Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (together
with NCL Corporation Ltd. (“NCLC”), “Norwegian Cruise Line
Holdings”, “Norwegian”, “NCLH” or the “Company”) today reported
financial results for the third quarter ended September 30, 2024
and provided guidance for the fourth quarter and full year
2024.
Third Quarter 2024 Highlights
- Generated record third quarter
total revenue of $2.8 billion, an ~11% increase compared to the
same period in 2023 on 4% capacity growth. GAAP net income was
$474.9 million, a 37% increase compared to third quarter 2023, with
EPS increasing $0.24, or 34%, to $0.95. Performance was driven by
strong revenue growth and continued execution on cost reductions
and efficiencies, which offset a $0.06 per share negative impact
from foreign exchange rates in the quarter.
- The Company’s sustained focus on
margin enhancement drove another quarter of improvement in
operating costs. Gross Cruise Costs per Capacity Day was
approximately $314 for the quarter. Adjusted Net Cruise Cost
excluding Fuel per Capacity Day was approximately $155 on an as
reported and Constant Currency basis, and was better than guidance
of $156 due to timing differences of costs which will now shift to
the fourth quarter.1
- Adjusted EBITDA grew 24% to $931.0
million, a quarterly record high, compared to $752.1 million for
the same period of 2023 and above guidance of approximately $870
million. Adjusted EPS grew $0.24, or 31%, to $0.99, exceeding
guidance of $0.92.
- Gross margin per Capacity Day was
up 19% versus 2023 on an as reported and up 20% on a Constant
Currency basis. Net Yield growth beat guidance by 260 basis points,
increasing over prior year by approximately 8.7% on an as reported
and 9.0% on a Constant Currency basis due to strong demand and
pricing across our deployment, particularly in Alaska and
Canada-New England, as well as onboard spend.
- Total debt was $13.4 billion. Net
Leverage was 5.58x for the 12-months ended September 30, 2024, an
~1.75x reduction from December 31, 2023.
- Successfully issued $315 million of
6.250% senior notes due 2030. The net proceeds, together with cash
on hand, were used to redeem $315 million aggregate principal
amount of the 3.625% senior notes due 2024.
1 See “Terminology”, “Non-GAAP Financial Measures” and “Outlook”
below for additional information about Adjusted Net Cruise Cost
excluding Fuel per Capacity Day, Adjusted EPS, Adjusted EBITDA and
other non-GAAP financial measures.
2024 Outlook
- 2024 full year Net Yield guidance
on a Constant Currency basis increased 120 basis points from the
prior guidance to approximately 9.4% from 8.2%. The increase in
guidance is driven by strong demand across all three brands and
itineraries in the second half of 2024.
- 2024 full year Adjusted EBITDA
guidance increased $75 million from the prior guidance to
approximately $2.425 billion from $2.350 billion. This raise is due
to better than expected third quarter results and increased
guidance for the fourth quarter of 2024.
- Adjusted Operational EBITDA Margin
for the full year 2024 increased to 35.3%, up from previous
guidance of 34.5%.
- Full year 2024 Adjusted Net Cruise
Cost excluding Fuel per Capacity Day guidance remained unchanged at
flat to prior year excluding the impact of Dry-docks, as cost
savings measures fully offset inflation and increased variable
compensation due to strong performance of the business.
- Full year Adjusted Net Income
guidance increased $65 million from prior guidance to approximately
$855 million from $790 million, and Adjusted EPS guidance increased
approximately 8%, or $0.12 to $1.65 from $1.53.
- Net Leverage is expected to end the
year at ~5.4 times, a reduction of almost two turns compared to
2023.
- On track to achieve double-digit
Adjusted ROIC by year-end.
- Remain committed to Charting the
Course targets; progressing towards achieving 2026 goals.
"Our exceptional third quarter results, with
record revenue, net income and Adjusted EBITDA, surpassed guidance
across all key metrics, underscoring the strength of our business,
the attractiveness of our product offering across all brands and
the superior execution and delivery by our teams both shoreside and
shipboard," said Harry Sommer, President and chief executive
officer of Norwegian Cruise Line Holdings Ltd. "Fueled by robust
demand and our relentless focus on cost control and margin
enhancement, we're raising our full-year guidance for a fourth time
and expect 2024 to be our best year2 for revenue, Net Yield growth
and Adjusted EBITDA. We now project Adjusted EBITDA to be $225
million above our initial guidance, growing 30% year-over-year, and
Adjusted EPS to be $0.42 above initial guidance, growing
approximately 136% year-over-year, reflecting our ability to
capitalize on market opportunities while delivering outstanding
experiences across our brands.”
2 We expect 2024 to result in record revenue,
Adjusted EBITDA and Net Yield growth as compared to each full year
since the company’s initial public offering when normalizing yearly
Net Yield growth for acquisitions such as the acquisition of
Prestige Cruise Holdings in 2014.
Booking Environment Update
With the majority of the new bookings now being
made for voyages in 2025 and beyond, the Company continues to
experience strong consumer demand for its offerings across
itineraries and brands. As a result, the Company remains at the
upper range of its optimal booked position on a 12-month forward
basis. Occupancy was 108.1% for the third quarter of 2024, in line
with guidance. Full year 2024 Occupancy is expected to average
approximately 105.0%. The Company’s advance ticket sales balance,
including the long-term portion, ended the third quarter of 2024 at
$3.3 billion, a quarterly record high and approximately 6% higher
than the same period of 2023.
Liquidity and Financial Position
The Company is committed to prioritizing efforts
to optimize its balance sheet and reduce leverage. As of September
30, 2024, the Company had total debt of $13.4 billion and Net Debt
of $13.1 billion. Net Leverage improved by approximately 1.75 turns
compared to December 31, 2023, ending the third quarter of 2024 at
5.58x.
At quarter-end, liquidity was $2.4 billion
including approximately $332.5 million of cash and cash
equivalents, $1.2 billion of availability under our undrawn
Revolving Loan Facility, and a $650 million undrawn backstop
commitment.
“This quarter, we made significant strides in
strengthening our financial position. We successfully refinanced
$315 million of notes coming due in 2024 with 6.250% unsecured
notes due 2030 with the remaining balance of $250 million to be
paid at maturity. This transaction represents another key step in
our ongoing efforts to optimize our capital structure and de-risk
the business. Furthermore, our robust Adjusted EBITDA growth drove
further reduction in our Net Leverage, which decreased to 5.58
times, an ~1.75x reduction from year-end 2023. As we look ahead, we
remain committed to our disciplined approach to financial
management. The combination of our successful cost optimization
initiatives and the strong demand environment positions us well to
further reduce our Net Leverage, which is expected to end the year
at ~5.4 times.” said Mark A. Kempa, executive vice president and
chief financial officer of Norwegian Cruise Line
Holdings Ltd.
Outlook and Guidance
In addition to announcing the results for the
third quarter 2024, the Company also provided guidance for the
fourth quarter and full year 2024, along with accompanying
sensitivities. The Company does not provide certain estimated
future results on a GAAP basis because the Company is unable to
predict, with reasonable certainty, the future movement of foreign
exchange rates or the future impact of certain gains and charges.
These items are uncertain and will depend on several factors,
including industry conditions, and could be material to the
Company’s results computed in accordance with GAAP. The Company has
not provided reconciliations between the Company’s 2024 guidance
and the most directly comparable GAAP measures because it would be
too difficult to prepare a reliable U.S. GAAP quantitative
reconciliation without unreasonable effort.
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2024 Guidance |
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Fourth Quarter 2024 |
Full Year 2024 |
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As Reported |
ConstantCurrency |
As Reported |
ConstantCurrency |
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Net Yield |
~7.3% ~$261 |
~6.9% ~$260 |
~9.5% ~$293 |
~9.4% ~$293 |
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Adjusted Net Cruise CostExcluding Fuel per Capacity Day1 |
~3.2% ~$155 |
~2.7% ~$155 |
~3.6% ~$159 |
~3.4% ~$159 |
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Capacity Days |
~5.85 million |
~23.46 million |
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Occupancy |
~101.0% |
~105.0% |
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Adjusted EBITDA |
~$445 million |
~$2.425 billion |
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Adjusted Net Income |
~$40 million |
~$855 million |
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Adjusted EPS2 |
~$0.09 |
~$1.65 |
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Diluted Weighted-Average Shares Outstanding3 |
~445 million |
~515 million |
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Depreciation and Amortization |
~$230 million |
~$895 million |
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Adjusted Interest Expense, net4 |
~$175 million |
~$720 million |
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Effect of a 1% change in Net Yield onAdjusted EBITDA / Adjusted
EPS |
~$15 million ~$0.03 |
~$69 million ~$0.13 |
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Effect of a $1 change in Adjusted NetCruise Cost Excluding Fuel per
CapacityDay on Adjusted EBITDA / Adjusted EPS |
~$6 million ~$0.01 |
~$24 million ~$0.05 |
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- Q4 2024 includes an approximate 370 basis point, or
approximately $6 impact of increased Dry-dock days and related
costs. Full Year 2024 includes an approximate 300 basis point, or
approximately $5, impact of increased Dry-dock days and related
costs. Excluding this impact, the Adjusted Net Cruise Cost
Excluding Fuel per Capacity Day would be declining slightly in the
fourth quarter amounting to $150 as reported and $149 in Constant
Currency and essentially flat year-over-year, amounting to $155 as
reported and $154 in Constant Currency in 2024.
- Based on guidance and using diluted weighted-average shares
outstanding of approximately 445 million for the fourth quarter of
2024 and 515 million for full year 2024. Adjusted EPS for the
fourth quarter 2024 assumes that none of the Company’s outstanding
exchangeable notes are dilutive and therefore are not included in
diluted weighted-average shares outstanding and full year 2024
assumes that all four of the Company’s exchangeable notes are fully
dilutive and therefore excludes approximately $62 million of
interest expense, respectively, associated with the Company’s
exchangeable notes.
- Q4 2024 assumes all three of the Company’s exchangeable notes
are anti-dilutive and therefore are not included in diluted
weighted-average shares outstanding and full year 2024 assumes all
four of the Company’s exchangeable notes are dilutive and therefore
are included in diluted weighted-average shares outstanding.
- Based on the Company’s September 30, 2024 outstanding variable
rate debt balance, a one percentage point increase in annual
SOFR interest rates would increase the Company’s annual interest
expense by approximately $6 million excluding the effects of
capitalization of interest.
The following reflects the foreign currency
exchange rates the Company used in its fourth quarter and full year
2024 guidance.
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Current Guidance |
| Euro |
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$ |
1.11 |
| British pound |
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$ |
1.34 |
| Australian Dollar |
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$ |
0.69 |
| Canadian Dollar |
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$ |
0.74 |
Fuel
The Company reported fuel expense of $165
million in the quarter. Fuel price per metric ton, net of hedges,
decreased to $699 from $727 in 2023. Fuel consumption of 236,000
metric tons was in-line with projections. The following reflects
the Company’s expectations regarding fuel consumption and pricing,
along with accompanying sensitivities.
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Fourth Quarter 2024 |
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Full Year 2024 |
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| Fuel consumption in metric
tons1 |
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246,000 |
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995,000 |
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| Fuel price per metric ton, net
of hedges2 |
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$ |
700 |
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$ |
714 |
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| Effect on Adjusted EPS of a
10% change in fuel prices, net of hedges |
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$ |
0.02 |
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$ |
0.02 |
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- Fuel consumption for the full year 2024 is expected to be
split approximately evenly between heavy fuel oil and marine gas
oil.
- Fuel prices are based on forward curves as of 10/25/2024.
As of October 29, 2024, the Company had hedged
approximately 51%, 51% and 21% of its total projected metric tons
of fuel consumption for the remainder of 2024, 2025 and 2026,
respectively. The following table provides amounts hedged and price
per metric ton of heavy fuel oil (“HFO”) and marine gas oil
(“MGO”).
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2024 |
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2025 |
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2026 |
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| % of HFO Consumption
Hedged1 |
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40 |
% |
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46 |
% |
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20 |
% |
| Blended HFO Hedge Price /
Metric Ton |
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$ |
397 |
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$ |
410 |
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$ |
373 |
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| % of MGO Consumption
Hedged |
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62 |
% |
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54 |
% |
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22 |
% |
| Blended MGO Hedge Price /
Metric Ton |
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$ |
743 |
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$ |
721 |
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$ |
667 |
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| Total % of Consumption
Hedged |
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51 |
% |
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51 |
% |
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21 |
% |
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- Hedged derivatives include accounting hedges as well as
economic hedges.
Capital Expenditures
Non-newbuild capital expenditures for the third
quarter of 2024 were $140 million. Anticipated non-newbuild capital
expenditures for full year 2024 are expected to be
approximately $575 million including approximately $142 million in
the fourth quarter.
Newbuild-related capital expenditures, net of
export credit financing, are expected to be approximately $0.3
billion, $0.8 billion and $0.9 billion for the full years
ending December 31, 2024, 2025 and 2026, respectively. Net
newbuild-related capital expenditures for the third quarter of 2024
were approximately $108 million and are expected to be
approximately $59 million for the fourth quarter of 2024.
Company Updates and Other Business
Highlights:
Fleet and Brand Updates
- Norwegian Cruise Line recently
announced new brand positioning, unveiling the all-new ‘More At
Sea' package. An upgrade over the previous ‘Free At Sea’ promotion,
this new direction will provide even more benefits and premium
inclusions to provide our guests a best in-class product. Learn
more here.
- Oceania Cruises revealed Your World
Included™, a new brand value promise that features an updated
selection of always included amenities for guests. The updated
inclusions began on October 1, 2024 for all new reservations on
sailings departing on or after January 1, 2025. Learn more
here.
- Norwegian Cruise Line opened for
sale the all-new Norwegian Luna, the sister ship to Norwegian Aqua.
The ship is set to debut in April 2026 with seven-day voyages from
Miami. Learn more here.
- Regent Seven Seas commenced
construction on Seven Seas PrestigeTM with the ship’s steel cutting
ceremony at the Fincantieri-Marghera shipyard in Venice, Italy.
Learn more here.
- Norwegian Cruse Line and the
National Hocky League® (NHL) announced a multiyear U.S.
partnership, naming Norwegian Cruise Line the official cruise line
of the NHL. Learn more here.
Conference Call
The Company has scheduled a conference call for
Thursday, October 31, 2024 at 9:00 a.m. Eastern Time to
discuss third quarter results and provide a business update. A link
to the live webcast along with a slide presentation can be found on
the Company’s Investor Relations website at
https://www.nclhltd.com/investors. A replay of the conference call
will also be available on the website for 30 days after the
call.
About Norwegian Cruise Line
Holdings Ltd.
Norwegian Cruise Line Holdings Ltd. (NYSE:
NCLH) is a leading global cruise company which operates Norwegian
Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a
combined fleet of 32 ships and approximately 66,500 berths, NCLH
offers itineraries to approximately 700 destinations worldwide.
NCLH expects to add 13 additional ships across its three brands
through 2036, which will add approximately 41,000 berths to its
fleet. To learn more, visit www.nclhltd.com.
Terminology
Adjusted EBITDA. EBITDA adjusted for other
income (expense), net and other supplemental adjustments.
Adjusted EPS. Adjusted Net Income (Loss) divided
by the number of diluted weighted-average shares outstanding.
Adjusted Gross Margin. Gross margin adjusted for
payroll and related, fuel, food, other and ship depreciation. Gross
margin is calculated pursuant to GAAP as total revenue less total
cruise operating expense and ship depreciation.
Adjusted Net Cruise Cost Excluding Fuel. Net
Cruise Cost less fuel expense adjusted for supplemental
adjustments.
Adjusted Net Income (Loss). Net income
(loss), adjusted for the effect of dilutive securities and other
supplemental adjustments.
Adjusted Operational EBITDA
Margin. Adjusted EBITDA divided by Adjusted Gross Margin.
Adjusted ROIC. An amount expressed as a
percentage equal to (i) Adjusted EBITDA less depreciation and
amortization plus other supplemental adjustments, divided by (ii)
the sum of total long-term debt and shareholders’ equity as of the
end of a respective quarter, averaged for the most recent five
fiscal quarters ending with the last date of the applicable fiscal
year.
Berths. Double occupancy capacity per cabin
(single occupancy per studio cabin) even though many cabins can
accommodate three or more passengers.
Capacity Days. Berths available for sale
multiplied by the number of cruise days for the period for
ships in service.
Constant Currency. A calculation whereby foreign
currency-denominated revenues and expenses in a period are
converted at the U.S. dollar exchange rate of a comparable period
in order to eliminate the effects of foreign exchange
fluctuations.
Dry-dock. A process whereby a ship is positioned
in a large basin where all of the fresh/sea water is pumped out in
order to carry out cleaning and repairs of those parts of a ship
which are below the water line.
EBITDA. Earnings before interest, taxes, and
depreciation and amortization.
EPS. Diluted earnings (loss) per share.
GAAP. Generally accepted accounting principles
in the U.S.
Gross Cruise Cost. The sum of total cruise
operating expense and marketing, general and administrative
expense.
Net Cruise Cost. Gross Cruise Cost less
commissions, transportation and other expense and onboard and other
expense.
Net Cruise Cost Excluding Fuel. Net Cruise Cost
less fuel expense.
Net Debt. Long-term debt, including current portion, less cash
and cash equivalents.
Net Leverage. Net Debt divided by Adjusted
EBITDA for the trailing twelve-months.
Net Per Diem. Adjusted Gross Margin divided by
Passenger Cruise Days.
Net Yield. Adjusted Gross Margin per Capacity
Day.
Occupancy, Occupancy Percentage or Load
Factor. The ratio of Passenger Cruise Days to Capacity Days.
A percentage in excess of 100% indicates that three or more
passengers occupied some cabins.
Passenger Cruise Days. The number of passengers
carried for the period, multiplied by the number of days in
their respective cruises.
Revolving Loan Facility. $1.2 billion senior
secured revolving credit facility.
Non-GAAP Financial Measures
We use certain non-GAAP financial measures, such
as Adjusted Gross Margin, Adjusted Operational EBITDA Margin, Net
Yield, Net Cruise Cost, Adjusted Net Cruise Cost Excluding Fuel,
Adjusted EBITDA, Net Leverage, Net Debt, Adjusted Net Income
(Loss), Adjusted EPS, Adjusted ROIC and Net Per Diem, to enable us
to analyze our performance. See “Terminology” for the definitions
of these and other non-GAAP financial measures. Our management
believes the presentation of Adjusted ROIC provides a useful
performance metric to both management and investors for evaluating
our effective use of capital and has used it as a performance
measure for our incentive compensation. We utilize Adjusted
Gross Margin, Net Yield, and Net Per Diem to manage our business on
a day-to-day basis because they reflect revenue earned net of
certain direct variable costs. We utilize Adjusted Operational
EBITDA Margin to assess operating performance. We also utilize Net
Cruise Cost and Adjusted Net Cruise Cost Excluding Fuel to manage
our business on a day-to-day basis. In measuring our ability to
control costs in a manner that positively impacts net income
(loss), we believe changes in Adjusted Gross Margin, Adjusted
Operational EBITDA Margin, Net Yield, Net Cruise Cost and Adjusted
Net Cruise Cost Excluding Fuel to be the most relevant indicators
of our performance.
As our business includes the sourcing of
passengers and deployment of vessels outside of the U.S., a portion
of our revenue and expenses are denominated in foreign currencies,
particularly British pound, Canadian dollar, Euro and Australian
dollar which are subject to fluctuations in currency exchange rates
versus our reporting currency, the U.S. dollar. In order to monitor
results excluding these fluctuations, we calculate certain non-GAAP
measures on a Constant Currency basis, whereby current period
revenue and expenses denominated in foreign currencies are
converted to U.S. dollars using currency exchange rates of the
comparable period. We believe that presenting these non-GAAP
measures on both a reported and Constant Currency basis is useful
in providing a more comprehensive view of trends in our
business.
We believe that Adjusted EBITDA is appropriate
as a supplemental financial measure as it is used by management to
assess operating performance. We also believe that Adjusted EBITDA
is a useful measure in determining our performance as it reflects
certain operating drivers of our business, such as sales growth,
operating costs, marketing, general and administrative expense and
other operating income and expense. In addition, management uses
Adjusted EBITDA as a performance measure for our incentive
compensation. Adjusted EBITDA is not a defined term under GAAP nor
is it intended to be a measure of liquidity or cash flows from
operations or a measure comparable to net income (loss), as it does
not take into account certain requirements such as capital
expenditures and related depreciation, principal and interest
payments and tax payments and it includes other supplemental
adjustments.
In addition, Adjusted Net Income (Loss) and
Adjusted EPS are non-GAAP financial measures that exclude certain
amounts and are used to supplement GAAP net income (loss) and EPS.
We use Adjusted Net Income (Loss) and Adjusted EPS as key
performance measures of our earnings performance. We believe that
both management and investors benefit from referring to these
non-GAAP financial measures in assessing our performance and when
planning, forecasting and analyzing future periods. These non-GAAP
financial measures also facilitate management’s internal comparison
to our historical performance. In addition, management uses
Adjusted EPS as a performance measure for our incentive
compensation. The amounts excluded in the presentation of these
non-GAAP financial measures may vary from period to period;
accordingly, our presentation of Adjusted Net Income (Loss) and
Adjusted EPS may not be indicative of future adjustments or
results.
Net Leverage and Net Debt are performance
measures that we believe provide management and investors a more
complete understanding of our leverage position and borrowing
capacity after factoring in cash and cash equivalents.
You are encouraged to evaluate each adjustment
used in calculating our non-GAAP financial measures and the reasons
we consider our non-GAAP financial measures appropriate for
supplemental analysis. In evaluating our non-GAAP financial
measures, you should be aware that in the future we may incur
expenses similar to the adjustments in our presentation. Our
non-GAAP financial measures have limitations as analytical tools,
and you should not consider these measures in isolation or as a
substitute for analysis of our results as reported under GAAP. Our
presentation of our non-GAAP financial measures should not be
construed as an inference that our future results will be
unaffected by unusual or non-recurring items. Our non-GAAP
financial measures may not be comparable to other companies. Please
see a historical reconciliation of these measures to the most
comparable GAAP measure presented in our consolidated financial
statements below.
Cautionary Statement Concerning Forward-Looking
Statements
Some of the statements, estimates or projections
contained in this release are “forward-looking statements” within
the meaning of the U.S. federal securities laws intended to qualify
for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts contained, or incorporated by
reference, in this release, including, without limitation, our
expectations regarding our future financial position, including our
liquidity requirements and future capital expenditures, plans,
prospects, actions taken or strategies being considered with
respect to our liquidity position, including with respect to
refinancing, amending the terms of, or extending the maturity of
our indebtedness, our ability to comply with covenants under our
debt agreements, expectations regarding our exchangeable notes,
valuation and appraisals of our assets, expectations regarding our
deferred tax assets, expected fleet additions and cancellations,
including expected timing thereof, our expectations regarding the
impact of macroeconomic conditions and recent global events, and
expectations relating to our sustainability program and
decarbonization efforts may be forward-looking statements. Many,
but not all, of these statements can be found by looking for words
like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,”
“seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future”
and similar words. Forward-looking statements do not guarantee
future performance and may involve risks, uncertainties and other
factors which could cause our actual results, performance or
achievements to differ materially from the future results,
performance or achievements expressed or implied in those
forward-looking statements. Examples of these risks, uncertainties
and other factors include, but are not limited to the impact of:
adverse general economic factors, such as fluctuating or increasing
levels of interest rates, inflation, unemployment, underemployment
and the volatility of fuel prices, declines in the securities and
real estate markets, and perceptions of these conditions that
decrease the level of disposable income of consumers or consumer
confidence; implementing precautions in coordination with
regulators and global public health authorities to protect the
health, safety and security of guests, crew and the communities we
visit and to comply with related regulatory restrictions; our
indebtedness and restrictions in the agreements governing our
indebtedness that require us to maintain minimum levels of
liquidity and be in compliance with maintenance covenants and
otherwise limit our flexibility in operating our business,
including the significant portion of assets that are collateral
under these agreements; our ability to work with lenders and others
or otherwise pursue options to defer, renegotiate, refinance or
restructure our existing debt profile, near-term debt amortization,
newbuild related payments and other obligations and to work with
credit card processors to satisfy current or potential future
demands for collateral on cash advanced from customers relating to
future cruises; our need for additional financing or financing to
optimize our balance sheet, which may not be available on favorable
terms, or at all, and our outstanding exchangeable notes and any
future financing which may be dilutive to existing shareholders;
the unavailability of ports of call; future increases in the price
of, or major changes, disruptions or reduction in, commercial
airline services; changes involving the tax and environmental
regulatory regimes in which we operate, including new regulations
aimed at reducing greenhouse gas emissions; the accuracy of any
appraisals of our assets; our success in controlling operating
expenses and capital expenditures; trends in, or changes to, future
bookings and our ability to take future reservations and receive
deposits related thereto; adverse events impacting the security of
travel, or customer perceptions of the security of travel, such as
terrorist acts, armed conflict, such as Russia’s invasion of
Ukraine or the Israel-Hamas war, or threats thereof, acts of
piracy, and other international events; public health crises, and
their effect on the ability or desire of people to travel
(including on cruises); adverse incidents involving cruise ships;
our ability to maintain and strengthen our brand; breaches in data
security or other disturbances to our information technology
systems and other networks or our actual or perceived failure to
comply with requirements regarding data privacy and protection;
changes in fuel prices and the type of fuel we are permitted to use
and/or other cruise operating costs; mechanical malfunctions and
repairs, delays in our shipbuilding program, maintenance and
refurbishments and the consolidation of qualified shipyard
facilities; the risks and increased costs associated with operating
internationally; our inability to recruit or retain qualified
personnel or the loss of key personnel or employee relations
issues; impacts related to climate change and our ability to
achieve our climate-related or other sustainability goals; our
inability to obtain adequate insurance coverage; pending or
threatened litigation, investigations and enforcement actions;
volatility and disruptions in the global credit and financial
markets, which may adversely affect our ability to borrow and could
increase our counterparty credit risks, including those under our
credit facilities, derivatives, contingent obligations, insurance
contracts and new ship progress payment guarantees; any further
impairment of our trademarks, trade names or goodwill; our reliance
on third parties to provide hotel management services for certain
ships and certain other services; fluctuations in foreign currency
exchange rates; our expansion into new markets and investments in
new markets and land-based destination projects; overcapacity in
key markets or globally; and other factors set forth under “Risk
Factors” in our most recently filed Annual Report on Form 10-K
and subsequent filings with the Securities and Exchange Commission.
The above examples are not exhaustive and new risks emerge from
time to time. There may be additional risks that we currently
consider immaterial or which are unknown. Such forward-looking
statements are based on our current beliefs, assumptions,
expectations, estimates and projections regarding our present and
future business strategies and the environment in which we expect
to operate in the future. You are cautioned not to place undue
reliance on the forward-looking statements included in this
release, which speak only as of the date made. We expressly
disclaim any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement to reflect
any change in our expectations with regard thereto or any change of
events, conditions or circumstances on which any such statement was
based, except as required by law.
Investor Relations & Media Contacts
Sarah Inmon(786) 812-3233InvestorRelations@nclcorp.com
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(Unaudited) |
|
(in thousands, except share and per share
data) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
September 30, |
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Passenger ticket |
|
$ |
1,944,921 |
|
|
$ |
1,733,594 |
|
|
$ |
5,006,811 |
|
|
$ |
4,420,909 |
|
|
Onboard and other |
|
|
861,657 |
|
|
|
802,443 |
|
|
|
2,363,474 |
|
|
|
2,142,559 |
|
|
Total revenue |
|
|
2,806,578 |
|
|
|
2,536,037 |
|
|
|
7,370,285 |
|
|
|
6,563,468 |
|
| Cruise operating
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions, transportation and other |
|
|
564,614 |
|
|
|
546,026 |
|
|
|
1,501,863 |
|
|
|
1,462,565 |
|
|
Onboard and other |
|
|
211,753 |
|
|
|
188,694 |
|
|
|
515,496 |
|
|
|
470,271 |
|
|
Payroll and related |
|
|
337,430 |
|
|
|
323,862 |
|
|
|
1,012,289 |
|
|
|
936,237 |
|
|
Fuel |
|
|
164,934 |
|
|
|
170,893 |
|
|
|
537,632 |
|
|
|
530,003 |
|
|
Food |
|
|
78,096 |
|
|
|
87,839 |
|
|
|
239,850 |
|
|
|
271,575 |
|
|
Other |
|
|
182,112 |
|
|
|
165,432 |
|
|
|
573,987 |
|
|
|
476,123 |
|
|
Total cruise operating expense |
|
|
1,538,939 |
|
|
|
1,482,746 |
|
|
|
4,381,117 |
|
|
|
4,146,774 |
|
| Other operating
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative |
|
|
358,001 |
|
|
|
325,365 |
|
|
|
1,074,241 |
|
|
|
1,013,600 |
|
|
Depreciation and amortization |
|
|
218,428 |
|
|
|
204,608 |
|
|
|
663,762 |
|
|
|
596,513 |
|
|
Total other operating expense |
|
|
576,429 |
|
|
|
529,973 |
|
|
|
1,738,003 |
|
|
|
1,610,113 |
|
|
Operating income |
|
|
691,210 |
|
|
|
523,318 |
|
|
|
1,251,165 |
|
|
|
806,581 |
|
| Non-operating income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(175,216 |
) |
|
|
(181,201 |
) |
|
|
(571,865 |
) |
|
|
(530,150 |
) |
|
Other income (expense), net |
|
|
(34,146 |
) |
|
|
12,060 |
|
|
|
(14,113 |
) |
|
|
(4,938 |
) |
|
Total non-operating income (expense) |
|
|
(209,362 |
) |
|
|
(169,141 |
) |
|
|
(585,978 |
) |
|
|
(535,088 |
) |
| Net income before
income taxes |
|
|
481,848 |
|
|
|
354,177 |
|
|
|
665,187 |
|
|
|
271,493 |
|
| Income tax benefit
(expense) |
|
|
(6,916 |
) |
|
|
(8,309 |
) |
|
|
(9,466 |
) |
|
|
1,170 |
|
| Net
income |
|
$ |
474,932 |
|
|
$ |
345,868 |
|
|
$ |
655,721 |
|
|
$ |
272,663 |
|
| Weighted-average
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
439,697,135 |
|
|
|
425,398,415 |
|
|
|
433,790,997 |
|
|
|
424,087,517 |
|
|
Diluted |
|
|
514,878,919 |
|
|
|
511,585,445 |
|
|
|
514,002,031 |
|
|
|
460,819,375 |
|
| Earnings per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.08 |
|
|
$ |
0.81 |
|
|
$ |
1.51 |
|
|
$ |
0.64 |
|
|
Diluted |
|
$ |
0.95 |
|
|
$ |
0.71 |
|
|
$ |
1.37 |
|
|
$ |
0.62 |
|
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME |
|
(Unaudited) |
|
(in thousands) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
September 30, |
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Net income |
|
$ |
474,932 |
|
|
$ |
345,868 |
|
|
$ |
655,721 |
|
|
$ |
272,663 |
|
| Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipboard Retirement Plan |
|
|
94 |
|
|
|
63 |
|
|
|
283 |
|
|
|
191 |
|
|
Cash flow hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain (loss) |
|
|
(56,078 |
) |
|
|
57,885 |
|
|
|
(7,668 |
) |
|
|
34,833 |
|
|
Amount realized and reclassified into earnings |
|
|
2,630 |
|
|
|
(6,563 |
) |
|
|
(3,853 |
) |
|
|
(13,890 |
) |
|
Total other comprehensive income (loss) |
|
|
(53,354 |
) |
|
|
51,385 |
|
|
|
(11,238 |
) |
|
|
21,134 |
|
| Total comprehensive
income |
|
$ |
421,578 |
|
|
$ |
397,253 |
|
|
$ |
644,483 |
|
|
$ |
293,797 |
|
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
(in thousands, except share data) |
| |
|
|
|
|
|
|
| |
|
September 30, |
|
December 31, |
| |
|
2024 |
|
|
2023 |
|
| Assets |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
332,521 |
|
|
$ |
402,415 |
|
|
Accounts receivable, net |
|
|
200,841 |
|
|
|
280,271 |
|
|
Inventories |
|
|
145,056 |
|
|
|
157,646 |
|
|
Prepaid expenses and other assets |
|
|
500,815 |
|
|
|
472,816 |
|
|
Total current assets |
|
|
1,179,233 |
|
|
|
1,313,148 |
|
| Property and equipment,
net |
|
|
16,743,936 |
|
|
|
16,433,292 |
|
| Goodwill |
|
|
135,764 |
|
|
|
98,134 |
|
| Trade names |
|
|
500,525 |
|
|
|
500,525 |
|
| Other long-term assets |
|
|
1,226,545 |
|
|
|
1,147,891 |
|
|
Total assets |
|
$ |
19,786,003 |
|
|
$ |
19,492,990 |
|
| Liabilities and
shareholders’ equity |
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
1,653,460 |
|
|
$ |
1,744,778 |
|
|
Accounts payable |
|
|
172,937 |
|
|
|
174,338 |
|
|
Accrued expenses and other liabilities |
|
|
1,067,532 |
|
|
|
1,058,919 |
|
|
Advance ticket sales |
|
|
3,144,586 |
|
|
|
3,060,666 |
|
|
Total current liabilities |
|
|
6,038,515 |
|
|
|
6,038,701 |
|
| Long-term debt |
|
|
11,751,743 |
|
|
|
12,314,147 |
|
| Other long-term
liabilities |
|
|
860,415 |
|
|
|
839,335 |
|
|
Total liabilities |
|
|
18,650,673 |
|
|
|
19,192,183 |
|
| Commitments and
contingencies |
|
|
|
|
|
|
| Shareholders’ equity: |
|
|
|
|
|
|
|
Ordinary shares, $0.001 par value; 980,000,000 shares authorized;
439,702,246 shares issuedand outstanding at
September 30, 2024 and 425,546,570 shares issued and
outstanding atDecember 31, 2023 |
|
|
440 |
|
|
|
425 |
|
|
Additional paid-in capital |
|
|
7,898,982 |
|
|
|
7,708,957 |
|
|
Accumulated other comprehensive income (loss) |
|
|
(519,676 |
) |
|
|
(508,438 |
) |
|
Accumulated deficit |
|
|
(6,244,416 |
) |
|
|
(6,900,137 |
) |
|
Total shareholders’ equity |
|
|
1,135,330 |
|
|
|
300,807 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
19,786,003 |
|
|
$ |
19,492,990 |
|
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(Unaudited) |
|
(in thousands) |
| |
|
|
|
|
|
|
| |
|
Nine Months Ended |
| |
|
September 30, |
| |
|
2024 |
|
|
2023 |
|
| Cash flows from
operating activities |
|
|
|
|
|
|
|
Net income |
|
$ |
655,721 |
|
|
$ |
272,663 |
|
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
726,877 |
|
|
|
649,958 |
|
|
(Gain) loss on derivatives |
|
|
(712 |
) |
|
|
9,338 |
|
|
Loss on extinguishment of debt |
|
|
29,175 |
|
|
|
2,801 |
|
|
Provision for bad debts and inventory obsolescence |
|
|
3,668 |
|
|
|
3,640 |
|
|
Gain on involuntary conversion of assets |
|
|
(4,605 |
) |
|
|
(4,583 |
) |
|
Share-based compensation expense |
|
|
65,570 |
|
|
|
96,254 |
|
|
Net foreign currency adjustments on euro-denominated debt |
|
|
6,811 |
|
|
|
(2,027 |
) |
| Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
72,341 |
|
|
|
80,064 |
|
|
Inventories |
|
|
12,160 |
|
|
|
(18,120 |
) |
|
Prepaid expenses and other assets |
|
|
26,244 |
|
|
|
437,465 |
|
|
Accounts payable |
|
|
(8,388 |
) |
|
|
(60,971 |
) |
|
Accrued expenses and other liabilities |
|
|
(25,154 |
) |
|
|
(139,188 |
) |
|
Advance ticket sales |
|
|
90,859 |
|
|
|
419,420 |
|
|
Net cash provided by operating activities |
|
|
1,650,567 |
|
|
|
1,746,714 |
|
| Cash flows from
investing activities |
|
|
|
|
|
|
| Additions to property and
equipment, net |
|
|
(967,516 |
) |
|
|
(2,102,698 |
) |
| Cash paid on settlement of
derivatives |
|
|
— |
|
|
|
(118,610 |
) |
| Acquisition, net of cash
acquired |
|
|
(27,322 |
) |
|
|
— |
|
| Other |
|
|
9,164 |
|
|
|
14,678 |
|
|
Net cash used in investing activities |
|
|
(985,674 |
) |
|
|
(2,206,630 |
) |
| Cash flows from
financing activities |
|
|
|
|
|
|
| Repayments of long-term
debt |
|
|
(1,268,605 |
) |
|
|
(2,629,681 |
) |
| Proceeds from long-term
debt |
|
|
688,901 |
|
|
|
2,989,183 |
|
| Proceeds from employee related
plans |
|
|
— |
|
|
|
5,307 |
|
| Net share settlement of
restricted share units |
|
|
(22,058 |
) |
|
|
(25,271 |
) |
| Early redemption premium |
|
|
(19,166 |
) |
|
|
— |
|
| Deferred financing fees |
|
|
(113,859 |
) |
|
|
(145,051 |
) |
|
Net cash provided by (used in) financing activities |
|
|
(734,787 |
) |
|
|
194,487 |
|
|
Net decrease in cash and cash equivalents |
|
|
(69,894 |
) |
|
|
(265,429 |
) |
| Cash and cash equivalents at
beginning of the period |
|
|
402,415 |
|
|
|
946,987 |
|
| Cash and cash equivalents at
end of the period |
|
$ |
332,521 |
|
|
$ |
681,558 |
|
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
NON-GAAP RECONCILING INFORMATION |
|
(Unaudited) |
|
|
| The following
table sets forth selected statistical information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
|
Nine Months Ended |
|
|
| |
September 30, |
|
|
September 30, |
|
|
| |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
| Passengers carried |
812,529 |
|
|
740,658 |
|
|
2,261,006 |
|
|
2,067,653 |
|
|
| Passenger Cruise Days |
6,521,610 |
|
|
6,176,403 |
|
|
18,711,554 |
|
|
17,455,259 |
|
|
| Capacity Days |
6,033,707 |
|
|
5,820,448 |
|
|
17,611,107 |
|
|
16,749,283 |
|
|
| Occupancy Percentage |
108.1 |
% |
|
106.1 |
% |
|
106.2 |
% |
|
104.2 |
% |
|
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
NON-GAAP RECONCILING INFORMATION |
|
(Unaudited) |
|
|
| Adjusted Gross
Margin, Net Per Diem, and Net Yield were calculated as follows (in
thousands, except Net Yield, Net Per Diem, Capacity Days, Passenger
Cruise Days, per Passenger Cruise Day and Capacity Day data): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
September 30, |
| |
|
|
|
2024 |
|
|
|
|
|
2024 |
|
|
| |
|
|
|
Constant Currency |
|
|
|
|
|
Constant Currency |
|
|
| |
|
2024 |
|
compared to 2023 |
|
2023 |
|
2024 |
|
compared to 2023 |
|
2023 |
| Total revenue |
|
$ |
2,806,578 |
|
$ |
2,813,354 |
|
$ |
2,536,037 |
|
$ |
7,370,285 |
|
$ |
7,372,603 |
|
$ |
6,563,468 |
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cruise operating
expense |
|
|
1,538,939 |
|
|
1,540,922 |
|
|
1,482,746 |
|
|
4,381,117 |
|
|
4,379,606 |
|
|
4,146,774 |
| Ship depreciation |
|
|
202,994 |
|
|
202,994 |
|
|
190,549 |
|
|
617,439 |
|
|
617,439 |
|
|
555,617 |
|
Gross margin |
|
|
1,064,645 |
|
|
1,069,438 |
|
|
862,742 |
|
|
2,371,729 |
|
|
2,375,558 |
|
|
1,861,077 |
| Ship depreciation |
|
|
202,994 |
|
|
202,994 |
|
|
190,549 |
|
|
617,439 |
|
|
617,439 |
|
|
555,617 |
| Payroll and related |
|
|
337,430 |
|
|
337,437 |
|
|
323,862 |
|
|
1,012,289 |
|
|
1,012,223 |
|
|
936,237 |
| Fuel |
|
|
164,934 |
|
|
164,940 |
|
|
170,893 |
|
|
537,632 |
|
|
537,606 |
|
|
530,003 |
| Food |
|
|
78,096 |
|
|
78,209 |
|
|
87,839 |
|
|
239,850 |
|
|
239,925 |
|
|
271,575 |
| Other |
|
|
182,112 |
|
|
182,458 |
|
|
165,432 |
|
|
573,987 |
|
|
572,273 |
|
|
476,123 |
|
Adjusted Gross Margin |
|
$ |
2,030,211 |
|
$ |
2,035,476 |
|
$ |
1,801,317 |
|
$ |
5,352,926 |
|
$ |
5,355,024 |
|
$ |
4,630,632 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Passenger Cruise Days |
|
|
6,521,610 |
|
|
6,521,610 |
|
|
6,176,403 |
|
|
18,711,554 |
|
|
18,711,554 |
|
|
17,455,259 |
| Capacity Days |
|
|
6,033,707 |
|
|
6,033,707 |
|
|
5,820,448 |
|
|
17,611,107 |
|
|
17,611,107 |
|
|
16,749,283 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenue per Passenger
Cruise Day |
|
$ |
430.35 |
|
$ |
431.39 |
|
$ |
410.60 |
|
$ |
393.89 |
|
$ |
394.01 |
|
$ |
376.02 |
| Gross margin per Passenger
Cruise Day |
|
$ |
163.25 |
|
$ |
163.98 |
|
$ |
139.68 |
|
$ |
126.75 |
|
$ |
126.96 |
|
$ |
106.62 |
| Net Per Diem |
|
$ |
311.31 |
|
$ |
312.11 |
|
$ |
291.64 |
|
$ |
286.08 |
|
$ |
286.19 |
|
$ |
265.29 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross margin per Capacity
Day |
|
$ |
176.45 |
|
$ |
177.24 |
|
$ |
148.23 |
|
$ |
134.67 |
|
$ |
134.89 |
|
$ |
111.11 |
| Net Yield |
|
$ |
336.48 |
|
$ |
337.35 |
|
$ |
309.48 |
|
$ |
303.95 |
|
$ |
304.07 |
|
$ |
276.47 |
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
NON-GAAP RECONCILING INFORMATION |
|
(Unaudited) |
|
|
| Gross Cruise
Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted
Net Cruise Cost Excluding Fuel were calculated as follows (in
thousands, except Capacity Days and per Capacity Day data): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
September 30, |
| |
|
|
|
2024 |
|
|
|
|
|
2024 |
|
|
| |
|
|
|
Constant Currency |
|
|
|
|
|
Constant Currency |
|
|
| |
|
2024 |
|
compared to 2023 |
|
2023 |
|
2024 |
|
compared to 2023 |
|
2023 |
| Total cruise operating
expense |
|
$ |
1,538,939 |
|
$ |
1,540,922 |
|
$ |
1,482,746 |
|
$ |
4,381,117 |
|
$ |
4,379,606 |
|
$ |
4,146,774 |
| Marketing, general and
administrative expense |
|
|
358,001 |
|
|
357,386 |
|
|
325,365 |
|
|
1,074,241 |
|
|
1,073,576 |
|
|
1,013,600 |
|
Gross Cruise Cost |
|
|
1,896,940 |
|
|
1,898,308 |
|
|
1,808,111 |
|
|
5,455,358 |
|
|
5,453,182 |
|
|
5,160,374 |
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commissions, transportation
and other expense |
|
|
564,614 |
|
|
566,125 |
|
|
546,026 |
|
|
1,501,863 |
|
|
1,502,083 |
|
|
1,462,565 |
| Onboard and other expense |
|
|
211,753 |
|
|
211,753 |
|
|
188,694 |
|
|
515,496 |
|
|
515,496 |
|
|
470,271 |
|
Net Cruise Cost |
|
|
1,120,573 |
|
|
1,120,430 |
|
|
1,073,391 |
|
|
3,437,999 |
|
|
3,435,603 |
|
|
3,227,538 |
| Less: Fuel expense |
|
|
164,934 |
|
|
164,940 |
|
|
170,893 |
|
|
537,632 |
|
|
537,606 |
|
|
530,003 |
|
Net Cruise Cost Excluding Fuel |
|
|
955,639 |
|
|
955,490 |
|
|
902,498 |
|
|
2,900,367 |
|
|
2,897,997 |
|
|
2,697,535 |
| Less Other Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash deferred compensation (1) |
|
|
719 |
|
|
719 |
|
|
578 |
|
|
2,156 |
|
|
2,156 |
|
|
1,734 |
|
Non-cash share-based compensation (2) |
|
|
20,638 |
|
|
20,638 |
|
|
23,563 |
|
|
65,570 |
|
|
65,570 |
|
|
96,254 |
| Adjusted Net Cruise Cost
Excluding Fuel |
|
$ |
934,282 |
|
$ |
934,133 |
|
$ |
878,357 |
|
$ |
2,832,641 |
|
$ |
2,830,271 |
|
$ |
2,599,547 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capacity Days |
|
|
6,033,707 |
|
|
6,033,707 |
|
|
5,820,448 |
|
|
17,611,107 |
|
|
17,611,107 |
|
|
16,749,283 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Cruise Cost per Capacity
Day |
|
$ |
314.39 |
|
$ |
314.62 |
|
$ |
310.65 |
|
$ |
309.77 |
|
$ |
309.64 |
|
$ |
308.10 |
| Net Cruise Cost per Capacity
Day |
|
$ |
185.72 |
|
$ |
185.70 |
|
$ |
184.42 |
|
$ |
195.22 |
|
$ |
195.08 |
|
$ |
192.70 |
| Net Cruise Cost Excluding Fuel
per Capacity Day |
|
$ |
158.38 |
|
$ |
158.36 |
|
$ |
155.06 |
|
$ |
164.69 |
|
$ |
164.56 |
|
$ |
161.05 |
| Adjusted Net Cruise Cost
Excluding Fuel per Capacity Day |
|
$ |
154.84 |
|
$ |
154.82 |
|
$ |
150.91 |
|
$ |
160.84 |
|
$ |
160.71 |
|
$ |
155.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Non-cash deferred compensation
expenses related to the crew pension plan and other crew expenses,
which are included in payroll and related expense.
- Non-cash share-based compensation
expenses related to equity awards, which are included in marketing,
general and administrative expense and payroll and related
expense.
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
NON-GAAP RECONCILING INFORMATION |
|
(Unaudited) |
|
|
| Adjusted Net
Income and Adjusted EPS were calculated as follows (in thousands,
except share and per share data): |
| |
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
September 30, |
| |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Net income |
|
$ |
474,932 |
|
$ |
345,868 |
|
$ |
655,721 |
|
$ |
272,663 |
| Effect of dilutive securities
- exchangeable notes |
|
|
14,965 |
|
|
17,510 |
|
|
48,323 |
|
|
13,809 |
| Net income and assumed
conversion of exchangeable notes |
|
|
489,897 |
|
|
363,378 |
|
|
704,044 |
|
|
286,472 |
| Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash deferred compensation (1) |
|
|
1,232 |
|
|
1,009 |
|
|
3,697 |
|
|
3,029 |
|
Non-cash share-based compensation (2) |
|
|
20,638 |
|
|
23,563 |
|
|
65,570 |
|
|
96,254 |
|
Extinguishment and modification of debt (3) |
|
|
175 |
|
|
— |
|
|
29,175 |
|
|
3,153 |
|
Adjusted Net Income |
|
$ |
511,942 |
|
$ |
387,950 |
|
$ |
802,486 |
|
$ |
388,908 |
| Diluted weighted-average
shares outstanding - Net income and Adjusted Net Income |
|
|
514,878,919 |
|
|
511,585,445 |
|
|
514,002,031 |
|
|
460,819,375 |
| Diluted EPS |
|
$ |
0.95 |
|
$ |
0.71 |
|
$ |
1.37 |
|
$ |
0.62 |
|
Adjusted EPS |
|
$ |
0.99 |
|
$ |
0.76 |
|
$ |
1.56 |
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Non-cash deferred compensation
expenses related to the crew pension plan and other crew expenses,
which are included in payroll and related expense and other income
(expense), net.
- Non-cash share-based compensation
expenses related to equity awards, which are included in marketing,
general and administrative expense and payroll and related
expense.
- Losses on extinguishment of debt
and modification of debt are included in interest expense,
net.
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
NON-GAAP RECONCILING INFORMATION |
|
(Unaudited) |
|
|
| EBITDA and
Adjusted EBITDA were calculated as follows (in thousands): |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
September 30, |
| |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
Net income |
|
$ |
474,932 |
|
$ |
345,868 |
|
|
$ |
655,721 |
|
$ |
272,663 |
|
| Interest expense, net |
|
|
175,216 |
|
|
181,201 |
|
|
|
571,865 |
|
|
530,150 |
|
| Income tax (benefit)
expense |
|
|
6,916 |
|
|
8,309 |
|
|
|
9,466 |
|
|
(1,170 |
) |
| Depreciation and amortization
expense |
|
|
218,428 |
|
|
204,608 |
|
|
|
663,762 |
|
|
596,513 |
|
|
EBITDA |
|
|
875,492 |
|
|
739,986 |
|
|
|
1,900,814 |
|
|
1,398,156 |
|
| Other (income) expense, net
(1) |
|
|
34,146 |
|
|
(12,060 |
) |
|
|
14,113 |
|
|
4,938 |
|
| Other Non-GAAP
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash deferred compensation (2) |
|
|
719 |
|
|
578 |
|
|
|
2,156 |
|
|
1,734 |
|
|
Non-cash share-based compensation (3) |
|
|
20,638 |
|
|
23,563 |
|
|
|
65,570 |
|
|
96,254 |
|
|
Adjusted EBITDA |
|
$ |
930,995 |
|
$ |
752,067 |
|
|
$ |
1,982,653 |
|
$ |
1,501,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Primarily consists of gains and losses, net for foreign
currency remeasurements.
- Non-cash deferred compensation expenses related to the crew
pension plan and other crew expenses, which are included in payroll
and related expense.
- Non-cash share-based compensation expenses related to equity
awards, which are included in marketing, general and administrative
expense and payroll and related expense.
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
NON-GAAP RECONCILING INFORMATION |
|
(Unaudited) |
|
|
| Net Debt and Net
Leverage were calculated as follows (in thousands): |
| |
|
|
|
|
|
|
| |
|
September 30, |
|
December 31, |
| |
|
2024 |
|
2023 |
| Long-term debt |
|
$ |
11,751,743 |
|
$ |
12,314,147 |
| Current portion of long-term
debt |
|
|
1,653,460 |
|
|
1,744,778 |
|
Total Debt |
|
|
13,405,203 |
|
|
14,058,925 |
| Less: Cash and cash
equivalents |
|
|
332,521 |
|
|
402,415 |
|
Net Debt |
|
$ |
13,072,682 |
|
$ |
13,656,510 |
| |
|
|
|
|
|
|
| Adjusted EBITDA for the twelve
months ended |
|
$ |
2,342,302 |
|
$ |
1,860,731 |
| |
|
|
|
|
|
|
| Net Leverage |
|
|
5.58x |
|
|
7.34x |
| |
|
|
|
|
|
|
NORWEGIAN CRUISE LINE HOLDINGS LTD.
Grafico Azioni Norwegian Cruise Line (NYSE:NCLH)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Norwegian Cruise Line (NYSE:NCLH)
Storico
Da Dic 2023 a Dic 2024
