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Speaker 1: Well, Carnival reported earnings, and the stock at one point

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Speaker 1: sold off more than six percent on the news. This

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Speaker 1: after a key quarterly earnings forecast trailed estimates, adding to

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Speaker 1: worries that a travel slow down has spread to even

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Speaker 1: the most robust corner of the market. However, Carnival did

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Speaker 1: boost full year profit expectations, beating Wall Street's view, suggesting

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Speaker 1: any slow down may prove transitory. Do you want to

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Speaker 1: point out too, the stock is down about fifteen percent

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Speaker 1: so far here in twenty twenty five.

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Speaker 2: Let's get some context and more detail around.

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Speaker 1: The company's quarterly update. Great to have back with us,

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Speaker 1: Josh Weinstein. He's president, CEO, and chief Climate Officer of

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Speaker 1: Carnival Corporation, and he joins us from Carnival's headquarters in Miami.

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Speaker 2: Josh, great to be talking with you. How are you

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Speaker 2: very well?

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Speaker 3: Thank you?

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Speaker 2: How are you doing doing okay?

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Speaker 1: Trying to keep up with everything that's coming at us

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Speaker 1: on a daily basis, And I kind of want to

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Speaker 1: start there because there is a lot coming at anyone

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Speaker 1: who's running a big company like yours today, whether it's

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Speaker 1: out of Washington, whether it's out of how the consumer

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Speaker 1: is feeling, how would you describe the cruise business and

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Speaker 1: how it compares from your last quarterly update, what has

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Speaker 1: changed at all, because I know you have been very

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Speaker 1: optimistic and it seems like you're still optimistic about the

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Speaker 1: business based on the releases.

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Speaker 3: Yeah. Yeah, absolutely.

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Speaker 4: So the thing that's changed from December to today is, well,

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Speaker 4: we just completed our first quarter and instead of yields

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Speaker 4: being up four point seven percent, which is what we

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Speaker 4: guided to, they were up seven point three percent. And

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Speaker 4: so clearly things went very very well in the first quarter.

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Speaker 4: Consumers love to cruise, and we've got eight brands that

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Speaker 4: are purposely tied to particular demographics, particular national markets, and

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Speaker 4: it serves us very very well. And so what we

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Speaker 4: see is enough strength in that first quarter that we

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Speaker 4: can raise our yields for the year, for our full

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Speaker 4: year guidance, and that's basically saying that we're content to

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Speaker 4: keep four percent plus yields for the remaining three quarters

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Speaker 4: of the year despite the fact that there is you know,

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Speaker 4: geopolitical macroeconomic uncertainty, which certainly wasn't on the radar when

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Speaker 4: we came up with our guidance to begin with in December.

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Speaker 1: And yet investors seem to be at least initially disappointed

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Speaker 1: over your second quarter even a forecast. Your forecast was

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Speaker 1: one point three to two billion in the second quarter,

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Speaker 1: and as it expected one point three to five billion.

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Speaker 2: Should they be disappointed?

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Speaker 4: You know what, I guess I'll answer by saying, our

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Speaker 4: December guidance was basically saying we're going to be about

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Speaker 4: was it a buck seventy give or take for the year?

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Speaker 4: On EPs we just came out with guidance said buck

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Speaker 4: eighty three. We all performed on revenue yields on board

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Speaker 4: on board trends are really really healthy with our with

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Speaker 4: our consumers. So I would argue that we should be

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Speaker 4: higher than where we were in December since our results

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Speaker 4: are better than where we were in December.

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Speaker 3: But that's really up to h up to the street.

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Speaker 4: Our job is to deliver and hopefully over deliver, which

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Speaker 4: is what we did in the first quarter.

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Speaker 5: So Josh, let's talk a little bit more that consumer

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Speaker 5: because in the press release you noted that Carnival's not

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Speaker 5: completely immune from heightened macroeconomic and geopolitical volatility, and you're

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Speaker 5: still taking up earnings expectations for the year. You remain

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Speaker 5: on track to have another stellar year across the entire

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Speaker 5: brand of cruises. Why are we hearing then from airlines

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Speaker 5: that consumers are pulling back? Why are we not seeing

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Speaker 5: that in your business?

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Speaker 4: Well, I think there's a couple of things to differentiate.

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Speaker 4: First of all, airlines aren't just for holidays. Airlines are

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Speaker 4: business travel. It is holidays, it's conferences, it's government travel.

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Speaker 4: We are really holidays, We are vacations. So we're in

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Speaker 4: a different bucket than where than where airlines are.

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Speaker 3: You know, we came in to twenty twenty.

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Speaker 4: Five the best book position we've ever been in at

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Speaker 4: higher prices. We came out at the end of the

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Speaker 4: first quarter still being in line with record occupancy percentage

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Speaker 4: and price is still nicely higher. We're eighty percent book

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Speaker 4: for the year, and so we have relatively limited inventory

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Speaker 4: to sell when it comes to twenty twenty five. At

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Speaker 4: the same time, our guests and our brands aren't just

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Speaker 4: focused on in year. You know, we just came out

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Speaker 4: of the first quart of the wave period, which is

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Speaker 4: considered the traditional big push for selling, and we set

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Speaker 4: a record for the most volume we've ever done during

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Speaker 4: wave for future years out, so people aren't just thinking

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Speaker 4: about the short term. They're thinking about the long term,

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Speaker 4: which is exactly what we're doing as a company.

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Speaker 5: But are you noticing any change in the tone of

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Speaker 5: the bookings, the pace of the bookings, or perhaps even

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Speaker 5: people canceling because of their own uncertainty. I understand there's

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Speaker 5: this difference between discretionary spend and business spend, but after all,

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Speaker 5: discretionary is discretionary, and that's often the first thing to

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Speaker 5: go if people are feeling uncertain.

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Speaker 4: Yeah, you know, we haven't seen any noticeable change in

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Speaker 4: trends on cancelations. Certainly, as we mentioned on the call.

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Speaker 4: You know, there were ups and downs over the first quarter.

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Speaker 4: There's ups and downs all the time, but we got

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Speaker 4: through our period at pretty much the highest point that

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Speaker 4: you can get at, at least for us in our history,

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Speaker 4: and we feel good about.

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Speaker 3: The position that puts us in.

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Speaker 4: Like I said onboard spending, you know, it's up about

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Speaker 4: ten percent year over year in the first quarter. That's

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Speaker 4: an acceleration of year over year performance versus where we

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Speaker 4: were in the fourth quarter, and at least into the

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Speaker 4: first couple of weeks of March. With cruises that have ended,

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Speaker 4: we really haven't seen a slowdown in that consumer behavior,

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Speaker 4: that onboard spending. And so you know, at the end

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Speaker 4: of the day, people in good times and bad times,

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Speaker 4: they take holiday, they.

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Speaker 3: Take a break. They need a break.

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Speaker 4: You could argue in bad times they need that break

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Speaker 4: even more than they do in the good times.

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Speaker 3: And that's what cruising is. It's a break.

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Speaker 4: It's a way to relax, to get away from things,

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Speaker 4: enjoy time with friends and family. That's what people pay

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Speaker 4: for now. And when you line up cruise versus other

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Speaker 4: vacation alternatives, frustrating as it is for me as a

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Speaker 4: CEO of a cruise company, we're a great value. And

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Speaker 4: the fact is if people are getting concerned, if there's uncertainty,

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Speaker 4: noise in the background, people are searching for more value

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Speaker 4: for their money, and that's exactly what we do. So

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Speaker 4: it plays very well into our strength.

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Speaker 1: So just for the record, I could go on a

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Speaker 1: cruise for about a month right now because I need

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Speaker 1: a break.

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Speaker 3: But we'd love to have you. We'd love to have you.

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Speaker 1: Having said that, what about in terms of pricing, are

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Speaker 1: you guys able to maintain pricing? Nothing changing in that regard,

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Speaker 1: either for the first quarter or even for the outlook

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Speaker 1: for the second quarter.

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Speaker 4: Yeah, you know, so, like I said, the first quarter,

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Speaker 4: you know, our yields year over year, we're up over

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Speaker 4: seven percent, and over a two year period, we're talking

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Speaker 4: about twenty four percent higher yields.

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Speaker 3: Yeah, for the first quarter.

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Speaker 4: When we look at the rest of the year queues

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Speaker 4: two through four, we're projecting a little bit over four

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Speaker 4: percent yield improvement year over year for that nine month

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Speaker 4: period remainder of the year. So you know, look, it's

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Speaker 4: hard going, right, It's not like anything is easy, and

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Speaker 4: we got to work hard.

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Speaker 3: Our brands work hard.

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Speaker 4: To make that become a reality, and they do it

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Speaker 4: good revenue management techniques, through the great advertising that they're doing,

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Speaker 4: and then ultimately delivering onboard experiences that people want to

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Speaker 4: pay for. And then they get off of our ships

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Speaker 4: and they tell their friends and family how amazing it is,

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Speaker 4: and we get more.

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Speaker 1: Hey, one of the things we wanted to ask you

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Speaker 1: is something that in late February, the US Commerce Secretary

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Speaker 1: of Howard Lutnik, he made some comments about how US

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Speaker 1: based cruise companies Josh should be paying taxes even on

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Speaker 1: ships that are registered abroad.

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Speaker 2: We saw your.

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Speaker 1: Stock, along with everybody in the major creuse space, sell

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Speaker 1: off on his words, even though analysts indicated the worry

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Speaker 1: may be overblown.

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Speaker 2: They said, we've heard this before over the years. Is

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Speaker 2: it overblown? Are you talking with a Trump administration about this?

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Speaker 1: And if there was a US registration change, what would

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Speaker 1: that mean for you guys?

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Speaker 4: So clearly we're operating in the confines of US laws

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Speaker 4: as well we should shipping. International shipping is based on

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Speaker 4: very specific tax regimes that are set up in the

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Speaker 4: US and all over the world, and effectively it's based

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Speaker 4: on reciprocet.

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Speaker 1: Uh.

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Speaker 4: So we feel like we're we're in a good place.

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Speaker 4: We're doing what we should be doing. Having said that,

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Speaker 4: anything out of the administration, including Secretary Lutnik, we certainly

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Speaker 4: take seriously, and we're working hard to understand what the

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Speaker 4: concerns are and and and how we can address them.

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Speaker 4: If any there's really nothing, there's nothing to report on

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Speaker 4: from my perspective as far as you know what that.

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Speaker 3: Means or where things could be going.

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Speaker 4: But we'll we'll we'll stay on our guard and do

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Speaker 4: whatever we need to do to make sure we're we're

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Speaker 4: staying on the right side of policy.

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Speaker 5: Josh, why don't you register in the US? Is it

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Speaker 5: regulatory reasons, is it tax reasons, is it labor reasons?

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Speaker 5: Is it all of the above. Why don't you register

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Speaker 5: in the US?

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Speaker 3: Yeah, it's just not that simple.

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Speaker 4: You don't just take a ship and all of a sudden,

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Speaker 4: ship you can't just switch to US registry. It's it's

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Speaker 4: just not that simple. And and really it's a it's.

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Speaker 3: A it's a.

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Speaker 4: People to go to school for classes for this right

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Speaker 4: about international shipping and what what it means, how it works.

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Speaker 4: And it's been in place for much longer than I've

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Speaker 4: been alive, and so you know, we could we can

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Speaker 4: do a separate session on that, but but suffice it

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Speaker 4: to say, it's a regime that is that is well founded,

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Speaker 4: and it's where we are right now, all right, So.

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Speaker 1: It's not something that we should think about. I mean,

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Speaker 1: it can be done, though, right, What is the it

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Speaker 1: in terms of registering in the United States?

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Speaker 4: It's honestly not that simple based on how US law works,

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Speaker 4: It's just not that simple.

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Speaker 2: Okay.

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Speaker 1: Would that be a conversation though, then to have with

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Speaker 1: the Trump administration Josh and say, listen, guys, if it

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Speaker 1: was simpler, I mean, they're all about making things simpler, right, efficient.

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Speaker 2: Is there a conversation to be had.

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Speaker 3: Oh, we're happy to talk to the administration truly.

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Speaker 2: Okay, okay, hey listen.

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Speaker 1: One of the things we wanted to talk to you

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Speaker 1: about in a big way, and I've seen it firsthand,

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Speaker 1: is the island destinations that you guys have and it

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Speaker 1: seems to be a continued, you know, move for you

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Speaker 1: guys and expansion. You open Celebration Key this July. This

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Speaker 1: is in Grand Bahama Island. How do these island destinations?

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Speaker 1: We've talked to you about it, but it continues to

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Speaker 1: be something we find really interesting. How does it fit

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Speaker 1: into the North American cruise strategy and how important it

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Speaker 1: is I always think about to the top line, the

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Speaker 1: profitability picture.

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Speaker 3: Yeah.

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Speaker 4: So for us, what we're doing with Celebration Key, which

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Speaker 4: opens in July, it's a bit of a first for us.

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Speaker 4: Even though we have a wonderful footprint around the Caribbean,

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Speaker 4: we've really we've we've built and created these destinations really

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Speaker 4: as a service to our brands and something that's supportive

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Speaker 4: of and really supplemental to what brands are doing and

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Speaker 4: leading with with a cruise experience that makes them so loved.

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Speaker 4: What we're doing with Celebration Key, which doesn't even exist yet,

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Speaker 4: and yet it's captivated the audience and captivated the imagination

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Speaker 4: of carnival cruisers and others. Is we want to also

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Speaker 4: lead with destination as a driver of consideration, of a

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Speaker 4: driver for people saying I need to go on Carnival

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Speaker 4: Cruise Line because I'll get to go to Celebration Key

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Speaker 4: or because I'll get to go to relax Away half

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Speaker 4: Moon Key because it's the only way to get there.

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Speaker 4: And so we believe that there's a tremendous amount of

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Speaker 4: untapped value there in revenue generation, as well as the

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Speaker 4: fact that these destinations are built close to the United States.

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Speaker 4: Hence we consume less fuel in order to get there,

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Speaker 4: which saves money is obviously good for the planet.

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Speaker 1: Hey listen, twenty seconds left here. What is your most

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Speaker 1: popular destination? Where do most people want to go and

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Speaker 1: what kind of trip?

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Speaker 4: Woll we carry thirteen million people last year. They want

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Speaker 4: they want to go to a lot of places. I'd say,

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Speaker 4: if you're going to ask me what's my top that

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Speaker 4: I've ever been to, I got to say, you got

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Speaker 4: to go on a cruise to Alaska and you got

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Speaker 4: to go with Princess Hall in America or a Carnival

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Speaker 4: because they do it in an amazing way and QNR

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Speaker 4: for those who are looking for the for the luxury end.

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Speaker 3: But if you want to see.

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Speaker 4: The Great State, the only way to do it is

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Speaker 4: with a great brand that can take you on both

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Speaker 4: c and with our land experiences. Because we've got hotels

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Speaker 4: and motor coaches and glass dome railcars and you name it,

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Speaker 4: we got it up in Alaska.

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Speaker 1: I just want to go somewhere where I get a

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Speaker 1: cocktail with like a little umbrella in it.

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Speaker 4: I just I'm that we also serve cocktails with umbrella

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Speaker 4: when we go to Alaska.

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Speaker 2: Josh, thank you so much. Always appreciate the time you

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Speaker 2: give us. Be well, Be well.

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Speaker 1: Josh Weinstein, President, CEO, and Chief Climate Office of Carnival Corporation,

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Speaker 1: joining us from Carnival's headquarters in Miami.