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Core Insights - Celebrity River Cruises is set to launch its inaugural season in 2027, offering Priority Booking Access starting September 3, 2025, for guests who place a fully refundable $500 deposit [1][2]. Group 1: Company Overview - Celebrity River Cruises aims to provide a premium vacation experience on the Danube and Rhine rivers, combining the design and sophistication of Edge Series ocean ships with European charm [2][3]. - The cruise experience will include all meals, drinks (both alcoholic and non-alcoholic), Wi-Fi, onboard experiences, and one shore excursion each day [2]. Group 2: Booking and Access - Guests can join Priority Booking Access by placing a fully refundable $500 deposit through various channels, including the website and travel advisors [4]. - More detailed information about destinations, fleet size, and shore excursions will be announced when bookings open [5]. Group 3: Industry Position - Celebrity Cruises has over 35 years of experience in the industry, offering a unique blend of small ship intimacy and larger ship variety across more than 300 destinations in over 70 countries [6]. - The company is headquartered in Miami and is part of the Royal Caribbean Group, which owns five cruise brands [7].

Financial Data and Key Metrics Changes - The company delivered a record 8,600,000 vacations in 2024 with an 11.6% net yield growth and generated over $5 billion in operating cash flow [20][21] - Adjusted earnings per share for Q4 was $1.63, with a 10% year-over-year growth in adjusted EBITDA [40] - The company achieved a 74% year-over-year adjusted EPS growth and ended the year with revenue yields up 7.3% in Q4 [28][40] Business Line Data and Key Metrics Changes - The introduction of new ships like Icon of the Seas and Utopia of the Seas contributed to strong performance across brands, with elevated demand leading to better pricing and onboard spend [28][40] - The Caribbean market represented 57% of deployment, with a 6% increase in capacity over the previous year [45] Market Data and Key Metrics Changes - North America is expected to source about 80% of guests in 2025, with strong demand noted in the Caribbean and Alaska [32][45] - The company is seeing positive consumer sentiment driven by strong labor markets and high wages, leading to increased spending on travel experiences [33][35] Company Strategy and Development Direction - The company plans to expand into river cruising with Celebrity River Cruises starting in 2027, aiming to capture a significant market share in a growing segment [22][23] - The strategy focuses on moderate capacity growth, moderate yield growth, and strong cost control to enhance profitability [21][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for 2025, with bookings accelerating and the best booking weeks in company history [30][31] - The company anticipates 23% earnings growth in 2025, driven by new ship introductions and a focus on enhancing customer experiences [35][47] Other Important Information - The company is committed to maintaining investment-grade balance sheet metrics while investing $5 billion in strategic growth initiatives [48][51] - The introduction of new digital capabilities has improved the customer experience and reduced booking times significantly [29] Q&A Session Summary Question: Yield guidance and comparisons to previous years - Management acknowledged that strong demand in Q4 elevated the base for comparisons, making yield growth guidance more challenging [54][56] Question: River market entry and competitive positioning - Management highlighted the fragmented nature of the river market and the opportunity to elevate the Celebrity brand within this space, focusing on high-quality demand [60][62] Question: Capital expenditure outlook - Management provided insights on the expected capital expenditures for new builds and non-new builds, emphasizing the importance of maintaining a strong balance sheet while investing in growth [76][80] Question: Birthing rights for river cruises - Management confirmed that birthing rights have been secured for river cruises and expressed confidence in the demand for the new offering [90][91]