“but you shouldn't expect to see the returns on projects deteriorate over time.”

In context

“Hugh Johnston (Chief Financial Officer): Thanks for the question, Laura. Yes, as Josh said, we greenlight projects that really are driven by two things: number one, attractive returns on the projects; and number two, they bring value to the guest experience. Our return on invested capital in Experiences has increased meaningfully over time, and we do expect strong returns into the future. You're right in observing that we are seeing the impact of those projects quickly with the Q3 global guest increasing at 4%, segment margin increasing for the quarter. So we certainly are seeing a positive impact, but you shouldn't expect to see the returns on projects deteriorate over time. In fact, what drives the timing of those projects is much more around the operational needs that we have and the capacity of shipyards and things like that more than it is just jamming all of the attractive return projects upfront. So we did try to help you all in the shareholder letter and the link we provided to give you a little bit more sense of the sequencing of the projects that are out there on the horizon, but we feel good about the returns of these projects well into the future.”