Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (together with NCL
Corporation Ltd., “Norwegian Cruise Line Holdings”, “Norwegian” or
the “Company”) today reported financial results for the first
quarter ended March 31, 2023 and provided guidance for the second
quarter and full year 2023.
First Quarter 2023
Highlights:
- Total revenue of $1.8 billion, GAAP
net loss of $(159.3) million or EPS of $(0.38).
- Achieved Adjusted EBITDA of $234
million and Adjusted EPS of $(0.30), above guidance of $195 million
and $(0.45) respectively.
- Company met or exceeded guidance
for all key metrics in the first quarter.
- Sequential Occupancy improvement to
approximately 101.5% in the quarter, exceeding guidance of
100%.
- Total revenue per Passenger Cruise
Day increased approximately 17.5% as-reported and 18.3% in constant
currency, compared to the same period in 2019.
- Gross Cruise Costs per Capacity Day
was approximately $298 in the quarter. Adjusted Net Cruise Costs
excluding Fuel per Capacity Day in constant currency of
approximately $161 was better than guidance of $165 as certain
efficiencies and cost savings from the Company’s ongoing margin
enhancement initiative were realized earlier than anticipated.
- Cumulative booked position for the
remainder of 2023 continues to be at record levels and at higher
pricing.
- Full year 2023 Adjusted EPS
guidance improved to approximately $0.75 reflecting first quarter
outperformance partially offset by higher anticipated fuel costs
and foreign exchange for the remainder of 2023. Adjusted EBITDA is
still expected to be in the range of $1.8 to $1.95 billion.
CEO Retirement
and Succession Plan
As previously announced, Frank J. Del Rio is
retiring and stepping down from his position as the Company’s
President and Chief Executive Officer, and from its Board of
Directors, effective June 30, 2023. Del Rio will serve in a
consultant capacity as a Senior Advisor to the Board through 2025.
Harry J. Sommer, a 15-year veteran of Norwegian Cruise Line
Holdings and former President of the Company’s largest cruise line,
Norwegian Cruise Line (“NCL”), has been appointed to succeed Del
Rio and will also join the Board of Directors, effective July 1,
2023.
“It has been an honor and privilege to lead the
world-class team at Norwegian Cruise Line Holdings for the past
eight years,” said Frank Del Rio, president and chief executive
officer of Norwegian Cruise Line Holdings Ltd. “With the
post-pandemic operational recovery complete and the Company solidly
positioned for 2023 and beyond, now is the right time to make way
for the next generation of leaders who are ready to take this
Company on to its newest chapter. Harry is a deeply experienced and
strategic leader and I have full confidence that this iconic
Company will not skip a beat with him at the helm.”
“On behalf of the entire team at Norwegian
Cruise Line Holdings, I want to thank Frank for his invaluable
contributions as he brought together three of the industry’s
leading brands – Norwegian Cruise Line, Oceania Cruises and Regent
Seven Seas Cruises – to form the best cruise operator in the
industry,” said Harry Sommer, president and chief executive
officer-elect of Norwegian Cruise Line Holdings Ltd. “Frank has
been a friend and mentor for decades, and I look forward to
building upon his unequaled legacy.”
Sommer added, “We are embarking on an exciting
new chapter with an industry-leading growth profile including one
new ship for each of our brands in 2023, beginning with Oceania
Cruises’ outstanding Vista which we took delivery of just last
week. We are also focused on improving profitability and
accelerating our financial recovery, while maintaining the superior
service levels and the exceptional guest experience our loyal
guests expect from our amazing brands as well as advancing our
efforts to drive a positive impact on society and the environment
through our Sail & Sustain program. We continue to experience
healthy demand across the board as evidenced by our record booked
position as well as robust onboard revenue generation.”
Business,
Operations and Booking
Environment Update
The Company continued
its phased Occupancy ramp-up in the first quarter of 2023 achieving
a 15-point sequential improvement to approximately 101.5%,
exceeding guidance of approximately 100%. The phased Occupancy
ramp-up is expected to be complete in the second quarter at
approximately 105%. As planned, this is slightly lower than the
second quarter of 2019, reflecting the Company’s strategic shift to
longer, more immersive itineraries. Full year 2023 Occupancy, which
reflects the phased voyage ramp-up, is expected to average 103.5%,
consistent with prior guidance.
On the heels of a very strong WAVE season, the
Company continues to experience strong consumer demand. Cumulative
booked position for the remainder of 2023 is ahead of 2019 levels
inclusive of the Company’s approximately 18% increase in capacity,
at continued higher pricing. As of March 31, 2023, the Company’s
advance ticket sales balance, including the long-term portion, was
a record $3.4 billion, approximately 26% higher than the prior
quarter and approximately 60% higher than the first quarter of
2019. Onboard revenue generation remains robust, and the Company
continues to focus on increasing its pre-sold revenue from guests
prior to voyage sailing, as this typically results in higher
overall spend throughout the cruise journey.
Total revenue per
Passenger Cruise Day was up approximately 17.5% as-reported and
approximately 18.3% in constant currency in the first quarter of
2023 versus 2019. Looking ahead, full year guidance remains
unchanged at Net Per Diem growth in the range of 9.0 to 10.5% and
Net Yield growth in the range of 5.0 to 6.5%, both on a constant
currency basis and compared to 2019.
The Company continues
to focus on efforts to maximize revenue opportunities and right
size its cost base in order to strengthen the foundation for
sustained, profitable growth. Gross Cruise Costs per Capacity Day
was approximately $301 in constant currency in the quarter,
compared to $323 in the second half of 2022. Adjusted Net Cruise
Costs excluding Fuel per Capacity Day in constant currency in the
first quarter of 2023 was approximately $161, lower than the second
half of 2022 at $187, and improved versus guidance of $165 as cost
savings from the ongoing margin enhancement initiative were
realized earlier than anticipated. Based on initiatives already
identified and implemented, the Company expects this metric to show
continued modest sequential improvement throughout 2023.
Liquidity and
Financial Recovery
Plan
The Company continues
to prioritize enhancing liquidity and financial flexibility in the
current environment while seeking opportunities to optimize its
balance sheet and reduce leverage. As of March 31, 2023, the
Company’s total debt position was $13.1 billion and the Company’s
liquidity was approximately $1.9 billion, consisting of $701
million of cash and cash equivalents, nearly $600 million of
availability under its Revolving Loan Facility and a $650 million
undrawn commitment. The Company also has an incremental $300
million unsecured and undrawn commitment through January 2, 2024,
which enhances future liquidity as it becomes available to draw on
October 4, 2023.
The Company has taken
the following additional action to enhance its liquidity profile
and financial flexibility since its fourth quarter and full year
2022 earnings report:
-
In April 2023, the Company increased its export-credit agency
backed commitments by approximately €1.7 billion to finance
improvements, changes and modifications to certain newbuilds,
owners’ supplies associated with preparing these ships to enter
service and related financing premiums. These changes include the
previously communicated modification and enlargement of the last
four Prima Class vessels which will increase their gross tonnage by
up to 20% compared to Norwegian Prima and Norwegian Viva. This also
includes modifications to create a Methanol-Ready configuration for
the final two Prima Class vessels.
“As we continue to
focus on rebuilding our financial track record, we are pleased to
report that we met or exceeded guidance on all key metrics in the
first quarter, buoyed by the strong consumer demand we are
experiencing across our brands,” said Mark A. Kempa, executive vice
president and chief financial officer of Norwegian Cruise Line
Holdings Ltd. “The results of our ongoing margin enhancement
initiative are already starting to reflect in our financial results
during the quarter, as evidenced by the significant sequential
improvement in our operating costs. We will continue to capitalize
and build on this momentum as we remain keenly focused on
strategically improving our margins while maintaining our brands’
strong and unique positioning.”
First Quarter
2023 Results
GAAP net loss was $(159.3) million or EPS of
$(0.38) compared to net loss of $(982.7) million or EPS of $(2.35)
in the prior year. The Company reported Adjusted Net Loss of
$(127.7) million or Adjusted EPS of $(0.30) in first quarter 2023.
This compares to Adjusted Net Loss and Adjusted EPS of $(760.5)
million and $(1.82), respectively, in first quarter 2022. Adjusted
EBITDA in the first quarter was approximately $234.2 million.
Revenue increased to $1.8 billion compared to
$521.9 million in first quarter 2022 due to the phased ramp up of
cruise voyages. Total cruise operating expense increased in 2023
compared to 2022, due to the full resumption of voyages, which
resulted in higher payroll, fuel, and direct variable costs of
fully operating ships. Costs for certain items were also impacted
by lagging inflationary pressures. Gross Cruise Costs per Capacity
Day was approximately $298 in the quarter as-reported and $301 in
constant currency. Adjusted Net Cruise Costs excluding Fuel per
Capacity Day in constant currency was approximately $161,
reflecting an approximately 14% decrease compared to the second
half of 2022 as benefits from the Company’s ongoing margin
enhancement initiative are taking effect.
Fuel price per metric ton, net of hedges,
increased to $779 from $724 in 2022. The Company reported fuel
expense of $194.9 million in the period.
Interest expense, net was $171.3 million in 2023
compared to $327.7 million in 2022. 2023 included lower
extinguishment of debt and debt modification costs, which were $2.4
million in 2023 compared to $188.4 million in 2022. Excluding this,
interest expense increased primarily as a result of higher
rates.
Other income (expense), net was expense of
$(9.0) million in 2023 compared to income of $38.1 million in 2022.
In 2023, the expense primarily related to losses on foreign
currency remeasurements. In 2022, the income primarily related to
gains on fuel swaps not designated as hedges and foreign currency
remeasurements.
Outlook and
Guidance
In addition to
announcing the results for the first quarter 2023, the Company also
provided guidance for the second quarter and full year 2023, 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
2023 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.
|
2023 Guidance |
|
Second Quarter 2023 |
Full Year 20231 |
|
As Reported |
Constant Currency |
As Reported |
Constant Currency |
Net Per Diem vs. 2019 |
5.00% to 5.75% |
5.50% to 6.25% |
8.50% to 10.00% |
9.00% to 10.50% |
Net Yield vs. 2019 |
2.00% to 2.75% |
2.50% to 3.25% |
4.50% to 6.00% |
5.00% to 6.50% |
Adjusted Net Cruise
CostExcluding Fuel per Capacity Day |
Approx. $159 |
Approx. $159 |
Capacity Days |
Approx. 5.5 million |
Approx. 22.75 million |
Occupancy |
Approx. 105% |
Approx. 103.5% |
Adjusted EBITDA |
Approx. $485 million |
$1.8 to $1.95 billion |
Adjusted EPS2 |
Approx. $0.25 |
Approx. $0.75 |
Depreciation and
Amortization |
Approx. $200 million |
Approx. $815 million |
Adjusted Interest Expense,
net |
Approx. $175 million |
Approx. $715 million |
Effect of a 1% change in Net
Yield on Adjusted EBITDA / Adjusted EPS2 |
Approx. $15 millionApprox. $0.03 |
Approx. $49 millionApprox. $0.11 |
Effect
of a $1 change in Adjusted Net Cruise Cost Excluding Fuel per
Capacity Day on Adjusted EBITDA / Adjusted EPS2 |
Approx. $6 millionApprox. $0.01 |
Approx. $17 millionApprox. $0.04 |
(1) |
Sensitivities for Adjusted EBITDA and Adjusted EPS are for the
remainder of 2023. |
(2) |
Based on midpoint of guidance and using a share count of
approximately 460 million for both second quarter 2023 and full
year 2023 Adjusted EPS. Adjusted EPS is calculated using the
if-converted method and therefore excludes approximately $5 million
of interest expense in the second quarter of 2023 and approximately
$18 million for full year 2023 associated with its exchangeable
notes. |
|
|
The following reflects the foreign currency
exchange rates the Company used in its second quarter 2023
guidance.
|
Current Guidance |
Euro |
$1.08 |
British pound |
$1.23 |
Australian Dollar |
$0.67 |
Canadian Dollar |
$0.74 |
|
|
Fuel
The following reflects the Company’s
expectations regarding fuel consumption and pricing, along with
accompanying sensitivities.
|
Second Quarter 2023 |
Full Year 2023 |
Fuel consumption in metric
tons1 |
235,000 |
980,000 |
Fuel price per metric ton, net
of hedges2 |
$740 |
$720 |
Effect on Adjusted EPS of a
10% changein fuel prices, net of hedges |
$0.02 |
$0.05 |
(1) |
Fuel consumption for the full year 2023 is expected to be split
approximately evenly between heavy fuel oil and marine gas oil |
(2) |
Fuel prices are based on forward curves as of 4/21/23 |
(3) |
For the remaining quarters of 2023 |
As of March 31, 2023, the Company had hedged
approximately 53% and 13% of its total projected metric tons of
fuel consumption for the remainder of 2023 and 2024, respectively.
The following table provides amounts hedged and price per metric
ton of heavy fuel oil (“HFO”) which is hedged utilizing Brent and
marine gas oil (“MGO”) which is hedged utilizing
Gasoil.
|
Remainder of 2023 |
2024 |
% of HFO Consumption
Hedged1 |
29% |
- |
Blended HFO Hedge Price /
Metric Ton |
$571 |
- |
% of MGO Consumption
Hedged |
76% |
25% |
Blended
MGO Hedge Price / Metric Ton |
$705 |
$736 |
Total % of Consumption Hedged |
53% |
13% |
(1) |
Both USGC and Brent include derivatives representing accounting
hedges as well as economic hedges. |
|
|
Capital Expenditures
Non-newbuild capital expenditures for first
quarter of 2023 were $135 million. Anticipated non-newbuild capital
expenditures for full year 2023 are expected to be approximately
$450 million including approximately $115 million in the second
quarter.
Newbuild-related capital expenditures, net of
export credit financing, are expected to be approximately $0.5
billion, $0.2 billion and $0.4 billion for the full years ending
December 31, 2023, 2024 and 2025, respectively. Net
newbuild-related capital expenditures for the first quarter of 2023
were approximately $77 million and are expected to be approximately
$203 million for the second quarter of 2023.
Company Updates and
Other Business
Highlights:
Environmental, Social and Governance
(“ESG”)
- Revamped Company’s climate action
strategy to focus on three key pillars: Efficiency, Innovation and
Collaboration. Also established new short- and near-term GHG
reduction targets to support the Company’s ambitious pursuit of net
zero by 2050. Company is targeting a reduction in GHG intensity by
10% by 2026 and 25% by 2030, compared to a 2019 baseline with
intensity measured on a per Capacity Day basis. For more
information view a press release here and video here.
Fleet and Brand Updates
- Oceania Cruises took delivery of
its new ship Vista on April 28, 2023 in Genoa, Italy marking the
first newbuild addition to the brand’s fleet in over a decade. The
67,000-ton, 791-foot-long Vista is the first of two 1,200-guest
next-generation Allura Class ships and will be christened on May 8,
2023 in Valletta, Malta.
- Announced plan to improve
connectivity for guests and crew at sea by offering SpaceX’s
Starlink high-speed internet on its ships across its three brands.
Starlink is currently being tested and the Company intends to
rollout this game-changing technology across its entire world-class
fleet in a phased manner. Learn more here.
- Oceania Cruises named celebrated
Italian-American chef, author, restaurateur and Emmy Award-winning
food personality Giada De Laurentiis as godmother of its newest
ship Vista, debuting May 2023. Multiple Grammy and Emmy
Award-winning singer, pianist and actor Harry Connick Jr. will
appear alongside De Laurentiis at the star-studded christening and
naming ceremony, taking place on May 8 in Valletta, Malta. Learn
more here.
- Norwegian Cruise Line announced
Tony Award-nominated “Beetlejuice” The Musical as the headline
production aboard its newest groundbreaking ship, Norwegian Viva.
Learn more here.
Other Highlights
- Effective April 1, 2023, David
Herrera was appointed to succeed Harry Sommer as President of
Norwegian Cruise Line. Herrera is an 8-year Company veteran and
previously served as the line’s Chief Consumer Sales and Marketing
Officer. Learn more here.
Conference Call
The Company has scheduled a conference call for
Monday, May 1, 2023 at 10:00 a.m. Eastern Time to discuss first
quarter 2023 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 the Norwegian
Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.
With a combined fleet of 30 ships with over 60,000 berths, these
brands offer itineraries to approximately 500 destinations
worldwide. NCLH has seven additional ships scheduled for delivery
through 2028, comprising over 19,000 berths.
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 supplemental adjustments.
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 income (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 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.
Operating Cash Flow. Net cash provided by (used
in) operating activities.
Operating Credit Facility. Consists of the
$875.0 million senior secured revolving credit facility and the
senior secured term loan A facility having an outstanding principal
amount of approximately $0.8 billion as of March 31, 2023.
Passenger Cruise Days. The number of passengers
carried for the period, multiplied by the number of days in their
respective cruises.
Non-GAAP Financial Measures
We use certain non-GAAP financial measures, such
as Adjusted Gross Margin, Net Yield, Net Cruise Cost, Adjusted Net
Cruise Cost Excluding Fuel, Adjusted EBITDA, Adjusted Net Loss,
Adjusted EPS and Net Per Diem, to enable us to analyze our
performance. See “Terminology” for the definitions of these and
other non-GAAP financial measures. We utilize Adjusted Gross
Margin, Net Yield, and Net Per Diem to manage our business on a
day-to-day basis and believe they are relevant measures of our
revenue performance because they reflect revenue earned net of
certain direct variable costs. 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, 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. 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 Loss and Adjusted EPS
are non-GAAP financial measures that exclude certain amounts and
are used to supplement GAAP net loss and EPS. We use Adjusted Net
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 during normal operations. The amounts
excluded in the presentation of these non-GAAP financial measures
may vary from period to period; accordingly, our presentation of
Adjusted Net Loss and Adjusted EPS may not be indicative of future
adjustments or results.
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, those
regarding our business strategy, financial position, results of
operations, plans, prospects, actions taken or strategies being
considered with respect to our liquidity position, valuation and
appraisals of our assets and objectives of management for future
operations (including those regarding expected fleet additions, our
expectations regarding the impacts of the COVID-19 pandemic,
Russia’s invasion of Ukraine and general macroeconomic conditions,
our expectations regarding cruise voyage occupancy, the
implementation of and effectiveness of our health and safety
protocols, operational position, demand for voyages, plans or goals
for our sustainability program and decarbonization efforts, our
expectations for future cash flows and profitability, financing
opportunities and extensions, and future cost mitigation and cash
conservation efforts and efforts to reduce operating expenses and
capital expenditures) are 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; the spread of epidemics, pandemics and viral outbreaks,
including the COVID-19 pandemic, and their effect on the ability or
desire of people to travel (including on cruises), which is
expected to continue to adversely impact our results, operations,
outlook, plans, goals, growth, reputation, cash flows, liquidity,
demand for voyages and share price; 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 regulatory restrictions
related to the pandemic; 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 as a result of the impact
of the COVID-19 pandemic or otherwise; 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, and threats thereof, acts of piracy, and other
international events; adverse incidents involving cruise ships;
breaches in data security or other disturbances to our information
technology 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; 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. 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 COVID-19
pandemic, Russia’s invasion of Ukraine and the impact of general
macroeconomic conditions. It is not possible to predict or identify
all such risks. There may be additional risks that we consider
immaterial or which are unknown. The above examples are not
exhaustive and new risks emerge from time to time. 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. These forward-looking
statements 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 Contact |
Jessica John |
(305)
468-2339InvestorRelations@nclcorp.com |
|
|
|
|
|
NORWEGIAN
CRUISE LINE HOLDINGS LTD. |
CONSOLIDATED
STATEMENTS OF OPERATIONS |
(Unaudited) |
(in
thousands, except share and per share data) |
|
|
|
|
|
Three Months
Ended |
|
March 31 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Revenue |
|
|
|
Passenger ticket |
$ |
1,208,841 |
|
|
$ |
342,455 |
|
Onboard and other |
|
613,098 |
|
|
|
179,485 |
|
Total revenue |
|
1,821,939 |
|
|
|
521,940 |
|
Cruise operating expense |
|
|
|
Commissions, transportation and other |
|
409,684 |
|
|
|
87,958 |
|
Onboard and other |
|
119,697 |
|
|
|
32,550 |
|
Payroll and related |
|
304,155 |
|
|
|
240,727 |
|
Fuel |
|
194,868 |
|
|
|
135,509 |
|
Food |
|
95,966 |
|
|
|
39,516 |
|
Other |
|
156,048 |
|
|
|
199,153 |
|
Total cruise operating expense |
|
1,280,418 |
|
|
|
735,413 |
|
Other operating expense |
|
|
|
Marketing, general and administrative |
|
336,013 |
|
|
|
296,207 |
|
Depreciation and amortization |
|
194,790 |
|
|
|
179,076 |
|
Total other operating expense |
|
530,803 |
|
|
|
475,283 |
|
Operating income (loss) |
|
10,718 |
|
|
|
(688,756 |
) |
Non-operating income (expense) |
|
|
|
Interest expense, net |
|
(171,257 |
) |
|
|
(327,685 |
) |
Other income (expense), net |
|
(8,955 |
) |
|
|
38,120 |
|
Total non-operating income (expense) |
|
(180,212 |
) |
|
|
(289,565 |
) |
Net loss before income taxes |
|
(169,494 |
) |
|
|
(978,321 |
) |
Income tax benefit (expense) |
|
10,173 |
|
|
|
(4,393 |
) |
Net loss |
$ |
(159,321 |
) |
|
$ |
(982,714 |
) |
|
|
|
|
Weighted-average shares outstanding |
|
|
|
Basic |
|
422,655,215 |
|
|
|
417,734,591 |
|
Diluted |
|
422,655,215 |
|
|
|
417,734,591 |
|
|
|
|
|
Loss per share |
|
|
|
Basic |
$ |
(0.38 |
) |
|
$ |
(2.35 |
) |
Diluted |
$ |
(0.38 |
) |
|
$ |
(2.35 |
) |
|
|
|
|
|
|
|
|
NORWEGIAN
CRUISE LINE HOLDINGS LTD. |
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS |
(Unaudited) |
(in
thousands) |
|
|
|
|
|
Three Months
Ended |
|
March 31 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net loss |
$ |
(159,321 |
) |
|
$ |
(982,714 |
) |
Other comprehensive income (loss): |
|
|
|
Shipboard Retirement Plan |
|
64 |
|
|
|
2,476 |
|
Cash flow hedges: |
|
|
|
Net unrealized gain (loss) |
|
(18,475 |
) |
|
|
39,304 |
|
Amount realized and reclassified into earnings |
|
(9,874 |
) |
|
|
(7,502 |
) |
Total other comprehensive income (loss) |
|
(28,285 |
) |
|
|
34,278 |
|
Total comprehensive loss |
$ |
(187,606 |
) |
|
$ |
(948,436 |
) |
|
|
|
|
|
|
|
|
NORWEGIAN
CRUISE LINE HOLDINGS LTD. |
CONSOLIDATED
BALANCE SHEETS |
(Unaudited) |
(in
thousands, except share data) |
|
March
31, |
|
December
31, |
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
700,600 |
|
|
$ |
946,987 |
|
Accounts receivable, net |
|
259,289 |
|
|
|
326,272 |
|
Inventories |
|
145,948 |
|
|
|
148,717 |
|
Prepaid expenses and other assets |
|
538,833 |
|
|
|
450,893 |
|
Total current assets |
|
1,644,670 |
|
|
|
1,872,869 |
|
Property and
equipment, net |
|
14,508,426 |
|
|
|
14,516,366 |
|
Goodwill |
|
98,134 |
|
|
|
98,134 |
|
Trade
names |
|
500,525 |
|
|
|
500,525 |
|
Other
long-term assets |
|
1,598,936 |
|
|
|
1,569,800 |
|
Total assets |
$ |
18,350,691 |
|
|
$ |
18,557,694 |
|
Liabilities and shareholders' equity |
|
|
|
Current
liabilities: |
|
|
|
Current portion of long-term debt |
$ |
1,210,248 |
|
|
$ |
991,128 |
|
Accounts payable |
|
203,233 |
|
|
|
228,742 |
|
Accrued expenses and other liabilities |
|
1,109,029 |
|
|
|
1,318,460 |
|
Advance ticket sales |
|
3,177,026 |
|
|
|
2,516,521 |
|
Total current liabilities |
|
5,699,536 |
|
|
|
5,054,851 |
|
Long-term
debt |
|
11,920,504 |
|
|
|
12,630,402 |
|
Other
long-term liabilities |
|
830,199 |
|
|
|
803,850 |
|
Total liabilities |
|
18,450,239 |
|
|
|
18,489,103 |
|
Commitments
and contingencies |
|
|
|
Shareholders' equity: |
|
|
|
Ordinary shares, $0.001 par value; 980,000,000 shares authorized;
and 424,158,982 shares issued and outstanding at
March 31, 2023 and 421,413,565 shares issued and
outstanding at December 31, 2022 |
|
424 |
|
|
|
421 |
|
Additional paid-in capital |
|
7,631,028 |
|
|
|
7,611,564 |
|
Accumulated other comprehensive income (loss) |
|
(505,364 |
) |
|
|
(477,079 |
) |
Accumulated deficit |
|
(7,225,636 |
) |
|
|
(7,066,315 |
) |
Total shareholders' equity (deficit) |
|
(99,548 |
) |
|
|
68,591 |
|
Total liabilities and shareholders' equity |
$ |
18,350,691 |
|
|
$ |
18,557,694 |
|
|
|
|
|
|
|
|
|
NORWEGIAN
CRUISE LINE HOLDINGS LTD. |
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(Unaudited) |
(in
thousands) |
|
|
|
|
|
Three Months
Ended |
|
March 31 |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
Net loss |
$ |
(159,321 |
) |
|
$ |
(982,714 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
Depreciation and amortization expense |
|
210,676 |
|
|
|
195,464 |
|
(Gain) loss on derivatives |
|
4,404 |
|
|
|
(19,779 |
) |
Loss on extinguishment of debt |
|
2,434 |
|
|
|
188,433 |
|
Provision for bad debts and inventory obsolescence |
|
1,199 |
|
|
|
1,294 |
|
Share-based compensation expense |
|
28,155 |
|
|
|
32,792 |
|
Net foreign currency adjustments |
|
1,021 |
|
|
|
(4,126 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
|
65,391 |
|
|
|
618,853 |
|
Inventories |
|
2,812 |
|
|
|
(24,141 |
) |
Prepaid expenses and other assets |
|
(127,192 |
) |
|
|
(632,610 |
) |
Accounts payable |
|
(25,926 |
) |
|
|
(136,767 |
) |
Accrued expenses and other liabilities |
|
(168,581 |
) |
|
|
(25,587 |
) |
Advance ticket sales |
|
668,261 |
|
|
|
417,877 |
|
Net cash provided by (used in) operating activities |
|
503,333 |
|
|
|
(371,011 |
) |
Cash flows from investing activities |
|
|
|
Additions to property and equipment, net |
|
(237,676 |
) |
|
|
(165,284 |
) |
Proceeds from maturities of short-term investments |
|
— |
|
|
|
240,000 |
|
Other |
|
1,320 |
|
|
|
4,940 |
|
Net cash provided by (used in) investing activities |
|
(236,356 |
) |
|
|
79,656 |
|
Cash flows from financing activities |
|
|
|
Repayments of long-term debt |
|
(1,821,412 |
) |
|
|
(935,444 |
) |
Proceeds from long-term debt |
|
1,330,622 |
|
|
|
2,073,175 |
|
Proceeds from employee related plans |
|
2,618 |
|
|
|
2,557 |
|
Net share settlement of restricted share units |
|
(11,306 |
) |
|
|
(11,961 |
) |
Early redemption premium |
|
— |
|
|
|
(172,012 |
) |
Deferred financing fees |
|
(13,886 |
) |
|
|
(34,767 |
) |
Net cash provided by (used in) financing activities |
|
(513,364 |
) |
|
|
921,548 |
|
Net increase (decrease) in cash and cash equivalents |
|
(246,387 |
) |
|
|
630,193 |
|
Cash and cash equivalents at beginning of the period |
|
946,987 |
|
|
|
1,506,647 |
|
Cash and cash equivalents at end of the period |
$ |
700,600 |
|
|
$ |
2,136,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Passenger Cruise Days and per Passenger Cruise
Day data): |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
March 31 |
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Constant
Currency |
|
|
|
|
|
|
|
2023 |
|
|
compared to 2019 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue |
$ |
1,821,939 |
|
|
$ |
1,835,356 |
|
|
$ |
1,403,630 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
Total cruise
operating expense |
|
1,280,418 |
|
|
|
1,289,860 |
|
|
|
826,651 |
|
|
|
Ship
depreciation |
|
181,569 |
|
|
|
181,569 |
|
|
|
152,851 |
|
|
|
Gross margin |
|
359,952 |
|
|
|
363,927 |
|
|
|
424,128 |
|
|
|
Ship
depreciation |
|
181,569 |
|
|
|
181,569 |
|
|
|
152,851 |
|
|
|
Payroll and
related |
|
304,155 |
|
|
|
304,554 |
|
|
|
223,107 |
|
|
|
Fuel |
|
194,868 |
|
|
|
194,882 |
|
|
|
98,253 |
|
|
|
Food |
|
95,966 |
|
|
|
96,487 |
|
|
|
55,045 |
|
|
|
Other |
|
156,048 |
|
|
|
161,535 |
|
|
|
141,569 |
|
|
|
Adjusted Gross Margin |
$ |
1,292,558 |
|
|
$ |
1,302,954 |
|
|
$ |
1,094,953 |
|
|
|
|
|
|
|
|
|
|
|
|
Passenger
Cruise Days |
|
5,497,106 |
|
- |
|
5,497,106 |
|
- |
|
4,975,440 |
|
|
|
Capacity
Days |
|
5,415,547 |
|
|
|
5,415,547 |
|
|
|
4,716,929 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue per Passenger Cruise Day |
$ |
331.44 |
|
|
$ |
333.88 |
|
|
$ |
282.11 |
|
|
|
Gross margin
per Passenger Cruise Day |
$ |
65.48 |
|
|
$ |
66.20 |
|
|
$ |
85.24 |
|
|
|
Net Per
Diem |
$ |
235.13 |
|
|
$ |
237.03 |
|
|
$ |
220.07 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
per Capacity Day |
$ |
66.47 |
|
|
$ |
67.20 |
|
|
$ |
89.92 |
|
|
|
Net
Yield |
$ |
238.68 |
|
|
$ |
240.60 |
|
|
$ |
232.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Six Months
Ended |
|
|
March 31 |
|
December 31 |
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Constant
Currency |
|
|
|
|
|
|
|
2023 |
|
|
compared to 2019 |
|
|
2019 |
|
|
2022 |
|
Total cruise
operating expense |
$ |
1,280,418 |
|
|
$ |
1,289,860 |
|
|
$ |
826,651 |
|
$ |
2,458,357 |
|
Marketing,
general and administrative expense |
|
336,013 |
|
|
|
337,826 |
|
|
|
248,942 |
|
|
753,818 |
|
Gross Cruise Cost |
|
1,616,431 |
|
|
|
1,627,686 |
|
|
|
1,075,593 |
|
|
3,212,175 |
|
Less: |
|
|
|
|
|
|
|
|
Commissions,
transportation and other expense |
|
409,684 |
|
|
|
412,705 |
|
|
|
229,264 |
|
|
690,481 |
|
Onboard and
other expense |
|
119,697 |
|
|
|
119,697 |
|
|
|
79,413 |
|
|
229,227 |
|
Net Cruise Cost |
|
1,087,050 |
|
|
|
1,095,284 |
|
|
|
766,916 |
|
|
2,292,467 |
|
Less: Fuel
expense |
|
194,868 |
|
|
|
194,882 |
|
|
|
98,253 |
|
|
370,127 |
|
Net Cruise Cost Excluding Fuel |
|
892,182 |
|
|
|
900,402 |
|
|
|
668,663 |
|
|
1,922,340 |
|
Less
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
Non-cash deferred compensation (1) |
|
578 |
|
|
|
578 |
|
|
|
534 |
|
|
1,399 |
|
Non-cash share-based compensation (2) |
|
28,155 |
|
|
|
28,155 |
|
|
|
26,999 |
|
|
50,723 |
|
Restructuring costs (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
12,140 |
|
Redeployment of Norwegian Joy (4) |
|
- |
|
|
|
- |
|
|
|
5,016 |
|
|
- |
|
Adjusted Net
Cruise Cost Excluding Fuel |
$ |
863,449 |
|
|
$ |
871,669 |
|
|
$ |
636,114 |
|
$ |
1,858,078 |
|
|
|
|
|
|
|
|
|
|
Capacity
Days |
|
5,415,547 |
|
|
|
5,415,547 |
|
|
|
4,716,929 |
|
|
9,948,281 |
|
|
|
|
|
|
|
|
|
|
Gross Cruise
Cost per Capacity Day |
$ |
298.48 |
|
|
$ |
300.56 |
|
|
$ |
228.03 |
|
$ |
322.89 |
|
Net Cruise
Cost per Capacity Day |
$ |
200.73 |
|
|
$ |
202.25 |
|
|
$ |
162.59 |
|
$ |
230.44 |
|
Net Cruise
Cost Excluding Fuel per Capacity Day |
$ |
164.74 |
|
|
$ |
166.26 |
|
|
$ |
141.76 |
|
$ |
193.23 |
|
Adjusted Net
Cruise Cost Excluding Fuel per Capacity Day |
$ |
159.44 |
|
|
$ |
160.96 |
|
|
$ |
134.86 |
|
$ |
186.77 |
|
|
|
|
|
|
|
|
|
|
(1) Non-cash deferred
compensation expenses related to the crew pension plan and other
crew expenses, which are included in payroll and related
expense. |
|
|
(2) Non-cash
share-based compensation expenses related to equity awards, which
are included in marketing, general and administrative expense and
payroll and related expense. |
|
(3) Restructuring
costs related to workforce reductions are included in marketing,
general and administrative expense. |
(4) Expenses related
to the redeployment of Norwegian Joy from Asia to the U.S. and the
closing of the Shanghai office, which are included in other cruise
operating expense and marketing, general and administrative
expense. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWEGIAN
CRUISE LINE HOLDINGS LTD. |
NON-GAAP
RECONCILING INFORMATION |
(Unaudited) |
|
|
|
|
Adjusted Net Loss and Adjusted EPS were calculated as follows (in
thousands, except share and per share data): |
|
|
|
|
|
Three Months
Ended |
|
March 31 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net
loss |
$ |
(159,321 |
) |
|
$ |
(982,714 |
) |
Non-GAAP Adjustments: |
|
|
|
Non-cash deferred compensation (1) |
|
1,010 |
|
|
|
1,012 |
|
Non-cash share-based compensation (2) |
|
28,155 |
|
|
|
32,792 |
|
Extinguishment and modification of debt (3) |
|
2,434 |
|
|
|
188,433 |
|
Adjusted Net
Loss |
$ |
(127,722 |
) |
|
$ |
(760,477 |
) |
Diluted
weighted-average shares outstanding - Net loss and Adjusted Net
Loss |
|
422,655,215 |
|
|
|
417,734,591 |
|
Diluted loss
per share |
$ |
(0.38 |
) |
|
$ |
(2.35 |
) |
Adjusted EPS |
$ |
(0.30 |
) |
|
$ |
(1.82 |
) |
|
|
|
|
(1) Non-cash deferred compensation expenses related to the crew
pension plan and other crew expenses are included in payroll and
related expense and other income (expense), net. |
(2) Non-cash share-based compensation expenses related to equity
awards are included in marketing, general and administrative
expense and payroll and related expense. |
(3) Losses on extinguishments and modifications of debt are
primarily 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 |
|
March 31 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net
loss |
$ |
(159,321 |
) |
|
$ |
(982,714 |
) |
Interest
expense, net |
|
171,257 |
|
|
|
327,685 |
|
Income tax
(benefit) expense |
|
(10,173 |
) |
|
|
4,393 |
|
Depreciation
and amortization expense |
|
194,790 |
|
|
|
179,076 |
|
EBITDA |
|
196,553 |
|
|
|
(471,560 |
) |
|
|
|
|
Other
(income) expense, net (1) |
|
8,955 |
|
|
|
(38,120 |
) |
Other Non-GAAP Adjustments: |
|
|
|
Non-cash deferred compensation (2) |
|
578 |
|
|
|
699 |
|
Non-cash share-based compensation (3) |
|
28,155 |
|
|
|
32,792 |
|
Adjusted EBITDA |
$ |
234,241 |
|
|
$ |
(476,189 |
) |
|
|
|
|
(1) In 2023, primarily consists of gains and losses, net for
foreign currency remeasurements. In 2022, primarily consists of
gains and losses, net for fuel swaps not designated as hedges and
foreign currency remeasurements. |
(2) Non-cash deferred compensation expenses related to the crew
pension plan and other crew expenses are included in payroll and
related expense. |
(3) Non-cash share-based compensation expenses related to equity
awards are included in marketing, general and administrative
expense and payroll and related expense. |
Norwegian Cruise Line (NYSE:NCLH)
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