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    Vince Ciepiel • Cleveland Research Company

    Vince Ciepiel's questions to Tripadvisor Inc (TRIP) leadership

    Vince Ciepiel's questions to Tripadvisor Inc (TRIP) leadership • Q2 2025

    Question

    Vince Ciepiel of Cleveland Research Company asked for details on the recently updated TripAdvisor app, including its traffic contribution, monetization strategy, and rollout plans. He also inquired about any recent shifts in the full-year revenue contribution outlook between the Brand TripAdvisor and Viator segments.

    Answer

    President and CEO Matt Goldberg described the app's relaunch as a personalized travel companion with a new rewards program and in-app booking capabilities, noting it drives higher ARPU and reduces paid media reliance, with a US-first rollout. CFO Mike Noonan confirmed the full-year consolidated guidance remains unchanged, acknowledging factors like increased free traffic pressure at Brand TripAdvisor and booking mix effects at Viator, but expressed confidence in the overall range.

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    Vince Ciepiel's questions to Royal Caribbean Cruises Ltd (RCL) leadership

    Vince Ciepiel's questions to Royal Caribbean Cruises Ltd (RCL) leadership • Q2 2025

    Question

    Vince Ciepiel of Cleveland Research Company asked for more details on the new River cruising product, including the company's conviction level in scaling the fleet and curating the shoreside experience. He also inquired if the current annual CapEx of around $5 billion is a good run-rate to assume for 2026 and 2027.

    Answer

    President & CEO Jason Liberty expressed high confidence in the river cruise product, noting the ship design will be a meaningful differentiator and that pre-launch customer interest is already high enough to create a long backlog. He stated the main challenge is accelerating the rollout to meet this demand. CFO Naftali Holtz did not provide specific future CapEx guidance but explained that the annual figure depends on the number and size of ship deliveries each year. He noted that after funding core maintenance, destination projects, and modernization, the company generates significant excess cash flow for strengthening the balance sheet and shareholder returns.

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    Vince Ciepiel's questions to Royal Caribbean Cruises Ltd (RCL) leadership • Q1 2025

    Question

    Vince Ciepiel asked for an assessment of the cruise industry's pricing discipline over the last 30-60 days amid reports of market choppiness. He also inquired about the company's capital allocation priorities, balancing share repurchases with balance sheet strength.

    Answer

    CEO Jason Liberty stated he has observed rational behavior and price integrity across the industry, attributing it to a collective focus on gaining share from the broader leisure market rather than from each other. CFO Naftali Holtz reiterated that the capital allocation strategy prioritizes growth investments supported by a strong balance sheet, supplemented by a competitive dividend and opportunistic share repurchases.

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    Vince Ciepiel's questions to Royal Caribbean Cruises Ltd (RCL) leadership • Q4 2024

    Question

    Vince Ciepiel of Cleveland Research asked for an update on the cross-brand loyalty program, seeking quantifiable data on its success. He also inquired about the future Perfect Day Mexico destination, its impact on deployment, and its projected passenger capacity.

    Answer

    CEO Jason Liberty described the loyalty reciprocity program as 'grossly successful,' driving more repeat guests than planned by making the brand ecosystem 'stickier.' Regarding Perfect Day Mexico, Michael Bayley, President and CEO of the Royal Caribbean brand, stated that its future guest volume will 'far exceed' that of CocoCay, supported by new Icon-class ships and the Galveston homeport.

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    Vince Ciepiel's questions to Royal Caribbean Cruises Ltd (RCL) leadership • Q3 2024

    Question

    Vince Ciepiel asked about recent booking trends, advertising strategy amid potential election noise, and whether the recent hurricane would have any carry-through impact on 2025 yields or occupancy.

    Answer

    CEO Jason Liberty noted that demand patterns have continued to elevate, driven by strong guest advocacy, and they plan to maintain their successful marketing investments. Royal Caribbean International CEO Michael Bayley added that historical analysis shows elections have no material long-term impact on bookings. CFO Naftali Holtz confirmed there has been no discernible hurricane impact on 2025 bookings.

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    Vince Ciepiel's questions to Carnival Corp (CCL) leadership

    Vince Ciepiel's questions to Carnival Corp (CCL) leadership • Q1 2025

    Question

    Vince Ciepiel of Cleveland Research asked about the expected timing of Celebration Key's peak impact on bookings and the broader strategy for the company's land-based assets. He also inquired about any shifts in inbound international travel to the U.S.

    Answer

    CEO Josh Weinstein explained that the full impact of Celebration Key is yet to come, especially as marketing shifts from animation to reality. He outlined a vision to grow Caribbean destination guests from 6.5 million to 11 million by the end of the decade. He noted that inbound U.S. travel is not a large part of their business, as they strategically place ships in their primary source markets.

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    Vince Ciepiel's questions to Norwegian Cruise Line Holdings Ltd (NCLH) leadership

    Vince Ciepiel's questions to Norwegian Cruise Line Holdings Ltd (NCLH) leadership • Q4 2024

    Question

    Vince Ciepiel sought confirmation of the 1 million passenger target for Great Stirrup Cay in 2026 and asked about the potential yield benefit. He also inquired about the timeline and potential impact of a reopening of the Middle East and Red Sea on deployments.

    Answer

    CEO Harry Sommer confirmed the 1 million passenger target for Great Stirrup Cay in 2026, representing about 30% of total guests, but said it was premature to comment on the yield benefit. CFO Mark Kempa noted the new pier will be a 'brand tailwind.' Regarding the Middle East, Sommer agreed with the assessment that any significant deployment changes to capitalize on a reopening would likely be a 2027 opportunity rather than a short-term adjustment.

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    Vince Ciepiel's questions to Norwegian Cruise Line Holdings Ltd (NCLH) leadership • Q3 2024

    Question

    Vince Ciepiel inquired about the expected trend for occupancy over the next one to two years and whether it could serve as a tailwind for yield growth. He also asked for clarity on the full-year cost impact from dry docks in 2025 compared to 2024.

    Answer

    CEO Harry Sommer stated that he does not see occupancy as a significant tailwind or headwind going forward, as ships are essentially full from a cabin perspective. Any changes would come from third and fourth berths, which are not major revenue drivers. CFO Mark Kempa clarified that the total number of dry dock days in 2025 is expected to be similar to 2024, so it should not be a material headwind on a full-year basis, though timing differences will impact Q1 2025 specifically.

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