Steven Wieczynski: Okay, thanks for that, guys. And then second question, I’m going to ask about 2025. And look, I’m sure you’re obviously very limited in what you can say around bookings, given it’s still so far out. But if you look at bookings for next year, I guess what I’m trying to get a sense is, are you seeing a change in who’s booking today? And what I mean by that is normally you’d be booking your longer, more exotic itineraries right now, but are you starting to see more, what we would call the normal itineraries being booked this far out? And are you continuing to see that new-to-cruise category for next year still be pretty strong or is it just still too early?
Josh Weinstein: So the — as to the first part, the good news is it really is across the board. It’s not just more people on world cruises, which we are seeing. So not to discount that, but what we are seeing is an improvement in the revenue management and booking curve across the board. So I think that bodes well for 2025. I think it’s probably too early to talk about composition of guests, other than to say, our profile as we have been going quarter by quarter, has been improving that casting of the net to go beyond brand repeaters and going into new-to-cruise, which I think is probably the greatest litmus test that things are working, that the message is getting through. Now, we also have — we also do have Celebration key, which as we get closer and closer to 2025 and closer and closer to its opening, which isn’t until the second half of ’25, I think we’ll be able to see and talk more and more about the halo impact of that in our arsenal.
Steven Wieczynski: Okay, great. Thanks, guys.
Josh Weinstein: Thanks.
Operator: Our next question comes from Jaime Katz with Morningstar. Please proceed.
Jaime Katz: Hi. Good morning. I want to piggyback onto that value proposition question we had earlier from James. And I guess, can you talk a little bit about what is motivating consumers to actually convert the booking? Is it bundling? Is it traditional marketing like advertising? Is there something else or has there been sort of any change in the pattern to what is motivating people to make that decision? Thanks.
Josh Weinstein: Sure. I don’t think there’s necessarily a change other than we are doing things better than we used to. We are doing a better job, I believe, investing more in advertising and doing a better job of getting the word out. Like I said, the revenue management, right, pricing it right at the right point in the curve to get people to commit is quite important. But the other, sorry, I just lost my train of thought. So I just leave it at that. I don’t see anything that’s inherently different other than being able to go deeper into what we are doing and doing it well. And the results that we see, not only from the bookings, but from the search activity, from the website visits, from the conversion, it’s all moving in the right direction.
That says all of those commercial activities are supporting our ability to get that message out. And the other thing — I know what I was going to say. The other thing I’d say and this is not a thing about pre-pause versus post-pause. This is — you also got to remember that if you think about the four-year period that we have just gone through where we had no sailings and then slowly ramping up, this is the first year that we’ve really got full capacity. All guests on board our ships that then get off of our ships. And when they get off of our ships, they go tell their friends and their family how amazing it is and help us convince newcomers to come aboard. And so we really are finally back at this point where we have all of those channels and all of those avenues at our back to support the future.
Jaime Katz: Okay, that’s helpful. And then I think there was a comment that there was some benefit to a timing of expenses in the first quarter. Is there any shift in the timing of expenses over the back three quarters that would be helpful to be aware about. Thanks.
David Bernstein: We gave guidance for the second quarter. The third and fourth quarter, probably the third quarter might be a little bit lower than the fourth overall, but nothing that was — no shifts that we’re seeing at the moment.
Jaime Katz: Excellent. Thank you.
Operator: Our next question comes from Matthew Boss with JPMorgan. Please proceed.
Matthew Boss: Great, thanks, and congrats on another nice quarter.
Josh Weinstein: Thank you.
Matthew Boss: So, Josh —
Josh Weinstein: Is that a question? All right. Go ahead, Matt.
Matthew Boss: So near term and maybe relative to the phenomenal wave season and the strength that you cited across brands, I was hoping maybe, could you elaborate on trends that you’re seeing today at the Carnival and AIDA brands, maybe relative to the direction of improvement that you’re seeing across your other seven brands as we think about maybe just the remaining opportunity across the portfolio in 2025 and beyond?
Josh Weinstein: I think — that’s a good question. Let me think about how I want to answer that. I would say that both of those brands have actually fully recovered at this point to pre-pause. Their ROIC is already back to where it was and in fact exceeding. When we talk about the spectrum and where all of our brands have been and where they currently are on the commercial space, right, when it comes to revenue management, when it comes to the deployment planning, when it comes to the performance marketing, brand marketing. I would say those two brands, not surprisingly, are our leaders in those categories. And so it does give us the roadmap for the other brands to follow suit, right? And that is what we’re doing. I mean, I don’t want anyone to call to misunderstand what I’m saying.
