David Bernstein: Sure. The moving parts are correct. The average for the first half of the year that the 7 point — 7% in the first quarter and 3% in the second is about 5%, and the back half is also about 5%. Some of the difference is driven by dry dock days as well because we had a different timing between the quarters. I think in December I had indicated the amount of dry dock that increased in the first quarter. There’s also differences in advertising and a number of other things between the quarters. I always talk to people about measuring us on our full-year cost guidance because the timing of expenses between the quarters sometimes is a choice of things that we want to spend either on repair, maintenance or other things. So look at it from a full-year perspective and that’s the best way to judge us.
Ben Chaiken: That makes sense. Just maybe a little bit more detail on the dry dock. Could you maybe clarify the quarters? I believe originally it was 1Q and 4Q were the heavy dry dock quarters. Is that still the right way to think about it or how would you?
David Bernstein: Yeah, that is. And the 1Q is considerably higher than the second quarter or the fourth quarter.
Ben Chaiken: Thank you. I appreciate it.
Josh Weinstein: So, operator, I think we got time for one more question.
Operator: We have a question from Lizzie Dove with Goldman Sachs. Please proceed.
Lizzie Dove: Hi. Good morning. Thanks for taking the question. I think your ticket price per passenger is very strong this quarter, and it sounds like a pretty decent outlook for this year and ’25. I’m curious how much of that is kind of benefit from some of the new hardware. The Firenze joining the fleet over from the other brand, Carnival Jubilee, Sun Princess. How much do these new ships impact pricing? What kind of premium are you getting and how does it change how you manage the pricing for the rest of the fleet?
Josh Weinstein: Yeah, so, good morning, Lizzie. Welcome to the first — I think your first call or the first call since you’ve been covering us. So the new ships get a premium. There is no doubt that the new ships get a premium. The way we manage brand by brand, how much of that premium to get. It also depends on where we’re putting that ship because we’re not going to necessarily want to put the best ship on the best itinerary because that’s not the good thing for the overall brand. So there is a — obviously a bunch of different components to get into. What I will tell you though, I mean, just to take a step back, because remember, we’ve got nine brands, most of which have not had a new build and will not have a new build for some time.
And the pricing improvements that we’re getting are not focused solely on the brands that get the new ships. Brands that have not gotten new ships are seeing nice improvements as well in pricing. And so while I do love them, it’s three this year out of 95 ships. And so the 92 ships, having them deliver outsized demand and pricing is going to move us more so than a premium on one or two of the ships. So I’m not disagreeing with the question, but I think to put it into perspective, it’s much more important for us to get the per diems up on the rest of the fleet, which is what we’ve been very, very focused on.
Lizzie Dove: Got it. That’s helpful. And then just one follow-up. I thought James question about the secular growth outlook was interesting. I know you guys tend to index higher on new-to-cruise than some of your peers. I think you said you captured 3.5 million of new-to-cruise guests last year. How many of those do you see then convert into second-time, third-time cruisers? And so how can we — what’s the outlook for like real category expansion here?
Josh Weinstein: Yeah, well, our brand repeaters were up 9% year-over-year. So it’s — it is — it does translate into incremental overall demand for the long term. Now, cruisers don’t generally go every year. We’re looking for every three years to four years would be ideal for those of them that have decided they like what we do and want to come back. So that’s part of the growth plan. It’s casting our net wide and getting a good portion of them to sail with us again in the next three to four years.
Lizzie Dove: Got it. Thank you.
Josh Weinstein: Okay. Well, thank you, everybody. I appreciate the questions and look forward to seeing you all soon.
Operator: That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day, everyone.
