Good morning, everyone, and welcome to our Business Update Conference Call. I’m Arnold Donald, President and CEO of Carnival Corporation & Plc. Today, I’m joined telephonically by our Chairman, Micky Arison; as well as David Bernstein, our Chief Financial Officer; and Beth Roberts, Senior Vice President, Investor Relations. Thank you all for joining us this morning. Now before I begin, please note that some of our remarks on this call will be forward-looking. Therefore, I must refer you to the cautionary statement in today’s press release. It is hard to believe that it has been just 120 days since we voluntarily paused operations across our global fleet. In that relatively short time, we’ve returned over 260,000 guests home. We’ve already repatriated 77,000 crew members, and we’ll repatriate over 80,000 in total, hopefully before the month is over. We processed billions of dollars, euros and sterling of guest refunds and billions of future cruise credits in those currencies as well. We moved 53 ships into a full pause status, and with the remainder expected to be in a similar position within the next month. We’ve reached agreements for the disposition of nine vessels while negotiating the delay in the delivery of 16 ships on order. We secured over $10 billion in new capital while working to extend debt maturity and secure covenant waivers with over 20 lenders and over 40 different agreements. We’ve engaged with medical experts and scientists around the world to inform our development of return to cruise protocols, and we are now preparing for the imminent return of cruising in Germany. So we’ve come full circle from entering a voluntary pause to planning a staggered resumption. Now I couldn’t be more proud of how collectively our team has handled this. We looked after our guests, looked after each other and the more than 700 places we go each year. We’ve honored what we stand for as a company, and we are well positioned for our existing shareholders to still experience attractive returns over time. We will emerge a leaner, more efficient company. So thanks – thanks to our crew for continuing to exceed guest expectations through challenging circumstances while taking care of each other, taking care of our ships and protecting the environment. Thanks to our shoreside team members for working 24/7 to repatriate our guests and then our crew, all while handling incredible unprecedented huge volumes of calls and inquiries from guests, ports, vendors, travel professionals and other partners, and while coordinating with the myriad of government authorities and agencies globally, all in the context of a constantly changing and evolving situation. Thanks to our travel partners for their support and thanks to our guests for the countless number of heartfelt outreaches expressing support and concern for our crew, our shoreside personnel and the brands they love. Thanks to those investors who have expressed their confidence by staying with us and thanks to those who have expressed their confidence by becoming new investors. Look, these are truly unprecedented times for our industry. They are clearly trying times for all of travel and tourism and they are extremely challenging times for the world at large. I extend my personal deepest sympathy to those around the globe who have suffered directly themselves or whose loved ones have suffered as a result of the virus. For our company, it has been not only challenging, but frankly, at times, it has been painful. We are aware that so many people depend on us for their livelihood and well-being, not only our own employees, but those in many other businesses around the world, both small and large. And we’ve been on a journey since COVID began to manifest, a journey we’ve aggressively managed throughout. Our highest responsibility, and therefore, our top priorities are always compliance, environmental protection and the health, safety and well-being of our guests, the communities we touch and our Carnival family, our team members shipboard and shoreside. We initiated a voluntary pause in operations in the early days of this global pandemic, including being the first to halt sailings here in the U.S., an action that was taken before shelter-in-place was implemented in the U.S. and before the CDC no-sail order was issued. We recently extended our pause in the U.S. through late September, which of course, is well beyond the timeframe of the current CDC no-sail order expiring July 24. Again, our team worked tirelessly to return over 260,000 guests safely home and then they focused on repatriating our more than 80,000 shipboard team members to their homes in over 130 different countries. This was a daunting task, given the limited availability of air, the real barrier of closed borders, and a constantly changing context that made planning and even execution extremely challenging. In the end, we got the job done through chartering planes and in many cases, using our own vessels to transport our teams safely home. So far, we have sailed 50 ships, that’s nearly half our fleet, and over 400,000 nautical miles in this repatriation process. We also quickly focused on securing sufficient capital to provide a financial runway to withstand an extended pause. That effort included cash preservation, motivating our guests around deposit retention and the wind down of our fleet. Now, David and our finance team with support from our legal team work nonstop to secure funding to sustain our path forward in a prolonged pause. We were able to access the capital markets in the early days in a meaningful way, initially raising $6.6 billion of capital, and doing so at a time when the capital markets were still closed to many. And while it was certainly financially painful for a company that has always managed to an investment-grade credit rating, bearing the cost of the initial raise was prudent to ensure our long-term viability. Now, because of our strong balance sheet, we were able to raise the majority of that $6.6 billion of capital, along with an additional $2.8 billion on a secured basis, minimizing dilution. Historically, as you know, we have managed a strong balance sheet and an investment-grade credit rating. In the current environment, our national brands have been an additional advantage, supplementing our access to liquidity across a number of countries at attractive rates. Our success in maintaining a strong balance sheet and the strength of the national brands has been a differentiator providing a softer landing for our company and our shareholders. In fact, our overall blended interest rate is just 5%, despite the recent expansion of debt, and we still retain meaningful flexibility going forward to manage further uncertainty. Importantly, we have the capacity to issue additional debt. Beyond that, we are also evaluating the potential to monetize non-core assets to provide additional liquidity or potentially reduce our debt burden over time. We are confident that we are prepared for a wide range of scenarios for the next 12 months. Additional cash conservation efforts, combined with future liquidity measures, will enable us to sustain ourselves beyond 12 months into late next year, even in a zero-revenue scenario. Concerning cash conservation, our workforce reductions, while painful, were necessary to make it through to the other side of the impact of this global pandemic. In the face of no meaningful revenue, we were able to forestall the financial impact on our employees, deferring employee actions beyond the timeframe of many others during that period without compromising the interest of our shareholders and honoring our fiscal responsibilities. We also, of course, significantly reduced non-essential capital expenditures in excess of $2 billion and significantly reduced marketing costs as well. And while we continue to expect new ships to provide greater cash generation and higher returns over time once we return to sailing, we have also worked to defer newbuild CapEx given the near-term environment. In fact, we expect to reduce ship deliveries through the end of fiscal 2021 from nine as originally planned down to five, two this fiscal year and three next, deferring over $3 billion of capital expenditures into fiscal 2022 and beyond. So we reduced our cash burn and to have a more efficient fleet once we do resume cruising, we have aggressively shed less efficient ships. A total of 13 ships are expected to leave the fleet, representing a nearly 9% reduction in our current capacity. We are also reorganizing the company to emerge stronger, leaner and more efficient. Even when we return to full-scale operations, we don’t expect to return to the same staffing requirements, as we are addressing our work streams to work in a more efficient manner. At the same time, we are focused on developing new and enhanced protocols. Now we’ve dealt with many types of viruses in the past. Historically, we’ve had effective protocols in place onboard our ships, including screening measures, medical centers and sanitation procedures that prevent and reduce the spread once brought onboard from the land. During this pandemic, we had less than our market share of incidents, again, we had less than our market share of incidents. However, as is often the case being the largest in the industry, we had a disproportionate amount of media attention. Now having said that, as evidenced by the global shutdown, this virus is unique, and the world is discovering together how to most effectively address this. We’re working diligently to determine what enhancements to our existing protocols will best serve the interests of public health. Now our protocols are being informed by global guidance. To that end, we are engaged with external advisors, which include world-renowned epidemiologists and other medical experts and scientists utilizing their collective inputs. Once people begin gathering again, which is occurring on a country-by-country basis, society will determine the risk it is willing to accept going forward. We’re working so that our guests will not incur any greater risk versus engaging in similar experiences on land. Of course, we’re also working to achieve less risk and exposure to similar shoreside activities as we have often achieved in the past with prior health risks, such as norovirus. But to be clear, we will only sail when we feel we can honor our commitment to operate in the best interest of public health. In that regard, we’re in active discussions around the world with appropriate authorities and agencies. In addition to Germany, Italy seems to be closest to resuming cruises at this time. We’re in very active dialogue with them, as well as others, regarding procedures based on the best available science to specifically address the risks associated with COVID-19. Upon resuming service, we are well-positioned to optimize the latent pent-up demand by our leading brands around the world. Having national brands as a portion of our portfolio at this moment, as I’ve already mentioned, is clearly an asset. As nations reintroduce social gatherings, including cruising, they are likely to restrict reactivation initially to their own residents exclusively. With brands like AIDA, that is roughly 95% German sourced; P&O UK, which is 98% British sourced; Costa Europe, which is nearly 80% continental European sourced; P&O Australia, which is more than 99% Australian and New Zealand sourced; and Carnival Cruise Line, which is 92% U.S. sourced, we are very well-positioned. Additionally, the fact that these brands are characterized by ready access to the drive-to markets, coupled with an emphasis on shorter duration cruises, strengthens the possibility for success in today’s environment. Clearly, cruising will not return all at once. As we are demonstrating with AIDA, we intend to resume operations with a small percentage of the fleet, which inherently will make us less reliant on new cruisers in the early days. With nearly two-thirds of our guests globally, that’s almost 8 million guests each year, being repeat cruisers, along with an active database of nearly 40 million and frequency to repeat among cruisers every two-plus years on average, we expect demand to be more than adequate to fill ships during a staggered restart. Our overriding financial objective going forward is to maximize cash generation. At the same time, we’re focused on staggering the reintroduction of capacity, which will help to manage yields. Since historically, we’ve only had two levers to pull in the down cycle: occupancy and rate. In this environment, we will have a third capacity. Capacity will be the third real-time demand lever we can leverage to produce the best short and long-term outcomes. Our long-term prospects are especially bright, given we’ve moderated our overall capacity. We’ve shared less efficient vessels and lowered our overall cost base. We’ve reduced near-term capacity, and going forward, we’ll introduce newer, far more efficient vessels over time in line with demand generation. Based on the actions we’ve taken to date, our fleet will not return to 2020 second quarter capacity levels until 2022, at the earliest, and we’ll be inherently more efficient with a roughly 10% larger average berth size and reduced average age. In summary, we have appropriately brought down our operating costs by over $7 billion on an annualized basis, and we’ve reduced capital expenditures by more than $5 billion over the next 18 months. We’ve transitioned the fleet into a prolonged pause, and we rightsized our shoreside operations and we’ll continue to do so. We are aggressively shedding assets while actively deferring new ship deliveries. We have secured over $10 billion of additional liquidity to withstand another full year in a zero-revenue scenario. We are working aggressively on protocols, with Germany set to resume cruising. We will emerge a leaner, more efficient company to optimize cash generation, pay down debt and position us to return to a strong investment-grade credit rating over time. We’re working hard to resume guest operations, and we are working hard to ensure that when we do resume guest operations, we do so in a way that serves the best interest of public health. In time, we expect to continue to deliver extraordinary vacation experiences to our guests and, over time, strong returns to our shareholders. With that, I’ll turn the call over to David.

Thank you, Arnold. As Arnold said, it is hard to believe it has been just 120 days since we paused our guest cruise operations across the globe. We quickly recognized the situation and took swift action to protect our company and all of its stakeholders. Our financial action plan has had two main tasks: cash preservation by reducing our monthly cash burn rate and improving our overall liquidity position. I’ll start today with an update on our full-year 2021 booking trends, then I’ll provide a summary of our reduced monthly average cash burn rate for the second half of 2020, and finish up with some insights into our improved liquidity position. Turning to our 2021 booking trends. At this point in time, our cumulative advance bookings for the full-year 2021 remain within historical ranges at prices that are down in the low to mid single-digit range, including the negative yield impact of the future cruise credits and onboard credits applied. Our booking position is encouraging, given that we have essentially suspended all advertising and promotional activity. It is particularly reassuring to see that approximately 45% of the 2021 booking positions are guests that are new to brand, with the remaining 55% being brand loyalists, which is just a little higher than the norm. It’s also promising to see that 55% of the 2021 booking volumes during the last two months were new bookings, with the remainder being future cruise credits rebookings. Now let’s look at our monthly average cash burn rate. During the pause in our guest operations, our monthly average cash burn rate for the second half of 2020 is estimated to be $650 million per month. If the pause in guest operations were to continue into 2021, we believe that there are opportunities to further lower the monthly rate. Our monthly cash burn rate includes four items. First, $250 million per month of ongoing ship operating and administrative expenses. This monthly estimate is much lower than the second quarter actuals, which included returning guests to their homes and a significant portion of the cost of shipboard team member repatriation. In addition, the second-half monthly estimates benefit from the fact that we expect substantially all of our ships to reach their full pause status during the third quarter. Furthermore, the second half will be lower than the second quarter because of the combination of layoffs, furloughs, reduced work weeks and salary reductions generally implemented late in the second quarter or early in the third quarter across the company. Finally, the monthly estimate will be further reduced as additional ships leave our fleet. Second, interest expense is expected to be approximately $85 million per month. Third, capital expenditures are forecasted to be approximately $115 million per month, net of export credit financings. This includes an expectation of two ship deliveries and the receipt of other capital commitments contracted for prior to the pause in our guest operations. The fourth and final component is an unusually high item due to the timing of guest refund payments flowing through accounts payable. It is expected to be approximately $200 million per month. In fact, the increase in accounts payable has already completely reversed itself in the month of June. At this point, I would like to apologize to those guests who had to wait for their refund. We had to address several hurdles to normal business operation, which included an unprecedented number of guests impacted by canceled voyages, a shift to work at home for call center employees, a need to reprogram systems to handle the volume, and a need to develop new procedures to ensure accurate processing for our guests. We have worked very hard at all of our brands around the globe to expedite our refund processing, and with limited exceptions, we are back to pre-COVID service level. Now I’ll provide some insights into our overall liquidity position. Our available liquidity at the end of the second quarter was $7.6 billion, which includes $6.9 billion of cash and $700 million from the government commercial paper program we qualified for in the UK. We added to that liquidity position by completing the offering of a first priority senior secured term loan on June 30, with net proceeds of approximately $2.6 billion. Looking ahead, our European brands will continue to work on government-backed financing in both Germany and Italy that we hope to complete over the coming months. Looking beyond that, we will continue to work on extending 2021 maturities. In addition, over time, we will opportunistically look to further enhance our liquidity position. In recent weeks, our liquidity focus has begun to change. Back in March and April, our thought process was to obtain enough liquidity to sustain the company during the pause in our guest operations and get to the other side. Now that AIDA has announced the resumption of guest cruise operations, we are looking at a variety of financial models, where we resume guest operations in a phased manner with specific brands and ships returning to service over time to provide our guests with enjoyable vacation experiences and our company with positive cash flow and additional liquidity. So with plenty of available liquidity in hand to withstand the impact of no sailings or no revenues well into 2021, our focus has now shifted to projecting the additional liquidity that the resumption of our guest operations will provide.

Yes. Hey, guys, good morning. So, I guess a bigger picture question here. If we look at a couple of years down the road, whenever the business gets back to a so-called normal operating level, how do you think about the free cash flow potential of the business moving forward, given the ongoing CapEx needs plus much higher debt levels you guys will be carrying moving forward? Can you help us think about the excess free cash flow potential of the business, and what it looks like down the road, and maybe the path to get back to investment grade?

Good morning, Steve, and thanks for your question. What I’m going to do is kind of play quarterback as we’re all in different locations, even though we’re all on the phone together. And I’ll just refer the questions as they come up. So David, you might want to go ahead and address the cash flow.

Sure. Good morning, Steve. Our business has tremendous cash flow generation potential, as you know. I mean, in 2019, we generated $5.5 billion of cash flow. One of the things that Arnold mentioned was the fact that we had some ship deliveries delayed. So over time, when you start looking at the next few years, our ship deliveries have been evened out here, docked – we docked two this year, three next year, three the year after. With two to three ship deliveries per year, we should have excess cash flow that can go to pay down the debt. It may take a number of years. Our target is to get back to investment-grade credit rating.

Okay. Gotcha. And then the second question would be around the booking patterns for next year. If you could break those bookings down a little bit. What I’m trying to figure out is, are people booking across all brands? Any insight there would be helpful.

Well, I’ll start, and then I’ll let David give more detail on the booking. But first of all, we’re very encouraged by the booking patterns we see right now. I mean, very encouraged. We have a number of future cruise credits where people had their itineraries canceled, but they chose a cash refund rather than booking with us again. We have substantial new bookings and we even have new-to-cruise bookings, which, given the current state of the environment in the world, is really a good testament to how strong a vacation experience and value cruising really is. With AIDA, we had one day so far as we prepare for an August resumption, and the bookings in that one day were over 1,000 bookings taken up a significant portion of the first sailing on very short notice. There is a lot of pent-up demand. You referenced Princess, and particularly Princess, actually at this point in time is trending with all the other brands in the industry and not disproportionately. None of the brands in the industry have reached the trough that was experienced back in 2012, 2013 when there was a plethora of incidents that made the media related to voyages and some of our brands. So none of the brands in the industry, none of ours or others have gone to the low levels that we experienced at that time. So, the trough in this period has been higher than the trough in that past period. There’s a lot of pent-up demand, a lot of latent demand. That doesn’t mean that we don’t have work to do. Once we start cruising with much larger volumes of capacity to attract new-to-cruise, of course, we’re going to have work to do. Right now, the brands are strong. The bookings are encouraging. There should be plenty of pent-up latent demand with previous cruise customers to fill the ships. But, David, you might want to add a little additional color.

Yes. The only additional color I’d want to provide when looking across the brands, which you were trying to get at, is that probably AIDA and Costa Europe are probably a little bit ahead of some of the other brands on a relative basis. That’s probably due to the current situation in Europe and the potential resumption of cruising. We’ve already announced it in Germany, and close in Italy. The only other brand I’ll call out is maybe Costa Asia, and that’s because of the last-minute booking trends; it’s a very close short booking cycle in China. Once we resume cruising in China, I’m sure we’ll see those bookings, but Europe is ahead and China is probably a little bit behind. Everybody else is in a similar booking position.

You commented that 21 bookings are in line with historical percentages, and you used the phrase of capacity that’s available for sale. I just wanted to clarify, is that everything except those ships that are going to be sold? Or are you holding back capacity for sale? Just trying to think about that percent booked for next year?

Yes. Go ahead, David.

Yes. So it wasn’t the exception of the ships being sold, because those, in most cases, haven’t been announced yet except for two. The currently available for sale just referred to a few cruises that we had because of itinerary changes. I’ll give you a great example. The Majestic Princess, given its itinerary change, it wasn’t currently available for sale in the system. You probably saw the recent announcement where Majestic Princess would be going to Alaska. So there’s a few nuances. It’s just a nuance.

I wasn’t sure if that was some very limited amount or not. That’s helpful. I know you talked a lot in the beginning about discussions with various countries. The EU has already put out some very clear guidelines and suggestions. Are your discussions with the CDC along similar lines to what the EU is suggesting? Or are you seeing a big difference there?

At this point, the conversations with the CDC evolved around the current pause and the handling of the ships during the pause, which has exclusively crew onboard the ships. We have not actually gotten to the point of serious resumption of cruise discussions with the CDC, but, of course, that’s coming. The EU, while there is a EU kind of general guideline out there, each nation is going to do what they need to do. We not only have to do it in Germany, but also with Italy, even for the German situation. So that’s just the nature of the business. We’ll have to deal with various authorities everywhere. Even with the CDC, you have individual communities and ports. The way this is going to work is city and destination cities have to be aligned. They will be informed by or influenced by the CDC and other relevant authorities wherever those cities are located around the world. We’re also working with a plethora of medical experts and scientists around the world. We feel very good about the protocols, for example, in Germany. It’s a very involved process with a lot of detail and different constituencies, but we are in conversations with the CDC as the entire industry. The industry has been having conversations because no one wants to compete on health or safety or the environment, and we’re all working collectively. The first determinant is society’s willingness to gather. What you’re seeing in Germany is society willing to socially gather as community spread is relatively low. That lays the foundation for us to be able to do things. There’s more information about the virus and a better understanding of what works and what doesn’t.

Great. Thank you very much for that thorough answer. I wonder if I could squeeze in just one tiny clarification with David.

No. That’s not exactly what that referred to, but I’ll answer the second part of what your question is fair. Customer deposits went down roughly $2 billion in the second quarter, but all the cash didn’t go out the door. We actually paid about $1 billion. The other $1 billion wound up at the end of the quarter in accounts payable because it’s no longer a customer deposit, and then we were able to process that $1 billion in the month of June, so accounts payable came down. To answer your question about customer deposits, I think we indicated in an 8-K we filed that we did expect to see a decline in customer deposits during the third quarter, but that it would be significantly less than the decline in the second quarter.

Hi, good morning. I have a question on the AIDA launch. It looks like in the yesterday’s press release, the original launch of the cruises will have an adjusted passenger capacity. And some of your competitors were quoted in the Financial Times yesterday saying that constrained capacity would really hurt profitability. I’m curious what that restrained capacity looks like kicking off, and how you’re thinking about that across the fleet?

So first of all, the important aspect of this to focus on is proper social distancing, which the particular country, society has determined at this point in time for them is what they are comfortable with, and then social distancing that occurs in the public venues on the ship. If you’re in your cabin, you’re naturally socially distanced from the other cabins. In restaurants, theaters, et cetera. Given that, we’re looking at different ways to manage the flow which we do all the time on the ships to ensure that we don’t have congregations that would compromise the social distancing requirements at the time. Right now, it’s 1.5 meters in Germany. That can then drive what you ultimately might do with occupancy, along with the fact that you want to reserve an area on the ship, any event, anyone has COVID or there are cases of COVID that you can isolate those individuals to mitigate any possible spread on the ship. In terms of profitability, we can be less than 50% occupancy and still generate significant positive cash flow. Initially, we’ll probably start at less than 50% occupancy as we work out the details and get experience with it. But even at less than 50% occupancy, we can generate substantial positive cash flow.

From a break-even point in terms of occupancy for cash flow generation at the ship level is probably somewhere in the 30% to 50% range, depending on the size of the ship. As Arnold said, if we start a little below 50 as we work our way up, I’m sure the initial ships will be at the lower end of that scale and we will generate positive cash flow. I want to try to give you a bit of an example of the power of cash flow generation of our business. If I look at the 2019 actuals, how many ships would we have had to operate to have a cash flow break-even? The number is about 15 ships, and those top 15 ships probably generate about 30% of our cash flow. If we were only operating 25 ships, I don’t think we’d be spending as much as we did in 2019 on SG&A. Therefore, it gives you a bit of context of the power of cash flow generation in our business.

Thank you, David.

Wanted to continue, David, on your example that you just went through. Benchmarking off of 2019, given the ships that you’re divesting and given, you said there will be cost, obviously, that will not come back into the equation shoreside and so forth. What would be a rough guesstimate where your cost per ALBD ex-fuel should be relative to 2019? Just any color you could give us there?

That’s really very difficult at this point. We have a lot of work to do. We’ve started that work on the initial AIDA cruises. It’s difficult to extrapolate that across the whole fleet at this point, and will succumb to positive cost efficiencies versus prior year numbers.

Okay. And on the ships that you’re divesting, any commentary that you can give to us as to whether the ultimate buyer will be outright scrapped or will some of those ships stay in the global fleet?

First of all, we don’t scrap ships. We recycle them. Any ships that aren’t sold into a market that doesn’t directly interfere with our existing markets will go for recycling. David, I don’t know if you want to add any additional color.

Of the 13, it’s just a few that are recycled. The majority are – the intention we’re told is to be used for a variety of purposes, with just a few recycled at this point.

My first question is just on the order book, please. It doesn’t sound like you’re planning any cancellations; what sort of order? Or is it just a delay to your order book?

I didn’t quite hear the question, David. If you did, please go ahead.

Yes. It sounded like I kind of – but Jamie, you were talking about any cancellations on the order book versus delay. There were no cancellations. What we were just talking about for the each ship was a delay. On average, you’re probably talking about a five-month delay for each of the 14 ships plus the two Seabourn expedition ships that are on order.

The most important thing there is going down from five versus nine between now and 2022.

Let’s say hypothetically that the CDC this afternoon said you’re free to sail out of Miami. Realistically, how many weeks do you think it would take for you to set your first ship out at that point?

I think it depends on when that happens. But generally speaking, I’d say within 30 days, we would be able to sail. There’s a lot of different dynamics here, and there are a lot of other countries involved. So we have minimum manning on the ships to keep our ongoing costs down. We have people on, but it’s with a minimum crew. We would have to get the crew back. Depending on the circumstances and the protocols, we could be quarantining crew for a period of time before they go back onboard, which could require more time. But I would say, in different scenarios that in a lot of different times, within 30 days of knowing when we could cruise, we would be prepared to sail.

First, I just want to thank you all for the tremendous color and detail on this call. It’s been super helpful in a very cloudy time. As a theme, Arnold, I know at this point it’s probably difficult for you to opine if you can actually sail in the U.S. as of mid-September. I’m just wondering at what point in time do delays in starting up start to affect the 2021 booking curve? I noticed the language in your release seems to have changed a tad. Earlier, you were saying that almost two-thirds of the bookings for 2021 were cash bookings and now it’s saying that it’s almost 60%.

It’s difficult to say, but we are encouraged by the bookings. The 2021 booking curve has already been impacted by the circumstances. If there had been no COVID, we’d be talking about different numbers.

Yes. Different time periods. We had indicated it was about two-thirds, but the 60% was more current. It’s not shocking that this is going to change over time. As people get their future cruise credits, many of them are not turning around and immediately rebooking. We have quite a number of future cruise credits that are still yet to be applied. If your cruise was canceled in April, May or June, you need to reorganize with your family and do a lot of things before rebooking your cruise. Over time, we’ll see the remainder of those future cruise credits booked. We do have quite a few.

Great. Thank you, everyone. We appreciate your participation in the call today. Thank you, operator.