The company took delivery of Utopia of the Seas and Silver Ray in 2024, increasing overall capacity. This demonstrates a commitment to growth and fleet modernization.

The company announced the expansion of its private destination portfolio with Royal Beach Club Cozumel and Perfect Day Mexico, and entered into agreements to acquire the Port of Costa Maya. This indicates a focus on enhancing guest experiences and controlling key destinations.

TUI Cruises, the 50% owned joint venture, took delivery of Mein Schiff Relax. This highlights the ongoing growth and investment in the partner brands.

The company announced it achieved its Trifecta goals (Adjusted EBITDA per APCD, Adjusted EPS and ROIC) 18 months ahead of schedule. This demonstrates strong management execution and operational efficiency.

The company refinanced approximately $6.1 billion of high-cost debt, improving its debt maturity profile and reducing interest expense. This reflects proactive financial management.

The Board of Directors reinstated quarterly dividend payments, indicating confidence in future cash flow generation and a commitment to returning capital to shareholders.

The 10K states that demand for cruises is affected by international, national, and local economic conditions. Weak or uncertain economic conditions may impact consumer confidence and pose a risk as vacationers postpone or reduce discretionary spending.

The 10K states that disease outbreaks and increased concern related to illness when traveling to, from, and on our ships, could cause a decrease in demand for cruises, guest cancellations, travel restrictions, an unavailability of ports and/or destinations, cruise cancellations, ship redeployments and an inability to source our crew, provisions or supplies from certain places.

The 10K states that our operating costs, including fuel, food, payroll and benefits, airfare, taxes, insurance, and security costs, can be and have been subject to increases due to market forces and economic or geopolitical conditions or other factors beyond our control, including global inflationary pressures.

The company continues to add new ships to its fleet, increasing its capacity and indicating a commitment to maintaining and growing its market share in the cruise industry.

Continued investment in and expansion of private destinations such as Perfect Day at CocoCay and the announcement of Perfect Day Mexico, provides unique and exclusive experiences for guests, differentiating the company from competitors.

The 10K states that the company operates in the vacation market and cruising is one of many alternatives for people choosing a vacation. We, therefore, risk losing business not only to other cruise lines, but also to other vacation operators, which provide other leisure options, including hotels, resorts (including all-inclusive resorts), internet-based alternative lodging sites, theme parks, sightseeing destinations, package holidays and tours.

Gross Margin Yields increased 23.8% as-reported, reflecting improved operational efficiency and cost management.

Net Cruise Costs, excluding Fuel, per APCD increased 6.8%, primarily driven by a record 22 ships in drydock in 2024, as well as higher incentive based, non-cash compensation expense. This indicates some operational headwinds despite overall efficiency gains.

The 10K states that the company is focused on maintaining a strong liquidity position and a balanced debt maturity profile, while ensuring appropriate leverage, opportunistically reducing interest expense, and maintaining an unsecured balance sheet.

Modernizing our fleet with new energy-efficient and alternatively fueled vessels.

Technology is a pervasive part of virtually every business process we use to support our operating strategies and provide a quality experience to our customers before, during and after their vacation.

Cyber security and data privacy are an ongoing focus, and we have made and will continue to make investments to protect our customer data, intellectual property and global operations.

During the second quarter of 2024, we repaid $839 million of outstanding deferred amounts under our export credit facilities.

We are focused on maintaining a strong liquidity position and a balanced debt maturity profile, while ensuring appropriate leverage, opportunistically reducing interest expense, and maintaining an unsecured balance sheet.

In February 2025, our board of directors authorized a 12-month common stock repurchase program for up to $1.0 billion.

Destination Net Zero is our decarbonization strategy that focuses on achieving net zero emissions by 2050 and delivering a net zero capable ship by 2035.

We are focused on the health of the environment and communities in which we operate. SEA the Future is our commitment to sustain the planet, energize the communities we visit, and accelerate innovation to improve our planet.

We believe that our employees, both shipboard and shoreside, are a critical success factor for our business.

During 2024, industry market penetration rates were 6.01% for North America, 1.72% for Europe, and 0.09% for Asia/Pacific. The penetration rates in 2024 show the growth potential in the markets most served by the industry.

Our revenues have historically been seasonal based on the demand for cruises. Demand is typically strongest for cruises during the Northern Hemisphere's summer months and holidays.

The Organization for Economic Co-operation and Development (OECD) issued Pillar Two model rules (“Global Minimum Tax”) introducing a new global minimum tax of 15% with certain aspects of Pillar Two effective January 1, 2024 and other aspects effective January 1, 2025.