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The recipient should become familiar with this and other obligations to which the recipient is subject pursuant to any confidentiality agreement.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:10:41.353+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73ef0221-13d5-48d3-a110-d9392304cc08", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.91, "x": 0.045, "y": 0.625 }, "kind": "paragraph", "text": "The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the Appendix.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:10:41.353+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97540227-d32d-4b88-aa02-92c6967c1e07", "parentComponentId": null }, { "bbox": { "h": 0.33, "w": 0.91, "x": 0.045, "y": 0.28 }, "kind": "paragraph", "text": "This presentation (including any oral statements transmitted to the recipients of this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's current expectations about its future operating results, prospects and opportunities. The Company has tried to identify these forward looking statements by using words such as \"expect,\" \"anticipate,\" \"potential,\" \"estimate,\" \"plan,\" \"will,\" \"would,\" \"should,\" \"believe\" or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other important factors could cause the Company's actual results, prospects and opportunities to differ materially from those expressed in, or implied by, the forward-looking statements. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the coronavirus disease (COVID-19) pandemic: the extent, duration and severity of the spread of the COVID-19 pandemic and the extent, duration and severity of the economic consequences stemming from the COVID-19 crisis (including a potential significant economic contraction) as well as related risks such as governmental regulation (including those that preclude or strictly limit travel or recreation), changes in patterns of commerce or consumer activities and changes in consumer attitudes and the impact of any of the foregoing on our business; results of operations and liquidity; adverse developments or the absence of sustained improvement in general business, economic or political conditions or the global travel and recreation markets; a decline in consumer confidence or spending; weak capital and financial markets and/or the instability of financial institutions; increased levels of unemployment and/or declining wages or stagnant wage growth in the U.S. and globally; inability to afford down travel and recreation due to disrupted earnings; the potential negative impact of certain provisions of the Tax Cuts and Jobs Act of 2017; geopolitical and economic instability; economic stagnation or contraction in the U.S. economy, including the impact of recessions, slow economic growth, or a deterioration in other economic factors (including potential consumer, business or governmental defaults due to the COVID-19 crisis) that particularly impact the global travel and recreation and the business segments in which we operate whether broadly or by geography and price segments; risks related to our ability to comply with the leverage ratios under our credit facilities as a result of a material decline in our ability to generate EBITDA calculated on a Pro Forma Basis (as defined in the agreements governing those facilities) or otherwise; risks associated with our substantial indebtedness and interest obligations and restrictions contained in our debt agreements, including risks relating to our ability to generate sufficient cash flows to service our debt (in particular if the COVID-19 crisis continues for a prolonged period) and having to dedicate a significant portion of our cash flows from operations to service our debt and risks relating to our ability to refinance or repay our indebtedness or incur additional indebtedness. 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23:10:44.763+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91b5c056-4c34-4310-8910-16650b3b81f0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.443, "x": 0.51, "y": 0.54 }, "kind": "paragraph", "text": "Adventure travel is the largest premium travel category by far. 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