All of our brands are improving. Not surprisingly, the ones that performed at the top before are back at the top again. And we are making sure that the learnings and the practices are being shared and disseminated and utilized across the board, which is why we are getting back our ROIC piece by piece. And we — on this guidance, we’ll be back to above 9% at the end of this year. We’ve got three more points after that to meet our targets for 2026, which I’m confident in, and then to go further. And we’re going to do that by continuing that progress on the commercial space.
Matthew Boss: And then maybe just a follow-up. So if we think about the booking curve at record levels and obviously providing some increased forward visibility. When we think about pricing power in ’25 or multi-year, and I’m just thinking back to the baseline of low-to-mid single-digits, historically, the incremental seems like the experiences and the investments that you’ve made as we think about opening of Celebration Key in the second half of ’25. So just thinking about pricing power moving forward, maybe relative to the historical baseline, what the opportunities may be?
Josh Weinstein: Yeah, although I’d love to say that’s what we’re banking on and it’s that easy. It’s not. I mean, it is. Celebration Key is going to be fantastic and we’re already seeing the start of that impact. But I cannot — I can’t emphasize enough when we are doing a good job on revenue management and pulling that booking curve forward and managing the pricing through the curve as opposed to tanking pricing at the end. You don’t need, it’s math, right, and it works. And it means that we can maintain that price consistency and pricing is going to go up as we go year-over-year. And to the point you’re asking about our other brands, some of our brands have been doing that well for years, some of them have not. But the ones that have not are leaning into it now and we’re starting to see — starting to see that improvement. And the great thing is there is a long runway for that to continue.
Matthew Boss: Great. Best of luck.
Josh Weinstein: Thank you.
Operator: Our next question comes from Patrick Scholes with Truist Securities. Please proceed.
Patrick Scholes: Great. Good morning. Thank you. Josh, certainly, you’ve talked sort of high level on positives around Celebration Key. I’m wondering what sort of daily cruise pricing premium you’re seeing or maybe expecting for itineraries that do stop at Celebration Key. Thank you.
Josh Weinstein: Hey, Patrick. So we’re not giving guidance for ’25 yet. And since we’re not sailing there until 25, I’m going to be careful about how I answer this. I would say, first of all, we are expecting — we are, as I said in my notes, we’re expecting an uplift both on the ticket side and the import spending, which effectively will come across as onboard revenue. It’s too early to give you specifics. When we did our investment for Celebration Key, and then we effectively just doubled down to get a peer for two more berths. We did that with a very healthy ROIC. And that ROIC is coming from three main components. One is the incremental ticket, two is incremental import spending, and three is the benefit we get from creating something so close to so many home ports in the United States that it cuts our fuel consumption considerably.
So those three components are what’s driving that decision-making, and it’s going to be a great guest experience and be an incredible asset for us.
Patrick Scholes: Okay. And then just a follow-up on that. What — from a high level, what are some of those opportunities for upsell once you are on the island of Celebration Key? Obviously, I’m familiar with competitors, what they — what items they charge, what they don’t. Maybe a bit of a softball question, but what do you think people will be saying? We’ll be really willing to pay up for to have an extra, extra special time on your island. Thank you.
Josh Weinstein: Sure. So it’ll be a combination of things. We have a private beach club as part of the bigger development of Celebration Key, which isn’t an island. It is part of Grand Bahama, which is a phenomenal home for us. We’re going to also have a huge capacity of cabanas, overwater cabanas, different sized cabanas that people will be able to rent for the day, which you’d be surprised at how much people are willing to pay to rent cabanas for the day. There’s going to be F&B opportunities. There are retail opportunities. And that’s just the start of phase one, because we have only built on or we will have built on about a quarter of the property that we got our — that we own. And so phase one is that. And phase two will be incremental guest experiences and spaces and revenue opportunities.
Patrick Scholes: Okay. I’m all set. Thank you.
Josh Weinstein: Thanks, Patrick.
Operator: Our next question comes from Ben Chaiken with Mizuho. Please proceed.
Ben Chaiken: Hey, good morning. Thanks for taking my question. Just to dig in on the cost cadence a little bit more. 1Q better than guide sounds like some timing, I guess to clarify, does that mean it slipped into 2Q a little bit and then 2Q also includes 1.3 points from Red Sea? I guess with this — with that in mind, the full-year cost guide is 5% constant currency which I think suggests something around mid-single digit in the back half in the context of the year-over-year occupancy is getting easier relative to the one-half. I guess, one, do I have those moving parts correct? And then two, could you help us better understand the variables that you’re considering in the second half? Thanks.
