David Bernstein: Yes. So, keep in mind that 2019 was the high watermark for occupancy, and we look back to like 2005, and the historical occupancy levels were in the range of 104% to 107%. So what we’re saying is we will be solidly back to historical occupancy levels, but we weren’t saying we’re going to be back to the high watermark of 2019. So keep that in mind. The other thing about considerably higher versus the nicely higher. Keep in mind that you know, last March when we gave guidance, you know, we had thought that our expectation for per diem increases was about 3.5%, and we round up to 7.5%. So we saw some very strong pricing in the back half of the year, and as a result of that on a year-over-year comparison basis, you know, a book position may be considerably higher, but what we’re looking to see is at least nicely higher pricing on a per diem basis built into our guidance.
So when you put those two factors together hopefully you can understand how we built our guidance.
Josh Weinstein: Yes. And the only thing I would add – let me just have one thing, Robin, which is our focus is on generating the most revenue possible when that ship leaves on its cruise. And that can be a combination of optimizing that price and occupancy relationship. So there’s no magic to getting back to 2019, high watermark of 107% and we play in the fringes. We play in that 104% to 107% to make sure that when you combine that ending point along with the pricing, it’s the happiest we can be.
Robin Farley: Understood that occupancy right that you don’t manage to a certain occupancy once you’re in that range, but just the that the price comment that you’re – what you’re seeing on the books being considerably up versus the nicely up does seem to imply like a bit. You’d be expecting a deceleration from current levels. And so I mean, maybe the answer is you’re just being conservative, but I just if that if that’s correct, and interpreting considerably moving to nicely as being a lower rate of growth. So that’s I guess that’s what I’m trying to clarify?
Josh Weinstein: One thing to stress, right, we just came up with a fourth quarter, which everybody’s loss over real quick but it was up 10.5 in price. That’s what we’re going to lap you know when we get through 2024. If you think about our booked business, we have the most to go in the fourth quarter. Not surprisingly, it’s the farthest out. So as we build towards that and we cycle through the first quarter in the second quarter, we’re the most booked. We just have to fill and get over a larger hurdle, which we expect to do. But we have to take that whole thing into the equation when we’re giving full year guidance.
Robin Farley: That makes perfect sense. Thank you. Thank you. And then just one last clarification. On your SEA Change, on the expense side you’ve talked about the three year being up low single-digit in like 2024, 2025, 2026 each year, this year of – or 2024 guidance up 4.5%, you know, probably above low single-digit kind of implies very, very low expense growth in 2025 and 2026. Is that how we should think about in other words, there’s not a change in your – the three year average would be up low single-digit, even though it’s a bit more in 2024 than I would suggest. And again, possibly you’re just being conservative, but I don’t know if you had a thought on how we should think about how much better that would be in 2020 would have to be in 2025 and 2026 to keep your SEA Change expense target? Thank you.
David Bernstein: Sure. So, you know, when we were presenting a SEA Change program, I guess it was you know, in June, we were talking about the fact that low single-digits, but I did say we’d have some outsized impacts in 2024 due to occupancy, both on the yield and on the cost. So the 4.5% I also had indicated that occupancy would probably cost 0.5 to two points this year. So we are you know, in that low-single digits, equation that was built into the model. So I feel like we are very well positioned and as Josh indicated, we’re ahead of where we expected to be on our way towards achieving those targets.
Josh Weinstein: I would say, Robin…
Robin Farley: Great. Thank you.
Josh Weinstein: I didn’t think we get end to the call without you trying to get ahead of 2024 guidance and looking at 2025.
David Bernstein: Well, they almost didn’t get the last five minutes of the call. I’m glad I got it in. So thank you.
Robin Farley: Thank you, Robin. No problem.
Operator: Our next question comes from Dan Politzer with Wells Fargo. Please proceed.
Dan Politzer: Hi, good morning, everyone. And thanks for taking my questions. It just actually wanted to touch on the fourth quarter a little bit more. The up-tick in revenues on pricing certainly was impressive. Can you maybe unpack that a little bit more? I mean, was that really just you know, the carnival centric line? Or was it Europe or North America more broadly? Or was this you know, alternatively, related to your strategy of more base loading and maybe benefiting from some of the compression we’ve seen?
Josh Weinstein: Yes. This was portfolio wide. So we’re very pleased with where we were we headed into the fourth quarter. Dave, I don’t know if you want to give any color?
David Bernstein: Yes. No, I mean, you’re right. It was all brands and we saw strength in bookings. And our brands did a great job. Yield managing the revenue and taking price up. And so as a result of that, you saw the end result.
Dan Politzer: Got it and then, Grand Bahama, I know you’ve started to talk a little bit more about that. Are there any parameters you can give us there in terms of capacity per day amenities? The Capex or return profile you’re looking at? And also I know you’ve started to see some booking activity that’s going there. Are you receiving premiums on those bookings? I think you mentioned like hundreds of sailings in the release.
