GAAP 項目的對賬中定義，可在我們的網站和我們的收益發布中找到，網址為 www.rclinvestor.com。 Jason 將通過提供戰略概述和業務更新來開始電話會議。 Naftali 將回顧我們的第一季度業績，並更新我們的最新行動和當前預訂環境。然後，我們將打開電話詢問您的問題。

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

有了這個，我很高興將電話轉給傑森。

Thank you, Michael. Good morning, everyone, and thank you for joining us today. Before jumping in and talking about the exciting things happening in our business, I would like to express our deep thoughts and prayers to our 2,000-plus Ukrainian Royal Caribbean Group family members and to the citizens of Ukraine, who continue to be affected by this tragic war. We, as always, remain focused on the safety and well-being of our employees and continue to provide them with support services and financial assistance during this time of incredible hardship. We are all praying and hoping for a peaceful resolution soonest.

謝謝你，邁克爾。大家早上好，感謝您今天加入我們。在開始談論我們業務中發生的令人興奮的事情之前，我想向我們的 2,000 多名烏克蘭皇家加勒比集團家庭成員和繼續受到這場悲劇影響的烏克蘭公民表達我們深切的思念和祈禱戰爭。我們一如既往地關注員工的安全和福祉，並在這段難以置信的困難時期繼續為他們提供支持服務和經濟援助。我們都在祈禱並希望盡快和平解決。

Now moving on to the business. Our teams have done an exceptional job getting our fleet back into service so that we can continue our mission of delivering the best vacation experiences in a responsible way. As of today, 95% of our fleet capacity has returned to service. It's incredible to think that our journey to full fleet operations will be complete in less than 8 weeks when our 63rd ship, Celebrity Infinity, welcomes guests for the first time since March of 2020.

現在繼續做生意。我們的團隊在讓我們的車隊重新投入服務方面做得非常出色，這樣我們就可以繼續以負責任的方式提供最佳度假體驗的使命。截至今天，我們 95% 的機隊運力已恢復服務。令人難以置信的是，當我們的第 63 艘船 Celebrity Infinity 自 2020 年 3 月以來首次歡迎客人時，我們的全船隊運營之旅將在不到 8 週的時間內完成。

Since we resumed operations, we have delivered memorable vacation experiences to over 2 million guests worldwide, while earning record high guest satisfaction scores. Additionally, outside of China, the vast majority of our destinations and markets are back online. I want to thank our teams, both ship and shore, for delivering on our mission so successfully.

自我們恢復運營以來，我們已為全球超過 200 萬客人提供了難忘的假期體驗，同時獲得了創紀錄的客人滿意度得分。此外，在中國以外，我們絕大多數的目的地和市場都已重新上線。我要感謝我們的船隊和岸上團隊如此成功地完成了我們的使命。

During the first quarter, we managed through the challenges brought on by the Omicron variant that resulted in the cancellation of 57 sailings in Q1. We moderated our load factors in January and February and softened demand for future voyages. We have now sailed through these operational and short-term demand challenges caused by the variants. Over the past 60 days, demand has materially surpassed both pre-Omicron and 2019 levels. Load factors improved throughout the first quarter and we finished the month of March at a load factor of 68%. We expect our load factors to continue to build, averaging between 75% and 80% in the second quarter, and reaching triple digits by the end of the year.

在第一季度，我們克服了 Omicron 變體帶來的挑戰，導致第一季度取消了 57 次航行。我們在 1 月和 2 月降低了載客率，並降低了對未來航次的需求。我們現在已經克服了由變體引起的這些運營和短期需求挑戰。在過去的 60 天裡，需求已大大超過 Omicron 之前和 2019 年的水平。整個第一季度的載客率有所改善，我們在 3 月份以 68% 的載客率結束。我們預計我們的載客率將繼續增加，第二季度平均在 75% 至 80% 之間，到年底將達到三位數。

We continue to be thoughtful about the build of our business, being mindful of maintaining price integrity, taking advantage of high onboard spenders and, as always, focusing on the health and safety of our guests and crew.

我們繼續深思熟慮我們的業務建設，注意保持價格的完整性，利用高昂的機上消費，並一如既往地關注我們的客人和船員的健康和安全。

Now moving to the demand and operating environment. We continue to see strong demand for leisure travel and cruising. The robust secular trend of experiences over things that propelled our business in the past years is now recovering towards pre-COVID levels. Consumers are now reengaging with the world, and as a result, spending on travel in 2022 is set to outpace pre-pandemic levels with consumers planning to travel more frequently.

現在轉向需求和運營環境。我們繼續看到對休閒旅行和巡航的強勁需求。過去幾年推動我們業務發展的事物的強勁長期經驗趨勢現在正在恢復到 COVID 之前的水平。消費者現在正在重新與世界接觸，因此，隨著消費者計劃更頻繁地旅行，2022 年的旅行支出將超過大流行前的水平。

Cruise consideration is the highest it has been in 2 years and nearing pre-pandemic levels with the most significant recovery among those new to cruising.

巡航考慮是兩年來最高的，接近大流行前的水平，在那些新巡航的人中恢復最顯著。

Consumers are in a healthy financial position strong labor markets, wage growth, and record cash savings, $4 trillion in the U.S., support spend on vacation experiences. We are watching the high inflationary environment but so far we had not seen an impact on consumer behaviors or willingness to spend on travel in cruise vacations.

消費者處於健康的財務狀況，強勁的勞動力市場、工資增長和創紀錄的現金儲蓄（在美國達到 4 萬億美元）支持度假體驗支出。我們正在關注高通脹環境，但到目前為止，我們還沒有看到對消費者行為或郵輪度假旅遊消費意願的影響。

Strong demand for cruise experiences continue to translate into robust onboard revenue performance for us across all categories from casino, beverage and shore excursions to Internet, retail and spa.

對郵輪體驗的強勁需求繼續轉化為我們在所有類別中的強勁船上收入表現，從賭場、飲料和岸上游覽到互聯網、零售和水療中心。

As we mentioned in recent quarters, our investment in a new pre-cruise planning system allows guests to better plan and book their onboard experiences. As a result, we continue to see increased penetration of pre-cruise purchases, which is leading to significantly higher total spend per guest.

正如我們在最近幾個季度提到的，我們對新的遊輪前計劃系統的投資使客人能夠更好地計劃和預訂他們的船上體驗。因此，我們繼續看到遊輪前購買的滲透率增加，這導致每位客人的總支出顯著增加。

We remain focused on continuing to innovate the vacation experience we offer. We are strategically investing in our future to maintain our strong competitive advantage, setting the foundation for a strong recovery and long-term profitable growth.

我們仍然專注於繼續創新我們提供的假期體驗。我們正在對我們的未來進行戰略性投資，以保持我們強大的競爭優勢，為強勁的複蘇和長期的盈利增長奠定基礎。

On our last earnings call, we discussed our expectations for a delayed wave period. And while it started a few weeks later than we originally expected, it is what we are seeing now.

在我們上次的財報電話會議上，我們討論了我們對延遲波期的預期。雖然它比我們最初預期的晚了幾週開始，但這是我們現在所看到的。

Bookings improved each week during the first quarter as the impact from Omicron faded. For the past 8 weeks, bookings have been meaningfully higher than 2019 with particular strength in North American itineraries. Our largest brand, Royal Caribbean International, set 2 new records in March with the largest single booking day and the highest booking week in the brand's 53-year history.

隨著 Omicron 的影響消退，第一季度的預訂量每週都有所增加。在過去的 8 周中，預訂量明顯高於 2019 年，尤其是北美航線的預訂量。我們最大的品牌皇家加勒比國際在 3 月份創下了 2 項新紀錄，創下了品牌 53 年曆史上單次預訂日最長和預訂週最高的記錄。

We have also experienced some headwinds related to the impact from the ongoing conflict in Ukraine. Itineraries initially planned to visit Russia represent only 2% of our overall capacity and close to 10% of our European capacity. In early March, we decided to cancel calls to Russian ports, including St. Petersburg, and substituted those itineraries with other highly desirable destinations. Naturally, we saw a short-term increase in cancellations and booking hesitancy put for Baltic Sea itineraries combined with some softness in overall European demand.

我們還經歷了與烏克蘭持續衝突的影響有關的一些不利因素。最初計劃訪問俄羅斯的行程僅占我們總容量的 2%，接近我們歐洲容量的 10%。 3 月初，我們決定取消對俄羅斯港口（包括聖彼得堡）的停靠，並將這些行程替換為其他非常理想的目的地。自然，我們看到波羅的海航線的取消和預訂猶豫短期增加，加上歐洲整體需求疲軟。

After several weeks of softer trends, booking volumes improved and are now above 2019 levels. However, the impact from the slowdown during a key booking period is definitely weighing on our load factors for our European sailings. While there are some headwinds in Europe, our North American-based itineraries, which account for over 70% of our capacity this year, have been trending much better with recent bookings more than 40% ahead of 2019 levels. We are also seeing an increased volume of close-in bookings as consumers seem to be making their vacation decisions closer to their sailing date. This contributed to better-than-expected load factors in March despite the impact of the Omicron variant earlier this year. We continue to build on the demand environment for the rest of this year and into 2023.

經過數週的疲軟趨勢後，預訂量有所改善，現在高於 2019 年的水平。然而，在關鍵預訂期間放緩的影響肯定會影響我們歐洲航行的載客率。儘管歐洲存在一些不利因素，但我們今年占我們運力 70% 以上的北美航線的發展趨勢要好得多，最近的預訂量比 2019 年的水平高出 40% 以上。我們還看到臨近預訂量的增加，因為消費者似乎在離航行日期更近的時候做出假期決定。儘管今年早些時候受到了 Omicron 變體的影響，這仍導致 3 月份的載客率好於預期。我們將繼續在今年剩餘時間和 2023 年建立需求環境。

Inflation is impacting businesses across the globe, and we are no exception. As we mentioned in the last few quarters, fuel and food are categories that are most susceptible to inflation for us. The war in the Ukraine and continued supply chain constraints have further heightened those pressures. Our teams have become increasingly adept at navigating these challenges, and we have implemented several strategies to manage cost pressures while delivering the incredible product expected by our guests.

通貨膨脹正在影響全球的企業，我們也不例外。正如我們在過去幾個季度中提到的，燃料和食品是我們最容易受到通貨膨脹影響的類別。烏克蘭戰爭和持續的供應鏈限制進一步加劇了這些壓力。我們的團隊越來越善於應對這些挑戰，我們實施了多種策略來管理成本壓力，同時提供客人期望的令人難以置信的產品。

On the fuel side, we continue to optimize consumption and have partially hedged rate below market prices, which is mitigating the impact on our fuel costs. We have taken and continue to take numerous actions to reshape our cost structure with a focus on further improving our leading pre-pandemic margins. While these actions are intended to enhance our cost structure and margin profile, we do anticipate that inflationary pressures mainly attributable to fuel and food as well as transitory costs related to our health and safety protocols will weigh on our costs this year.

在燃料方面，我們繼續優化消費，部分對沖低於市場價格的利率，這減輕了對我們燃料成本的影響。我們已經並繼續採取許多行動來重塑我們的成本結構，重點是進一步提高我們領先的大流行前利潤率。雖然這些行動旨在提高我們的成本結構和利潤率狀況，但我們確實預計，主要歸因於燃料和食品的通脹壓力以及與我們的健康和安全協議相關的暫時性成本將影響我們今年的成本。

I will now touch upon environmental stewardship. Creating a more sustainable cruise industry is a journey and every day is an opportunity to innovate and improve. Back in 2016, we announced our partnership with the World Wildlife Fund to advance our sustainability performance. This partnership pushed us to set ambitious sustainability goals in 3 areas: greenhouse gas emissions, sustainable food supply, and destination stewardship. I am proud of the fantastic work achieved by our teams since we first signed the agreement with the WWF and I am pleased to announce that the Royal Caribbean Group has recently signed a new 5-year agreement to take our advancements to the next level.

我現在將談及環境管理。創建一個更可持續的郵輪行業是一段旅程，每一天都是一個創新和改進的機會。早在 2016 年，我們就宣布與世界野生動物基金會建立合作夥伴關係，以提升我們的可持續發展績效。這種夥伴關係促使我們在 3 個領域設定了雄心勃勃的可持續發展目標：溫室氣體排放、可持續食品供應和目的地管理。自從我們首次與世界自然基金會簽署協議以來，我為我們團隊所取得的出色工作感到自豪，我很高興地宣布，皇家加勒比集團最近簽署了一項新的 5 年協議，以將我們的進步提升到一個新的水平。

I'm also pleased that in the first quarter, we were named one of the world's most ethical companies by Ethisphere. This is the seventh consecutive year our company has been recognized, the only one in the leisure and recreational category.

我也很高興在第一季度，我們被 Ethisphere 評為全球最有道德的公司之一。這是我們公司連續第七年獲得認可，是休閒娛樂類唯一一家。

Furthermore, we also earned 100% rating on the Human Rights Campaign Foundation's Corporate Equality Index, which rates corporate policies and practices that relate to LGBTQ+ workplace equality. We are immensely proud of these recognitions that reflect our deep commitment to our employees and our purpose and values.

此外，我們還在人權運動基金會的企業平等指數中獲得了 100% 的評級，該指數對與 LGBTQ+ 工作場所平等相關的公司政策和實踐進行了評級。我們為這些認可感到無比自豪，這些認可反映了我們對員工的堅定承諾以及我們的宗旨和價值觀。

As we continue to focus on completing our return to service, we are charting our course for future growth. Combination of strong secular demand tailwinds, our leading brands, the best cruise ships in the world, our global platform, and the very best people position us exceptionally well for long-term success. It is no secret that our innovative and industry-leading ships are the foundation for creating a great vacation experience. Year-to-date, we welcomed 2 new ships to our fleet, Wonder of the Seas, which is the newest, largest and most innovative Oasis class vessel joined Royal Caribbean International; and Celebrity Beyond, the newest -- the revolutionary edge-class joined Celebrity Cruises just a few weeks ago.

隨著我們繼續專注於完成恢復服務，我們正在為未來的增長制定路線。強勁的長期需求順風、我們的領先品牌、世界上最好的遊輪、我們的全球平台和最優秀的人才相結合，使我們能夠取得長期成功。眾所周知，我們創新和行業領先的船舶是創造絕佳度假體驗的基礎。年初至今，我們的船隊迎來了 2 艘新船“海洋奇觀”號，這是加入皇家加勒比國際的最新、最大和最具創新性的綠洲級船；和 Celebrity Beyond，最新的 - 革命性的邊緣級就在幾週前加入了 Celebrity Cruises。

We have a long track record on delivering new and exciting experiences through new ships while achieving premium yields and profits. These ships, along with others that are set to join the fleet in the next few years, will drive differentiated vacation experiences and financial performance. We have more exciting new ships currently on order. Construction is now underway on Royal Caribbean International's sixth Oasis class ship, which will be named Utopia of the Seas. This ship is expected to debut in the spring of 2024. We are excited that Utopia will be the first Oasis-class ship powered by LNG when she launches.

我們在通過新船提供令人興奮的新體驗同時實現高收益和利潤方面有著悠久的記錄。這些船舶以及其他將在未來幾年加入船隊的船舶，將推動差異化的度假體驗和財務業績。我們目前正在訂購更多令人興奮的新船。皇家加勒比國際公司的第六艘綠洲級船現在正在建造中，這艘船將被命名為海洋烏托邦。這艘船預計將於 2024 年春季首次亮相。我們很高興烏托邦號下水時將成為第一艘以液化天然氣為動力的綠洲級船。

Finally, the building of Royal Caribbean International's highly anticipated Icon of the Seas has reached a pivotal milestone of physical construction ahead of its fall 2023 debut. Icon will set sail next year with the latest innovations and with signature features that were reimagined by our teams in bold new ways. Stay tuned for more on that.

最後，皇家加勒比國際備受期待的海洋標誌性建築在 2023 年秋季首次亮相之前已經達到了物理建設的關鍵里程碑。 Icon 將於明年啟航，搭載我們的團隊以大膽的新方式重新構想的最新創新和標誌性功能。請繼續關注這方面的更多信息。

On the destination front, we continue to make progress on the expansion of Perfect Day at CocoCay with the addition of Hideaway Beach. Hideaway Beach will make Perfect Day at CocoCay even more perfect with an entirely new experience expanding capacity to the island.

在目的地方面，隨著 Hideaway Beach 的加入，我們繼續在 CocoCay 的 Perfect Day 擴展方面取得進展。 Hideaway Beach 將為 CocoCay 的 Perfect Day 帶來更加完美的體驗，為島嶼提供全新體驗。

On the technology front, the team has made tremendous strides modernizing our digital infrastructure and capabilities to enhance our commercial engines and the guest experience.

在技術方面，該團隊在我們的數字基礎設施和能力現代化方面取得了巨大進步，以增強我們的商業引擎和客戶體驗。

Our business model is incredibly strong, and we have a long track record of growing revenue, earnings and cash flow. The pandemic has taught us new ways to operate with agility, but our formula for success remains unchanged. We have the best brands, each of their segments, the most innovative fleet in the industry, exclusive destination experiences like Perfect Day at CocoCay, a nimble and effective global sourcing footprint, a leading technology platform and most of all, the very best team, both at sea and on land. Despite these challenges at the start of the year and the complex operating environment, we still expect 2022 will be a strong transitional year as we bring the rest of our fleet back up into operations and approach historical occupancy levels and return to a profit in the back half of the year. This will set a strong foundation for our success in 2023 and beyond.

我們的商業模式非常強大，我們在收入、收益和現金流的增長方面有著長期的記錄。大流行教會了我們靈活運作的新方法，但我們的成功秘訣仍然沒有改變。我們擁有最好的品牌、每個細分市場、業內最具創新性的車隊、獨家目的地體驗，如 CocoCay 的 Perfect Day、靈活有效的全球採購足跡、領先的技術平台，最重要的是，最好的團隊，在海上和陸地上。儘管年初面臨這些挑戰和復雜的運營環境，我們仍然預計 2022 年將是一個強勁的過渡年，因為我們將讓我們的其餘機隊恢復運營並接近歷史入住率並在後面恢復盈利半年。這將為我們在 2023 年及以後的成功奠定堅實的基礎。

With these tools at hand, I'm confident about the recovery trajectory and the future of the Royal Caribbean Group. Our people will always be our most important competitive advantage, and I'd like to thank all of them for everything they do each and every day to deliver on our mission. With that, I will turn the call over to Naftali. Naf?

有了這些工具，我對皇家加勒比集團的複蘇軌跡和未來充滿信心。我們的員工將永遠是我們最重要的競爭優勢，我要感謝他們每天為實現我們的使命所做的一切。有了這個，我會把電話轉給 Naftali。納夫？

Thank you, Jason, and good morning, everyone. Let me begin by discussing our results for the first quarter. This morning, we reported an adjusted net loss of $1.2 billion or $4.57 per share for the quarter. During the first quarter, we restarted operations on 2 additional ships. And as Jason mentioned, we welcomed Wonder of the Seas to the Royal Caribbean fleet. We operated 7.7 million APCDs and carried 800,000 guests.

謝謝你，傑森，大家早上好。讓我首先討論我們第一季度的業績。今天上午，我們報告了本季度調整後的淨虧損 12 億美元或每股 4.57 美元。在第一季度，我們重新啟動了另外 2 艘船舶的運營。正如傑森所說，我們歡迎海洋奇觀加入皇家加勒比艦隊。我們運營了 770 萬台 APCD，承載了 800,000 名客人。

Load factor on our core itineraries in the first quarter was 59%. Earlier in the quarter, our load factor was impacted by about 2% due to temporarily elevated cancellations associated with Omicron. Trends, however, improved throughout the quarter, and March sailings exceeded our initial expectations, achieving an average load factor of 68%. We also had multiple sailings in March that operated 100% load factors in the Caribbean. As Jason mentioned, we are seeing consumers make vacation decisions closer to the sailing date, which contributed to the outperformance in March.

第一季度我們核心行程的載客率為 59%。在本季度早些時候，由於與 Omicron 相關的取消臨時增加，我們的載客率受到了約 2% 的影響。然而，整個季度的趨勢有所改善，3 月的航行超出了我們最初的預期，平均載客率達到了 68%。我們在 3 月份還進行了多次航行，在加勒比地區以 100% 的載客率運營。正如 Jason 所提到的，我們看到消費者在更接近航行日期的時候做出度假決定，這促成了 3 月份的出色表現。

In Q1, we saw a 4% increase in total revenue per passenger cruise day compared to the first quarter of 2019. Onboard revenue continues to perform well for us. A combination of strong consumer spending and higher pre-cruise purchase penetration is contributing to this favorable trend. Cash flow from operating ships was positive in the first quarter. Operating cash flow significantly improved throughout the quarter and approached a positive inflection point in the month of March, operating cash flow turned positive in April. We are pleased to have reached this important financial milestone and we expect that EBITDA will also turn positive from June forward.

在第一季度，與 2019 年第一季度相比，我們看到每個乘客遊輪日的總收入增長了 4%。船上收入繼續表現良好。強勁的消費者支出和更高的遊輪前購買滲透率共同促成了這一有利趨勢。第一季度運營船舶的現金流為正。整個季度的經營現金流顯著改善，3月份接近正拐點，4月份經營現金流轉為正。我們很高興達到了這一重要的財務里程碑，我們預計 EBITDA 也將從 6 月開始轉為正數。

Next, I'd like to comment on capacity and load factor expectations over the upcoming period. We plan to restart operations on all remaining ships by the end of June. We plan to operate about 10.3 million APCDs during the second quarter, and we expect load factors of approximately 75% to 80%. Our load factor expectations reflect the higher occupancy we are seeing in the Caribbean and lower expectations for repositioning voyages and early season Europe sailings.

接下來，我想評論一下即將到來的時期的容量和負載率預期。我們計劃在 6 月底之前重啟所有剩餘船舶的運營。我們計劃在第二季度運營約 1030 萬台 APCD，我們預計負載率約為 75% 至 80%。我們的載客率預期反映了我們在加勒比地區看到的更高的入住率以及對重新定位航次和早期歐洲航行的更低預期。

We now offer cruises in the vast majority of our key destinations once again. Australia announced the resumption of cruising in April, and our cruises are open for sale. While China remains close to cruising, we are maintaining dialogue with the local authorities regarding our return to service when China opens its borders. We have redeployed ships planned for China to other core markets. We remain optimistic about our ability to capture long-term growth opportunities in that market.

現在，我們再次在絕大多數主要目的地提供遊輪服務。澳洲4月宣布恢復巡航，我們的遊輪開售。雖然中國仍接近巡航，但我們正在與地方當局就中國開放邊界後我們的恢復服務保持對話。我們已將計劃運往中國的船舶重新部署到其他核心市場。我們仍然對我們在該市場捕捉長期增長機會的能力持樂觀態度。

Next, I'll provide an update on the demand environment and our 2022 sailings. As Jason noted, we saw consistent improvement in bookings throughout the first quarter. And in the past 8 weeks, booking volumes have been meaningfully higher than 2019. In addition, the elevated near-term cancellations experienced early in Q1 that impacted bookings have now normalized to pre-Omicron levels. While we are very pleased by the ramp-up in demand, it took a few weeks longer than expected, leading to promotional activity on some itineraries. That being said, we remain focused on maintaining price integrity while maximizing both load factor and overall revenue.

接下來，我將提供有關需求環境和我們 2022 年航行的最新信息。正如 Jason 所說，我們看到整個第一季度的預訂量都在持續改善。在過去的 8 周中，預訂量明顯高於 2019 年。此外，在第一季度初出現的影響預訂的近期取消量增加，現已恢復到 Omicron 之前的水平。雖然我們對需求的增加感到非常高興，但它比預期的時間長了幾週，導致一些行程的促銷活動。話雖如此，我們仍然專注於保持價格完整性，同時最大限度地提高載客率和總收入。

Our Shipboard revenue APDs are at record levels and are contributing to more overall revenue per guest than ever before. North American-based itinerary have been trending particularly well with load factors building nicely. Regarding our European sailings, we are now seeing improving trends with bookings outpacing 2019 levels. We did, however, lose some ground when the tragic situation in the Ukraine escalated, which is weighing on load factors for higher-yielding summer season in Europe. From a cumulative standpoint, our load factors on sailings in the second half of the year are booked slightly below historical levels with a greater mix of high-yielding suite inventory booked versus inside and outside state rooms.

我們的 Shipboard 收入 APD 處於創紀錄水平，並且為每位客人帶來的總收入比以往任何時候都多。北美航線的趨勢特別好，載客率也很好。關於我們的歐洲航行，我們現在看到預訂量超過 2019 年水平的改善趨勢。然而，當烏克蘭的悲慘局勢升級時，我們確實失去了一些優勢，這給歐洲夏季高產季節的負荷率帶來了壓力。從累積的角度來看，我們下半年的航行載客率略低於歷史水平，與內部和外部客房相比，預訂的高收益套房庫存更多。

Our booked APDs remain higher than 2019, both including and excluding FCCs, while still early 2023 is booked within historical ranges at record pricing. We expect sequential occupancy improvements each quarter with fleet-wide load factors reaching triple digits by the end of the year. Our customer deposit balance as of March 31 was $3.6 billion, an improvement of about $400 million during the quarter. Approximately 27% of our customer deposit balance is related to future cruise credits, which is an improvement from last quarter. To date, 56% of FCCs have been redeemed. As Jason shared, the main impact of the current inflationary environment is on our fuel and food costs.

我們預訂的 APD 仍高於 2019 年，包括和不包括 FCC，而 2023 年初仍以創紀錄的價格預訂在歷史範圍內。我們預計每個季度的入住率都會連續提高，到今年年底，整個車隊的載客率將達到三位數。截至 3 月 31 日，我們的客戶存款餘額為 36 億美元，本季度增加了約 4 億美元。我們大約 27% 的客戶存款餘額與未來的郵輪積分有關，這比上一季度有所改善。迄今為止，已贖回了 56% 的 FCC。正如 Jason 所說，當前通脹環境的主要影響是對我們的燃料和食品成本的影響。

Regarding fuel, we are 55% hedged for 2022 and 25% hedged for 2023 at below market rates. Our proactive hedging efforts help us mitigate the rate impact. We continue to actively manage our fuel consumption, and our investments in technology and systems help us reduce our emission profile and fuel's costs.

關於燃料，我們以低於市場的價格對 2022 年的 55% 和 2023 年的 25% 進行了對沖。我們積極的對沖努力幫助我們減輕利率影響。我們繼續積極管理我們的燃料消耗，我們對技術和系統的投資幫助我們降低排放狀況和燃料成本。

In addition, the 8 new vessels to join our fleet in the last 18 months are 30% to 35% more fuel efficient than older capacity. Fuel is typically just over 10% of our cost basket. So while elevated prices certainly weigh on our cost, we continue to manage consumption and proactively hedge the rate.

此外，過去 18 個月加入我們船隊的 8 艘新船的燃油效率比舊船高 30% 至 35%。燃料通常只占我們成本籃子的 10% 以上。因此，儘管價格上漲肯定會影響我們的成本，但我們會繼續管理消費並積極對沖利率。

Like other businesses, we are seeing inflation across the food basket. Our operational and supply chain teams have been navigating these pressures through long-term partnerships and contracts within our diversified supplier base that allow us to opportunistically adjust sourcing strategies as needed. We do anticipate that inflationary pressures and transitory costs related to our healthy return to service and continued safety protocols will weigh on this year's earnings.

與其他企業一樣，我們看到食品籃子出現通貨膨脹。我們的運營和供應鏈團隊一直在通過我們多元化供應商基礎內的長期合作夥伴關係和合同來應對這些壓力，這使我們能夠根據需要適時調整採購策略。我們確實預計，與我們的健康恢復服務和持續的安全協議相關的通脹壓力和暫時性成本將影響今年的收益。

Shifting to our balance sheet. We ended the quarter with $3.8 billion in liquidity. We have ample liquidity to allow us to continue our recovery trajectory. We're extremely focused on managing and improving the balance sheet. Our plan throughout 2022 is to continue with refinancing debt maturities and high coupon debt issued during the pandemic. In January, investors again demonstrated their support when we accessed the capital markets by issuing $1 billion of senior unsecured notes. Proceeds from the offering have been used to repay principal payments on debt maturing in 2022. February, we arranged for a $3.15 billion backstop facility to provide us flexibility in refinancing debt maturities in June 2023.

轉移到我們的資產負債表。我們在本季度結束時擁有 38 億美元的流動性。我們擁有充足的流動性，使我們能夠繼續我們的複蘇軌跡。我們非常專注於管理和改善資產負債表。我們整個 2022 年的計劃是繼續為大流行期間發行的到期債務和高息債務再融資。 1 月份，當我們通過發行 10 億美元的高級無擔保票據進入資本市場時，投資者再次表明了他們的支持。此次發行的收益已用於償還 2022 年到期的債務本金。2 月，我們安排了 31.5 億美元的支持設施，為我們在 2023 年 6 月到期的債務再融資提供靈活性。

Lastly, turning to the outlook for 2022. We expect a net loss for the first half of the year and a profit for the second half. We also expect positive EBITDA starting in June. We continue to focus on bringing the fleet back to service, building our load factors and restoring profitability. When our business is fully operational, it generates attractive financial results and significant cash flow. We are pleased with the progress we are making towards the inflection points of profitability as we complete our return and build the future for the Royal Caribbean Group.

最後，轉向2022年的展望。我們預計上半年將出現淨虧損，下半年將實現盈利。我們還預計從 6 月開始的 EBITDA 為正。我們將繼續專注於讓機隊恢復服務，建立我們的載客率並恢復盈利能力。當我們的業務全面運作時，它會產生有吸引力的財務業績和大量現金流。隨著我們完成回歸併為皇家加勒比集團建立未來，我們對在盈利拐點方面取得的進展感到高興。

With that, I will ask our operator to open the call for your questions.

有了這個，我會要求我們的接線員打開電話詢問您的問題。

(Operator Instructions) And our first question comes from the line of Steve Wieczynski with Stifel.

（操作員說明）我們的第一個問題來自 Steve Wieczynski 和 Stifel。

Yes. So Jason, I want to ask about the cash flow inflection point that you reached in April. And I'm wondering if you think that positive operating cash flow level should be sustainable now moving forward or do you think April was an anomaly and you might go back into a negative position until the full fleet is deployed, basically. Simplify this question, do you think outside of some crazy event or events, operating cash flow from here should remain positive?

是的。所以傑森，我想問一下你在四月份達到的現金流拐點。而且我想知道您是否認為積極的經營現金流水平現在應該是可持續的，或者您是否認為 4 月份是一個異常情況，您可能會回到負面位置，直到部署完整的機隊，基本上。簡化這個問題，你認為除了一些瘋狂的事件或事件之外，這裡的經營現金流應該保持正數嗎？

I think we should just really pause and take in that statement. I mean it has been effectively over 2 years since we can make a statement about being cash flow positive. And so it's really great now to be in that position where we start to generate positive cash flow and positive EBITDA and then positive earnings as we get to the back half of the year. We very much think it is sustainable. Our load factors are building in accordance with our expectations.

我認為我們應該真正停下來接受那個聲明。我的意思是，自從我們發表關於現金流為正的聲明以來，實際上已經過去了 2 年多。因此，現在處於我們開始產生正現金流和正 EBITDA 以及隨著我們進入下半年的正收益的位置真的很棒。我們非常認為它是可持續的。我們的載客率正在按照我們的預期建立。

And there's been a lot of noise kind of generally in the system. There's always things that come up. But from what we can see in the day-to-day booking environment, we feel very good about the load factor build, the rate build that we're seeing. But I do think that this inflection point is a very important moment, not just for us but for the industry as we kind of get on to the other side of this.

並且系統中通常存在很多噪音。總會有事情發生。但從我們在日常預訂環境中可以看到的情況來看，我們對負載率構建以及我們所看到的速率構建感覺非常好。但我確實認為這個轉折點是一個非常重要的時刻，不僅對我們，而且對整個行業來說，因為我們有點進入了這一點。

Yes. And maybe to add, Steve. So yes, we share here that this is obviously a great inflection point. And as you -- as we go forward, obviously, there are things every quarter, interest expense timing, other timing and expenses, but this is the inflection point that we've reached here and we expect it to continue.

是的。也許補充一點，史蒂夫。所以是的，我們在這里分享這顯然是一個很好的拐點。就像你一樣 - 隨著我們前進，顯然，每個季度都有一些事情，利息支出時間，其他時間和支出，但這是我們已經達到的拐點，我們預計它會繼續下去。

Okay. That's a very solid positive there, guys. Second question, bigger picture question. Obviously, there's a fear out there building around a possible slowdown in the economy and a possible recession. And given what you guys have gone through with COVID and the stress it's put on your balance sheet, I guess my question is, if we do encounter some type of economic slowdown, how do you guys envision being able to navigate in an environment like that, given your current liquidity position? And maybe also remind us how you navigated through 2008, 2009.

好的。伙計們，這是一個非常可靠的積極因素。第二個問題，大局問題。顯然，圍繞經濟可能放緩和可能出現衰退的擔憂正在加劇。鑑於你們在 COVID 方面所經歷的以及它給資產負債錶帶來的壓力，我想我的問題是，如果我們確實遇到某種類型的經濟放緩，你們如何設想能夠在這樣的環境中駕馭，鑑於您目前的流動性狀況？也許還提醒我們您是如何度過 2008 年、2009 年的。

So Steve, I think first, and as Naftali said in his comments, we are in a strong financial position. We're in a strong liquidity position. I first want to point out that the level of booking activity that we're seeing, the spend levels that we're seeing on the ship, we don't see anything to date that would show that there's some type of recession or recession fear weighing on the consumer. And I think a piece of that, as I said in my comments, are the trillions of dollars of cash sitting in the savings accounts and the low leverage of the customers just in North America alone.

所以史蒂夫，我認為首先，正如納夫塔利在他的評論中所說，我們的財務狀況良好。我們處於強大的流動性地位。我首先要指出的是，我們看到的預訂活動水平，我們在船上看到的消費水平，到目前為止，我們沒有看到任何表明存在某種類型的衰退或衰退恐懼的情況給消費者帶來壓力。正如我在評論中所說，我認為其中一部分是儲蓄賬戶中的數万億美元現金以及僅在北美地區客戶的低杠桿率。

But as we've seen in the past, when there are recessionary periods, I think one of the things that's really important, and it does pain me some time to say this, but we trade still at a significant value relative to land-based vacations. So when a consumer -- let's just say, if they are feeling a level of pressure and they still need and want to go on vacations and build experiences and memories. And I think that value differential, which we are every day doing all we can to close that gap, is one in which the consumer recognizes and that tend to kind of fare well relative to other travel or consumer discretionary products during times like that.

但正如我們過去所看到的，當出現衰退期時，我認為其中一件非常重要的事情，這讓我有些痛苦，但相對於陸基交易，我們的交易價值仍然很高假期。因此，當消費者 - 讓我們說，如果他們感到一定程度的壓力並且他們仍然需要並且想要去度假並建立經驗和記憶。而且我認為，我們每天都在竭盡全力縮小這種差距的價值差異是消費者認可的，並且在這種情況下，相對於其他旅行或非必需消費品而言，這種差異往往表現得很好。

And just to add quickly. We are in a very strong liquidity position. We're obviously in this inflection point of free cash flow -- of operating cash flows. And our focus is, as I said in my remarks, is to continue to refinance the balance sheet. And that means both refinancing of our maturities. Obviously, that creates the runway. As well as reducing the interest costs and the leverage overall. So we have a plan here in the next future to manage the balance sheet.

只是為了快速添加。我們處於非常強勁的流動性狀況。顯然，我們正處於自由現金流——運營現金流的拐點。正如我在講話中所說，我們的重點是繼續為資產負債表再融資。這意味著我們的到期再融資。顯然，這創造了跑道。以及降低利息成本和整體槓桿率。所以我們在未來有一個計劃來管理資產負債表。

Our next question comes from the line of Robin Farley with UBS.

我們的下一個問題來自瑞銀的 Robin Farley。

I wanted to ask about -- you mentioned that you lost a little bit of ground for some weeks there, even though European demand is above 2019 levels. Can you tell us how you're thinking about load factor? I mean, in normal times, you're going to be 100% full no matter what because of maximizing the variable revenue. Is this a period in Q3 with Europe where you might say, given the ramp-up, let's stay below 100%.

我想問一下——你提到你在那裡的幾週內失去了一點點，儘管歐洲的需求高於 2019 年的水平。您能告訴我們您是如何考慮負載係數的嗎？我的意思是，在正常情況下，由於最大化可變收入，無論如何你都會 100% 吃飽。這是第三季度歐洲的一個時期，你可能會說，鑑於增長，讓我們保持在 100% 以下。

In other words, I guess, if you could help us think about that trade-off between giving up the onboard revenue and -- but maybe potentially impacting the price of other things already booked for Europe?

換句話說，我想，如果你能幫助我們考慮在放棄機上收入和——但可能會影響已經為歐洲預訂的其他東西的價格之間的權衡？

Well, I think there's a few things, I think just to comment on the Europe side. So first, I would say it is our expectation in Europe for our load factors to be lower. Some of it is very much related to price integrity, but some of it's also -- that relates to the testing requirement to come back into the U.S. for Americans. And that -- the combination of those things weighs on the consumer in terms of their travel expectations. And so as we said in our remarks, our expectation is, we're going to be building up to the back half of this year to that triple-digit mark. So our expectation is, we will have lower load factors in Q3 relative to 100%.

嗯，我認為有幾件事，我想只是對歐洲方面發表評論。首先，我想說的是，我們在歐洲的預期是我們的載客率會更低。其中一些與價格完整性密切相關，但其中一些也與美國人返回美國的測試要求有關。而且——這些事情的結合在消費者的旅行期望方面影響了他們。正如我們在評論中所說，我們的期望是，我們將在今年下半年達到三位數的目標。所以我們的預期是，相對於 100%，我們在第三季度的載客率將更低。

Robin, it's Michael. I just have to jump in and say that we have ships in our sailing at 100%. And we've had ship sailing at 100% now for several weeks out of the Caribbean -- into the Caribbean market and Assured product. And as we head towards Memorial Day weekend, we're going to see significant percentage of our ship sailing at 100% and greater. So Europe is one thing, but what we've seen in terms of demand in the American market for the drive-to products, which I think we have around 70% of our products drive to this year, has been really strong. And certainly, over the past several weeks, we've been delighted with the volume of bookings that we've been seeing coming in for these products has been really good.

羅賓，是邁克爾。我只需要跳進去說我們的航行中的船隻 100%。我們已經在加勒比地區以 100% 的速度航行了幾個星期——進入加勒比海市場和受保產品。當我們走向陣亡將士紀念日週末時，我們將看到很大一部分船舶以 100% 甚至更高的速度航行。因此，歐洲是一回事，但我們看到美國市場對免下車產品的需求非常強勁，我認為我們今年大約有 70% 的產品用於駕駛。當然，在過去的幾周里，我們對這些產品的預訂量感到非常高興。

And when we make the comments around the load factors, obviously, that's total load factor for the whole fleet, right? So that reflects the combination of the trends that Jason and Michael just shared.

當我們圍繞負載率發表評論時，很明顯，這是整個車隊的總負載率，對吧？這反映了 Jason 和 Michael 剛剛分享的趨勢的結合。

Okay. Great. No, that's very helpful color. And maybe just a last follow-up. Given that you're back to profitability and sort of reasonable visibility with that, is there a point when you might restart giving guidance in the next quarter or 2? Or is that something that we shouldn't necessarily expect this year?

好的。偉大的。不，這是非常有用的顏色。也許只是最後一次跟進。鑑於您已經恢復了盈利能力和合理的可見度，您是否有可能在下一季度或第二季度重新提供指導？或者這是我們今年不應該期待的事情？

Well, Robert, I'll tell you, we had a meeting a few days ago with our senior leadership team. And I think my comment to them was, we have now moved from scenarios to now a forecast and because we can see that visibility and that predictability. And that's an -- it's a big statement for us, and I'm sure others, as I think Michael always remind us, but I think we're like on our 300th scenario since the start of the pandemic. So I think we are getting closer to that and our visibility within the quarter is much greater. And we do appreciate that having that visibility and predictability is important to the investment community. So I would say that we're getting close to it. And so I would wait to see what happens on the next quarter call.

好吧，羅伯特，我會告訴你，我們幾天前與我們的高級領導團隊開會了。我認為我對他們的評論是，我們現在已經從情景轉變為現在的預測，因為我們可以看到這種可見性和可預測性。這對我們來說是一個重要的聲明，我相信其他人，因為我認為邁克爾總是提醒我們，但我認為我們就像大流行開始以來的第 300 次情景一樣。所以我認為我們正在接近這一點，我們在本季度的知名度要高得多。我們確實很欣賞這種可見性和可預測性對投資界很重要。所以我想說我們正在接近它。所以我會等著看下個季度電話會議會發生什麼。

Next question is from Ben Chaiken with Credit Suisse.

下一個問題來自瑞士信貸的 Ben Chaiken。

Onboard spend continues to be particularly strong. Is this driven by a smaller number of core guests? Or is it a more kind of like widespread, structural uptick in spend that you see even as load factors filled on ships that are getting back to normal occupancy or close to it?

船上支出繼續特別強勁。這是由少數核心客人推動的嗎？或者它是一種更廣泛的、結構性的支出增加，即使船舶上的載客係數正在恢復或接近正常載客率？

Ben, this is Michael. I think this is what looks like it could be a structural change. I mean we've now got, as I said earlier, many ships sailing at 100%, and our big Oasis-class ships have been sailing in the 80s. And our onboard spend continues to perform at the same levels. It's been really -- it's been wonderful. I think a couple of things.

本，這是邁克爾。我認為這看起來可能是一種結構性變化。我的意思是，正如我之前所說，我們現在有許多船舶以 100% 的速度航行，而我們的大型綠洲級船舶在 80 年代一直在航行。我們的機上支出繼續保持相同水平。真的——太棒了。我認為有幾件事。

One is the hybrids and the investment that we made in the software for pre-cruise revenue, which continued through the pandemic, and we've really leveraged that now. And we've seen a significant increase in penetration and uptick with the pre-cruise sales.

一個是混合動力車和我們在軟件中為郵輪前收入所做的投資，這種情況在大流行期間持續存在，我們現在已經真正利用了這一點。我們已經看到滲透率和巡航前銷售的顯著增加。

And of course, we've always said that 1 pre-cruise dollar gives us another $0.50 onboard spend. So we really believe we're seeing that coming through now. So it continues. And I think, one of the things that we've been focused on in terms of the volume is that relationship between ticket and onboard spend. And if you even look at our first quarter net revenue APD, it was higher than back in 2019, and we see that continuing quarter-by-quarter through this year.

當然，我們一直說 1 美元的巡航前可以給我們另外 0.50 美元的船上消費。所以我們真的相信我們現在看到了這一點。所以它繼續。我認為，就數量而言，我們一直關注的一件事是機票和機上支出之間的關係。如果你甚至看看我們第一季度的淨收入 APD，它就高於 2019 年，而且我們看到這一趨勢一直持續到今年。

Yes. And just to add to Michael's point, we also see the strength and onboard across all categories. So it's not just one category that you can draw the conclusion. It's everything, like Jason said, from spa, to retail, shore excursions, casino, food and beverage. So it seems like the consumer is really willing to spend on great experiences. And we've made all these investments that Michael mentioned to make sure that we capture that spend as much as we can as they're enjoying our cruises.

是的。只是為了補充邁克爾的觀點，我們還看到了所有類別的實力和參與度。因此，您可以得出結論的不僅僅是一個類別。正如 Jason 所說，從水療中心到零售、岸上游覽、賭場、食品和飲料，這一切都應有盡有。所以看起來消費者真的願意花錢購買很棒的體驗。我們已經進行了邁克爾提到的所有這些投資，以確保我們盡可能多地抓住這些支出，因為他們正在享受我們的遊輪。

And is the pre-cruise, is that like at the time of ticket purchase, you're kind of offering incremental onboard? Or is it like following up with the consumer or the customer from the time of ticket purchase up until cruise. Like can you just give a little color on how that works exactly.

並且是預巡遊，就像在購票時一樣，您會在船上提供增量服務嗎？或者是像從購票到遊輪一直跟踪消費者或客戶一樣。就像你能不能對它的工作原理給出一點顏色。

Yes. I mean it follows ticket purchase. Since we have a commitment from a customer that they're going to sail with us, then we have a whole cadence of communication to the customer. And we use all of this software development and the improvement we've had over the years with our analytics to provide them with options and offers and promotions, et cetera, for onboard products. And we literally have that communication cadence in place until they sail with us. And by the way, when they're sailing with us, we continue that communication cadence as well, giving them offers and what have you. So it's really it's kind of the evolution of the sophistication of our communications in terms of the pre-cruise software.

是的。我的意思是它跟隨購票。由於我們有客戶承諾他們將與我們一起航行，因此我們有與客戶溝通的完整節奏。我們使用所有這些軟件開發以及我們多年來通過分析獲得的改進，為他們提供車載產品的選項、優惠和促銷等。在他們與我們一起航行之前，我們確實擁有這種溝通節奏。順便說一句，當他們和我們一起航行時，我們也會繼續保持這種溝通節奏，給他們提供報價和你有什麼。因此，就巡航前軟件而言，這實際上是我們通信複雜性的一種演變。

Yes. And Ben, I think just to jump in, I mean, we are in the early innings of this pre-cruise system. Having their commerce engine in place, having the capabilities that Michael just talked about to be able to curate the experiences or services that we can be offering to that guest through their journey from when they book a cruise, all the way through the time when they're sailing with us and being proactive about opportunities that might arise even during the voyage and being able to put that in position then in front of the customer based off of things that they may have already had planned or things that they may have done in the past, et cetera. That is kind of getting to that one-to-one spot of engagement is really kind of what we see as the north star here. And that's kind of what these systems in the AI and analytics and the use of data effectively is all about.

是的。 Ben，我想只是為了加入，我的意思是，我們正處於這個預巡航系統的早期階段。擁有他們的商業引擎，擁有邁克爾剛才談到的能力，能夠策劃我們可以在他們的旅程中提供給他們的體驗或服務，從他們預訂遊輪到他們的整個旅程“與我們一起航行，即使在航行期間也能積極應對可能出現的機會，並能夠根據他們可能已經計劃好的事情或他們可能已經完成的事情將其放在客戶面前過去，等等。這有點像一對一的參與，這真的是我們在這裡看到的北極星。這就是人工智能和分析中的這些系統以及有效使用數據的全部內容。

Our next question is from Dan Politzer with Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

So the first -- I wanted to hit on, it's been -- obviously, we've seen a lot of commentary in terms of robust travel and leisure spend and demand. You guys have certainly seen that as well. How would you break that out between the new cruise customers? And are you seeing that kind of come in through longer-term bookings or short-end bookings?

所以第一個 - 我想強調一下，它一直是 - 顯然，我們已經看到了很多關於強勁的旅行和休閒消費和需求的評論。你們肯定也看到了。您將如何在新的郵輪客戶之間打破這一點？您是否看到這種通過長期預訂或短期預訂進入？

Yes. Dan, yes, we're seeing it come through all of our customer segments. I mean, I think we commented maybe on the last call that the new-to-cruise was a little slower to return. And when we first started back in service, we did rely heavily on our loyalty customers. But that's really shifted now, and we're kind of moving back into a far more normal environment where we see our new-to-cruise returning. I mean it helps with the fact that we've got great products that really do attract new-to-cruise. We've got Perfect Day. I think even in this year, in 2022, we'll take over 2 million guests to Perfect Day this year alone.

是的。丹，是的，我們看到它來自我們所有的客戶群。我的意思是，我想我們可能在最後一次電話會議上評論說，新郵輪的返回速度有點慢。當我們第一次重新開始服務時，我們確實非常依賴我們的忠誠客戶。但現在情況確實發生了變化，我們正在回到一個更加正常的環境，我們看到我們的新郵輪迴歸。我的意思是它有助於我們擁有真正吸引新郵輪的優質產品這一事實。我們有完美的一天。我認為即使在今年，到 2022 年，僅今年一年，我們就將有超過 200 萬客人參加 Perfect Day。

So the right products, the right mix of experiences, and we're seeing on new-to-cruise customers come back to us. So -- and then how they're spending is very similar. I mean things shift and change around based upon age demographics and what have you, but the kind of the product offerings that we have, that we provide to our customers and using the software and analytics seems to be really resonating.

因此，正確的產品、正確的體驗組合，以及我們在郵輪新客戶身上看到的結果，都會回到我們身邊。所以 - 然後他們的支出方式非常相似。我的意思是事情會根據年齡人口統計數據和您擁有的東西而發生變化和變化，但是我們擁有的產品種類，我們提供給客戶並使用軟件和分析似乎真的引起了共鳴。

Got it. And then I think you guys called out particular strength in North America and that customer base and maybe Europe, a little bit softer. To what extent, if any, could you maybe bifurcate that softness? Is it a reflection of kind of what's going on the geopolitical front in Europe? Or is that more related to a slowing of the consumer? Any color there?

知道了。然後我認為你們在北美和那個客戶群，也許還有歐洲，特別有力量，有點軟。你能在多大程度上（如果有的話）將這種柔軟性分開？這是否反映了歐洲地緣政治戰線的某種情況？還是這與消費者的放緩更相關？那裡有顏色嗎？

Yes. I think in terms of what we see, because we've seen this return in demand from Europe for our different deployments, especially within Europe. It's definitely the Ukraine that I think it really kind of weighs especially within Central and Northern Europe. Sailings inside the Baltics and the Med is, certainly, I think, of great interest. I mean they are booking. They are now booking at levels that are above '19 levels, but it is softer than what we had originally expected it would be. I think fortunately, you see the North American consumer accelerating and very much focusing on North American products, but also very much willing to go to Europe.

是的。我認為就我們所看到的而言，因為我們已經看到歐洲對我們不同部署的需求回歸，尤其是在歐洲內部。絕對是烏克蘭，我認為它確實有點重，尤其是在中歐和北歐。我認為，波羅的海和地中海地區的航行當然很有趣。我的意思是他們正在預訂。他們現在的預訂水平高於 19 年的水平，但比我們最初預期的要低。我認為幸運的是，您看到北美消費者正在加速發展並且非常關注北美產品，但也非常願意去歐洲。

My comment was, I think, on the psyche side, testing to get back into the U.S., which I know the cruise industry, the airline industry and other industries are trying to influence for that change. And I think that kind of last psychological point, that weighs on the consumer to kind of travel freely globally.

我的評論是，我認為，在心理方面，測試重返美國，我知道郵輪業、航空業和其他行業正試圖影響這種變化。我認為最後一個心理點會促使消費者在全球範圍內自由旅行。

Dan, just to add to Jason's comment on the testing to return to the United States. I mean, as we know, many European countries now is stopping that requirement. So they're kind of freeing up the ability for the Europeans to travel around. And I think we're all hopeful that that's going to change fairly soon in returning to the United States.

丹，只是為了補充傑森關於返回美國的測試的評論。我的意思是，正如我們所知，許多歐洲國家現在正在停止這一要求。所以他們在某種程度上釋放了歐洲人四處旅行的能力。我認為我們都希望在返回美國後這種情況會很快改變。

Yes. And just to add a quick. We -- as I think we mentioned, we do see an improvement in the European bookings, but also both from volumes from the -- from North American but also from some of the closer end within the European sourcing markets. So we're definitely seeing the improvement there.

是的。只是為了添加一個快速。我們 - 正如我認為我們提到的那樣，我們確實看到歐洲預訂量有所改善，而且來自北美的數量以及來自歐洲採購市場的一些更近端的數量。所以我們肯定看到了那裡的改進。

Our next question is from Ryan Sundby with William Blair.

我們的下一個問題來自 Ryan Sundby 和 William Blair。

Similar to Ben's question around guest spending. I just wanted to follow up on the record guest satisfaction scores. So as you start to ramp up itineraries and load factors here, do you think you'll be able to maintain that? Or is there something structural there? And then as my follow-up, if you do see satisfaction scores hold up, in the past, when you've seen a jump in that section for one reason or another, have you seen that translate into a material impact in terms of repeat selling or word of mouth referral?

類似於本關於客人消費的問題。我只是想跟進創紀錄的客人滿意度得分。因此，當您開始在這裡增加行程和負載因素時，您認為您能夠保持這種狀態嗎？或者那裡有什麼結構性的東西？然後作為我的後續行動，如果您確實看到滿意度得分保持不變，那麼過去，當您出於某種原因看到該部分的跳躍時，您是否看到這轉化為重複方面的實質性影響銷售還是口碑推薦？

Well, Ryan, it's Michael. I think the happy customers is a beautiful thing to have. And I think that formula has never changed. When people really have an amazing time, they go backward and as they tell their friends and families, they want to come back and repeat. And we know we've done obviously work on Net Promoter Score and repeat cruises and the correlation is relatively high. There is a relationship between Net Promoter Score and loyalty guest. So it's a winning formula. And I think that's always been one of the great things about cruise is the value proposition connected to satisfaction has always been remarkably high. So we think it's a great thing, and we're always striving to deliver the highest level of vacation that we possibly can.

好吧，瑞恩，是邁克爾。我認為快樂的客戶是一件美好的事情。我認為這個公式從未改變。當人們真的度過了一段美好的時光時，他們會倒退，當他們告訴他們的朋友和家人時，他們想回來重複。而且我們知道我們已經在淨推薦值和重複巡航方面做了明顯的工作，並且相關性相對較高。淨推薦值與忠誠客人之間存在關係。所以這是一個成功的公式。我認為郵輪的一大優點是與滿意度相關的價值主張一直非常高。所以我們認為這是一件很棒的事情，我們一直在努力提供我們可能的最高水平的假期。

I think it's fair to say that in the beginning, the euphoria of excitement from primarily our loyalty guests was so incredibly high, and the crew was so incredibly happy to be back that for many months, there was just this euphoria on our ships, and I think that comes through on the Net Promoter Score. Certainly, we see those Net Promoter Scores staying at a really high level. They've started to come down a little bit as we see the volume increasing, as the load factors get to 100% and beyond and you start seeing a more normalization of those Net Promoter Scores.

我認為可以公平地說，一開始，主要是我們的忠誠客人的興奮興奮異常高漲，船員們非常高興能回來，幾個月來，我們的船上只有這種興奮，而且我認為這是通過淨推薦值來實現的。當然，我們看到這些淨推薦值保持在一個非常高的水平。隨著我們看到數量增加，隨著負載因子達到 100% 甚至更高，並且您開始看到這些淨推薦值更加正常化，它們已經開始有所下降。

But I think there's just a -- I would say there's a happiness not only with our customers, but with our crew members. And that happiness, coming out of the pandemic, going on vacation, going on vacation with Royal Caribbean, reconnecting to all of those experiences that people have missed for 2 years. So I think that has somewhat translated into people just saying, "I'm having a fantastic time."

但我認為只有——我會說不僅是我們的客戶，還有我們的工作人員。那種快樂，從大流行中走出來，去度假，去皇家加勒比度假，重新連接到人們錯過了 2 年的所有那些經歷。所以我認為這在某種程度上轉化為人們只是說，“我玩得很開心。”

So I think it's -- I think I would be naive to believe that these extremely high NPS scores will stay with us in the long run. But I think there's been a fundamental transformation in terms of how guests and customers are interacting with the experience, and it's a very positive thing for our business.

所以我認為這是 - 我認為我會天真地相信這些極高的 NPS 分數會長期留在我們身邊。但我認為客人和客戶如何與體驗互動方面發生了根本性的轉變，這對我們的業務來說是一件非常積極的事情。

And just to add to it, when you look at it by segment, right, so you look at -- even the ultra-luxury side with Silversea, you see the luxury side with -- on the Celebrity side, it's really across all segments. You're seeing this euphoria that Michael referred to. So it's -- as Michael said, I don't think we're naive to think it's going to stay at this level, but I think we're also surprised as the mix has changed from the loyal -- very loyal to now a more first-to-cruise coming in, but those levels have continued to be exceptionally high.

再補充一點，當您按細分市場查看時，對，所以您會看到 - 即使是 Silversea 的超豪華方面，您也會看到豪華的方面 - 在名人方面，它確實涵蓋了所有細分市場.你看到了邁克爾提到的這種欣快感。所以 - 正如邁克爾所說，我認為我們認為它會保持在這個水平並不天真，但我認為我們也感到驚訝，因為混合已經從忠誠 - 非常忠誠變成了現在更多的首次巡航進入，但這些水平仍然非常高。

Got it. Maybe if I could just squeeze one more in there. Naftali, it sounds like, you've pointed a bunch of different levers there to navigate the current fuel and food inflationary environment. Can you just talk about if you started to consider price there as a lever to help offset these pressures? And how accommodating do you think the guest would be, given that we're still -- someone in a restart mode here?

知道了。也許如果我能再擠一個進去。 Naftali，聽起來，你已經指出了一堆不同的槓桿來應對當前的燃料和食品通脹環境。您能否談談您是否開始將那裡的價格視為幫助抵消這些壓力的槓桿？考慮到我們仍然在這里處於重新啟動模式的某個人，您認為客人會有多包容？

Sure. So as you can imagine, inflation or not, we try to maximize price every day. That's revenue management team's job, and that's what we do here. So we do it every day. And as you can see, the volumes are obviously picking up. You see the pricing that we command for our products. So we tried to do that -- decouple from the pressures maybe that we're seeing in the -- on the expenses side.

當然。所以你可以想像，不管通貨膨脹與否，我們每天都在努力使價格最大化。這是收入管理團隊的工作，也是我們在這裡所做的。所以我們每天都這樣做。正如你所看到的，交易量顯然在增加。您會看到我們為我們的產品製定的定價。所以我們試圖做到這一點 - 與我們在費用方面看到的壓力脫鉤。

Yes. I think the other thing just to add, what we do see over time, whether it's with inflation or other related activities in the macro environment is, as the consumer recalibrates its willingness to pay more for things and they see comparables and they're paying more. But there's this gravitational pull to those locations.

是的。我認為另一件事只是要補充一點，隨著時間的推移，我們確實看到的是，無論是通貨膨脹還是宏觀環境中的其他相關活動，因為消費者重新調整了其為事物支付更多費用的意願，他們看到了可比性並且他們正在支付更多的。但是這些地方都有這種引力。

So we do -- as Naf said, we try to maximize revenue each and every day, whether it's ticket or onboard. At the same time, what we do see, as the consumer begins to gravitate towards higher pricing, as they get calibrated to what they're paying for a hotel room or what they're paying for other services and restaurants and so forth.

所以我們這樣做了——正如 Naf 所說，我們每天都在努力使收入最大化，無論是機票還是機上。與此同時，我們確實看到，隨著消費者開始傾向於更高的定價，因為他們已經習慣了他們為酒店房間支付的費用或他們為其他服務和餐館支付的費用等等。

Our next question is from Vince Ciepiel with Cleveland Research.

我們的下一個問題來自 Cleveland Research 的 Vince Ciepiel。

You alluded to kind of the value of cruising versus other land-based and the goal to close the gap over time. When you look here recently, Marriott said March bookings ADR were running 12% ahead, bookings saw ADR run 20% ahead in April. Airbnb's 2Q outlook calls for ADR to run like 30% ahead. So I'm curious kind of what you're seeing in your leading-edge bookings on pricing for all future periods? Has that been accelerating through the course of the last 3 to 4 months? And as that continues to layer in, is your book position for the second half and for '23, the embedded pricing there moving higher over the last, call it, 60 days?

你提到了巡航與其他陸基的價值，以及隨著時間的推移縮小差距的目標。當您最近查看這裡時，萬豪表示，3 月份的預訂 ADR 提前 12%，4 月份的預訂看到 ADR 提前 20%。 Airbnb 的第二季度展望要求 ADR 提前 30% 左右運行。因此，我很好奇您在所有未來期間的領先定價預訂中看到了什麼？在過去 3 到 4 個月的過程中，這種情況是否正在加速？隨著這種情況的不斷增加，您在下半年和 23 年的預定位置是否會比過去更高，稱之為 60 天？

Yes. I think that's -- so Vince, I think that's exactly what we're seeing. I do think that in the backdrop of this, the entire industry is coming back online at the same time. And so there's a lot of ships coming online, which I think causes a little bit of noise in the system overall. But I think we look at 2 things. One, we're looking real time on what people are paying. And as you noted, we're seeing those similar trends, though still at a discount to what the hotels and other operators are getting. And by operators, I mean non-cruise.

是的。我認為那是——所以文斯，我認為這正是我們所看到的。我確實認為，在這種背景下，整個行業都在同時重新上線。所以有很多船隻上線，我認為這會在整個系統中引起一點噪音。但我認為我們看兩件事。一，我們正在實時查看人們支付的費用。正如您所指出的，我們看到了這些類似的趨勢，儘管與酒店和其他運營商所獲得的相比仍然存在折扣。對於運營商，我的意思是非巡航。

And then we also look at what's happening onboard. And I think you have to look at those 2 things in combination, because that's how the consumer looks at their travel experience, in combination. It's not just a hotel room. It's not just an airplane seat. This is a kind of total vacation package that's kind of in their consideration. And what we talked about as it relates to onboard spend combined with the ticket, you're certainly kind of all connects to that storyline.

然後我們還看看船上發生了什麼。我認為你必須綜合考慮這兩件事，因為這就是消費者如何綜合看待他們的旅行體驗。這不僅僅是一個酒店房間。它不僅僅是一個飛機座位。這是他們考慮的一種總假期套餐。我們談到的與機上消費和機票相結合的內容，你肯定與那個故事情節有某種聯繫。

Yes. And then as we mentioned, obviously, as we look ahead in our book position, both for the second half and '23, we are higher without even the impact of the FCCs compared to 2019.

是的。然後正如我們提到的，顯然，當我們展望我們的書本位置時，無論是下半年還是 23 年，與 2019 年相比，我們甚至在沒有 FCC 的影響的情況下都更高。

Great. And then another on costs. I'm not sure if you've mentioned this or not, but obviously, through COVID, you become more efficient, newer ships, some cost changes made even on the land side. How are you thinking about longer-term kind of nonfuel unit costs? Do you think they can get back to those 2019 levels just with everything going on right now with inflation and wages and labor, food. How are you thinking about the longer-term unit cost opportunity?

偉大的。然後另一個關於成本。我不確定你是否提到過這一點，但顯然，通過 COVID，你變得更有效率，更新的船隻，甚至在陸地方面也做出了一些成本變化。您如何看待長期的非燃料單位成本？你認為他們可以回到 2019 年的水平嗎，只要現在一切都在發生通貨膨脹、工資、勞動力、食品。您如何看待長期的單位成本機會？

Yes. So you noted well that we had great margins before the pandemic. We had these leading margins, and our goal is to get back and beyond of those margins as soon as possible. You mentioned some of the factors. We've done a lot through the pandemic. And this is what we're working towards as soon as possible. So yes, there are some inflation -- kind of inflationary pressures, you call it, around food and fuel that we pointed out. We're seeing some stabilization, but all the things that we've done, this is definitely our goal.

是的。所以你很好地指出，在大流行之前我們有很大的利潤。我們擁有這些領先的利潤，我們的目標是盡快恢復並超越這些利潤。你提到了一些因素。疫情期間，我們做了很多。這就是我們正在努力盡快實現的目標。所以是的，存在一些通貨膨脹——我們指出的圍繞食品和燃料的通貨膨脹壓力。我們看到了一些穩定，但我們所做的所有事情，這絕對是我們的目標。

Our next question is from Stephen Grambling with Goldman Sachs.

我們的下一個問題來自高盛的 Stephen Grambling。

I just want to follow up on your answer there to Vince's comments on pricing onboard. I guess I would note that the hotels and others are also seeing very strong food and beverage, so I think it's kind of complementary onboard. And those are off and running also double digits up versus '19. So to make sure I heard you correctly. I think you said there's some magnitude of both of these combined, you feel like is effectively comparable to those peers? Or is the higher capacity growth across the industry driving that perhaps a little bit lower, but the overall dollars are kind of ending up in the same place?

我只想跟進你對文斯關於船上定價的評論的回答。我想我會注意到酒店和其他人也看到了非常強烈的食物和飲料，所以我認為這是一種船上的補充。與 19 年相比，這些已經關閉並運行了兩位數。所以為了確保我沒聽錯。我想你說這兩者結合起來有一定的規模，你覺得實際上可以與那些同行相提並論嗎？還是整個行業更高的產能增長推動了這可能有點低，但總體美元最終會出現在同一個地方？

Yes. My point was that directionally, it's exactly what we're seeing. My comment was, in the short run, there's -- you have a lot of ships coming online, and there's different category mixes that are in play that can cause some noise as you guys are doing price checks and so forth. But what we're seeing in recent bookings, what we're seeing obviously, what our guests spend directionally is very much in line with what we're hearing from other travel providers.

是的。我的觀點是方向性的，這正是我們所看到的。我的評論是，在短期內，有很多船隻上線，並且有不同的類別組合正在發揮作用，這可能會在你們進行價格檢查等時引起一些噪音。但是我們在最近的預訂中看到的，我們明顯看到的，我們的客人有方向的消費，與我們從其他旅行提供商那裡聽到的非常一致。

Got it. That's helpful. And then this may be a difficult thing to assess. But given this is the first time the entire fleet has really been shut down and restarted, is there any risk or any thoughts that we need to consider around kind of deferred maintenance CapEx or other onboard maintenance type costs that may need to be incurred as the whole ship fleet gets up and running over the next couple of years here?

知道了。這很有幫助。然後這可能是一件難以評估的事情。但鑑於這是整個船隊第一次真正關閉並重新啟動，是否存在任何風險或我們需要考慮的關於延期維護資本支出或其他船上維護類型可能需要產生的成本的想法，因為整個船隊在接下來的幾年裡在這裡啟動並運行？

Thanks, Stephen. So we hope that this will be the only time that we will see -- that we have shut down the fleet, that's for sure. And what we've done throughout, and I think we spoke about it in past quarters, is even through the pandemic and even through the shutdown, the way we laid up the ships, the way we continued to maintain them was our -- one of our key goals. So we still maintain them. The layup was such that it will help us to get the ships back quicker and without any issues. And I think we're very pleased as we're bringing the full fleet. We're not seeing something that is out of the ordinary. And that's kind of how we think about it, and we do not expect it to weigh on maintenance costs in the next couple of years.

謝謝，斯蒂芬。所以我們希望這將是我們唯一能看到的——我們已經關閉了機隊，這是肯定的。我們在整個過程中所做的，我認為我們在過去幾個季度都談到了它，即使是在大流行甚至是關閉期間，我們鋪設船隻的方式，我們繼續維護它們的方式都是我們的——我們的主要目標。所以我們仍然維護它們。擱置是這樣的，它將幫助我們更快地讓船隻返回並且沒有任何問題。我認為我們非常高興，因為我們帶來了完整的機隊。我們沒有看到不尋常的東西。這就是我們的想法，我們預計它不會在未來幾年內影響維護成本。

Our next question is from Fred Wightman with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Fred Wightman。

Just another one on that gap versus what you're seeing versus land-based peers. I mean, Jason, you made a comment as far as just looking to reset that. Do you feel like the current environment is a situation to where you could look to close that gap pretty materially versus land-based peers? Do you think that you want to maintain a bigger gap, just to try to get back some of that market share that you guys might have seen over the past year or 2? How are you sort of thinking about that at a high level?

與您所看到的與陸上同行相比，這只是另一個差距。我的意思是，傑森，你發表了評論，只是想重置它。您是否覺得當前的環境是一種與陸上同行相比，您可以在實質上縮小差距的情況？你是否認為你想保持更大的差距，只是為了奪回你們在過去一兩年可能看到的市場份額？你在高層次上是如何考慮的？

Well, we're -- like we had said earlier, we're always trying to maximize our revenue and price integrity is very much kind of important part of that. So I don't think that we're doing anything to try to kind of certainly maintain a gap.

好吧，我們 - 就像我們之前所說的那樣，我們一直在努力最大化我們的收入，價格完整性是其中非常重要的一部分。所以我不認為我們正在做任何事情來試圖保持一定的差距。

Pre-COVID, the combination of things like Perfect Day, you can add things like the edge-class ships and so forth, we saw a pretty significant reduction in that gap to land-based vacations, especially in key products like in Orlando and other products that are out there. And I think that we very much are focused on that. We have really managed to enhance the experience, both on the ship and on land based off of really tuning into the customer for us to be able to go ahead and do that.

在 COVID 之前，完美的一天之類的東西的組合，您可以添加諸如邊緣級船舶之類的東西，我們看到與陸上假期的差距顯著縮小，尤其是在奧蘭多等關鍵產品中那裡的產品。我認為我們非常關注這一點。我們確實設法增強了體驗，無論是在船上還是在陸地上，都是基於真正調整客戶，以便我們能夠繼續這樣做。

So I think that's why we are seeing similar trends. But when you look at the overall fleet as a whole and you compare those to land-based vacation in Europe or you look at a land-based vacation in Alaska or Vegas, et cetera, there's still that gap and there's still that opportunity that we're very honed in on. I mean, that's really where, if you saw us pre-COVID or during COVID where we have focused our energy, is less about our cruise peers, but more about how do we close those gaps to land-based vacations.

所以我認為這就是我們看到類似趨勢的原因。但是，當您將整個機隊視為一個整體並將其與歐洲的陸上度假進行比較，或者您查看阿拉斯加或維加斯等地的陸上度假時，仍然存在差距，我們仍然有機會'非常磨練。我的意思是，如果您在 COVID 之前或在 COVID 期間看到我們集中精力的地方，那真的不是關於我們的郵輪同行，而是更多關於我們如何縮小與陸上假期的差距。

Our next question is from Paul Golding with Macquarie Capital.

我們的下一個問題來自麥格理資本的 Paul Golding。

Just wanted to ask about China. I know in the prepared remarks, you commented that you're poised to reenter that market. But just wanted to ask if there was anything longer term or structural that may be shifting in terms of future plans for itinerary deployment based on the volatility we've seen in Asia in terms of reopening? And what expectations do you have in terms of a normalized period once you can redeploy ships there? And then I have a follow-up on labor.

只是想問一下中國。我知道在準備好的評論中，您評論說您準備重新進入該市場。但只是想問一下，根據我們在亞洲重新開放方面看到的波動，未來的行程安排計劃是否有任何長期或結構性的變化？一旦你可以在那裡重新部署船隻，你對正常化時期有什麼期望？然後我對分娩進行了跟進。

Paul, this is Michael. I think we've stated previously, our strategic intent is to return to the China market. We've been in the market for over a decade. We've had some phenomenal years in the China market, and we've had a very successful operation there. The volatilities existed in all markets for the past 2 years, including China. I think it's regretful that the China market is still not accessible to us.

保羅，這是邁克爾。我想我們之前已經說過，我們的戰略意圖是重返中國市場。我們已經進入市場十多年了。我們在中國市場經歷了一些非凡的歲月，我們在那裡的運營非常成功。過去兩年所有市場都存在波動，包括中國。我覺得很遺憾我們仍然無法進入中國市場。

And I think -- our current thinking was that '23 we would be back in the China market. I'm not sure whether that will come true or not. It could be '24. But we're ready to go, and we're looking forward to returning to the market.

而且我認為 - 我們目前的想法是 23 年我們將回到中國市場。我不確定這是否會實現。可能是 24 年。但我們已經準備好了，我們期待著重返市場。

I think when you look at the region of Asia Pacific, it's always been a meaningful market for Royal Caribbean Group and our intention is to return to that market and to leverage the opportunities that we have. We've spent time building our brand in China. We're in our space. We're a very well-known brand, we're very liked, and we have very good consumer following with the Royal Caribbean International brand. And we think that when the market opens back up, we'll be able to reassess the market and get back to business, and that's exactly what we're thinking.

我認為，當您查看亞太地區時，它一直是皇家加勒比集團的一個有意義的市場，我們的意圖是重返該市場並利用我們擁有的機會。我們花時間在中國建立我們的品牌。我們在我們的空間。我們是一個非常知名的品牌，我們非常喜歡，並且皇家加勒比國際品牌擁有非常好的消費者追隨者。而且我們認為，當市場重新開放時，我們將能夠重新評估市場並恢復營業，這正是我們的想法。

And then on the labor side, some of your land-based entertainment peers have cited waning wage increases this year as they tap international labor. I was wondering, for shoreside operations, if you're seeing a similar picture, what your thoughts are around rate increases on onshore side labor for this year?

然後在勞動力方面，你的一些陸上娛樂同行提到今年工資增長放緩，因為他們利用了國際勞動力。我想知道，對於岸上業務，如果您看到類似的情況，您對今年陸上附帶勞動力的費率上漲有何看法？

Well, on the shoreside standpoint, I think we're experiencing -- most of our shoreside employees are -- your sales and marketing, your accounting, your supply chain, et cetera. So what we're experiencing there is similar to what I think most organizations are experiencing, though I think because we wake up every day delivering the best vacations in the world, we tend to be more attractive than others in terms of attracting talent. So we're very fortunate for that.

好吧，從岸邊的角度來看，我認為我們正在經歷 - 我們的大多數岸邊員工是 - 你的銷售和營銷、你的會計、你的供應鍊等等。因此，我們在那裡所經歷的與我認為大多數組織所經歷的相似，儘管我認為因為我們每天醒來都會提供世界上最好的假期，所以在吸引人才方面，我們往往比其他人更具吸引力。所以我們很幸運。

I think what people are experiencing in hotels and others in terms of that labor force, we're certainly getting 75,000 employees back up and running on our ships with a tremendous and Herculean effort by our teams. For the most part, that's been able to be managed well, and you can see that really through the Net Promoter Scores that we're seeing on our ships.

我認為人們在酒店和其他地方所經歷的勞動力方面，我們的團隊付出了巨大而艱鉅的努力，我們肯定會讓 75,000 名員工在我們的船上恢復運行。在大多數情況下，這可以得到很好的管理，你可以通過我們在船上看到的淨推薦值看到這一點。

We have time for one more question, Abigail.

我們還有時間再問一個問題，阿比蓋爾。

Sir, our last question is from Ivan Feinseth with Tigress Financial.

先生，我們的最後一個問題來自 Tigress Financial 的 Ivan Feinseth。

Congratulations on the ongoing progress. Can you go into a little more detail about your pre-cruising planning app and what kind of things that connects to? And what are some of the things that you can do with it and how you're seeing that add incremental revenue specifically, outside of just onboard spending?

祝賀不斷取得進展。您能否詳細介紹一下您的預巡航計劃應用程序以及與之相關的類型？除了機上支出之外，您可以用它做哪些事情，以及您如何看到具體增加收入的增加？

Well, Ivan, it's Michael. I mean the pre-cruise revenue is fundamentally about onboard spend. I mean everything that we're marketing is about the products and services that customers, consumers are purchasing. I mean, historically, when they boarded our ships, they would purchase different packages and products.

嗯，伊万，是邁克爾。我的意思是郵輪前的收入基本上與船上支出有關。我的意思是，我們營銷的一切都是關於客戶、消費者正在購買的產品和服務。我的意思是，從歷史上看，當他們登上我們的船時，他們會購買不同的包裹和產品。

Now we've, over time developed a sophistication and the ability to not only use the analytics and the information that we know about the customer to offer them products and experiences and services that we think they're going to like. And we've also been able to, over time through testing, bundle these promotional products together to not only maximize revenue but also ensure that we're delivering a great vacation experience to the guest.

現在，隨著時間的推移，我們已經發展了一種複雜性和能力，不僅可以使用分析和我們所了解的客戶信息，為他們提供我們認為他們會喜歡的產品、體驗和服務。隨著時間的推移，我們還能夠通過測試將這些促銷產品捆綁在一起，不僅可以最大限度地提高收入，還可以確保我們為客人提供出色的度假體驗。

So in some cases, we've got customers who prefer gaming and dining. In other cases, we've got families who prefer shore excursions. And we now have the ability to tailor our communications and our promotions to those customers based upon what we think their key preferences are. And the fact that we can start that cadence of communication after the ticket purchase gives us the time to really engage with the customers so we can start a dialogue about the kind of products and services that they want.

因此，在某些情況下，我們的客戶更喜歡游戲和餐飲。在其他情況下，我們的家庭更喜歡岸上游覽。現在，我們有能力根據我們認為他們的主要偏好為這些客戶量身定制我們的溝通和促銷活動。事實上，我們可以在購票後開始這種交流節奏，這讓我們有時間真正與客戶互動，這樣我們就可以就他們想要的產品和服務類型展開對話。

And I think, over time, as we built this knowledge and expertise, we've become -- and to Jason's point, it really is the beginning of this journey. But I think what we've learned in this journey is, how we can offer products bundle, manage the right pricing to different customer groups and segments, and be successful with it. So we continue to see the penetration rate increasing. And obviously, the purchase is quite significant. So that's kind of the journey that we're on with this.

我認為，隨著時間的推移，隨著我們積累了這些知識和專業知識，我們已經成為——在傑森看來，這確實是這段旅程的開始。但我認為我們在這段旅程中學到的是，我們如何提供捆綁產品，為不同的客戶群體和細分市場管理正確的定價，並取得成功。因此，我們繼續看到滲透率不斷提高。顯然，購買是非常重要的。這就是我們正在進行的旅程。

Yes. And Ivan, just trying to put this into context, as everyone here who's heard us for years talk about Project Excalibur, which was our journey to take friction out of the guest experience and that has come through engagement and providing tools and technologies and app that allows you to -- whether it's booking your cruise, whether it is being able to just walk on and off of our ships in very short periods of time, on-demand services.

是的。 Ivan，只是想把它放到上下文中，因為這裡的每個人多年來都在談論 Excalibur 項目，這是我們消除客戶體驗中的摩擦的旅程，這是通過參與和提供工具、技術和應用程序來實現的允許您 - 無論是預訂您的遊輪，是否能夠在很短的時間內步行上下我們的船隻，按需服務。

So it's really kind of just continuing to bake out this journey of taking friction out. And what we know is that we could take friction out of the experience and the friction is also booking shore excursions and spa appointments, et cetera, that the guest is very much willing to spend when they're aware of what the offering is to them.

所以它真的有點像繼續烘烤這個消除摩擦的旅程。我們所知道的是，我們可以消除體驗中的摩擦，摩擦還包括預訂岸上游覽和水療預約等，當客人知道所提供的服務對他們來說是什麼時，他們非常願意花錢.

The tools and technologies also allow us to be able to yield manage in real time as well, which allows us to take advantage when there are those opportunities.

這些工具和技術還使我們能夠實時進行收益管理，這使我們能夠在有這些機會時加以利用。

And just to add, Ivan, I think one of the other beautiful things of this is, to Jason's point, with the development of the app, the integration between the pre-cruise and the app is very harmonious. So when we're communicating with you before you sell and you purchase various packages and products. And when you board the ship and you sign into the app, all of those products and services are made available to you. On a calendar, there's reminders, there's communication to you. So it's a very seamless process.

順便說一句，Ivan，我認為這其中的另一個美妙之處在於，就 Jason 而言，隨著應用程序的開發，預巡航和應用程序之間的集成非常和諧。因此，當我們在您銷售和您購買各種包裹和產品之前與您溝通時。當您登船並登錄應用程序時，所有這些產品和服務都可供您使用。在日曆上，有提醒，有與您的交流。所以這是一個非常無縫的過程。

Very good. And also, can you, let's say, proactively market both before and/or use it to proactively market both before and onboard, let's say, if there was downtime in the spa, you could...

很好。而且，比方說，您能否在之前和/或使用它來積極地在之前和船上進行營銷，比如說，如果水療中心有停機時間，您可以...

Yes. Exactly.

是的。確切地。

You're exactly right, Ivan. Yes.

你完全正確，伊万。是的。

Well, thank you for assisting, Abigail, with the call today, and we thank all of you for participation and interest in the company. Michael will be available for any follow-up you might have. I wish you all a great day.

好吧，謝謝你今天的電話協助，阿比蓋爾，我們感謝你們所有人的參與和對公司的興趣。邁克爾將隨時為您提供任何後續服務。祝大家有個美好的一天。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。