Viking Holdings Ltd (VIK) 2024 Q1 法說會逐字稿

Good morning. My name is Britney, and I will be your conference operator today. At this time, I would like to welcome everyone to Viking's first-quarter 2024 earnings conference call. As a reminder, this call is being recorded. (Operator Instructions)

早安.我叫布蘭妮，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Viking 2024 年第一季財報電話會議。提醒一下，此通話正在錄音。（操作員說明）

I would now like to turn the program to your host for today's conference, Vice President of Investor Relations, Carola Mengolini.

現在我想將議程轉交給今天會議的東道主投資者關係副總裁卡羅拉·門戈里尼 (Carola Mengolini)。

Good morning, everyone, and welcome to Viking's first-quarter 2024 earnings conference call. I am joined by Tor Hagen, Chairman and Chief Executive Officer; and Leah Talactac Chief Financial Officer. Also available during the Q&A session is Linh Banh, Executive Vice President of Finance.

大家早安，歡迎參加 Viking 2024 年第一季財報電話會議。董事長兼執行長 Tor Hagen 也出席了會議；和 Leah Talactac 財務長。出席問答環節的還有財務執行副總裁 Linh Banh。

Before we get started, please note our cautionary statement regarding forward-looking information. During the call, management may discuss information that is forward-looking and involves known and unknown risks, uncertainties, and other factors which may cause the actual results to be different than those expressed or implied.

在我們開始之前，請注意我們有關前瞻性資訊的警告聲明。在電話會議期間，管理階層可能會討論前瞻性訊息，並涉及已知和未知的風險、不確定性以及其他可能導致實際結果與明示或暗示的結果不同的因素。

Please evaluate the forward-looking information in the context of these factors which are detailed in today's press release as well as in our filings with the SEC. The forward-looking statements are as of today, and we assume no obligation to update or supplement these statements. We may also refer to certain non-IFRS financial metrics, which are reconciled and described in our press release posted on our Investor Relations website at ir.viking.com.

請根據今天的新聞稿以及我們向 SEC 提交的文件中詳細介紹的這些因素來評估前瞻性資訊。前瞻性陳述截至今天，我們不承擔更新或補充這些陳述的義務。我們也可能參考某些非 IFRS 財務指標，這些指標已在我們投資者關係網站 ir.viking.com 上發布的新聞稿中進行了核對和描述。

Tor and Leah will provide a strategic overview of the company, a recap of our first-quarter results, and an update of the current booking environment and order book. We will then open the call for your questions. To supplement today's call, we have also prepared an earnings presentation that would also be available on our Investor Relations website following this call.

Tor 和 Leah 將提供公司的策略概述、第一季業績回顧以及當前預訂環境和訂單簿的更新。然後我們將打開電話詢問您的問題。為了補充今天的電話會議，我們還準備了一份收益演示文稿，該演示文稿也將在本次電話會議後在我們的投資者關係網站上發布。

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

至此，我很高興將電話轉給 Tor。托爾？

Thank you, Carola. Good morning, everyone, and thank you for joining us today for our first earnings call as a public company. To start today's call, I'd like to provide an overview of our business and reiterate the key point of differentiation that we highlighted during our recent IPO roadshow.

謝謝你，卡羅拉。大家早安，感謝您今天參加我們作為上市公司的第一次財報電話會議。在今天的電話會議開始之前，我想概述我們的業務，並重申我們在最近的 IPO 路演中強調的差異化關鍵點。

Viking started in 1997 with four river vessels and a vision that travel should be more about the destination and also more about the local culture. We saw an opportunity to create a high-end travel experience for guests who seek more than just a vacation. And that we should also appeal to mature individuals who want to learn more about history, art, and the culture of the places they visit.

Viking 成立於 1997 年，擁有四艘河船，其願景是旅行應該更專注於目的地和當地文化。我們看到了一個機會，可以為不僅僅尋求度假的客人創造高端旅行體驗。我們也應該吸引那些想要更多地了解他們所參觀的地方的歷史、藝術和文化的成熟人士。

Over the past 27 years, Viking has grown into one of the world's leading travel companies, expanding our fleet from those four river vessels to 92 state-of-the-art ships, which we view as floating hotels. And we've built our travel platform from river cruises to ocean voyages to expeditions to the end of the world and also in the US on the Mississippi River.

在過去的 27 年裡，Viking 已發展成為世界領先的旅遊公司之一，我們的船隊從四艘內河船擴大到 92 艘最先進的船隻，我們將其視為浮動酒店。我們已經建立了我們的旅行平台，從內河巡游到遠洋航行，再到世界盡頭以及美國密西西比河的探險。

During this time, we have successfully grown the business in large part because we are so different than others in the travel industry. I'll now take some time to highlight a few of these differences.

在此期間，我們成功地發展了業務，很大程度上是因為我們與旅遊業的其他公司如此不同。現在我將花一些時間來強調其中的一些差異。

First, we maintained a clear focus on our core demographic which are curious, affluent, English-speaking travelers over 55. They have the time, money, and desire to explore the world.

首先，我們明確地關注我們的核心人群，即 55 歲以上、富有好奇心、講英語的旅行者。他們有時間、金錢和探索世界的願望。

In the US, this demographic has the largest spending power of any demographic, holding over 70% of the wealth. And they are also the fastest-growing segment of the population expected to increase from 98 million people in 2020 to 110 million people in 2030. To put things in perspective, we carried about 650,000 guests in 2023. As you see, the opportunity is great.

在美國，這群人擁有最大的消費能力，擁有超過 70% 的財富。他們也是人口成長最快的部分，預計將從 2020 年的 9,800 萬人增加到 2030 年的 1.1 億人。客觀來看，2023 年我們載客量約 65 萬人次。正如您所看到的，機會是巨大的。

Second, we operate under one brand, Viking, which stands for excellence among our guests and across the industry. Rather than creating conglomerate or different brands, all our products are a consistent extension of the one Viking brand. Being one brand also gives us flexibility and the ability to leverage scale.

其次，我們以 Viking 品牌經營，該品牌在我們的客人和整個行業中代表著卓越。我們所有的產品都是維京品牌的一致延伸，而不是創造集團或不同的品牌。作為一個品牌也為我們帶來了靈活性和利用規模的能力。

Third, we are destination focused. We feel strongly that the destination remains a destination, not the ship. And to that end, we have strategically built small ships which we have proven to operate efficiently and profitably. Moreover, our research and direct customer feedback continues to indicate that our core demographic prefers smaller ship sizes.

第三，我們以目的地為中心。我們強烈感覺到目的地仍然是目的地，而不是船。為此，我們策略性地建造了小型船舶，事實證明這些船舶能夠高效運作並獲利。此外，我們的研究和直接客戶回饋繼續表明我們的核心人群更喜歡較小的船舶尺寸。

Our ships offer quiet, understated elegance. They're uncluttered and comfortable. We call it modern luxury for the thinking person. You will find this same aesthetic across all our ships, creating a familiar comfort wherever you travel with Viking.

我們的船舶提供安靜、低調的優雅。它們整潔又舒適。我們稱之為有思想的人的現代奢華。您會在我們所有的船舶上發現同樣的美感，無論您在何處乘坐維京號旅行，都會營造出熟悉的舒適感。

And lastly, I will add that we are contrarian. We have used periods of economic downturn to secure favorable turns for our future ships, allowing us to achieve competitive prices and attractive financing.

最後，我要補充一點，我們是逆向思考。我們利用經濟低迷時期來為我們的未來船舶爭取有利的轉機，使我們能夠獲得具有競爭力的價格和有吸引力的融資。

And all this brings us to where we are today, a newly listed public company trading on the New York Stock Exchange. I'm proud of our entire Viking family for achieving this major corporate and financial milestone and grateful for the continued hard work and dedication to our guests.

所有這一切使我們成為今天的公司，一家在紐約證券交易所上市的新上市公司。我為我們整個維京家族實現這一重大的企業和財務里程碑感到自豪，並感謝他們持續的辛勤工作和對客人的奉獻。

On May 3, we completed our $1.8 billion IPO. It was priced at $24 per share. We have raised approximately $246 million of net proceeds for Viking. In the slide here, you can see our post-IPO ownership structure and the economic and voting powers of TPG, CPP Investments, the Hagen family, and all of our other investors.

5 月 3 日，我們完成了 18 億美元的 IPO。其定價為每股 24 美元。我們已為 Viking 籌集了約 2.46 億美元的淨收益。在此處的幻燈片中，您可以看到我們的 IPO 後所有權結構以及 TPG、CPP Investments、哈根家族和我們所有其他投資者的經濟和投票權。

Some say that [having] to go public, you become a different company. I venture to say we are different in this regard as well. My promise to our guests, employees, and to our shareholders is that we will continue to do four things.

有人說，上市後，你就會成為一家不同的公司。我敢說我們在這方面也有所不同。我對客人、員工和股東的承諾是，我們將繼續做四件事。

First, we will continue to obsess over our guests by offering an excellent trial experience at good value. Second, we will continue to treat all Viking employees as part of our family and keep the family ethos that has been fundamental to our company culture since the beginning.

首先，我們將繼續以物超所值的方式提供卓越的試用體驗，以吸引我們的客人。其次，我們將繼續將所有 Viking 員工視為我們家庭的一部分，並保持自成立以來一直是我們公司文化基礎的家庭精神。

Third, we will continue to be contrarian, emphasizing the importance of a long-term view and shareholder value creation. And lastly, we will continue to do what is right when it comes to the environment with our already fuel-efficient river and ocean ships and with our project to create a true zero-emission solution.

第三，我們將繼續逆勢而行，強調長遠眼光和創造股東價值的重要性。最後，我們將繼續在環境方面採取正確的做法，利用我們已經具有燃油效率的內河和遠洋船舶，以及創建真正的零排放解決方案的項目。

I will now turn the call to Leah to discuss the financials.

我現在將打電話給利亞討論財務問題。

Thank you, Tor. Good morning, everyone. I'll begin with an overview of Viking's results for the first quarter. Unless otherwise noted, my commentary on 2024 comparisons are to the same period in 2023.

謝謝你，托爾。大家，早安。我首先概述維京第一季的業績。除非另有說明，我對 2024 年比較的評論是與 2023 年同期進行的比較。

We are very pleased to have delivered a strong first quarter. On a consolidated basis, total revenue grew 14.2% year over year to $718 million, mainly due to an increase in the size of Viking's fleet and higher occupancy.

我們很高興第一季取得了強勁的業績。綜合來看，總營收年增 14.2%，達到 7.18 億美元，這主要是由於維京機隊規模的擴大和入住率的提高。

During the first quarter of 2024, capacity PCD increased by 14.5% and occupancy was 94%, an improvement of 120 basis points compared to the same period in 2023. As a reminder, we allow up to two guests per cabin. And at times, our guests may even want a single cabin. Therefore, we will never exceed 100% occupancy.

2024年第一季，PCD運能成長14.5%，入住率為94%，較2023年同期增加120個基點。謹此提醒，每間客艙最多可容納兩位客人。有時，我們的客人甚至可能想要一間單人房。因此，我們的入住率永遠不會超過100%。

Adjusted gross margin in the quarter increased 19.1% year over year to $495 million. Net yield in the first quarter was $508, which is the highest net yield we've seen in the first quarter period. Net yield grew by 2.8% compared to the first quarter of 2023. Keep in mind that in 2023, we experienced strong growth in net yield compared to 2019. Our net yield for the full year of 2023 grew by 16.7% compared to the full year of 2019.

該季度調整後毛利率年增 19.1%，達到 4.95 億美元。第一季的淨收益率為 508 美元，這是我們第一季見過的最高淨收益率。與 2023 年第一季相比，淨收益率成長 2.8%。請記住，與 2019 年相比，2023 年我們的淨收益率出現了強勁增長。我們2023年全年的淨收益率較2019年全年增長16.7%。

Net loss was $494 million for the quarter, which includes a loss of $330.5 million related to the net impact of the private placement derivative loss and interest expense related to the Series C preference shares. The Series C preference shares converted into ordinary shares immediately prior to the consummation of the company's initial public offering, which was after the first quarter of 2024. Also and as a reminder, we typically incur a net loss in the first quarter due to the seasonality of our business.

該季度淨虧損為 4.94 億美元，其中包括與私募衍生性商品損失和 C 系列優先股相關利息支出的淨影響相關的 3.305 億美元虧損。C 系列優先股在公司首次公開發行（即 2024 年第一季之後）完成之前立即轉換為普通股。另外，提醒一下，由於業務的季節性，我們通常會在第一季出現淨虧損。

Having said this, adjusted EBITDA for the first quarter improved more than $46 million compared to last year, mainly due to higher capacity passenger cruise days and higher net yields. Adjusted EBITDA was a loss of $4 million compared to a loss of $51 million for the same period in the prior year. Adjusted EBITDA for the 12 months ended March 31, 2024, was $1.14 billion, which exceeds full-year 2023 adjusted EBITDA of $1.09 billion. Adjusted EBITDA margin for the last 12 months was 36.1%.

話雖如此，第一季調整後的 EBITDA 與去年相比增加了超過 4,600 萬美元，這主要是由於客運郵輪天數的增加和淨收益率的提高。調整後 EBITDA 虧損 400 萬美元，而上年同期虧損 5,100 萬美元。截至 2024 年 3 月 31 日的 12 個月調整後 EBITDA 為 11.4 億美元，超過 2023 年全年調整後 EBITDA 10.9 億美元。過去 12 個月調整後 EBITDA 利潤率為 36.1%。

Moving to our two reportable segments, river and ocean. For Viking River, occupancy declined slightly from 93.5% in the first quarter of last year to 92.1% this quarter, primarily due to lower occupancy for our Egypt Itineraries compared to the first quarter in 2023. That said, adjusted gross margin grew 33.6% and to $108 million this quarter.

轉向我們的兩個可報告部分：河流和海洋。維京河 (Viking River) 的入住率從去年第一季的 93.5% 略有下降至本季度的 92.1%，這主要是由於我們的埃及行程的入住率低於 2023 年第一季。儘管如此，本季調整後毛利率成長了 33.6%，達到 1.08 億美元。

And as a result, net yields grew to $609 compared to $593 in the same period last year. Our first-quarter river net yields are usually the highest as we have more Egypt and Vietnam sailings compared to Europe sailings. Most of the European river sailings started in late March.

結果，淨收益率從去年同期的 593 美元增至 609 美元。我們第一季的河流淨收益通常是最高的，因為與歐洲航行相比，我們有更多的埃及和越南航行。大部分歐洲內河航行於三月下旬開始。

For Viking Ocean, occupancy improved 60 basis points to 94.5%. Adjusted gross margin grew 18.3% to $316 million this quarter. And net yield grew to $439 compared to $425 in the first quarter of 2023.

Viking Ocean 的入住率提高了 60 個基點，達到 94.5%。本季調整後毛利率成長 18.3%，達到 3.16 億美元。淨收益率從 2023 年第一季的 425 美元增至 439 美元。

Now, moving to the balance sheet. As of March 31, 2024, we had total cash and cash equivalents of $1.7 billion and net debt of $3.9 billion. To this end, our net leverage improved to 3.4 times at the end of Q1 2024 compared to 3.8 times on December 31, 2023.

現在，轉向資產負債表。截至 2024 年 3 月 31 日，我們的現金及現金等價物總額為 17 億美元，淨債務為 39 億美元。為此，我們的淨槓桿率在 2024 年第一季末提高至 3.4 倍，而 2023 年 12 月 31 日為 3.8 倍。

And we are very pleased to have received the ratings upgrade by S&P in May, where Viking Cruises Limited's corporate rating was upgraded to BB-minus from B-plus. This achievement underscores our dedication to financial prudence.

我們很高興收到標準普爾五月的評級升級，維京遊輪有限公司的企業評級從 B-+ 升級為 BB--。這項成就凸顯了我們對財務審慎的承諾。

As of March 31, deferred revenue was $4.1 billion. Also on this page, you can see our current bond maturity outlook. We have one bond maturity due in May 2025, and all other maturities are in 2027 and beyond. The scheduled principal payments for the remainder of 2024 as of March 31, 2024, and is $196 million. And for the full year 2025, it's $489 million. The scheduled principal payments for 2025 includes the [6.25] senior notes due in May 2025.

截至 3 月 31 日，遞延收入為 41 億美元。此外，在此頁面上，您還可以看到我們目前的債券到期展望。我們有一筆債券到期日為 2025 年 5 月，所有其他債券到期日均為 2027 年及以後。截至 2024 年 3 月 31 日，2024 年剩餘時間的預定本金支付金額為 1.96 億美元。2025 年全年為 4.89 億美元。2025 年預定的本金支付包括 2025 年 5 月到期的[6.25]優先票據。

From a committed capital expenditure perspective, for full year 2024, the total committed ship CapEx is expected to be about $800 million; net of financing, $420 million. And for the full year 2025, the total committed ship CapEx is expected to be about $650 million; net of financing, $30 million.

從承諾資本支出的角度來看，2024年全年，承諾的船舶資本支出總額預計約為8億美元；扣除融資後，淨額為 4.2 億美元。2025 年全年，承諾的船舶資本支出總額預計約為 6.5 億美元；扣除融資後，3000萬美元。

With that, I'll turn it back to Tor to review our business outlook, including our booking curves.

接下來，我將把主題轉回 Tor 來回顧我們的業務前景，包括我們的預訂曲線。

Thanks, Leah. As I mentioned earlier, we believe in the importance of taking a long-term view of our business and creating shareholder value. We do not feel we should manage the business for short-term earnings. And as such, we will not be providing guidance in the same manner as many other public companies.

謝謝，莉亞。正如我之前提到的，我們相信以長遠的眼光看待我們的業務和創造股東價值的重要性。我們認為我們不應該為了短期收益而管理業務。因此，我們不會像許多其他上市公司那樣提供指導。

In communicating with our bondholders over the years, we have provided our booking curves on a quarterly basis. And we intend to continue this practice when communicating with our equity holders.

多年來與債券持有人的溝通中，我們按季度提供了預訂曲線。我們打算在與股東溝通時繼續這種做法。

Looking at this slide here, we are well positioned for 2024, with 91% of our capacity PCDs booked for our core products of $4.6 billion of advanced bookings. This is 15% higher than the 2023 season at the same point in time.

從這張投影片來看，我們為 2024 年做好了充分準備，我們 91% 的 PCD 產能已預訂給我們的核心產品，提前預訂金額達 46 億美元。這比2023年賽季同期同期高出15%。

2025 is interesting as well. We are 39% booked of $2.5 billion of advanced bookings. This is 27% higher than the 2024 season at the same point of time in 2023.

2025 年也很有趣。在 25 億美元的提前預訂中，我們預訂了 39%。這比 2023 年同一時間點的 2024 年賽季高出 27%。

And on the next slide, you will see our ocean curves. The green line shows the bookings for 2024, and the blue line shows the bookings for 2025. As of May 19, we have sold 91% and 47% of our capacity PCDs for the 2024 and '25 seasons, respectively. We feel good about these trends as advanced bookings were 16% and 30% higher in comparison to the 2023 and '24 seasons, respectively, at the same point in time, and we're booking at attractive rates.

在下一張投影片上，您將看到我們的海洋曲線。綠線顯示 2024 年的預訂量，藍線顯示 2025 年的預訂量。截至 5 月 19 日，我們已分別售出 2024 年和 25 年賽季 PCD 產能的 91% 和 47%。我們對這些趨勢感到滿意，因為與 2023 年和 24 年同期相比，提前預訂量分別增加了 16% 和 30%，而且我們的預訂價格很有吸引力。

Turning to the next slide, we show the same presentation for our River business. On May 19, we have sold 92% and 30% of our capacity PCD for 2024 and 2025 seasons, respectively. These advanced bookings were 13% and 19% higher in comparison to the 2023 and '24 seasons at the same point in time, and rates here are quite attractive as well.

轉向下一張投影片，我們展示了有關河流業務的相同簡報。5 月 19 日，我們分別售出了 2024 年和 2025 年季 PCD 產能的 92% 和 30%。與 2023 年和 24 年同期相比，這些提前預訂量分別增加了 13% 和 19%，而且這裡的價格也相當有吸引力。

Now Leah, will you walk through our order book?

現在，Leah，您能瀏覽一下我們的訂單簿嗎？

Sure. Thank you, Tor. Moving to our order book, I will discuss the capacity we expect to come online over the next several years through our new building contracts.

當然。謝謝你，托爾。轉向我們的訂單簿，我將討論我們預計在未來幾年透過新建築合約上線的產能。

For our river business, we have 18 river vessels in our order book to be delivered by 2026. 11 of these vessels would operate in Europe, six in Egypt, and one in Vietnam and Cambodia. We have also signed options for eight additional river vessels, four of which have an exercise date of October 30, 2024, for delivery in 2027; and four of which will have an exercise date of October 30, 2025, for delivery in 2028. And for Ocean, we have six ships in our order book to be delivered by 2028.

對於我們的內河業務，我們的訂單簿中有 18 艘內河船舶將於 2026 年交付。我們也簽署了另外 8 艘內河船舶的選擇權，其中 4 艘的行使日期為 2024 年 10 月 30 日，將於 2027 年交付；其中四艘的行權日期為2025年10月30日，並於2028年交付。對於 Ocean，我們的訂單中有六艘船將於 2028 年交付。

In addition, in May 2024, we exercised options for ocean ship '17 and '18, which are both scheduled for delivery in 2029. We will enter into contracts with the shipyard, which will be subject to certain financing and other conditions.

此外，2024年5月，我們行使了遠洋船'17和'18的選擇權，這兩艘船均計劃於2029年交付。我們將與船廠簽訂合同，該合約將受到一定的融資和其他條件的約束。

Further, we have the option for two additional ocean ships for delivery in 2030 with an option exercise date of May 30, 2025. In both scenarios, we will be prudent and fact-based in deciding on whether we convert options to firm orders, all with intention of maintaining our market-leading position in rivers and oceans.

此外，我們還可以選擇在 2030 年交付另外兩艘遠洋船舶，選擇權行使日期為 2025 年 5 月 30 日。在這兩種情況下，我們都會謹慎並基於事實來決定是否將選擇權轉換為確定訂單，所有這些都是為了保持我們在河流和海洋的市場領先地位。

In summary, we are very pleased with our results for the quarter. We feel Viking is well positioned to continue to grow in the future through the combination of strong advanced booking trends and capacity expansion through new builds.

總之，我們對本季的業績非常滿意。我們認為，透過將強大的先進預訂趨勢與新建的產能擴張相結合，維京航空處於有利位置，可以在未來繼續成長。

That concludes our prepared remarks. I will now turn it back to the operator to take questions.

我們準備好的演講到此結束。我現在將其轉回接線員詢問問題。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）Matthew Boss，摩根大通。

Great. Thanks and congrats on a really nice quarter. So Tor, could you elaborate on current demand trends in just your perspective as we think about the nearly 40% booked position for 2025? I think you said that's about 27% higher than the same time a year ago.

偉大的。感謝並祝賀這個季度非常美好。那麼，Tor，當我們考慮 2025 年近 40% 的預訂職位時，您能否從您的角度詳細說明當前的需求趨勢？我想你說過這比一年前同期高出約 27%。

And then, Leah, just with the business booked 91% for this year, just help us to think about the yield cadence for the remainder of the year. And multi-year, I think you've laid out low single digits relative to mid-single-digit yields historically. Just how best to think about potential conservatism within that metric.

然後，Leah，今年的業務預訂率為 91%，請幫助我們考慮今年剩餘時間的收益率節奏。從多年來看，我認為相對於歷史上的中個位數收益率，您已經制定了較低的個位數收益率。如何最好地考慮該指標內潛在的保守主義。

Should I take a high-level stab at that first? And then maybe I can get some help from Linh. We are in different continents today, so we may have a little coordination issues.

我應該先採取高水準的嘗試嗎？然後也許我可以從 Linh 那裡得到一些幫助。今天我們身處不同的大陸，所以我們可能會遇到一些協調問題。

But I would say that our current bookings proceed pretty much as we would have planned, I'd say. We have no surprises to speak of. Things are going very fine. That's at a very high level. I think Linh can add substance to that statement.

但我想說的是，我們目前的預訂進度與我們的計劃基本一致。我們沒有什麼好說的。事情進展得很順利。這是一個非常高的水平。我認為 Linh 可以為該聲明補充實質內容。

Yeah. Thanks, Tor. Hi (inaudible) this is Linh. I think for 2025, we are 39% sold and we are seven months out from even the season start. So it's a good position to be in. I think we are, as Tor said, where we should be on the curve or what we would prefer.

是的。謝謝，托爾。嗨（聽不清楚）我是 Linh。我認為在 2025 年，我們的銷量為 39%，距離賽季開始還有 7 個月的時間。所以這是一個很好的位置。我認為，正如托爾所說，我們應該處於曲線上的位置或我們希望的位置。

For 2024, we are 91% sold. The remaining inventory really is the fourth quarter. And as -- many of us are aware that the fourth quarter is generally a low season. So we do expect yields to go down slightly as we sell out the rest of the year.

到 2024 年，我們已售出 91%。剩餘庫存確實是第四季的。我們許多人都知道第四季通常是淡季。因此，我們確實預計，隨著今年剩餘時間的出售，收益率將略有下降。

Thank you. Steve Wieczynski, Stifel.

謝謝。史蒂夫·維琴斯基，斯蒂菲爾。

Yeah. Hey, guys. Good morning., and congratulations on becoming a public company.

是的。大家好。早安。

So I guess my first question is around your forward-booked position, which continues to be pretty strong. But if we think about the pricing on your forward bookings, it looks to us like it's running in that, let's call it, mid- to high single-digit range, which is probably, I'd say, a little stronger than what we were thinking and what's out there embedded in consensus today.

所以我想我的第一個問題是關於您的遠期預訂頭寸，該頭寸仍然非常強勁。但是，如果我們考慮一下您的遠期預訂的定價，我們認為它正在運行，讓我們稱之為中高個位數範圍，我想說，這可能比我們的定價要強一些。達成的共識。

So maybe just wondering how you guys think about yield growth over the long term. And maybe, any help you can give us as to maybe what your long-term yield outlook essentially looks like? Thanks.

所以也許只是想知道你們如何看待長期收益率成長。也許，您可以給我們任何幫助，以了解您的長期收益率前景基本上是什麼樣的？謝謝。

Hi. This is Linh, if I can take this one quickly. In the end, Tor, please chime in here. Historically, we have been able to grow yields in the mid to high single digits. I think as we look to the future years, we will always [try] the demand. Currently, based on our curves, you could say that our prices are higher compared to the prior season at the same time, a good amount.

你好。這是Linh，如果我能盡快接受這個的話。最後，Tor，請插話一下。從歷史上看，我們的產量一直能夠實現中高個位數的成長。我認為，展望未來，我們將始終[嘗試]需求。目前，根據我們的曲線，您可以說我們的價格比上一季同時期要高，而且很多。

I think our goal is always to try to keep prices fair, and mid to high single digits has been something we've been able to achieve historically. And as we look forward, as I said, we would price with demand.

我認為我們的目標始終是努力保持價格公平，而中高個位數一直是我們歷史上能夠實現的目標。正如我所說，展望未來，我們將根據需求定價。

And can I ask one more, if I could? So I just want to ask about the decision to not give guidance. And it seems to us that giving guidance for you guys would probably be a lot easier given your advanced booking curve and the fact you don't really generate onboard revenue. So the yields variability is a lot less versus your cruise peers. So just want to try to understand that decision.

如果可以的話我可以再問一個嗎？所以我只想問一下不給予指導的決定。在我們看來，考慮到你們先進的預訂曲線以及你們並沒有真正產生機上收入的事實，為你們提供指導可能會容易得多。因此，與郵輪同行相比，收益率的波動性要小得多。所以只是想嘗試理解這個決定。

No, we have had bonds outstanding for a few years, and we stuck to the theme that we should not give guidance then. And I think what we now do by the -- I think these booking curves are probably more information than you are likely to get from any of the other cruise line operators. We also give segment information, so I think we try to be quite transparent.

不，我們已經有幾年未償還的債券了，我們堅持的主題是我們不應該在那時提供指導。我認為我們現在所做的——我認為這些預訂曲線可能比您從任何其他遊輪運營商那裡獲得的資訊更多。我們還提供細分信息，所以我認為我們會盡量保持透明。

And I think when we see -- when we look at the booking curves, I think, there will always be some uncertainty up and down. And I don't think we should necessarily speak to that uncertainty. I think that's something that I think analysts and investors can also assess based on the information they are given. So I think that we like to talk about what we have done rather than what we hope to do, and I think we'll try to stick to that.

我認為，當我們看到預訂曲線時，我認為總是會存在一些上下的不確定性。我認為我們不一定應該談論這種不確定性。我認為分析師和投資者也可以根據他們獲得的資訊來評估這一點。所以我認為我們更喜歡談論我們已經做了什麼而不是我們希望做什麼，我認為我們會努力堅持這一點。

Yeah. I just want to add to that that part of the reason is we are long term in terms of how we view the business and also in the shareholder value creation. And one of the things that makes us successful is that we are flexible and we're nimble.

是的。我只想補充一點，部分原因是我們在看待業務以及股東價值創造方面都是長期的。讓我們成功的因素之一就是我們的靈活性和敏捷性。

And we feel that once you start getting guidance, then you start to lose some of that DNA that makes us Viking. And then also, I wanted to add that booking curves are facts. So that's not speculative. That's what we've achieved. And so facts we can stand by rather than forward projections and guidance.

我們覺得，一旦你開始接受指導，你就會開始失去一些讓我們成為維京人的 DNA。然後，我想補充一點，預訂曲線是事實。所以這不是推測。這就是我們所取得的成就。因此，我們可以站在事實一邊，而不是前瞻性的預測和指導。

Okay, understood. Thanks, guys. Appreciate it.

好的，明白了。多謝你們。欣賞它。

Thank you. Robin Farley, UBS.

謝謝。羅賓法利，瑞銀集團。

Great. Thank you. I do want to echo the sentiment. I think that given how much further Viking books in advance, I do think investors probably were thinking that would enable Viking to give guidance with higher conviction than -- and higher visibility than maybe some other companies that don't have as much visibility. So it is a little bit surprising not to have -- not to share your visibility in that way. So maybe you could -- if you could help us in thinking about the data points that you are sharing, the advanced booking per passenger cruise day, when you talk about 2025, that being up 12%.

偉大的。謝謝。我確實想回應這種情緒。我認為，考慮到維京公司提前預訂的數量，我確實認為投資者可能認為這將使維京公司能夠比其他一些知名度不高的公司提供更高的信念和更高的知名度。因此，不以這種方式分享您的知名度有點令人驚訝。所以也許你可以 - 如果你能幫助我們思考你所分享的數據點，每個乘客郵輪日的提前預訂，當你談論 2025 年時，會增加 12%。

Maybe if you could help investors just to understand whether -- does that booking curve -- because you're familiar with how your booking growth changes over the course of the year approaching sailing. Investors are not as familiar with that, so other companies don't share that. Is that 12% increase representative of where you expect yield to come in? And if not, if you could talk to us about how we should view that 12%, what our expectations should be given that data point that you're sharing. Thanks.

也許你可以幫助投資者了解預訂曲線是否如此，因為你熟悉預訂成長在接近航行的一年中如何變化。投資者對此並不熟悉，因此其他公司不會分享這一點。12% 的增幅是否代表您預期收益率的水平？如果沒有，您能否與我們討論我們應該如何看待這 12%，以及根據您分享的數據點，我們應該抱持什麼樣的期望。謝謝。

Hi, Robin. This is Linh. So I think from our perspective, as we indicated, we do try to price demand. For oceans, oceans does operate year-round. And so then, selling there generally starts earlier, which you could see. For 2025 for oceans, we're 47% sold. The pricing there is about 13% higher year over year.

嗨，羅賓。這是林。因此，我認為從我們的角度來看，正如我們所指出的，我們確實試圖對需求進行定價。對於海洋來說，海洋確實全年運作。所以，你可以看到，那裡的銷售通常開始得更早。到 2025 年，我們的海洋業務已售出 47%。那裡的價格年增約13%。

And as for rivers, rivers mainly starts this season, especially in Europe where the bulk of our capacity is, in March and April. And for rivers, you can see your operating capacity. We've sold 30% of 2025.

至於河流，河流主要在這個季節開始，特別是在歐洲，我們的大部分容量都在三月和四月開始。而對於河流，你可以看到你的運作能力。2025 年我們已售出 30%。

And so the general cadence is our high season and our higher cabin generally sells first. And so we do see as we open up the season that pricing is generally higher. And then as we sell into the season, whether that be low season or the lower categories, pricing will trend downwards.

因此，一般節奏是我們的旺季，我們的高級客艙通常首先銷售。因此，隨著季節的開始，我們確實看到定價普遍較高。然後，當我們進入銷售旺季時，無論是淡季還是較低類別，價格都會呈現下降趨勢。

I think for '24, you can see that here, where for '24, we're 91% sold. And the pricing there may come down a little bit as we sell the rest of 2024, which is really in the fourth quarter. But you can see that trend as we continue to sell.

我認為對於 24 年，您可以在這裡看到，對於 24 年，我們的銷售量為 91%。隨著我們出售 2024 年剩餘時間（實際上是第四季度），那裡的定價可能會略有下降。但隨著我們繼續銷售，你可以看到這種趨勢。

In theory -- just thinking about prior curves. If every year, you sell the higher season and higher-priced cabins first and every year then later on, you're selling the more average priced cabins, wouldn't that be a consistent percent change year over year? And if not, I just -- I want to make sure that there's not an expectation that your price is going to be up 12%.

理論上——只需考慮先前的曲線。如果每年，您首先出售旺季和價格較高的小屋，然後每年再出售價格更平均的小屋，那麼這不是逐年一致的百分比變化嗎？如果沒有，我只是——我想確保你們的價格不會上漲 12%。

If you would suggest that it's not going to be, I think that will be helpful to be clear on that. But just thinking about it year over year, it seems like that would be the -- that will be the case that the base would also move down last year so that maybe the percent change would be representative. And if it's not, it would just be helpful to understand that that's not the expectation that investors should have. Thank you.

如果您認為不會，我認為澄清這一點會有所幫助。但只要逐年考慮一下，似乎去年的基數也會下降，這樣百分比的變化可能就具有代表性了。如果不是，那麼了解這不是投資人應該有的期望將會有所幫助。謝謝。

Generally speaking, we sell based on demand, and we will also have mix and deployment differences year over year as we add new vessels and depending on which itineraries sell first as well. So I understand the question.

一般來說，我們根據需求進行銷售，隨著新船的增加以及首先銷售的航線，我們也會逐年出現組合和部署差異。所以我理解這個問題。

I think it's hard for us to say that the selling patterns will be consistent year over year at the end of the day. But we are quite pleased with where we are positioned for 2025 today. Prices are up for '25. Prices are up for '24. And I think as we've seen as well, historically, we've been able to increase prices in the mid- to high single digits.

我認為我們很難說銷售模式最終會逐年保持一致。但我們對今天 2025 年的定位感到非常滿意。25年的價格上漲了。24 號的價格上漲了。我認為，正如我們所看到的，從歷史上看，我們能夠將價格提高到中高個位數。

Thank you.

謝謝。

Thank you. Andrew Didora, Bank of America.

謝謝。安德魯·迪多拉，美國銀行。

Hi. Good morning, everyone. Thanks for the questions. Tor or Leah, are there any guideposts you can give us in terms of how you're thinking about net leverage or liquidity targets as you build cash here over the next few years?

你好。大家，早安。感謝您的提問。Tor 或 Leah，您在未來幾年在這裡累積現金時如何考慮淨槓桿或流動性目標，是否可以為我們提供任何指導？

Yeah. Maybe I should take that one. We have had a few roadshows lately, and the question has come up there, too. And there, we reported what the net leverage was at the end of last year, 3.7, if I'm not mistaken. Now, we're down to 3.4. And that is certainly a leverage level where we are comfortable, quite frankly.

是的。也許我應該拿那個。我們最近進行了幾次路演，這個問題也出現了。如果我沒記錯的話，我們報告了去年底的淨槓桿率為 3.7。現在，我們降到了 3.4。坦白說，這當然是我們感到滿意的槓桿水平。

So that's that. Of course, you can see we are generating a fair amount of cash, so it could go further down if nothing more happens. And that would be fine, too.

就是這樣。當然，你可以看到我們正在產生相當數量的現金，所以如果不出意外的話，現金可能會進一步下降。那也很好。

I think we don't have any -- you see what our capital investment program is, so you can model that out. We -- for the time being, at least, we don't have any plans of paying dividend. I believe that -- our family is a large shareholder in this, and I think we can't see much better investment opportunity than we have in this company.

我認為我們沒有——你知道我們的資本投資計劃是什麼，所以你可以對其進行建模。至少目前我們沒有任何支付股利的計畫。我相信－我們的家族是這家公司的大股東，我認為我們看不到比這家公司更好的投資機會。

So I think there are no dividend or buybacks planned of any type. So I think we will have a good base for expanding the business that we have. But it should be a profitable expansion, not expansion for expansion's sake.

因此，我認為沒有任何類型的股利或回購計劃。因此，我認為我們將為擴大現有業務奠定良好的基礎。但這應該是一種有利可圖的擴張，而不是為了擴張而擴張。

I think we have a benefit of a great order book, which we have got good prices. So I think -- and then we combine that balance sheet, which is probably among the best in the industry. I think we're in a good position.

我認為我們的好處是訂單量大，價格也不錯。所以我認為 - 然後我們合併該資產負債表，這可能是業內最好的。我認為我們處於有利位置。

Great. Thank you for that. And if I could maybe ask one more just on the growth opportunities. I understand the opportunities on the ocean side. I guess just in terms of river growth, over time, you've obviously branched out of Europe into the Nile to Vietnam. Tor, where do you see incremental opportunities to deploy the 18 river vessels that you currently have on order? Thank you.

偉大的。謝謝你。我是否可以再問一個關於成長機會的問題。我了解海邊的機會。我想就河流的成長而言，隨著時間的推移，你顯然已經從歐洲分支到尼羅河到越南。Tor，您認為在哪裡部署您目前訂購的 18 艘內河船舶的增量機會？謝謝。

Well, the long ships are planned deployed on the rivers in Europe. That's the nature of their design, and I think there's definitely demand there for that from our existing markets.

那麼長船就計劃部署在歐洲的河流上。這就是他們設計的本質，我認為我們現有的市場肯定對此有需求。

Of course, we also -- as you know, we have an embryonic effort in China, where we have currently deployed four river ships in European -- on European Rivers to the Chinese source market. And they have good ratings. We're not full yet.

當然，正如你所知，我們在中國也做出了初步的努力，目前我們在歐洲部署了四艘內河船舶，在歐洲河流上前往中國客源市場。他們有很好的收視率。我們還沒滿。

This is an area where we see potential, but we should be very careful that we don't overstate it. But I think there is more potential for building river ships, too.

這是一個我們看到潛力的領域，但我們應該非常小心，不要誇大它。但我認為建造內河船舶也有更大的潛力。

Thank you.

謝謝。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey. Good morning, everyone, and congrats on the recent IPO. I wanted to ask the question about bookings in a little bit more granular manner. Maybe if you could talk about the difference between river and ocean and how those subsegments track along the booking curve.

嘿。大家早安，恭喜最近的首次公開募股。我想以更細緻的方式詢問有關預訂的問題。也許您可以談談河流和海洋之間的差異以及這些細分市場如何沿著預訂曲線變化。

Because I believe that for ocean, you guys are tracking up in that mid-teens for 2025. Whereas rivers, you're tracking up mid-single digits. So as we think about filling in those curves over the next several quarters, how should we think about maybe the difference in pricing power that you have there?

因為我相信，對於海洋，你們將在 2025 年以十幾歲的速度追蹤。而河流，你正在追蹤中個位數。因此，當我們考慮在接下來的幾季填充這些曲線時，我們應該如何考慮定價能力的差異？

Sure. Hi. This is Linh. So I think the biggest difference between oceans and rivers is ocean operates year-round. And so as we open the season, it generally will open a little earlier than rivers, which is where you see [off-break] capacity. We've sold 47% of '25 for oceans already. And for Rivers, which the bulk of our capacity is in Europe, the European river season mainly starts in March, April. And so there is a seasonality difference first and foremost.

當然。你好。這是林。所以我認為海洋和河流之間最大的區別是海洋全年運行。因此，當我們賽季開始時，它通常會比河流早一點開放，這就是您看到[休息時間]容量的地方。我們已經售出了 47% 的 25 年海洋產品。對河流來說，我們大部分的運力都在歐洲，歐洲河流季節主要從三月、四月開始。因此，首先存在季節性差異。

The second thing is, as you can see for Rivers, we're 30% sold for 2025 at pricing of almost $1,000 per day. So for rivers, we generally do see very high season, higher cabin categories and also itineraries that yield a higher yield and generally will sell first. We do not expect our yields to stay at almost $1,000 per day. And so understanding, if you just do math, $425 for Rivers, we're 6% ahead.

第二件事是，正如您在 Rivers 中看到的那樣，我們 2025 年的 30% 已售出，價格接近每天 1,000 美元。因此，對於河流，我們通常會看到非常旺季、更高的客艙類別以及產量更高且通常首先出售的行程。我們預計我們的收益率不會保持在每天 1,000 美元左右。所以，如果你算算一下，里弗斯 425 美元，我們就領先 6%。

But if you step back, looking at the pricing itself, it's rather high. And I think as we continue to sell the river season and the rest of the season, we will see that come down.

但如果你退後一步，看看定價本身，你會發現它相當高。我認為，隨著我們繼續出售河流季節和本季的其餘時間，我們會看到這種情況下降。

Got it. That's helpful. And then just in terms of the balance sheet, right? I think that you guys -- obviously, you're generating a lot of cash. and you already addressed that to some extent. But I mean, high level, next year, you're going to be, I think -- net of ship financing, your CapEx is only $30 million. You are building cash.

知道了。這很有幫助。然後就資產負債表而言，對吧？我認為你們——顯然，你們正在賺很多錢。你已經在某種程度上解決了這個問題。但我的意思是，高層，我認為，明年，扣除船舶融資後，您的資本支出僅為 3000 萬美元。你正在累積現金。

Is there an impetus or goal to get to investment grade? And as far as the capital allocation, dividends and share repos don't seem a priority. And it seems like the growth CapEx is accounted for. So what is it that you -- how do you think about deploying that cash?

是否有達到投資等級的動機或目標？就資本配置而言，股利和股票回購似乎並不是優先考慮的事情。資本支出的成長似乎已被考慮。那麼，您認為如何部署這些現金呢？

Yeah. I don't want to make any forecast, but (inaudible) we never had any ambition to be investment grade. I think we are primarily in the business of creating value for our shareholders. I think our bondholders have had a good ride with us, so don't get me wrong.

是的。我不想做任何預測，但（聽不清楚）我們從來沒有任何達到投資等級的野心。我認為我們的首要任務是為股東創造價值。我認為我們的債券持有人與我們一起度過了愉快的時光，所以請不要誤會我的意思。

But we have said that a BB rating is not -- BB rating is not a bad rating to have. I think it's -- we have to optimize the capital structure. So I don't see any -- no, no we don't currently have any stated ambition of becoming investment grade on the bond side.

但我們已經說過，BB 評級並不是——BB 評級並不是一個糟糕的評級。我認為我們必須優化資本結構。所以我沒有看到任何——不，不，我們目前沒有任何在債券方面成為投資等級的明確目標。

I think we have opportunities, investment opportunities that we'll make use of, and that will be it. I think the financing we get being a BB (inaudible) is good enough.

我認為我們有機會，我們會利用的投資機會，僅此而已。我認為我們作為 BB（聽不清楚）獲得的融資已經足夠好了。

Got it. Thanks so much for all the detail.

知道了。非常感謝您提供所有詳細資訊。

Thank you. Meredith Jensen, HSBC.

謝謝。梅雷迪思·詹森，匯豐銀行。

Hi. Good morning. I was wondering if you could speak a little bit about the excursion business, and how many people are taking advantage of that, and the economics that go into it as you build out some of those other trips that your loyal guests can take advantage of. That would be great. Thank you.

你好。早安.我想知道您是否可以談論短途旅行業務，有多少人正在利用它，以及當您建立一些您的忠實客人可以利用的其他旅行時所涉及的經濟學。那太好了。謝謝。

Hi, Meredith. I think when we speak about our extrusion business, it's twofold. So we have pre- and post-cruise extensions, which are packages that you can add to your cruise before or after your cruise. It's a couple of nights at a hotel with some tours that may be involved. And we have a variety of packages that you can purchase. Almost 40% of our guests do opt for that.

嗨，梅雷迪思。我認為當我們談論我們的擠壓業務時，它是雙重的。因此，我們提供遊輪前和遊輪後延期服務，您可以在遊輪之前或之後將這些套餐添加到您的遊輪中。這是在酒店住幾個晚上，可能會涉及一些旅行。我們有多種套餐可供您購買。近 40% 的客人確實選擇了這一點。

And then also, of course, what you have for others, which is optional excursion. I think it's very important for us to note that Viking is an all-inclusive product. That is our business model. We believe in providing our guests with a package that they know well ahead of time what the costs are, what's included. But of course, guests can also augment their [van tour] or cruise with things such as pre-post and an optional excursion.

當然，還有您為他人提供的，即可選的短途旅行。我認為我們必須注意到 Viking 是一款包羅萬象的產品。這就是我們的商業模式。我們相信為我們的客人提供一個套餐，讓他們提前清楚了解費用和包含的內容。當然，客人還可以透過事前安排和可選遊覽等方式來豐富他們的[貨車之旅]或遊輪之旅。

And so from an optional excursion perspective, we have seen that grow over the years, which -- all these things have added to what you see as our net yields to date. Last year, we had net yields of almost $500 per day, which is quite strong from our perspective.

因此，從可選的遊覽角度來看，我們已經看到這些年來增長，所有這些都增加了您所看到的我們迄今為止的淨收益率。去年，我們每天的淨收益率接近 500 美元，從我們的角度來看，這相當強勁。

Great. One additional question. I know you all are very deliberate about languages and how -- the comfort level of the guests in terms of being on ship. I was wondering -- just looking at, for example, the number of listings in certain languages that you advertise for on LinkedIn, how -- other areas or base of communities and languages that you might think would be an opportunity long term outside of China, which we know is another long-term area, that you're interested.

偉大的。還有一個問題。我知道你們都非常關心語言以及客人在船上的舒適度。我想知道 - 例如，僅查看您在 LinkedIn 上做廣告的某些語言的清單數量，您可能認為在中國以外的其他領域或社區基礎和語言將是一個長期機會，我們知道這是您感興趣的另一個長期領域。

I think at this stage, Meredith, English-speaking language is our main focus. And as Tor mentioned, the Mandarin speaking is in its embryonic stage. Beyond that, could there be other opportunities in other languages? There could be, but that would be further out. I think for the moment, we are going to focus on those two languages.

梅雷迪思，我認為現階段英語是我們的主要關注點。正如托爾所提到的，國語還處於萌芽階段。除此之外，是否還有其他語言的機會？可能有，但那會更遠。我認為目前我們將重點放在這兩種語言上。

Awesome. Thanks so much, Leah.

驚人的。非常感謝，莉亞。

Thank you. Stephen Grambling, Morgan Stanley.

謝謝。史蒂芬‧格蘭布林，摩根士丹利。

Hey. Thanks. As you stay in the ocean over the next few years, can you talk to how the itineraries are potentially going to change both in thinking through the new locations and/or duration?

嘿。謝謝。當您在未來幾年留在海洋中時，您能談談在考慮新地點和/或持續時間時行程可能會發生怎樣的變化嗎？

I think we -- the way we are, we pretty much cover the world, I would say. So I think it will be more of the same. Of course, in the short term, we have -- you can see some issues related to what happened in the Red Sea, and we are dealing with that properly, I think.

我認為我們——按照我們現在的方式，我們幾乎覆蓋了整個世界，我想說。所以我認為它會更加相似。當然，從短期來看，我們——你可以看到一些與紅海發生的事情有關的問題，我認為我們正在妥善處理這些問題。

But I think apart from that, I don't think we'll see much change. It will be more of the same. Of course, you can see for the Chinese market. it's a question of what product can we offer them. And we have one joint venture ship where we have a 10% interest. That could be deployed slightly differently. That could be an expansion opportunity. to the different markets, I would say.

但我認為除此之外，我認為我們不會看到太多變化。它將更加相同。當然，你可以看看中國市場。問題是我們能為他們提供什麼產品。我們還有一艘合資船，我們擁有10%的權益。部署方式可能略有不同。這可能是個擴張機會。我想說的是，針對不同的市場。

Yeah. And I also want to add. So when we think about our ocean capacity coming online, we will continue to deploy in the regions that we are small ship experts at rather than being largely Caribbean focused. But I also wanted to point out that we do operate year-round in certain regions.

是的。我還想補充一下。因此，當我們考慮我們的海洋運力上線時，我們將繼續在我們擅長小型船舶的地區部署，而不是主要集中在加勒比地區。但我還想指出，我們確實在某些地區全年運作。

So for example, in search of Northern Lights, you wouldn't expect -- you would not expect that people would want to go there in the off-season, but they do. Then they look for the Northern Light. And then also [in the med] were there in the quiet season, which our guests also appreciate.

舉例來說，在尋找北極光時，你不會期望——你不會期望人們會在淡季去那裡，但他們確實願意。然後他們尋找北極光。然後[在醫學上]在安靜的季節也在那裡，我們的客人也很欣賞。

So given just the type of demographic and the people that are drawn to our products, they know that -- in times where you wouldn't necessarily think people would travel to certain regions, that's when they know it's best to go. So based on just that difference, we feel that there's ample opportunity for our oncoming fleet.

因此，考慮到人口類型和被我們產品吸引的人們，他們知道，在你不一定認為人們會去某些地區旅行的時代，他們知道最好去的時候。因此，基於這種差異，我們認為我們即將到來的機隊有充足的機會。

And perhaps a follow-up on river for those less familiar, what are some of the competitive barriers to entry for this market? And how might the operating leverage of river differ versus cruise? In other words, do you generally expect more or less flexibility in the cost structure versus ocean?

對於那些不太熟悉的人來說，也許是河牌圈的後續行動，進入這個市場的一些競爭障礙是什麼？內河遊輪的營運槓桿與遊輪有何不同？換句話說，與海運相比，您通常期望成本結構的靈活性更高還是更低？

I think that --

我覺得--

Well, from a river perspective, I think what sets us apart here is just our scale, the fact that we have identical vessels and that there are many of them. So from a competitive advantage perspective, I think it would be difficult for people to enter into that space and given that we are over 50% of the market share also. So we have great brand awareness from a river perspective.

嗯，從河流的角度來看，我認為我們在這裡與眾不同的只是我們的規模，事實上我們擁有相同的船隻，而且數量很多。因此，從競爭優勢的角度來看，我認為人們很難進入這個領域，而且我們也擁有超過 50% 的市場份額。因此，從河流的角度來看，我們擁有很高的品牌知名度。

Also the fact that we have the docking locations that we either have long-term leases or control. We have about 97 of them. And then also forward-booking curve. So our forward-booking curve gives us flexibility into what itineraries and locations are selling well. So we're able to plan for the future much earlier than others and secure those docking locations.

此外，我們擁有長期租賃或控制的停靠地點。我們大約有 97 個。然後還有遠期預訂曲線。因此，我們的提前預訂曲線使我們能夠靈活地了解哪些行程和地點最暢銷。因此，我們能夠比其他人更早規劃未來並確保這些對接位置的安全。

Great. Thanks so much.

偉大的。非常感謝。

Thank you. We have reached our allotted time for questions. I would now like to turn the call back over to Tor Hagen, Viking's Chairman and CEO, for closing remarks.

謝謝。我們已經到達了規定的提問時間。現在我想將電話轉回 Viking 董事長兼執行長 Tor Hagen，讓其致閉幕詞。

Well, I want to thank everyone for joining in this, what we call, our virgin earnings call for our new shareholders. I thank you for your support and interest in Viking. I wish you a great day.

好吧，我要感謝大家參加我們所謂的新股東首次獲利電話會議。感謝您對 Viking 的支持與興趣。我祝福你有個美好的一天。