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 second
quarter ended June 30, 2021 and provided a business update.
“Last week we reached
a historic milestone in our Great Cruise Comeback with the
successful commencement of our relaunch with the first ship in our
fleet, Norwegian Jade, sailing the Greek Isles. Tomorrow will mark
our first cruise in the United States in over 500 days as Norwegian
Encore sets sail from Seattle to Alaska,” said Frank Del Rio,
president and chief executive officer of Norwegian Cruise Line
Holdings Ltd. “As we recommence operations, we are putting health
and safety at the forefront with our robust, science-backed
SailSAFETM health and safety program, including our 100%
vaccination policy which applies across all voyages on our three
brands. We are ready and eager to welcome guests back onboard and
continue to see incredible strength in our booking trends for
future cruises. Our team is working tirelessly to execute on our
plan to return our full fleet to operation by April 2022 to
capitalize on this unparalleled pent-up demand.”
Health and
Safety
The Company is
committed to protecting the health and safety of its guests, crew
and communities visited and has developed SailSAFE, a robust,
science-backed health and safety program which creates multiple
layers of protection against COVID-19. The SailSAFE health and
safety program is informed by expert guidance from the Healthy Sail
Panel and the Company’s SailSAFE Global Health and Wellness
Council. As part of this program, all voyages will operate with
fully vaccinated guests and crew in addition to comprehensive
SailSAFE protocols, which include universal COVID-19 testing prior
to embarkation. The Company’s 100% vaccination policyi applies
across all voyages on its three brands as it believes this is the
safest way to resume cruising in the current global public health
environment. These measures will be continuously evaluated and
modified as science and technology evolve.
For more information
on the Company’s SailSAFE health and safety program please visit:
http://www.nclhltd.com/Health-and-Safety.
Resumption of
Cruise Operations
The Company has
announced its phased relaunch plans for all 28 ships across its
three brands which began with Norwegian Jade on July 25, 2021 and
continues through April 1, 2022. The first cruise to commence in
the United States is scheduled on August 7, 2021 with Norwegian
Encore sailing to Alaska from Seattle. The Company expects to have
approximately 40% of its fleet capacity operating by the end of the
third quarter 2021 and approximately 75% by year-end 2021 with the
full fleet expected to be back in operation by April 1, 2022.
The Company’s current
plans include a re-start of operations from Florida beginning on
August 15, 2021 aboard Norwegian Gem sailing from Miami. The
Company has been unable to reach a mutually agreeable solution with
the State of Florida that would allow it to require documentation
confirming guests’ vaccination status prior to boarding cruises
from Florida. As such, the Company has asked the U.S. District
Court for the Southern District of Florida to invalidate Florida’s
prohibition and to grant a preliminary injunction to allow the
Company to resume sailing in the safest way possible with stringent
health and safety protocols to minimize, to the greatest extent
possible, further spread of COVID-19. A hearing on the motion for
preliminary injunction is scheduled for today, August 6, 2021, and
the Company hopes to receive additional clarity shortly on its path
forward to resume sailing from Florida. The ruling has no impact on
sailings outside of Florida where the Company’s policy of 100%
vaccination of guests and crew is in place without issue in every
other port it sails from around the world.
Booking
Environment and Outlook
Bookings continue to
be strong for future periods despite reduced sales and marketing
investments and a travel agency industry that has not been at full
strength since the start of the pandemic.
2022 booking and
pricing trends continue to be very positive driven by strong
pent-up demand. The Company is experiencing robust future demand
across all brands with the overall cumulative booked position for
full year 2022 meaningfully ahead of 2019’s record levels at higher
pricing even when including the dilutive impact of future cruise
credits (“FCCs”).
The Company’s advance
ticket sales were $1.4 billion, including the long-term portion,
which includes approximately $800 million of FCCs as of June 30,
2021.
Liquidity and
Financial Action Plan
The Company continues
to take decisive measures on its financial action plan to enhance
liquidity and control costs in the current environment. As of June
30, 2021, the Company’s total debt position was $12.3 billion and
the Company’s cash and cash equivalents were $2.8 billion.
The Company has taken
the following additional actions to enhance its liquidity since
March 31, 2021:
-
In July 2021, the Company amended nine credit facilities for its
newbuild agreements and increased the combined commitments under
such credit facilities by approximately $770 million to cover
owners supply and modification costs and financing premium
fees.
-
Secured a €28.8 million loan facility for newbuild related
payments.
-
Requested and received approval from its shareholders for an
increase of 490 million authorized ordinary shares at the Company’s
annual general meeting.
The Company's monthly
average cash burn for the second quarter 2021 was approximately
$200 million, higher than prior guidance of approximately $190
million and above the prior quarter, as it prepared for a return to
service this summer. Looking ahead, the Company expects third
quarter 2021 monthly average cash burn to increase to approximately
$285 million driven by the continued phased relaunch of additional
vessels. This cash burn rate does not include expected cash inflows
from new and existing bookings.
Cash burn rates
include ongoing ship operating expenses, administrative operating
expenses, interest expense, taxes, debt deferral fees and expected
non-newbuild capital expenditures and exclude cash refunds of
customer deposits as well as cash inflows from new and existing
bookings, newbuild related capital expenditures and other working
capital changes. Future cash burn rate estimates also exclude
unforeseen expenses. The second quarter 2021 cash burn rate and
third quarter estimate also reflect the deferral of debt
amortization and newbuild related payments.
“We are focused on the
flawless execution of our return to service plan including the
phased relaunch of all 28 of our vessels by April 2022 which is the
first step on our road to recovery,” said Mark A. Kempa, executive
vice president and chief financial officer of Norwegian Cruise Line
Holdings Ltd. “Recognizing that the global public health
environment remains fluid, we continue to focus on controlling
costs, balancing our cash needs and enhancing our liquidity
position to maintain financial flexibility.”
Second Quarter 2021 Results
GAAP net loss was $(717.8) million or EPS of
$(1.94) compared to net loss of $(715.2) million or EPS of $(2.99)
in the prior year. The Company reported Adjusted Net Loss of
$(714.7) million or Adjusted EPS of $(1.93) in 2021 which included
$3.1 million of net adjustments. This compares to Adjusted Net Loss
and Adjusted EPS of $(666.4) million and $(2.78), respectively, in
2020.
Revenue decreased to $4.4 million compared to
$16.9 million in 2020 as voyages were once again suspended for the
entire quarter.
Total cruise operating expense decreased 17.2%
in 2021 compared to 2020. In 2021, cruise operating expenses were
primarily related to crew costs, including salaries, food and other
travel costs, fuel, and other ongoing costs such as insurance and
ship maintenance.
Fuel price per metric ton, net of hedges
increased to $673 from $594 in 2020. The Company reported fuel
expense of $54.1 million in the period.
Interest expense, net was $137.3 million in 2021
compared to $114.5 million in 2020. The increase in interest
expense reflects additional debt outstanding at higher interest
rates, partially offset by lower LIBOR. Included in 2020 were
losses on extinguishment of debt and debt modification costs of
$21.2 million.
Other income (expense), net was income of $25.5
million in 2021 compared to expense of $(14.4) million in 2020. In
2021, the income primarily related to gains on fuel swaps not
designated as hedges.
2021 Outlook
As a result of the
COVID-19 pandemic, while the Company cannot estimate the impact on
its business, financial condition or near- or longer-term financial
or operational results with certainty, it will report a net loss
for the third quarter ending September 30, 2021 and expects to
report a net loss until the Company is able to resume regular
voyages.
As of June 30, 2021, the Company had hedged
approximately 43%, 37% and 14% of its total projected metric tons
of fuel consumption for the remainder of 2021, 2022 and 2023,
respectively. The following table provides amounts hedged and price
per barrel of heavy fuel oil (“HFO”) which is hedged utilizing U.S.
Gulf Coast 3% (“USGC”) and marine gas oil (“MGO”) which is hedged
utilizing Gasoil.
|
|
Remainder of 2021 |
|
2022 |
|
2023 |
|
% of HFO Consumption Hedged1 |
|
14% |
|
15% |
|
0% |
|
Average USGC Price / Barrel |
|
$45.82 |
|
$48.36 |
|
N/A |
|
% of MGO Consumption Hedged |
|
69%1 |
|
56% |
|
30% |
|
Average Gasoil Price / Barrel |
|
$81.38 |
|
$70.06 |
|
$67.45 |
|
(1) These
derivatives were de-designated for accounting purposes in the
fourth quarter of 2020 and first quarter of 2021 but still
represent economic hedges and may be re-designated in the
future.
Anticipated non-newbuild capital expenditures
for third quarter 2021 and full year 2021 are approximately $110
million and approximately $425 million which includes health and
safety investments. The Company is not providing total capital
expenditure guidance for future years at this time given the
uncertain and evolving environment. However, after newbuild-related
payment deferrals the Company’s anticipated expenditures related to
ship construction contracts were $0.3 billion for the remainder of
2021 and $1.6 billion and $2.5 billion for the years ending
December 31, 2022 and 2023, respectively. The Company has export
credit financing in place for the anticipated expenditures related
to ship construction contracts of $0.2 billion for the remainder of
2021 and $1.0 billion and $2.0 billion for the years ending
December 31, 2022 and 2023, respectively.
Interest Expense, net is expected to be
approximately $160 million for the third quarter 2021 and
approximately $620 million for full year 2021, excluding losses on
extinguishment of debt and debt modification costs. Depreciation
and Amortization is expected to be approximately $175 million for
the third quarter 2021 and approximately $700 million for full year
2021.
Conference Call
The Company has scheduled a conference call for
Friday, August 6, 2021 at 10:00 a.m. Eastern Time to discuss second
quarter 2021 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 28 ships with nearly 60,000 berths, these
brands offer itineraries to more than 490 destinations worldwide.
The Company has nine additional ships scheduled for delivery
through 2027, comprising approximately 24,000 berths.
About
SailSAFE
Norwegian Cruise Line Holdings Ltd. established
its SailSAFE health and safety program in response to the unique
challenges of the COVID-19 global pandemic to protect guests, crew
and communities visited. SailSAFE is a robust and comprehensive
health and safety strategy with new and enhanced protocols to
create multiple layers of protection against COVID-19. This
science-backed plan for a safe and healthy return to cruising was
developed in conjunction with a diverse group of globally
recognized experts and will be continuously improved, modified and
refined using the best available science and technology. For more
information on the SailSAFE health and safety program please visit
http://www.nclhltd.com/Health-and-Safety.
About the
Healthy Sail Panel
Norwegian Cruise Line Holdings Ltd. in
collaboration with Royal Caribbean Group established the Healthy
Sail Panel (“HSP”), a group of 11 leading experts to help inform
the cruise industry in the development of new and enhanced cruise
health and safety standards in response to the global COVID-19
pandemic. The HSP, co-chaired by Dr. Scott Gottlieb, former
commissioner of the U.S. Food and Drug Administration and Governor
Mike Leavitt, former Secretary of the U.S. Department of Health and
Human Services, consists of globally recognized experts from
various disciplines, including public health, infectious disease,
biosecurity, hospitality and maritime operations. The panel’s work,
including detailed recommendations across five key areas of focus,
is informing the Company’s health and safety protocols and has been
widely shared with the cruise industry and open to any other
industry that could benefit from the HSP’s scientific and medical
insights.
About the
SailSAFE Global Health and Wellness Council
The SailSAFE Global Health and Wellness Council
(“Council”) was established by Norwegian Cruise Line Holdings Ltd.
to provide expert advice on the implementation, compliance with and
continuous improvement of the Company’s SailSAFE health and safety
program. The Council will complement the work of the Healthy Sail
Panel and continuously evaluate and identify ways to improve health
and safety standards, utilizing the best technologies and
information available. The Council is cross-functional, diverse and
extensively experienced, comprised of six experts at the forefront
of their fields and led by Chairman of the Council, Dr. Scott
Gottlieb, former commissioner of the U.S. Food and Drug
Administration.
Terminology
Adjusted EBITDA. EBITDA adjusted for other
income (expense), net and other supplemental adjustments.
Adjusted EPS. Adjusted Net Loss divided by the
number of diluted weighted-average shares outstanding.
Adjusted Net Cruise Cost Excluding Fuel. Net
Cruise Cost less fuel expense adjusted for supplemental
adjustments.
Adjusted Net Loss. Net 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. Available Berths multiplied by
the number of cruise days for the period.
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.
EBITDA. Earnings before interest, taxes, and
depreciation and amortization.
EPS. Diluted 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.
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.
Non-GAAP Financial Measures
We use certain non-GAAP financial measures, such
as Net Cruise Cost, Adjusted Net Cruise Cost Excluding Fuel,
Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS, to enable us
to analyze our performance. See “Terminology” for the definitions
of these and other non-GAAP financial measures. We 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 Net Cruise Cost and Adjusted Net
Cruise Cost Excluding Fuel to be the most relevant indicators of
our performance. As a result of our voluntary suspension of
sailings from March 2020 through June 2021, we did not have any
Capacity Days during the suspension period. Accordingly, we have
not presented herein per Capacity Day data for the three or six
months ended June 30, 2021 or June 30, 2020.
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 income (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. 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. For example, for the six months ended June 30, 2020, we
incurred $1.6 billion related to impairment losses. We included
this as an adjustment in the reconciliation of Adjusted Net Loss
since the expenses are not representative of our day-to-day
operations; however, this adjustment did not occur and is not
included in the comparative period presented within this
release.
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 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 suspension
of certain cruise voyages, our ability to weather the impacts of
the COVID-19 pandemic, our expectations regarding the resumption of
cruise voyages and the timing for such resumption of cruise
voyages, the implementation of and effectiveness of our health and
safety protocols, operational position, demand for voyages,
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:
the spread of epidemics, pandemics and viral outbreaks and
specifically, the COVID-19 pandemic, including its effect on the
ability or desire of people to travel (including on cruises), which
are expected to continue to adversely impact our results,
operations, outlook, plans, goals, growth, reputation, cash flows,
liquidity, demand for voyages and share price; our ability to
comply with the U.S. Centers for Disease Control and Prevention’s
(“CDC”) Framework for Conditional Sailing Order and any additional
or future regulatory restrictions on our operations and to
otherwise develop enhanced health and safety protocols to adapt to
the pandemic’s unique challenges once operations resume and to
otherwise safely resume our operations when conditions allow;
legislation prohibiting companies from verifying vaccination
status; coordination and cooperation with the CDC, the federal
government and global public health authorities to take precautions
to protect the health, safety and security of guests, crew and the
communities visited and the implementation of any such precautions;
our ability to work with lenders and others or otherwise pursue
options to defer, renegotiate or refinance 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, which may not be available on favorable
terms, or at all, and may be dilutive to existing shareholders; our
indebtedness and restrictions in the agreements governing our
indebtedness that require us to maintain minimum levels of
liquidity and otherwise limit our flexibility in operating our
business, including the significant portion of assets that are
collateral under these agreements; the accuracy of any appraisals
of our assets as a result of the impact of the COVID-19 pandemic or
otherwise; our success in reducing operating expenses and capital
expenditures and the impact of any such reductions; our guests’
election to take cash refunds in lieu of future cruise credits or
the continuation of any trends relating to such election; trends
in, or changes to, future bookings and our ability to take future
reservations and receive deposits related thereto; the
unavailability of ports of call; future increases in the price of,
or major changes or reduction in, commercial airline services;
adverse events impacting the security of travel, such as terrorist
acts, armed conflict and threats thereof, acts of piracy, and other
international events; adverse incidents involving cruise ships;
adverse general economic and related factors, such as fluctuating
or increasing levels of 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;
any further impairment of our trademarks, trade names or goodwill;
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; fluctuations in foreign currency exchange rates;
overcapacity in key markets or globally; our expansion into and
investments in new markets; 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; our inability to recruit or
retain qualified personnel or the loss of key personnel or employee
relations issues; our reliance on third parties to provide hotel
management services for certain ships and certain other services;
our inability to keep pace with developments in technology; changes
involving the tax and environmental regulatory regimes in which we
operate; and other factors set forth under “Risk Factors” in our
most recently filed Annual Report on Form 10-K, Quarterly Report on
Form 10-Q 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. 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
contained 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
Andrea DeMarco(305)
468-2339InvestorRelations@nclcorp.com
Jessica John(786) 913-2902
NORWEGIAN
CRUISE LINE HOLDINGS LTD. |
|
CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
(Unaudited) |
|
(in
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
Passenger ticket |
$ |
1,584 |
|
|
$ |
13,835 |
|
|
$ |
1,750 |
|
|
$ |
854,626 |
|
|
|
Onboard and other |
|
2,784 |
|
|
|
3,094 |
|
|
|
5,718 |
|
|
|
409,185 |
|
|
|
|
|
|
Total revenue |
|
4,368 |
|
|
|
16,929 |
|
|
|
7,468 |
|
|
|
1,263,811 |
|
|
Cruise operating expense |
|
|
|
|
|
|
|
|
|
Commissions, transportation and other |
|
6,564 |
|
|
|
34,601 |
|
|
|
15,597 |
|
|
|
366,969 |
|
|
|
Onboard and other |
|
1,276 |
|
|
|
3,188 |
|
|
|
2,535 |
|
|
|
78,161 |
|
|
|
Payroll and related |
|
86,647 |
|
|
|
128,744 |
|
|
|
168,785 |
|
|
|
375,891 |
|
|
|
Fuel |
|
54,090 |
|
|
|
48,992 |
|
|
|
96,693 |
|
|
|
174,016 |
|
|
|
Food |
|
4,334 |
|
|
|
6,997 |
|
|
|
10,642 |
|
|
|
56,213 |
|
|
|
Other |
|
96,816 |
|
|
|
79,130 |
|
|
|
156,330 |
|
|
|
244,662 |
|
|
|
|
|
|
Total cruise operating expense |
|
249,727 |
|
|
|
301,652 |
|
|
|
450,582 |
|
|
|
1,295,912 |
|
|
Other operating expense |
|
|
|
|
|
|
|
|
|
Marketing, general and administrative |
|
185,483 |
|
|
|
131,436 |
|
|
|
388,678 |
|
|
|
402,125 |
|
|
|
Depreciation and amortization |
|
174,262 |
|
|
|
179,252 |
|
|
|
344,578 |
|
|
|
377,449 |
|
|
|
Impairment loss |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,607,797 |
|
|
|
|
|
|
Total other operating expense |
|
359,745 |
|
|
|
310,688 |
|
|
|
733,256 |
|
|
|
2,387,371 |
|
|
|
|
|
|
|
Operating loss |
|
(605,104 |
) |
|
|
(595,411 |
) |
|
|
(1,176,370 |
) |
|
|
(2,419,472 |
) |
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(137,259 |
) |
|
|
(114,537 |
) |
|
|
(961,700 |
) |
|
|
(183,444 |
) |
|
|
Other income (expense), net |
|
25,501 |
|
|
|
(14,418 |
) |
|
|
52,744 |
|
|
|
(8,595 |
) |
|
|
|
|
|
Total non-operating income (expense) |
|
(111,758 |
) |
|
|
(128,955 |
) |
|
|
(908,956 |
) |
|
|
(192,039 |
) |
|
Net loss before income taxes |
|
(716,862 |
) |
|
|
(724,366 |
) |
|
|
(2,085,326 |
) |
|
|
(2,611,511 |
) |
|
Income tax benefit (expense) |
|
(927 |
) |
|
|
9,123 |
|
|
|
(2,655 |
) |
|
|
15,296 |
|
|
Net loss |
$ |
(717,789 |
) |
|
$ |
(715,243 |
) |
|
$ |
(2,087,981 |
) |
|
$ |
(2,596,215 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding |
|
|
|
|
|
|
Basic |
|
369,933,159 |
|
|
|
239,342,745 |
|
|
|
349,767,216 |
|
|
|
226,486,772 |
|
|
|
Diluted |
|
369,933,159 |
|
|
|
239,342,745 |
|
|
|
349,767,216 |
|
|
|
226,486,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(1.94 |
) |
|
$ |
(2.99 |
) |
|
$ |
(5.97 |
) |
|
$ |
(11.46 |
) |
|
|
Diluted |
$ |
(1.94 |
) |
|
$ |
(2.99 |
) |
|
$ |
(5.97 |
) |
|
$ |
(11.46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWEGIAN
CRUISE LINE HOLDINGS LTD. |
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS |
|
(Unaudited) |
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
|
|
|
June 30, |
|
|
June 30, |
|
|
|
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(717,789 |
) |
|
$ |
(715,243 |
) |
|
|
$ |
(2,087,981 |
) |
|
$ |
(2,596,215 |
) |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
Shipboard Retirement Plan |
|
|
99 |
|
|
|
102 |
|
|
|
|
197 |
|
|
|
204 |
|
|
|
Cash flow hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain (loss) |
|
|
44,674 |
|
|
|
54,478 |
|
|
|
|
(28,363 |
) |
|
|
(251,382 |
) |
|
|
|
Amount
realized and reclassified into earnings |
|
|
13,542 |
|
|
|
28,782 |
|
|
|
|
35,380 |
|
|
|
50,781 |
|
|
|
|
Total other comprehensive income (loss) |
|
|
58,315 |
|
|
|
83,362 |
|
|
|
|
7,214 |
|
|
|
(200,397 |
) |
|
|
Total comprehensive loss |
|
$ |
(659,474 |
) |
|
$ |
(631,881 |
) |
|
|
$ |
(2,080,767 |
) |
|
$ |
(2,796,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWEGIAN CRUISE LINE HOLDINGS LTD. |
|
|
CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
|
(in thousands, except share data) |
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
|
2021 |
|
|
2020 |
|
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,750,140 |
|
|
$ |
|
3,300,482 |
|
|
|
Accounts receivable, net |
|
|
422,598 |
|
|
|
|
20,578 |
|
|
|
Inventories |
|
|
92,041 |
|
|
|
|
82,381 |
|
|
|
Prepaid expenses and other assets |
|
|
200,671 |
|
|
|
|
154,103 |
|
|
|
Total current assets |
|
|
3,465,450 |
|
|
|
|
3,557,544 |
|
|
|
Property and equipment, net |
|
|
13,431,884 |
|
|
|
|
13,411,226 |
|
|
|
Goodwill |
|
|
98,134 |
|
|
|
|
98,134 |
|
|
|
Tradenames |
|
|
500,525 |
|
|
|
|
500,525 |
|
|
|
Other long-term assets |
|
|
1,030,586 |
|
|
|
|
831,888 |
|
|
|
Total assets |
|
$ |
18,526,579 |
|
|
|
$ |
18,399,317 |
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
361,233 |
|
|
|
$ |
124,885 |
|
|
|
Accounts payable |
|
|
110,628 |
|
|
|
|
83,136 |
|
|
|
Accrued expenses and other liabilities |
|
|
631,880 |
|
|
|
|
596,056 |
|
|
|
Advance ticket sales |
|
|
1,076,826 |
|
|
|
|
1,109,826 |
|
|
|
Total current liabilities |
|
|
2,180,567 |
|
|
|
|
1,913,903 |
|
|
|
Long-term debt |
|
|
11,924,634 |
|
|
|
|
11,681,234 |
|
|
|
Other long-term liabilities |
|
|
702,126 |
|
|
|
|
450,075 |
|
|
|
Total liabilities |
|
|
14,807,327 |
|
|
|
|
14,045,212 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
Ordinary shares, $0.001 par value; 980,000,000 shares authorized,
369,935,977 shares issued and outstanding at June 30, 2021; and
490,000,000 shares authorized, 315,636,032 shares issued
and outstanding at December 31, 2020 |
|
|
370 |
|
|
|
|
316 |
|
|
|
Additional paid-in capital |
|
|
6,329,585 |
|
|
|
|
4,889,355 |
|
|
|
Accumulated other comprehensive income (loss) |
|
|
(232,903 |
) |
|
|
|
(240,117 |
) |
|
|
Retained earnings (deficit) |
|
|
(2,377,800 |
) |
|
|
|
(295,449 |
) |
|
|
Total shareholders' equity |
|
|
3,719,252 |
|
|
|
|
4,354,105 |
|
|
|
Total liabilities and shareholders' equity |
|
$ |
18,526,579 |
|
|
|
$ |
18,399,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWEGIAN
CRUISE LINE HOLDINGS LTD. |
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
(Unaudited) |
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended |
|
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
Cash flows from operating activities |
|
|
|
|
|
Net loss |
|
$ |
(2,087,981 |
) |
|
$ |
(2,596,215 |
) |
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
372,445 |
|
|
|
379,375 |
|
|
|
Impairment loss |
|
|
— |
|
|
|
1,607,797 |
|
|
|
Deferred income taxes, net |
|
|
12 |
|
|
|
(14,458 |
) |
|
|
(Gain) loss on derivatives |
|
|
(22,534 |
) |
|
|
8,294 |
|
|
|
Loss on extinguishment of debt |
|
|
601,539 |
|
|
|
5,014 |
|
|
|
Provision for bad debts and inventory obsolescence |
|
|
7,211 |
|
|
|
10,359 |
|
|
|
Gain on involuntary conversion of assets |
|
|
(1,817 |
) |
|
|
(1,403 |
) |
|
|
Share-based compensation expense |
|
|
49,052 |
|
|
|
55,147 |
|
|
|
Net foreign currency adjustments |
|
|
(3,767 |
) |
|
|
160 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(408,120 |
) |
|
|
(2,108 |
) |
|
|
|
Inventories |
|
|
(9,956 |
) |
|
|
11,996 |
|
|
|
|
Prepaid expenses and other assets |
|
|
(242,642 |
) |
|
|
(115,066 |
) |
|
|
|
Accounts payable |
|
|
26,205 |
|
|
|
369,519 |
|
|
|
|
Accrued expenses and other liabilities |
|
|
46,689 |
|
|
|
(202,547 |
) |
|
|
|
Advance ticket sales |
|
|
191,609 |
|
|
|
(844,244 |
) |
|
|
|
|
|
|
Net cash used in operating activities |
|
|
(1,482,055 |
) |
|
|
(1,328,380 |
) |
|
Cash flows from investing activities |
|
|
|
|
|
Additions to property and equipment, net |
|
|
(309,481 |
) |
|
|
(725,477 |
) |
|
Cash paid on settlement of derivatives |
|
|
(8,559 |
) |
|
|
(28,606 |
) |
|
Other |
|
|
2,825 |
|
|
|
2,519 |
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(315,215 |
) |
|
|
(751,564 |
) |
|
Cash flows from financing activities |
|
|
|
|
|
Repayments of long-term debt |
|
|
(879,679 |
) |
|
|
(207,863 |
) |
|
Proceeds from long-term debt |
|
|
1,223,110 |
|
|
|
3,962,655 |
|
|
Common share issuance proceeds, net |
|
|
1,558,396 |
|
|
|
441,935 |
|
|
Proceeds from employee related plans |
|
|
1,089 |
|
|
|
4,100 |
|
|
Net share settlement of restricted share units |
|
|
(16,658 |
) |
|
|
(15,318 |
) |
|
Early redemption premium |
|
|
(611,164 |
) |
|
|
— |
|
|
Deferred financing fees and other |
|
|
(28,166 |
) |
|
|
(94,559 |
) |
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
1,246,928 |
|
|
|
4,090,950 |
|
|
Effect of exchange rates on cash and cash equivalents |
|
|
— |
|
|
|
(3,933 |
) |
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
(550,342 |
) |
|
|
2,007,073 |
|
|
Cash and cash equivalents at beginning of the period |
|
|
3,300,482 |
|
|
|
252,876 |
|
|
Cash and cash equivalents at end of the period |
|
$ |
2,750,140 |
|
|
$ |
2,259,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORWEGIAN
CRUISE LINE HOLDINGS LTD. |
|
NON-GAAP
RECONCILING INFORMATION |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
following table sets forth selected statistical information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Passengers
carried |
|
|
|
— |
|
|
— |
|
|
— |
|
|
499,729 |
|
|
|
|
|
Passenger
Cruise Days |
|
|
|
— |
|
|
— |
|
|
— |
|
|
4,278,602 |
|
|
|
|
|
Capacity
Days |
|
|
|
— |
|
|
— |
|
|
— |
|
|
4,123,858 |
|
|
|
|
|
Occupancy
Percentage |
|
|
|
|
|
|
|
|
|
103.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
2021 |
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
Constant |
|
|
|
|
|
Constant |
|
|
|
|
|
2021 |
|
Currency |
|
2020 |
|
2021 |
|
Currency |
|
2020 |
|
|
Total cruise operating expense |
$ |
249,727 |
|
$ |
246,884 |
|
$ |
301,652 |
|
$ |
450,582 |
|
$ |
446,491 |
|
|
$ |
1,295,912 |
|
|
Marketing,
general and administrative expense |
|
185,483 |
|
|
183,823 |
|
|
131,436 |
|
|
388,678 |
|
|
385,327 |
|
|
|
402,125 |
|
|
Gross Cruise Cost |
|
435,210 |
|
|
430,707 |
|
|
433,088 |
|
|
839,260 |
|
|
831,818 |
|
|
|
1,698,037 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions,
transportation and other expense |
|
6,564 |
|
|
6,374 |
|
|
34,601 |
|
|
15,597 |
|
|
15,355 |
|
|
|
366,969 |
|
|
Onboard and
other expense |
|
1,276 |
|
|
1,276 |
|
|
3,188 |
|
|
2,535 |
|
|
2,535 |
|
|
|
78,161 |
|
|
Net Cruise Cost |
|
427,370 |
|
|
423,057 |
|
|
395,299 |
|
|
821,128 |
|
|
813,928 |
|
|
|
1,252,907 |
|
|
Less: Fuel
expense |
|
54,090 |
|
|
54,090 |
|
|
48,992 |
|
|
96,693 |
|
|
96,693 |
|
|
|
174,016 |
|
|
Net Cruise Cost Excluding Fuel |
|
373,280 |
|
|
368,967 |
|
|
346,307 |
|
|
724,435 |
|
|
717,235 |
|
|
|
1,078,891 |
|
|
Less
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash deferred compensation (1) |
|
905 |
|
|
905 |
|
|
666 |
|
|
1,810 |
|
|
1,810 |
|
|
|
1,332 |
|
|
Non-cash share-based compensation (2) |
|
22,451 |
|
|
22,451 |
|
|
22,389 |
|
|
49,052 |
|
|
49,052 |
|
|
|
55,147 |
|
|
Adjusted Net
Cruise Cost Excluding Fuel |
$ |
349,924 |
|
$ |
345,611 |
|
$ |
323,252 |
|
$ |
673,573 |
|
$ |
666,373 |
|
|
$ |
1,022,412 |
|
|
|
|
|
(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 expense 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 Loss and
Adjusted EPS were calculated as follows (in thousands, except share
and per share data): |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
June 30, |
|
June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(717,789 |
) |
|
$ |
(715,243 |
) |
|
$ |
(2,087,981 |
) |
|
$ |
(2,596,215 |
) |
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
Non-cash deferred compensation (1) |
|
1,004 |
|
|
|
992 |
|
|
|
2,007 |
|
|
|
1,983 |
|
|
Non-cash share-based compensation (2) |
|
22,451 |
|
|
|
22,389 |
|
|
|
49,052 |
|
|
|
55,147 |
|
|
Extinguishment and modification of debt (3) |
|
(20,355 |
) |
|
|
21,159 |
|
|
|
653,664 |
|
|
|
21,159 |
|
|
Amortization of intangible assets (4) |
|
- |
|
|
|
2,773 |
|
|
|
- |
|
|
|
5,547 |
|
|
Impairment loss (5) |
|
- |
|
|
|
175 |
|
|
|
- |
|
|
|
1,633,337 |
|
|
Non-cash interest on beneficial conversion feature (6) |
|
- |
|
|
|
1,344 |
|
|
|
- |
|
|
|
1,344 |
|
|
Adjusted Net
Loss |
$ |
(714,689 |
) |
|
$ |
(666,411 |
) |
|
$ |
(1,383,258 |
) |
|
$ |
(877,698 |
) |
|
Diluted
weighted-average shares outstanding - Net loss and Adjusted Net
Loss |
|
369,933,159 |
|
|
|
239,342,745 |
|
|
|
349,767,216 |
|
|
|
226,486,772 |
|
|
Diluted loss
per share |
$ |
(1.94 |
) |
|
$ |
(2.99 |
) |
|
$ |
(5.97 |
) |
|
$ |
(11.46 |
) |
|
Adjusted EPS |
$ |
(1.93 |
) |
|
$ |
(2.78 |
) |
|
$ |
(3.95 |
) |
|
$ |
(3.88 |
) |
|
|
|
|
|
|
|
|
|
|
(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 included in interest
expense, net. |
(4) Amortization of
intangible assets related to the Acquisition of Prestige are
included in depreciation and amortization expense. |
|
|
|
(5) Impairment loss
consists of goodwill, tradename and property and equipment
impairments. The impairments of goodwill and tradenames are
included in impairment loss and the impairment of property and
equipment is included in depreciation and amortization
expense. |
|
(6) Non-cash interest
expense related to a beneficial conversion feature recognized on
our exchangeable notes, which is recognized 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 |
|
Six Months
Ended |
|
|
June 30, |
|
June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(717,789 |
) |
|
$ |
(715,243 |
) |
|
$ |
(2,087,981 |
) |
|
$ |
(2,596,215 |
) |
|
Interest
expense, net |
|
137,259 |
|
|
|
114,537 |
|
|
|
961,700 |
|
|
|
183,444 |
|
|
Income tax
(benefit) expense |
|
927 |
|
|
|
(9,123 |
) |
|
|
2,655 |
|
|
|
(15,296 |
) |
|
Depreciation
and amortization expense |
|
174,262 |
|
|
|
179,252 |
|
|
|
344,578 |
|
|
|
377,449 |
|
|
EBITDA |
|
(405,341 |
) |
|
|
(430,577 |
) |
|
|
(779,048 |
) |
|
|
(2,050,618 |
) |
|
|
|
|
|
|
|
|
|
|
Other
(income) expense, net (1) |
|
(25,501 |
) |
|
|
14,418 |
|
|
|
(52,744 |
) |
|
|
8,595 |
|
|
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
|
Non-cash deferred compensation (2) |
|
905 |
|
|
|
666 |
|
|
|
1,810 |
|
|
|
1,332 |
|
|
Non-cash share-based compensation (3) |
|
22,451 |
|
|
|
22,389 |
|
|
|
49,052 |
|
|
|
55,147 |
|
|
Impairment loss (4) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,607,797 |
|
|
Adjusted
EBITDA |
$ |
(407,486 |
) |
|
$ |
(393,104 |
) |
|
$ |
(780,930 |
) |
|
$ |
(377,747 |
) |
|
|
|
|
|
|
|
|
|
|
(1) Primarily consists
of gains and losses, net for fuel swaps not designated as hedges or
hedges released into earnings as a result of the forecasted
transactions no longer being probable and foreign currency
exchanges. |
|
(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. |
|
(4) Impairment loss
consists of goodwill and tradename impairments. |
______________________________________i Limited exceptions may
be made pursuant to valid medical or religious exemptions.
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