Margin Expansion
Q: How did you achieve strong margin expansion, and what's the outlook?
A: The EBITDA margin improved by 200 basis points this quarter due to lower salary expenses from spreading performance-based compensation evenly this year. " Additionally, robust onboard demand and guest spending minimized the need for promotions. " We feel confident about current trends and will focus on maintaining absolute dollar growth. "

Revenue Growth Outlook
Q: Can you sustain revenue growth above your long-term algorithm?
A: While we've been exceeding our high single-digit revenue growth target, we're not adjusting our long-term outlook yet. " With 10 new ships coming into service next year, we believe high single-digit growth is achievable. " We'll strive to exceed expectations but won't change our metrics at this time. "

Pricing Strategy
Q: Is there room to increase service prices further in 2025?
A: Demand for onboard spend remains robust, and we've taken little pricing action this year except in some Med-Spa treatments. " As we introduce new services, they'll carry incrementally higher prices. " We continue to simplify menus and encourage guests to opt for longer, higher-priced services. " We see opportunities for modest price increases in 2025 and 2026. "

Capital Allocation
Q: Do you plan to keep debt or prioritize repayment?
A: We've restructured our debt, moving a large portion to the U.S. for interest benefits. " Though we'd prefer to be debt-free, the focus on debt repayment will be less over the next year. " We'll continue a balanced strategy: paying down debt, buying back shares, and paying dividends. "

Prebooking Rates
Q: Can you increase prebooking rates from 22% to higher levels?
A: Our internal target is to exceed a 25% prebooking rate. " Success depends on cruise lines allocating more resources to promote spa services. " Prebooked guests spend more and have higher service frequency, so there's significant opportunity. " We're focusing on improving marketing collaboration to boost prebookings in 2025. "

Land-Based Spa Performance
Q: Why are land-based spas underperforming compared to maritime?
A: Several hotels are undergoing renovations, impacting performance at larger resorts. " There's also softness in Asia and the Caribbean due to lower occupancy rates. " Some of our biggest spas remain closed due to construction. "

Land-Based Spa Outlook
Q: Will land-based spa performance improve in 2025?
A: As renovations conclude, we expect the land-based spa segment to grow. " We're working on increasing penetration and enhancing marketing efforts to energize results. " We believe 2025 should be better for this part of our business. "

Data Sharing Challenges
Q: Any progress on getting cruise lines to share passenger data?
A: Cruise lines remain protective of their data and are unlikely to share more than necessary. " We try different ways to gain insights but don't expect significant changes. "

Improving Prebooking
Q: How can you drive prebooking rates higher without more data?
A: We're enhancing the visual experience and navigation on cruise line websites to showcase our services better. " Improving imagery, adding videos, and increasing awareness help boost bookings. " Collaborating on marketing spa services as part of prebookable amenities is key. "

Impact of Private Islands
Q: How do cruise line private islands affect your revenue?
A: As private islands become part of itineraries, we work with cruise lines to offer more services there. " Some islands provide massage treatments; others don't yet. " Over time, we believe expanding services on these islands will be accretive to us. "