Josh Weinstein: Well, yes – good morning, Jaime. So I think we should kind of take a step back and think about our portfolio and how we operate. We’ve got dedicated brands to European markets but P&O Cruises in the U.K. and AIDA in Germany, Costa, not just for Italy but really Italy, Spain, and France. And all of those are either the biggest in their market or the second biggest in the case of Costco across the Mediterranean. And we didn’t deviate from our strategy when it comes to our dedicated market brands. And so they have continued to view those markets as the right thing to be in the long-term and we absolutely support that and we’re starting to see the strength of that really come through as we’ve started talking about the last few quarters.
With respect to our North American brands, Carnival has been and will continue to be America’s Cruise Line and they’re not going to cover off the ball. And there hasn’t been not much dramatic change when it comes to sourcing for Holland, America and Princess other than the fact that for Princess they had so much sourcing that was really geared towards markets that have been slow to open in Asia, et cetera. So we’ve repositioned. We’ve done a bit of that but I think we’re very well positioned to take the strength of the European consumer and the U.K. consumer and continue to ride that into 2024.
Jaime Katz: Okay. And then there was a lot of positive commentary obviously on this call. So, I’m curious if there’s anything left out there that concerns you that you would like to share with the audience. Thanks.
Josh Weinstein: No. Great question. No. Thank you though.
Jaime Katz: Okay. You’re welcome. Thanks. Happy holidays.
Josh Weinstein: You too.
Operator: Our next question comes from Patrick Scholes with Truist. Please proceed.
Patrick Scholes: Hi. Good morning, everyone.
Josh Weinstein: Good morning, Patrick.
Patrick Scholes: Good morning. Josh, I am not going to ask you if you are planning on hedging bill this time. But I…
Josh Weinstein: Yes. Thank you, Patrick.
Patrick Scholes: Sometimes you should listen to us, sometimes not but here we are, I want to hear from you. You know what plans of late – especially around Black Friday, Cyber Monday you’ve seen with new-to-cruise. Is that becoming a larger part of the booking mix? And if so, what would be the impact on your margins. I mentioned new-to-cruise typically call the 800 number of books direct which probably saves you travel agency commissions. If you just talks about those trends and the potential impact on revenues and costs. Thank you.
Josh Weinstein: Thank you. So candidly, I don’t have – been literally for the period that you’re referencing the Cyber Monday and Black Friday. I don’t have a breakdown of new-to-cruise versus new-to-brand versus brand loyalists. I do have the fourth quarter obviously which includes some of that where our new-to-cruise is obviously up significantly year-over-year 51%. And so you know that is – that is part of the strategy, right, taking oh, that was sale for me. I’m sorry, that was sale. But taking a greater share of folks who have never cruised before is part of the strategy to increase overall demand get them in our pipeline and allow us to raise pricing over time for frankly, everybody. With respect to what’s the most cost efficient.
Obviously, coming direct on the web is always going to be the most cost effective. I wouldn’t make a categorization though that new-to-cruise comes in a particular way because it really depends on the characteristic of the new-to-cruise guest themselves what brand it is, what’s the itinerary length, et cetera. Now clearly a lot of new-to-cruise will over index on the shorter cruises because they’re trying it out for the first time and that lends itself to maybe also a younger crowd which is more comfortable just playing around on the net and doing things direct. But I mean, frankly speaking, historically, and I expect this to continue, our trade partners are absolutely critical in driving new-to-cruise to us. And we’ve relied on them for decades to do that.
And we will rely on them for decades more and they have done a great job of really catching up to where we’ve been in the curve and year-over-year they’re showing great strength as well.
Patrick Scholes: Okay, Thank you very much.
Josh Weinstein: Thanks, Patrick.
Operator: Our next question comes from Robin Farley with UBS. Please proceed.
Robin Farley: Great, Thank you. I wanted to circle back to your yield guidance and just looking at the recovery and occupancy to normal – to previous levels being maybe 600 to 700 basis points kind of implies that your per diem guidance is maybe less than 2% growth. So I just – I don’t know if I’m doing the math wrong there if there’s anything to clarify. And then also, you’ve talked about the price on the books for next year being considerably higher, but your yield guidance for the year. It’s just nicely higher, which I think the David Bernstein glossary is like a would be a deceleration – any help.
Josh Weinstein: So I’m laughing at the glossary keep going Robin
Robin Farley: If I – if I remember if I’m interpreting the glossary correctly, I think that implies sort of a deceleration in the price there. So just – is that just because the onward growth rate while up is lower, and so that brings like considerably a higher price to just nicely higher yield, or maybe my glossary definition is wrong, but maybe you could help us with that and with the math on the per diems to begin with. Thanks.
Josh Weinstein: Okay, thanks, Robin. Well, actually, you know, David said it in the prepared remarks. I thought he said it pretty well. So David, you want to repeat what you said?
