美國
證券及交易所管理委員會
華盛頓特區20549
表格
(標記一個)
截至2024年6月30日季度結束
或
到 至
委員會檔案編號：
（依憑章程所載的完整登記名稱）
| ||
(成立地或組織其他管轄區) | （聯邦稅號） | |
(總部辦公地址) | 388-0349 |
(
(註冊人電話號碼，包括區號)
無可奉告
(如果自上次報告以來更改，請提供公司的前名、前地址和前財政年度)
根據法案第12(b)條規定註冊的證券：
每種類別的名稱 |
| 交易標的（s） |
| 每個註冊交易所的名稱 |
|
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請勾選是否 (1) 依據《1934年證券交易法》第13或15(d)條的規定，在過去12個月（或登記人所必須提交此等報表的較短期間）中已提交必須提交的所有報告，並且 (2) 在過去90天中已受到此等提交要求的約束。
根據規則405，在Regulation S-t (§232.405 of this chapter)之前的12個月中（或對於發行人需要提交此類文件的期間較短的情況下），勾選記號表示發行人是否已經電子提交了需要提交的每個交互式數據文件。
請載明檢查標記，公司是否為大型加速披露人、加速披露人、非加速披露人、小型報告公司或新興成長公司。請於「交易所法案」第1202條中查閱「大型加速披露人」、「加速披露人」、「小型報告公司」和「新興成長公司」的定義。
加速進入文件 ☐ | |
非加速申報者 ☐ | 較小的報告公司 |
新興成長型公司 |
如果一家新興成長企業，請勾選表示，如果被登記者已選擇不使用《交易所法》第13(a)條規定的任何新的或修訂財務會計準則的延伸過渡期。☐
請用勾選記號表示該發行人是否屬於殼公司（如交易所法第120億2條所定義）。 是
在2023和2024年6月30日結束的三個和六個月中，有資產減損處理記錄。更新計算公司進行中的研究和開發資產（“IPR&D”）公平價值所使用的關鍵假設可能會改變公司未來短期內回收IPR&D資產的帶值估計。
2
第一部分. 財務資料
項目1.基本報表
挪威郵輪控股有限公司。
綜合損益表
(未經查核)
(以千為單位，每股數據除外)
三個月結束了 | 截至九個月 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
營業收入 |
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乘客票券 | $ | | $ | | $ | | $ | | ||||
登船及其他 |
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營業總收入 |
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郵輪營運成本 |
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佣金、交通和其他 |
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登船及其他 |
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薪資及相關費用 |
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燃料 |
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食物 |
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其他 |
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總郵輪營運費用 |
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其他營業費用 |
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行銷、一般和行政費用 |
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折舊與攤提 |
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其他營運費用總和 |
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營收 |
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非營運收入（費用） |
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利息費用，淨額 |
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其他收入（費用），淨額 |
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營業外收益（費用）總額 |
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稅前淨利潤 |
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所得稅效益（費用） |
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凈利潤 | $ | | $ | | $ | | $ | | ||||
加權平均發行股數 |
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基礎 |
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稀釋 |
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每股收益 |
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基礎 | $ | $ | $ | $ | ||||||||
稀釋 | $ | $ | $ | $ | ||||||||
附注是這些綜合基本報表的重要部分。
3
挪威郵輪控股有限公司。
綜合損益表
(未經查核)
（以千為單位）
三個月結束了 | 截至九個月 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
凈利潤 | $ | | $ | | $ | | $ | | ||||
其他綜合損益： |
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船上養老計劃 |
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現金流量避險： |
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未實現收益（損失） |
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金額實現並重新分類至收益 |
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所有其他綜合收益（損失）之金額 |
| ( |
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累計綜合收益 | $ | | $ | | $ | | $ | | ||||
附注是這些綜合基本報表的重要部分。
4
挪威郵輪控股有限公司。
合併資產負債表
(未經查核)
(以千為單位，股份數據除外)
九月三十日 | 12月31日 | |||||
| 2024 |
| 2023 | |||
資產 |
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流動資產: |
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現金及現金等價物 | $ | | $ | | ||
應收帳款淨額 |
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存貨 |
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預付費用及其他資產 |
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全部流動資產 |
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物業及設備，扣除折舊後淨值 |
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商譽 |
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商標名稱 |
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其他長期資產 |
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資產總額 | $ | | $ | | ||
負債及股東權益 |
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流動負債： |
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長期債務的當期償還 | $ | | $ | | ||
應付賬款 |
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應計費用及其他負債 |
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預售票收入 |
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流動負債合計 |
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長期負債 |
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其他長期負債 |
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總負債 |
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承諾和條件（註11） |
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股東權益： |
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普通股，每股面值 |
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資本公積額額外增資 |
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其他綜合損益（損失）累積額 |
| ( |
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累積虧損 |
| ( |
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股東權益總額 |
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負債總額及股東權益 | $ | | $ | | ||
附注是這些綜合基本報表的重要部分。
5
挪威郵輪控股有限公司。
綜合現金流量表
(未經查核)
（以千為單位）
截至九個月 | ||||||
九月三十日 | ||||||
| 2024 |
| 2023 | |||
來自經營活動的現金流量 |
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凈利潤 | $ | | $ | | ||
調整淨利潤以達經營活動所提供之淨現金流量： |
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折舊和攤銷費用 | |
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衍生工具之損益（收益） | ( | | ||||
債務清償能造成的損失 |
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呆賬及存貨跌價準備 |
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資產非自願轉換的收益 | ( | ( | ||||
股份報酬費用 |
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歐元指數計價債務的外幣調整 |
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營運資產和負債的變化： |
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應收帳款淨額 |
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存貨 |
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預付費用及其他資產 |
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應付賬款 |
| ( |
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應計費用及其他負債 |
| ( |
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預售票收入 |
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經營活動產生的淨現金流量 |
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投資活動產生的現金流量 |
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資產和設備的增加，淨額 |
| ( |
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結算衍生品支付的現金 | — | ( | ||||
併購，減去現金收購成本後的淨額 | ( | — | ||||
其他 | | | ||||
投資活動中使用的淨現金 |
| ( |
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財務活動中的現金流量 |
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償還長期債務 |
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長期負債的籌資 |
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員工相關計劃的收益 |
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限制性股份單位的淨份額結算 |
| ( |
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提前贖回溢價 |
| ( |
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延遲融資費用 |
| ( |
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籌資活動提供的淨現金 |
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現金及現金等價物淨減少額 |
| ( |
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期初現金及現金等價物餘額 |
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期末現金及現金等價物 | $ | | $ | | ||
附注是這些綜合基本報表的重要部分。
6
挪威郵輪控股有限公司。
股東權益變動表
(未經查核)
（以千為單位）
2024年9月30日止三個月 | |||||||||||||||
累積 | |||||||||||||||
額外的 | 其他 | 總計 | |||||||||||||
普通 | 實收資本 | 綜合 | 累計 | 股東權益 | |||||||||||
股份 |
| 資本 |
| 收入（損失） |
| 赤字累計 |
| 股權 | |||||||
2024年6月30日結存 |
| $ | | $ | | $ | ( | $ | ( | $ | | ||||
基於股份的報酬 |
| — | | — | — | | |||||||||
限制性股份單位的淨份額結算 |
| — | ( | — | — | ( | |||||||||
其他綜合損失，淨額 |
| — | — | ( | — | ( | |||||||||
凈利潤 |
| — | — | — | | | |||||||||
2024年9月30日的結餘 | $ | | $ | | $ | ( | $ | ( | $ | | |||||
2024年9月30日結束的九個月 | |||||||||||||||
累積 | |||||||||||||||
額外的 | 其他 | 總計 | |||||||||||||
普通 | 實收資本 | 綜合 | 累計 | 股東權益 | |||||||||||
| 股份 |
| 資本 |
| 收入（虧損） |
| 赤字累計 |
| 股權 | ||||||
2023年12月31日餘額 |
| $ | | $ | | $ | ( | $ | ( | $ | | ||||
基於股份的報酬 |
| — |
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| — |
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員工相關計劃下發行股份 |
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| ( |
| — |
| — |
| — | |||||
NCLC可轉換票據的普通股發行 | | | — | — | | ||||||||||
限制性股份單位的淨份額結算 |
| — |
| ( |
| — |
| — |
| ( | |||||
其他綜合損失，淨額 |
| — |
| — |
| ( |
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凈利潤 |
| — |
| — |
| — |
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2024年9月30日的餘額 | $ | | $ | | $ | ( | $ | ( | $ | | |||||
附注是這些綜合基本報表的重要部分。
7
挪威郵輪控股有限公司。
股東權益變動合併報表 - 繼續
(未經查核)
（以千為單位）
2023年9月30日結束的三個月 | |||||||||||||||
累積 |
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額外的 | 其他 | 總計 | |||||||||||||
普通 | 實收資本 | 綜合 | 累計 | 股東權益 | |||||||||||
股份 |
| 資本 |
| 收入（損失） |
| 赤字累計 |
| 股權 | |||||||
2023年6月30日資產負債表 |
| $ | | $ | | $ | ( | $ | ( | $ | | ||||
基於股份的報酬 |
| — |
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| — |
| — |
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根據員工相關計劃發行股份 |
| — |
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限制性股份單位的淨份額結算 |
| — |
| ( |
| — |
| — |
| ( | |||||
挪威郵輪NCLC可換票普通股發行 | — | | — | — | | ||||||||||
其他綜合收益，淨額 |
| — |
| — |
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| — |
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凈利潤 |
| — | — | — | | | |||||||||
Balance, September 30, 2023 | $ | | $ | | $ | ( | $ | ( | $ | | |||||
2023年9月30日止九個月 | |||||||||||||||
| 累積 |
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額外的 | 其他 | 總計 | |||||||||||||
普通 | 實收資本 | 綜合 | 累計 | 股東權益 | |||||||||||
| 股份 |
| 資本 |
| 淨利（虧損） |
| 赤字累計 |
| 股權 | ||||||
截至2022年12月31日的資產負債表 |
| $ | | $ | | $ | ( | $ | ( | $ | | ||||
基於股份的報酬 |
| — |
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| — |
| — |
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員工相關計劃下發行股份 |
| |
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| — |
| — |
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挪威郵輪可轉換票據的普通股發行 | — | | — | — | | ||||||||||
限制性股份單位的淨份額結算 |
| — |
| ( |
| — |
| — |
| ( | |||||
其他綜合收益，淨額 | — |
| — |
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| — |
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凈利潤 |
| — | — | — | | | |||||||||
2023年9月30日的資產負債表 | $ | | $ | | $ | ( | $ | ( | $ | | |||||
附注是這些綜合基本報表的重要部分。
8
挪威郵輪控股有限公司。
綜合基本報表附註
(未經查核)
除非另有說明或內文另有要求，本報告中關於(i)「公司」、「我們」、「我們的」和「我們」指NCLH（如下所定義）及其附屬公司，(ii)「NCLC」指NCL Corporation Ltd.，(iii)「NCLH」指Norwegian Cruise Line Holdings Ltd.，(iv)「Norwegian Cruise Line」或「Norwegian」指挪威郵輪品牌及其前身，(v)「Oceania Cruises」指Oceania Cruises品牌，及(vi)「Regent」指Regent Seven Seas Cruises品牌。
「U.S.」指美利堅合眾國，而「元」或「$」指美元，「U.K.」指英國，「歐元」或「€」指歐元區的官方貨幣。我們提到「項目2：管理層對財務狀況和營運結果的討論和分析-術語」，以供參考在綜合基本財務報表中使用的全部大寫術語，及未在此附註中另有定義。
1. 業務和組織描述
我們是一家領先的全球郵輪公司，經營挪威郵輪、Oceania Cruises和Regent Seven Seas Cruises品牌。截至2024年9月30日，
我們有
2. 重要會計政策摘要
流動性
截至2024年9月30日，我們的現金及現金等價物約為$
We will continue to pursue various opportunities to refinance future debt maturities to reduce interest expense and/or to extend the maturity dates associated with our existing indebtedness and obtain relevant financial covenant amendments or waivers, if needed.
報告基礎
The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented.
我們的業務屬於季節性，中期業績並不一定反映整個財政年度的業績。從歷史上看，郵輪的需求在北半球的夏季最為強勁。應該閱讀中期合併基本報表，連同截至2023年12月31日的審計合併基本報表，該基本報表包含在我們於2024年2月28日向證券交易委員會提交的最新年度報告Form 10-K中。
9
每股盈利
基本每股收益是通過將凈利潤除以每個期間基本加權平均未來有的股份數計算而來。攤薄後每股收益是通過將凈利潤和可換股票的假設兌換除以攤薄後加權平均股份數計算而來。
基本和攤薄後每股收益的調和如下 (以千為單位，除了每股和每股數據):
三個月結束了 | 截至九個月 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
凈利潤 - 基本每股收益 | $ | | $ | | $ | | $ | | ||||
具有稀釋性證券的影響 - 可交換票據 | | | | | ||||||||
凈利潤和可換股票轉換假設-攤薄後每股收益 | $ | | $ | | $ | | $ | | ||||
基本加權平均發行股數 |
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股份獎勵的稀釋效應 |
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可換股票詩迪奚的稀釋效應 | | | | | ||||||||
稀釋加權平均發行股數 |
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基本每股收益 | $ | | $ | | $ | | $ | | ||||
攤薄後每股收益 | $ | | $ | | $ | | $ | | ||||
每張可兌換票據（詳見註8-「長期負債」）均根據換股後方法確定其對每股收益的摊薄影響進行個別評估。只有對於具有摊薄效应的可兌換票據才包括在摊薄證券的影响中，其中包括利息費用和加權平均股份的部分。截至2023年9月30日止九個月，2024年可兌換票據、2025年可兌換票據和2027年2.5%可兌換票據對每股收益均有抗摊薄效应。股份獎勵根据庫藏股法進行每股收益的摊薄或抗摊薄影響評估。截至2024年9月30日止三個月及2023年同期，分别從摊薄加權平均股份中排除了總計百萬股及分别為2024年及2023年截至9月30日止九個月，總計百萬股，因其包括在内將產生抗摊薄效应。
外幣
我們大部分的交易都以美元結算。我們對以外幣計價的資產和負債在資產負債表日期的匯率重新衡量。由此產生的利益或損失在我們的合併綜合損益表中的其他收入（費用）淨額中確認。截至2024年9月30日止三個月，我們確認了損失$
折舊和攤銷費用
透過支付起初費用的攤銷包含在合併現金流量表的折舊和攤銷費用中；然而，在合併損益表中，它們包含在利息費用淨額中。
應收帳款淨額
淨應收賬款中包括截至2024年9月30日和2023年12月31日分别向信用卡處理業者應收的百萬美元。
10
最近發佈的會計指引
在2023年11月，財務會計準則委員會（“FASB”）發佈了2023-07會計準則更新（“ASU”），旨在通過增強重要營業部門開支相關的增強披露，從而改進可報告的營業部門披露要求。ASU 2023-07包括中間和年度的額外披露，並要求這些披露應適用於只有一個可報告營業部門的公共實體。這些條款將對2023年12月15日之後開始的財政年度和2024年12月15日之後的中間期週期生效。ASU 2023-07除非不切實際，否則需回溯適用。我們正在評估ASU 2023-07對我們的基本報表附註的影響。 分節報告（TOPIC 280）：改進報告的分節披露該標準致力於改善關於應披露的部門披露要求，主要透過關於重要部門費用的增強性披露來實現。ASU 2023-07包括有關中期和年度基礎上的額外披露要求，並要求這些披露適用於只有一個應披露部門的上市實體。這些條款自2023年12月15日後的開始的財政年度和2024年12月15日後的中期期間生效。除非不切實際，否則ASU 2023-07應有回顧性適用。我們預計採用ASU 2023-07對我們的合併財務報表沒有除了擴展的附註披露以外的實質影響。
2023年12月，FASb發布ASU No. 2023-09, 所得稅（740主題）：所得稅披露的改進本更新需改善與所得稅相關的報告，主要涉及匯率調解和已支付所得稅資訊，以及某些其他修訂以提高所得稅報告的效力。本次更新的修訂將於2024年12月15日後開始的年度週期生效，應以前瞻性基礎適用。我們正在評估ASU 2023-09對我們附屬財務報表附註的影響。
3. 收購
於2024年4月25日，挪威收購了
初步購買價格分配如下（單位：千元）：
資產（除商譽外） | $ | | |
商譽 |
| | |
負債 |
| ( | |
分配後的總代價，減去美元 | $ | |
截至2024年9月30日，有關收購的計量期仍然保留並可能進一步調整。該收購包括遞延支付，目前被認為有可能全額支付；但是，如果出現新信息，對考慮事項的變化可能會影響我們的商譽或負債。對IMA的收購對公司合併營業報表沒有實質影響。
4. 營收認證
營業收入的分解
營業收入和現金流受各地區經濟因素影響。各地區銷售收入如下（以千為單位）：
三個月結束了 | 截至九個月 | |||||||||||
九月三十日 | 九月三十日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
北美 | $ | | $ | | $ | | $ | | ||||
歐洲 |
| |
| |
| |
| | ||||
亞洲-太平洋地區 |
| |
| |
| |
| | ||||
其他 | | | | | ||||||||
營業總收入 | $ | | $ | | $ | | $ | | ||||
11
北美包括美國、加勒比海、加拿大和墨西哥。歐洲包括波羅的海地區、加那利群島和地中海。亞太地區包括澳洲、紐西蘭和亞洲。其他板塊包括所有其他國際地區。
板塊報告和地理集中度
我們得出結論，我們的業務具有一個可報告的板塊。
雖然我們在國際市場上銷售郵輪，但我們的客票收入主要歸因於透過美國預訂的美國源客人。歸因於美國源客人的收入在過去三個財政年度中佔總收入的
合約餘額
客戶應收款項已納入應收賬款淨額。截至2024年9月30日和2023年12月31日，我們的客戶應收款項分別為 $
未來郵輪優惠金額已發行，用於取消由於COVID-19而導致的訂單，金額約為 $
我們的合同負債包括在預售門票中。截至2024年9月30日和2023年12月31日，我們的合同負債為美元
5. 租賃
營運租賃餘額如下（單位：千元）：
| 資產負債表位置 |
| 2024年9月30日 |
| 2023年12月31日 | |||
營運租賃 |
|
|
|
|
| |||
租賃資產 |
| $ | | $ | | |||
當期營運租賃負債 |
| | | |||||
非流動經營租賃負債 |
| | | |||||
12
6. 累計其他綜合收益（損失）
截至2024年9月30日結束的九個月，其他綜合淨收益（損失）累積額如下（單位：千元）：
2024年9月30日結束的九個月 | ||||||||||
|
| 變動 | ||||||||
累計 | 變動 | 相關於 | ||||||||
其他 | 相關於 | 船上 | ||||||||
綜合 | 現金流 | 養老 | ||||||||
| 淨利（虧損） |
| 避險 | 計劃 | ||||||
期初其他綜合損益（收益）累積額 | $ | ( | $ | ( | $ | |
| |||
本期其他綜合損失（在重新分類前） |
| ( |
| ( |
|
| — |
| ||
金額重新分類至收益中 |
| ( |
| ( | (1) |
| | (2) | ||
期末的其他綜合收益（損失） | $ | ( | $ | ( | (3) | $ | |
| ||
2023年9月30日止九個月 | ||||||||||
|
| 變動 |
| |||||||
累計 | 變動 | 相關於 | ||||||||
其他 | 相關於 | 船上的 | ||||||||
綜合 | 現金流量 | 養老 | ||||||||
| 淨利（虧損） |
| 避險 | 計劃 | ||||||
期初累計其他綜合損益 |
| $ | ( | $ | ( | $ | |
| ||
當前期間其他綜合收益在重新分類前 |
|
| |
|
| |
|
| — |
|
重新分類入收益的金額 |
|
| ( |
|
| ( | (1) |
| | (2) |
期末其他綜合收益（損失）累計 |
| $ | ( |
| $ | ( | $ | |
| |
| (1) | 我們參考第9條注釋 – 對影響合併營業報表中的各行項目，我們建議您參閱“公允價值衡量和金融工具衍生品” |
| (2) | 已重分類為其他收益（費用）、淨值的往前服務成本攤銷和精算虧損 |
| (3) | 包括 $ |
7.資產和設備，淨值
物業和設備淨值增加了$
8. 長期負債
2024年2月，NCLC和名稱列於其中的買方（合稱“承諾方”）簽署了第三份修訂後的承諾函（第三份修訂後的承諾函），該承諾函於2024年3月生效。第三份修訂後的承諾函修訂並取代了2023年2月22日簽署的承諾函，並將其中的承諾延長至2025年3月。根據第三份修訂後的承諾函，承諾方同意從NCLC購買總本金$
13
一次性結構費為
為了執行第三份修訂的承諾信函，NCLC同意回購所有未清償的$
In November 2023, we executed an agreement for a commitment of €
In September 2024, NCLC issued $
在扣除首次認購人折扣但在扣除估計費用支出之前，2030年票據的淨收益，再加上手頭現金，被用來贖回
可交換票據
以下內容是截至2024年9月30日NCLC的可交換票據摘要（以千為單位）：
未攤銷 | ||||||||||||||
| 本金 | 递延 | 淨攜帶 | 公平價值 | ||||||||||
| 金額 |
| 融資費用 |
| 金額 |
| 金額 |
| 分級 | |||||
2025可轉換票據（1） | $ | | $ | ( | $ | | $ | | 二級 | |||||
2027年1.125%可換股票 | | ( | | | 二級 | |||||||||
2027年 2.5% 可轉換票據 | | ( | | | 二級 | |||||||||
14
以下是截至2023年12月31日NCLC交換票據的摘要（以千計）：
未攤銷債務 | ||||||||||||||
| 負責人 | 延期支付 | 淨資產 | 公正價值 | ||||||||||
| 數量 |
| 融資費用 |
| 數量 |
| 數量 |
| 級別化 | |||||
2024可轉換債券（2） | $ | | $ | ( | $ | | $ | | 二級 | |||||
2025可兌換債券 | | ( | | | 二級 | |||||||||
2027年1.125%可轉換債券 | | ( | | | 二級 | |||||||||
2027年2.5%可轉換債券 | | ( | | | 二級 | |||||||||
| (1) | 截至2024年9月30日列入長期債務的流動部分。我們預計2025年可轉換票據的持有人將其2025年可轉換票據換爲NCLH普通股。 |
| (2) | 截至2023年12月31日列入長期債務的流動部分。2024年9月30日結束的九個月內，幾乎所有2024年可轉換票據的持有人選擇將其2024年可轉換票據換成 |
以下爲NCLC可兌換票據的利息支出摘要（以千計）：
三個月截至 | 截至九個月的結束日期 | |||||||||||
2021年9月30日 | 2021年9月30日 | |||||||||||
2024 |
| 2023 | 2024 |
| 2023 | |||||||
票面利率息費 | $ | | $ | | $ | | $ | | ||||
攤銷延期融資費用 | | | | | ||||||||
總計 | $ | | $ | | $ | | $ | | ||||
截至2024年9月30日，有效利率爲
債務償還
以下是截至2024年9月30日的我們長期債務的計劃本金償還，包括可用NCLH普通股償還的可轉換票據，以及融資租賃債務（以千爲單位）：
年 |
| 數量 | |
2024年餘下的時間 | $ | | |
2025 |
| | |
2026 |
| | |
2027 |
| | |
2028 |
| | |
2029 | | ||
此後 |
| | |
總計 | $ | | |
債務契約
截至2024年9月30日，我們已遵守了所有債務契約。如果我們不繼續遵守契約，我們將不得不尋求對契約的額外修正或豁免。然而，不能保證這些修正或豁免會得到貸款人批准。一般情況下，如果任何債務協議中發生違約事件，那麼根據交叉違約和/或交叉加速條款，幾乎所有未償還債務和衍生合同應付款項可能到期，所有債務和衍生合同可能被終止，這將對我們的運營和流動性產生重大不利影響。
15
9. 公平價值計量和衍生品
公平價值被定義為在當前市場條件下，市場參與者之間在衡量日期進行資產賣出或負債轉移的有序交易的價格（即衡量日期從持有資產或負債者的市場參與者的角度看的退出價格）。
衍生品一般記錄為公允價值。被指定為正常購買和正常銷售的合同不記錄為公允價值。正常購買和正常銷售的例外條件要求，在其他條件之外，在正常業務活動中預期使用或在合理期限內銷售的物理交付。我們所有與歐盟排放交易體系相關的採購協議都符合此例外情況的指定標準。
公允價值分類
在衡量公平價值時使用的輸入的以下分層結構應通過要求在可用時使用最具觀察價值的輸入並通過最小化使用不具觀察性輸入來获取：
1級 在衡量日期可獲得的相同資產或負債的活躍市場中引用價格。
2級 其他市場參與者在基於從獨立來源獲得的市場數據定價資產或負債時使用的重要其他可觀察輸入。
三級 我們認為市場參與者在定價資產或負債時會使用的重要不可觀察的輸入，基於最佳可用信息。
衍生金融工具
我們面臨市場風險，源於利率期貨、貨幣兌換匯率和燃油價格的變化。我們試圖通過我們正常的營運和融資活動結合以及通過衍生品的使用來減少這些風險。我們評估用於套期交易的衍生品是否「高度有效」地抵消了我們套期預期交易現金流變化。對於套期關係，我們使用關鍵條款匹配或回歸分析，當統計上有效的關係反映了衍生品的公平價值與套期預期交易之間的高度抵消和相關性時，便達到了高效性。來自衍生品的現金流量被分類為與基礎套期交易的現金流量相同的類別。如果確定套期預期交易不太可能發生，那麼累積其他綜合收益（損失）中認可的金額將被提取至收益中。在套期效益評估中沒有金額被排除，在我們的衍生品協議中也沒有與信用風險有關的附帶特性。我們監控與我們進行重大業務的金融機構及其他機構相關的信用風險集中。信用風險，包括但不限於衍生品下交易對手的無能力履行，不被認為是重大的，因為我們主要與我們建立關係、信用風險對我們可接受的大型、知名金融機構進行業務，或信用風險分散在許多債權人之間。我們不預期我們任何重要交易對手的無能力履行。
截至2024年9月30日，我們擁有燃油掉期，用於減輕與約為的燃油價格的波動相關的財務影響
截至2024年9月30日，我們具有約成千上萬公噸預計購買的燃料掉期
16
在合併資產負債表中以公平價值衡量的衍生工具及其相應的位置包括以下（以千計）：
資產 | 負債 | |||||||||||||
九月三十日 | 12月31日 | 九月三十日 | 12月31日 | |||||||||||
| 資產負債表位置 |
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
衍生合約被指定為避險工具 | ||||||||||||||
燃料合同 | ||||||||||||||
應計費用及其他負債 | $ | | $ | | $ | | $ | | ||||||
其他長期負債 |
| |
| |
| |
| | ||||||
指定為避險工具的衍生品總額 | $ | | $ | | $ | | $ | | ||||||
衍生合同並未指定為避險工具 | ||||||||||||||
燃料合同 | ||||||||||||||
應計費用及其他負債 | $ | — | $ | | $ | | $ | | ||||||
其他長期負債 | — |
| — |
| — |
| | |||||||
未指定為避險工具的衍生品總額 | $ | — | $ | | $ | | $ | | ||||||
衍生產品總計 | $ | | $ | | $ | | $ | | ||||||
掉期和遠期合約的公平價值是根據可以在公開市場輕易獲得的資訊或者可以從公開報價市場獲得的資訊推導出來的。公司通過利用基於可以在公開市場輕易獲得的資訊或者可以從公開報價市場獲得的資訊的選擇權定價模型來確定期權和護齒的價值。公司使用的選擇權定價模型是用於估值選擇權的行業標準模型，並被經紀/交易商社區所使用。該選擇權定價模型的輸入值包括期權行使價格、基礎價格、無風險利率、到期時間和波動率。期權合約的公平價值考慮了這些衍生品的內在價值和任何尚未結算的剩餘時間價值。公司還考慮了交易對手信用風險以及在確定所有估計的公平價值時所涉及的自身信用風險。
我們的衍生品和金融工具被分類為公平價值層級中的第2級，我們沒有被分類為第1級或第3級的衍生品或金融工具。我們的衍生品合同包括與交易對手的抵銷權利。在抵銷權利存在時，我們選擇對交易對手之間的某些資產和負債進行淨額。我們不需要為我們的衍生工具相關的現金擔保品。
以下表格披露了資產和負債（以千計）中承認的毛額和淨額。
總計 | 總計 | ||||||||||||||
總計 | 所有板塊 | 總淨值 | 金額 | ||||||||||||
2024年9月30日 |
| 金額 |
| 抵銷 |
| 金額 |
| 非抵銷 |
| 淨金額 | |||||
負債 | $ | | $ | ( | $ | | $ | — | $ | | |||||
毛 | 毛 | ||||||||||||||
毛 | 金額 | 總淨值 | 金額 | ||||||||||||
2023年12月31日 |
| 金額 |
| 抵消 |
| 金額 |
| Not Offset |
| 淨金額 | |||||
負債 | $ | | $ | ( | $ | | $ | — | $ | | |||||
17
現金流量避險會計對累積其他綜合收益（損失）的影響如下（以千為單位）：
獲利的地點 | ||||||||||||||
(損失) 重新分類 | ||||||||||||||
從累計 | 重新分類之盈利（虧損）金額 | |||||||||||||
盈利（虧損）金額 | 其他綜合 | 從其他累積 | ||||||||||||
在其他中認可 | 收入（損失）轉入 | 綜合收益 | ||||||||||||
衍生金融工具 |
| 全面損失 |
| 收入（支出） |
| (損失)轉為收入(費用) | ||||||||
三個月 | 三個月 | 三個月 | 三個月 | |||||||||||
結束 | 結束 | 結束 | 結束 | |||||||||||
| 2024年9月30日 |
| 2023年9月30日 |
|
| 2024年9月30日 |
| 2023年9月30日 | ||||||
燃料合约 | $ | ( | $ | |
| 燃料 | $ | | $ | | ||||
燃料合約 | — | — | 其他收入（費用），淨額 | | | |||||||||
外幣合同 |
| |
| ( |
| 折舊與攤提 |
| ( |
| ( | ||||
其他綜合損益中確認的合計收益（損失） | $ | ( | $ | |
|
| $ | ( | $ | | ||||
盈利的地點 |
|
| ||||||||||||
（損失）重新分類 | ||||||||||||||
來自累積 | 損益再分類金額 | |||||||||||||
損益金額 | 其他綜合 | 來自累積其他 | ||||||||||||
在其他中認可 | 收入（虧損）轉入其他 | 綜合收益 | ||||||||||||
衍生金融工具 |
| 綜合損失 |
| 收入（支出） |
| (損失)轉為收入（費用） | ||||||||
九個月 | 九個月 | 九個月 | 九個月 | |||||||||||
結束 | 結束 | 結束 | 結束 | |||||||||||
| 2024年9月30日 |
| 2023年9月30日 |
| 2024年9月30日 |
| 2023年9月30日 | |||||||
燃料合同 |
| $ | ( | $ | | 燃料 |
| $ | | $ | | |||
燃料合同 | — | — | 其他收入（費用），淨額 | | | |||||||||
外幣合同 |
|
| |
| | 折舊與攤提 |
|
| ( |
| ( | |||
在其他綜合收益中確認的總收益（損失） |
| $ | ( | $ | |
|
| $ | | $ | | |||
18
現金流量避險會計對合併綜合損益表的影響包括以下內容（以千為單位）：
2024年9月30日止三個月 | 2023年9月30日結束的三個月 | |||||||||||||||||
折舊 | 折舊 | |||||||||||||||||
和 | 其他收入 | 及 | 其他收入 | |||||||||||||||
| 燃料 |
| 攤銷 |
| (費用），淨額 |
| 燃料 |
| 攤銷 |
| (费用), 净额 | |||||||
报表中呈现的收入和支出项目的总金额，其中现金流量套期交易的影响被记录 | $ | | $ | | $ | ( | $ | | $ | | $ | | ||||||
重新分類從累積其他綜合收益（損失）轉入損益的收益（損失）金額 |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
燃料合同 | | — | — | | — | — | ||||||||||||
外幣合同 | — | ( | — | — | ( | — | ||||||||||||
因預期交易不再可能發生，從累積其他綜合損益轉入損益的收益（損失）金額 | ||||||||||||||||||
燃料合同 | — | — | | — | — | | ||||||||||||
2024年9月30日結束的九個月 | 2023年9月30日止九個月 | |||||||||||||||||
折舊 | 折舊 | |||||||||||||||||
和 | 其他收入 | 和 | 其他收入 | |||||||||||||||
| 燃料 |
| 攤銷 |
| (費用), 淨額 |
| 燃料 |
| 攤銷 |
| (費用), 淨額 | |||||||
總收入和支出項目的金額總和呈現在綜合營業報表中，其中記錄了現金流量避險的影響 | $ | | $ | | $ | ( | $ | | $ | | $ | ( | ||||||
|
|
|
| |||||||||||||||
從累積其他綜合收益（虧損）重新分類為收入（費用）的收益（虧損）金額 |
|
|
|
|
|
|
|
|
|
|
| |||||||
燃料合约 |
| |
| — |
| — |
| |
| — | — | |||||||
外幣合同 |
| — | ( |
| — |
| — |
| ( | — | ||||||||
將預期交易不再可能發生的結果，從累積其他綜合收益（損失）重新分類為收入（費用）的獲利（損失）金額 | ||||||||||||||||||
燃料合約 | — | — | | — | — | | ||||||||||||
衍生品未指定为避险工具对综合损益表的影响包括以下内容（以千为单位）：
其它損益認列中認識的金額 | |||||||||||||
三個月結束了 | 截至九個月 | ||||||||||||
九月三十日 | 九月三十日 | ||||||||||||
利得（損失）的來源 |
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
未指定為避險工具的衍生品 |
|
|
|
|
|
|
|
| |||||
燃料合約 | 其他收入（費用），淨額 | $ | ( | $ | | $ | | $ | | ||||
長期負債
截至2024年9月30日和2023年12月31日，我们的长期债务的公允价值，包括当前部分，分别为$貨幣。
19
承擔價值，不包括延期融資成本。我們長期債務的公允價值和賬面價值之間的差異是由於我們固定和變動利率債務義務在計量日期時的利率高於或低於市場利率。我們的長期循環和期限貸款設施的公允價值是基於估計相同或類似工具的利率，具有類似條款和剩餘到期期限。我們可轉股票的公允價值考慮了觀察到的無風險利率；相同或類似工具的信貸價差；和股價、期限以及歷史和引伸波幅，這些信息均來自觀察到的市場數據。這些輸入被認爲是公允價值等級中的2級。與我們的長期可變利率債務相關的市場風險是利率或股價增加導致的利息支出潛在增加。
其他
所有其他金融資產和負債在綜合資產負債表中報告的賬面金額接近公允價值。
10. 員工福利和薪酬計劃
2013年1月，NCLH採納了2013年績效激勵計劃，經過到2023年修訂和重申（「修訂2013年計劃」），規定最大總額限制爲
限制性股份單位獎勵
2024年3月，NCLH授予了
以下是2024年9月30日結束的九個月內受限制股份單位活動的摘要
股數 | Weighted- | 股數 | Weighted- | |||||||
基於時間的 | 已發放 | 績效相關的 | 平均授予 | |||||||
| 獎項 |
| 授予日公允價值每股 |
| 基於獎勵 |
| 授予日公允價值每股 | |||
截至2024年1月1日未歸屬 |
| | $ | |
| | $ | | ||
已批准 |
| | | | | |||||
34,105 |
| ( | | ( | | |||||
未流通股份數量 2023年9月30日時的未流通股份數 |
| ( | | ( | | |||||
截至2024年9月30日尚未歸屬 |
| | |
| | | ||||
分享期權獎勵
以下表格概述了截至2024年9月30日的NCLH修訂後2013計劃中的期權活動摘要:
Weighted- | |||||||||||||||
股票期權獎勵數量 | 加權平均行權價 | 平均數 | 總計 | ||||||||||||
基於時間的解除 | Performance- | 時間- | 性能- | 加權 | 截至2023年7月29日的餘額 | ||||||||||
基於 | 基於 | 基於 | 基於 | 術語 | 數值 | ||||||||||
| 獎項 |
| 獎項 |
| 獎項 |
| 獎項 |
| (年) |
| （以千爲單位） | ||||
2024年1月1日持有量 |
| | | $ | | $ | | $ | — | ||||||
被放棄和取消 |
| ( | ( | | |
|
| ||||||||
截至2024年9月30日爲止的未清金額 |
| | — | | — | — | |||||||||
20
所呈報期間的股份報酬費用包括以下內容（以千爲單位）：
三個月結束 | 截至九個月的結束日期 | |||||||||||
2021年9月30日 | 2021年9月30日 | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
工資和相關費用 | $ | | $ | | $ | | $ | | ||||
市場營銷、普通管理費用 |
| |
| |
| |
| | ||||
股份授予的全部補償費用 | $ | | $ | | $ | | $ | | ||||
11. 承諾和事後約定
船舶建造合同
對於挪威品牌，我們有
截至2024年9月30日交付的訂購船舶的綜合合同價格，包括修訂和變更訂單的價格爲
21
我們不可取消的船舶施工合同的最低年度付款如下（以千爲單位）：
年 |
| 金額 | |
2024年餘下的時間 | $ | | |
2025 | | ||
2026 |
| | |
2027 |
| | |
2028 |
| | |
2029 |
| | |
此後 |
| | |
年度最低總付款額 | $ | | |
上述報告反映了當前的交付日期；但是，某些交付日期可能會由施工方選擇延遲，這將導致額外費用。
訴訟
調查 儘管本協議中的任何內容相反，但本協議並不妨礙您向政府機構提供可能違法行爲的信息，或者在可能涉及違法行爲的任何政府機構的調查或訴訟中作證或參與, 爲了明確起見，您無權根據《證券交易所法》第21F條向證券交易委員會自願提供信息。
2020年3月，佛羅里達州總檢察長宣佈將就公司在COVID-19大流行期間的營銷進行調查。在佛羅里達州總檢察長宣佈展開調查後，我們收到其他總檢察長和政府機構發來的通知，稱他們正在進行類似的調查。公司正在配合進行中的調查，目前還無法預測結果。
海姆斯-伯頓法案
2019年8月27日， 挪威郵輪控股有限公司於2019年8月27日遭到美國佛羅里達南區聯邦地區法院根據1996年《古巴自由與團結（自由）法案》，也稱爲海姆斯-伯頓法案第三章，提起訴訟。訴訟由哈瓦那船塢公司（「哈瓦那船塢案」）提起，聲稱其擁有哈瓦那郵輪港碼頭的利益，該港口被古巴政府徵用。訴訟進一步聲稱公司通過在設施上下客以及從古巴政府的財產中獲利而「走私」了該財產。原告尋求所有可用的法定補救措施，包括被徵用財產的價值，利息，三倍賠償金，律師費和成本。在解決了對原告訴狀內容不足的各種動議並完成了大量的發現工作後，雙方都提出了摘要判決動議。2022年3月21日，法庭發佈了一項判決，支持原告在責任問題上的摘要判決請求，並拒絕了公司的反對摘要判決動議。法庭計劃於2022年11月就損害確定問題進行審判。原告選擇尋求法庭裁定的基線法定賠償金額，即認證索賠金額加利息，按三倍計算並帶有律師費。考慮到這一點，無需審理事實問題，此案被撤出審判日程表。2022年12月30日，法庭做出了約
其他
在我們業務的正常過程中，我們面臨各種其他索賠和訴訟，有些已經提交或正在進行中。 這些索賠和訴訟大多都由保險覆蓋，因此我們的責任最大金額通常受限於我們的免賠額。 儘管如此，未得到保險覆蓋的這些索賠和訴訟的最終結果
22
目前無法確定保險。我們已經評估了所有受威脅和未決訴訟的總體風險敞口，並在要求的範圍內，爲與認定風險敞口相關的所有可估可能損失累計了金額。我們目前無法估計除應計損失之外的任何其他潛在損失，因爲發現尚不完整，也沒有足夠的信息來估計此類損失範圍或潛在的恢復。但是，根據我們目前的了解，我們認爲與這些事項有關的合理可能損失的總金額或範圍不會對我們的合併經營業績、財務狀況或現金流產生重大影響。我們打算在所有索賠中大力捍衛我們的法律地位，並在必要的情況下尋求賠償。
其他突發事件
該公司還與其信用卡處理商簽訂了約合同 $
12. 其他收入（支出），淨額
在截至2024年9月30日的三個月和九個月中，其他收入（支出），淨額包括支出爲美元
13. 補充現金流信息
在截至2024年9月30日和2023年9月30日的九個月中，我們的非現金投資活動包括與不動產和設備相關的應計金額的變動
23
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Statement Concerning Forward-Looking Statements
Some of the statements, estimates or projections contained in this report 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 report, including, without limitation, our expectations regarding our future financial position, including our liquidity requirements and future capital expenditures, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, including with respect to refinancing, amending the terms of, or extending the maturity of our indebtedness, our ability to comply with covenants under our debt agreements, expectations regarding our exchangeable notes, valuation and appraisals of our assets, expectations regarding our deferred tax assets, expected fleet additions and cancellations, including expected timing thereof, our expectations regarding the impact of macroeconomic conditions and recent global events, and expectations relating to our sustainability program and decarbonization efforts may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of:
| ● | adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; |
| ● | implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; |
| ● | our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; |
| ● | our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises; |
| ● | our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; |
| ● | the unavailability of ports of call; |
| ● | future increases in the price of, or major changes, disruptions or reduction in, commercial airline services; |
| ● | changes involving the tax and environmental regulatory regimes in which we operate, including new regulations aimed at reducing greenhouse gas emissions; |
| ● | the accuracy of any appraisals of our assets; |
24
| ● | our success in controlling operating expenses and capital expenditures; |
| ● | trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto; |
| ● | adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, armed conflict, such as Russia’s invasion of Ukraine or the Israel-Hamas war, or threats thereof, acts of piracy, and other international events; |
| ● | public health crises and their effect on the ability or desire of people to travel (including on cruises); |
| ● | adverse incidents involving cruise ships; |
| ● | our ability to maintain and strengthen our brand; |
| ● | breaches in data security or other disturbances to our information technology systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; |
| ● | changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; |
| ● | mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; |
| ● | the risks and increased costs associated with operating internationally; |
| ● | our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; |
| ● | impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; |
| ● | our inability to obtain adequate insurance coverage; |
| ● | pending or threatened litigation, investigations and enforcement actions; |
| ● | volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; |
| ● | any further impairment of our trademarks, trade names or goodwill; |
| ● | our reliance on third parties to provide hotel management services for certain ships and certain other services; |
| ● | fluctuations in foreign currency exchange rates; |
| ● | our expansion into new markets and investments in new markets and land-based destination projects; |
| ● | overcapacity in key markets or globally; and |
| ● | other factors set forth under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024 (“Annual Report on Form 10-K”). |
The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we currently consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs,
25
assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. You are cautioned not to place undue reliance on the forward-looking statements included in this report, which speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.
Solely for convenience, certain trademark and service marks referred to in this report appear without the ® or ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and service marks.
Terminology
This report includes 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 Income and Adjusted EPS. Definitions of these non-GAAP financial measures are included below. For further information about our non-GAAP financial measures including detailed adjustments made in calculating our non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure, we refer you to “Results of Operations” below.
Unless otherwise indicated in this report, the following terms have the meanings set forth below:
| ● | 2024 Exchangeable Notes. On May 8, 2020, pursuant to an indenture among NCLC, as issuer, NCLH, as guarantor, and U.S. Bank National Association, as trustee, NCLC issued $862.5 million aggregate principal amount of exchangeable senior notes due 2024. |
| ● | 2025 Exchangeable Notes. On July 21, 2020, pursuant to an indenture among NCLC, as issuer, NCLH, as guarantor, and U.S. Bank National Association, as trustee, NCLC issued $450.0 million aggregate principal amount of exchangeable senior notes due 2025. |
| ● | 2027 1.125% Exchangeable Notes. On November 19, 2021, pursuant to an indenture among NCLC, as issuer, NCLH, as guarantor, and U.S. Bank National Association, as trustee, NCLC issued $1,150.0 million aggregate principal amount of exchangeable senior notes due 2027. |
| ● | 2027 2.5% Exchangeable Notes. On February 15, 2022, pursuant to an indenture among NCLC, as issuer, NCLH, as guarantor, and U.S. Bank National Association, as trustee, NCLC issued $473.2 million aggregate principal amount of exchangeable senior notes due 2027. |
| ● | Adjusted EBITDA. EBITDA adjusted for other income (expense), net and other supplemental adjustments. |
| ● | Adjusted EPS. Adjusted Net Income 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 Excluding Fuel adjusted for supplemental adjustments. |
| ● | Adjusted Net Income. Net income adjusted for the effect of dilutive securities and other supplemental adjustments. |
| ● | Allura Class Ships. Oceania Cruises’ Vista and Oceania Cruises’ Allura. |
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| ● | 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. |
| ● | 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. Earnings 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. |
| ● | Gross Tons. A unit of enclosed passenger space on a cruise ship, such that one gross ton equals 100 cubic feet or 2.831 cubic meters. |
| ● | 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 Yield. Adjusted Gross Margin per Capacity Day. |
| ● | Occupancy or Occupancy Percentage. The ratio of Passenger Cruise Days to Capacity Days. A percentage greater than 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. |
| ● | Prestige Class Ships. Regent’s Seven Seas Prestige and one additional ship on order. |
| ● | Prima Class Ships. Norwegian Prima, Norwegian Viva, Norwegian Aqua, Norwegian Luna and two additional ships on order. |
| ● | Revolving Loan Facility. $1.2 billion senior secured revolving credit facility. |
| ● | SEC. U.S. Securities and Exchange Commission. |
| ● | Shipboard Retirement Plan. An unfunded defined benefit pension plan for certain crew members which computes benefits based on years of service, subject to certain requirements. |
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 Income 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 Adjusted Gross Margin and Net Yield to manage our business on a day-to-day basis because they reflect revenue earned
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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, we believe changes in Adjusted Gross Margin, Net Yield, Net Cruise Cost and Adjusted Net Cruise Cost Excluding Fuel to be the most relevant indicators of our performance.
We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance. We also believe that Adjusted EBITDA is a useful measure in determining our performance as it reflects certain operating drivers of our business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. In addition, management uses Adjusted EBITDA as a performance measure for our incentive compensation. Adjusted EBITDA is not a defined term under GAAP nor is it intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income, as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments and it includes other supplemental adjustments.
In addition, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures that exclude certain amounts and are used to supplement GAAP net income and EPS. We use Adjusted Net Income and Adjusted EPS as key performance measures of our earnings performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparison to our historical performance. In addition, management uses Adjusted EPS as a performance measure for our incentive compensation. The amounts excluded in the presentation of these non-GAAP financial measures may vary from period to period; accordingly, our presentation of Adjusted Net Income 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 in the “Results of Operations” section.
Financial Presentation
We categorize revenue from our cruise and cruise-related activities as either “passenger ticket” revenue or “onboard and other” revenue. Passenger ticket revenue and onboard and other revenue vary according to product offering, the size of the ship in operation, the length of cruises operated and the markets in which the ship operates. Our revenue is seasonal based on demand for cruises, which has historically been strongest during the Northern Hemisphere’s summer months. Passenger ticket revenue primarily consists of revenue for accommodations, meals in certain restaurants on the ship, certain onboard entertainment, government taxes, fees and port expenses and includes revenue for service charges and air and land transportation to and from the ship to the extent guests purchase these items from us. Onboard and other revenue primarily consists of revenue from casino, beverage sales, shore excursions, specialty dining, retail sales, spa services and Wi-Fi services. Our onboard revenue is derived from onboard activities we perform directly or that are performed by independent concessionaires, from which we receive a share of their revenue.
Our cruise operating expense is classified as follows:
| ● | Commissions, transportation and other primarily consists of direct costs associated with passenger ticket revenue. These costs include travel advisor commissions, air and land transportation expenses, related credit card fees, certain government taxes, fees and port expenses and the costs associated with shore excursions and hotel accommodations included as part of the overall cruise purchase price. |
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| ● | Onboard and other primarily consists of direct costs incurred in connection with onboard and other revenue, including casino, beverage sales and shore excursions. |
| ● | Payroll and related consists of the cost of wages, benefits and logistics for shipboard employees and costs of certain inventory items, including food, for a third party that provides crew and other hotel services for certain ships. |
| ● | Fuel includes fuel costs, the impact of certain fuel hedges and fuel delivery costs. |
| ● | Food consists of food costs for passengers and crew on certain ships. |
| ● | Other consists of repairs and maintenance (including Dry-dock costs), ship insurance and other ship expenses. |
Critical Accounting Policies
For a discussion of our critical accounting policies and estimates, see “Critical Accounting Policies” included in our Annual Report on Form 10-K under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We have made no significant changes to our critical accounting policies and estimates from those described in our Annual Report on Form 10-K.
Financing Transactions and Newbuild Orders
In February 2024, NCLC and the Commitment Parties entered into the third amended commitment letter, which became effective in March 2024. Pursuant to the third amended commitment letter, the Commitment Parties have agreed to purchase from NCLC an aggregate principal amount of $650 million of senior unsecured notes due five years after the issue date at NCLC’s option, which option is available through March 2025. In connection with the execution of the third amended commitment letter, NCLC agreed to repurchase all of the outstanding $250 million aggregate principal amount of 9.75% senior secured notes due 2028 at a negotiated premium plus accrued and unpaid interest thereon. See Note 8 – “Long-Term Debt” for more information.
In April 2024, we obtained export credit financing for 80% of the contract price of two new Regent Seven Seas Cruises ship orders and two new Oceania Cruises ship orders as well as related premiums. Contemporaneously, the ship orders became effective. The Norwegian brand also placed a four-ship order, for which the shipbuilding contracts and financing are still being finalized. We refer you to “—Liquidity and Capital Resources— Future Capital Commitments” and “—Liquidity and Capital Resources— Material Cash Requirements” for details regarding our newbuild orders.
Additionally, in April 2024, a €200 million commitment became available that can be used for future newbuild payments. See Note 8 – “Long-Term Debt” for more information.
In September 2024, NCLC issued $315.0 million aggregate principal amount of 6.250% senior notes due 2030. The net proceeds, after deducting the initial purchasers’ discount but before deducting estimated fees and expenses, together with cash on hand, were used to redeem $315.0 million aggregate principal amount of the 3.625% senior notes due 2024, including to pay any accrued and unpaid interest thereon. See Note 8 – “Long-Term Debt” for more information.
Deferred Tax Asset Valuation Allowance
The Company maintains a full valuation allowance against the net deferred tax assets mainly in the U.S. and Bermuda jurisdictions. Given our current earnings, anticipated future earnings and outlook of the cruise industry as a whole, we believe there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a portion or all of our U.S. valuation allowance would no longer be required. A release of the valuation allowance would result in recognition of certain deferred tax assets and a decrease in income tax expense in the period the release is recorded. However, the timing and amount of the valuation allowance release, if any, are unknown as this is subject to change on the basis of the level of profitability that we are able to actually achieve in future periods.
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Update on Bookings
The Company continues to experience strong consumer demand as the majority of new bookings have shifted to 2025 sailings. As a result, the Company remains at the upper range of its optimal booked position on a 12-month forward basis.
Margin Enhancement Initiative
During 2024, we continued to see progress from our ongoing margin enhancement initiative. The Company continues to prioritize identifying and evaluating a variety of initiatives to improve its cost structure and margin profile, while preserving its brand equity and optimal guest satisfaction levels. However, global macroeconomic events have created volatility and disruptions in the past that have adversely impacted our costs and they may do so again in the future. Furthermore, we are exposed to fluctuations in the euro exchange rate for certain portions of ship construction contracts that have not been hedged. See “Item 1A. Risk Factors” in our Annual Report on Form 10-K for additional information.
Climate Change
We believe the increasing focus on climate change, including the Company’s targets for greenhouse gas reductions, and evolving regulatory requirements will materially impact our future capital expenditures and results of operations. We have set interim targets to guide us on our path to net zero and provide more details about them in our annual Sail & Sustain Report (which does not constitute a part of, and shall not be deemed incorporated by reference into, this Report). We expect to incur significant expenses related to these regulatory requirements and commitments, which may include expenses related to greenhouse gas emissions reduction initiatives, including modifications to our ships, and will include the purchase of emissions allowances, among other things. We have changed and may continue to be required to change certain operating procedures, for example slowing the speed of our ships, to meet regulatory requirements, which could adversely impact our operations. We are also evaluating the effects of global climate change related requirements, which are still evolving, including our ability to mitigate certain future expenses through initiatives to reduce greenhouse gas emissions; consequently, the full impact to the Company is not yet known. Additionally, our ships, port facilities, corporate offices and island destinations have in the past and may again be adversely affected by an increase in the frequency and intensity of adverse weather conditions caused by climate change. For example, certain ports have become temporarily unavailable to us due to hurricane damage and other destinations have either considered or implemented restrictions on cruise operations due to environmental concerns. Refer to “Impacts related to climate change may adversely affect our business, financial condition and results of operations” in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for further information.
Quarterly Overview
Three months ended September 30, 2024 (“2024”) compared to three months ended September 30, 2023 (“2023”)
| ● | Total revenue increased 10.7% to $2.8 billion compared to $2.5 billion. |
| ● | Net income and diluted EPS were $474.9 million and $0.95, respectively, compared to $345.9 million and $0.71, respectively. |
| ● | Operating income was $691.2 million compared to $523.3 million. |
| ● | Gross margin increased 23.4% to $1.1 billion compared to $862.7 million. Adjusted Gross Margin increased 12.7% to $2.0 billion compared to $1.8 billion. |
| ● | Adjusted Net Income and Adjusted EPS were $511.9 million and $0.99, respectively, in 2024, which included $22.0 million of adjustments primarily related to share-based compensation. Adjusted Net Income and Adjusted EPS were $388.0 million and $0.76, respectively, in 2023, which included $24.6 million of adjustments primarily related to share-based compensation. |
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| ● | Adjusted EBITDA improved 23.8% to $931.0 million compared to $752.1 million. |
We refer you to our “Results of Operations” below for a calculation of Adjusted Gross Margin, Adjusted Net Income, Adjusted EPS and Adjusted EBITDA.
Results of Operations
The following table sets forth selected statistical information:
Three Months Ended | Nine Months Ended | ||||||||
September 30, | September 30, | ||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | ||
Passengers carried |
| 812,529 |
| 740,658 |
| 2,261,006 |
| 2,067,653 | |
Passenger Cruise Days |
| 6,521,610 |
| 6,176,403 |
| 18,711,554 |
| 17,455,259 | |
Capacity Days |
| 6,033,707 |
| 5,820,448 |
| 17,611,107 |
| 16,749,283 | |
Occupancy Percentage |
| 108.1 | % | 106.1 | % | 106.2 | % | 104.2 | % |
Adjusted Gross Margin and Net Yield were calculated as follows (in thousands, except Capacity Days and Yield data):
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2024 |
| 2023 | 2024 |
| 2023 | |||||||
Total revenue | $ | 2,806,578 | $ | 2,536,037 | $ | 7,370,285 | $ | 6,563,468 | ||||
Less: |
| |||||||||||
Total cruise operating expense |
| 1,538,939 |
| 1,482,746 |
| 4,381,117 |
| 4,146,774 | ||||
Ship depreciation |
| 202,994 |
| 190,549 |
| 617,439 |
| 555,617 | ||||
Gross margin | 1,064,645 | 862,742 | 2,371,729 | 1,861,077 | ||||||||
Ship depreciation | 202,994 | 190,549 | 617,439 | 555,617 | ||||||||
Payroll and related | 337,430 | 323,862 | 1,012,289 | 936,237 | ||||||||
Fuel | 164,934 | 170,893 | 537,632 | 530,003 | ||||||||
Food | 78,096 | 87,839 | 239,850 | 271,575 | ||||||||
Other | 182,112 | 165,432 | 573,987 | 476,123 | ||||||||
Adjusted Gross Margin | $ | 2,030,211 | $ | 1,801,317 | $ | 5,352,926 | $ | 4,630,632 | ||||
Capacity Days |
| 6,033,707 |
| 5,820,448 | 17,611,107 | 16,749,283 | ||||||
Gross margin per Capacity Day | $ | 176.45 | $ | 148.23 | $ | 134.67 | $ | 111.11 | ||||
Net Yield | $ | 336.48 | $ | 309.48 | $ | 303.95 | $ | 276.47 | ||||
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Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Excluding Fuel were calculated as follows (in thousands, except Capacity Days and per Capacity Day data):
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2024 |
| 2023 | 2024 |
| 2023 | |||||||
Total cruise operating expense | $ | 1,538,939 | $ | 1,482,746 | $ | 4,381,117 | $ | 4,146,774 | ||||
Marketing, general and administrative expense |
| 358,001 |
| 325,365 |
| 1,074,241 |
| 1,013,600 | ||||
Gross Cruise Cost |
| 1,896,940 |
| 1,808,111 |
| 5,455,358 |
| 5,160,374 | ||||
Less: |
|
|
|
|
|
|
|
| ||||
Commissions, transportation and other expense |
| 564,614 |
| 546,026 |
| 1,501,863 |
| 1,462,565 | ||||
Onboard and other expense |
| 211,753 |
| 188,694 |
| 515,496 |
| 470,271 | ||||
Net Cruise Cost |
| 1,120,573 |
| 1,073,391 |
| 3,437,999 |
| 3,227,538 | ||||
Less: Fuel expense |
| 164,934 |
| 170,893 |
| 537,632 |
| 530,003 | ||||
Net Cruise Cost Excluding Fuel |
| 955,639 |
| 902,498 |
| 2,900,367 |
| 2,697,535 | ||||
Less Other Non-GAAP Adjustments: |
|
|
|
|
|
|
|
| ||||
Non-cash deferred compensation (1) |
| 719 |
| 578 |
| 2,156 |
| 1,734 | ||||
Non-cash share-based compensation (2) |
| 20,638 |
| 23,563 |
| 65,570 |
| 96,254 | ||||
Adjusted Net Cruise Cost Excluding Fuel | $ | 934,282 | $ | 878,357 | $ | 2,832,641 | $ | 2,599,547 | ||||
Capacity Days |
| 6,033,707 |
| 5,820,448 |
| 17,611,107 |
| 16,749,283 | ||||
Gross Cruise Cost per Capacity Day | $ | 314.39 | $ | 310.65 | $ | 309.77 | $ | 308.10 | ||||
Net Cruise Cost per Capacity Day | $ | 185.72 | $ | 184.42 | $ | 195.22 | $ | 192.70 | ||||
Net Cruise Cost Excluding Fuel per Capacity Day | $ | 158.38 | $ | 155.06 | $ | 164.69 | $ | 161.05 | ||||
Adjusted Net Cruise Cost Excluding Fuel per Capacity Day | $ | 154.84 | $ | 150.91 | $ | 160.84 | $ | 155.20 | ||||
| (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. |
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Adjusted Net Income and Adjusted EPS were calculated as follows (in thousands, except share and per share data):
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
Net income | $ | 474,932 | $ | 345,868 | $ | 655,721 | $ | 272,663 | ||||
Effect of dilutive securities - exchangeable notes | 14,965 | 17,510 | 48,323 | 13,809 | ||||||||
Net income and assumed conversion of exchangeable notes | 489,897 | 363,378 | 704,044 | 286,472 | ||||||||
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
| ||||
Non-cash deferred compensation (1) |
| 1,232 |
| 1,009 |
| 3,697 |
| 3,029 | ||||
Non-cash share-based compensation (2) |
| 20,638 |
| 23,563 |
| 65,570 |
| 96,254 | ||||
Extinguishment and modification of debt (3) |
| 175 |
| — |
| 29,175 |
| 3,153 | ||||
Adjusted Net Income | $ | 511,942 | $ | 387,950 | $ | 802,486 | $ | 388,908 | ||||
Diluted weighted-average shares outstanding - Net income and Adjusted Net Income |
| 514,878,919 | 511,585,445 |
| 514,002,031 |
| 460,819,375 | |||||
Diluted EPS | $ | 0.95 | $ | 0.71 | $ | 1.37 | $ | 0.62 | ||||
Adjusted EPS | $ | 0.99 | $ | 0.76 | $ | 1.56 | $ | 0.84 | ||||
| (1) | Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense and other income (expense), net. |
| (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) | Losses on extinguishment of debt and modification of debt are included in interest expense, net. |
EBITDA and Adjusted EBITDA were calculated as follows (in thousands):
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
| 2024 |
| 2023 |
| 2024 |
| 2023 | |||||
Net income | $ | 474,932 | $ | 345,868 | $ | 655,721 | $ | 272,663 | ||||
Interest expense, net |
| 175,216 |
| 181,201 |
| 571,865 |
| 530,150 | ||||
Income tax (benefit) expense |
| 6,916 |
| 8,309 |
| 9,466 |
| (1,170) | ||||
Depreciation and amortization expense |
| 218,428 |
| 204,608 |
| 663,762 |
| 596,513 | ||||
EBITDA |
| 875,492 |
| 739,986 |
| 1,900,814 |
| 1,398,156 | ||||
Other (income) expense, net (1) |
| 34,146 | (12,060) |
| 14,113 |
| 4,938 | |||||
Other Non-GAAP Adjustments: |
|
|
|
|
|
|
|
| ||||
Non-cash deferred compensation (2) |
| 719 |
| 578 |
| 2,156 |
| 1,734 | ||||
Non-cash share-based compensation (3) |
| 20,638 |
| 23,563 |
| 65,570 |
| 96,254 | ||||
Adjusted EBITDA | $ | 930,995 | $ | 752,067 | $ | 1,982,653 | $ | 1,501,082 | ||||
| (1) | Primarily consists of gains and losses, net for foreign currency remeasurements. |
| (2) | Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense. |
| (3) | Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense. |
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Three months ended September 30, 2024 (“2024”) compared to three months ended September 30, 2023 (“2023”)
Revenue
Total revenue increased to $2.8 billion in 2024 compared to $2.5 billion in 2023 primarily due to an increase in Capacity Days and an increase in passenger ticket pricing and onboard spending. The increase in Capacity Days was primarily related to the delivery of two new ships in the second half of 2023.
Expense
Total cruise operating expense increased 3.8% and Gross Cruise Cost increased 4.9% in 2024 compared to 2023 primarily related to the delivery of two new ships in the second half of 2023 partially offset by a reduction in air costs largely due to changes in itinerary mix. Total other operating expense increased 8.8% in 2024 compared to 2023 primarily related to an increase in depreciation expense from the delivery of two new ships in the second half of 2023 and variable compensation due to strong performance of the business.
Interest expense, net was $175.2 million in 2024 compared to $181.2 million in 2023.
Other income (expense), net was expense of $34.1 million in 2024 compared to income of $12.1 million in 2023. The income and expense primarily related to net gains and losses on foreign currency remeasurements.
Nine months ended September 30, 2024 (“2024”) compared to nine months ended September 30, 2023 (“2023”)
Revenue
Total revenue increased to $7.4 billion in 2024 compared to $6.6 billion in 2023 primarily due to an increase in Capacity Days and an increase in passenger ticket pricing and onboard spending. The increase in Capacity Days was primarily related to the delivery of three new ships in 2023 partially offset by increased Dry-dock days in 2024.
Expense
Total cruise operating expense increased 5.7% and Gross Cruise Cost increased 5.7% in 2024 compared to 2023 primarily related to the delivery of three new ships in 2023 partially offset by a reduction in air costs largely due to changes in itinerary mix. Total other operating expense increased 7.9% in 2024 compared to 2023 primarily related to an increase in depreciation expense from the delivery of three new ships in 2023, variable compensation due to strong performance of the business and general and administrative costs related to consulting projects.
Interest expense, net was $571.9 million in 2024 compared to $530.2 million in 2023. The increase in interest expense reflects higher losses in 2024 from extinguishment of debt and debt modification costs, which were $29.2 million in 2024 compared to $3.2 million in 2023. Excluding these losses, interest expense increased primarily as a result of higher debt outstanding with the delivery of three ships in 2023, partially offset by lower rates.
Other income (expense), net was expense of $14.1 million in 2024 compared to $4.9 million in 2023. The expenses primarily related to net losses on foreign currency remeasurements.
Liquidity and Capital Resources
General
As of September 30, 2024, our liquidity was approximately $2.4 billion, including cash and cash equivalents of $332.5 million and borrowings available under our $1.2 billion fully undrawn Revolving Loan Facility, €200 million commitment that can be used for future newbuild payments and $650 million undrawn commitment less related fees. Our primary ongoing liquidity requirements are to finance working capital, capital expenditures and debt service.
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In February 2024, NCLC and the Commitment Parties entered into the third amended commitment letter, which became effective in March 2024. Pursuant to the third amended commitment letter, the Commitment Parties have agreed to purchase from NCLC an aggregate principal amount of $650 million of senior unsecured notes due five years after the issue date at NCLC’s option, which option is available through March 2025. In connection with the execution of the third amended commitment letter, NCLC agreed to repurchase all of the outstanding $250 million aggregate principal amount of 9.75% senior secured notes due 2028 at a negotiated premium plus accrued and unpaid interest thereon.
Additionally, in April 2024, a €200 million commitment became available that can be used for future newbuild payments.
In September 2024, NCLC issued $315.0 million aggregate principal amount of 6.250% senior notes due 2030. The net proceeds, after deducting the initial purchasers’ discount but before deducting estimated fees and expenses, together with cash on hand, were used to redeem $315.0 million aggregate principal amount of the 3.625% senior notes due 2024, including to pay any accrued and unpaid interest thereon.
See Note 8 – “Long-Term Debt” for further details about the above financing transactions.
Based on our liquidity estimates and our current resources, we have concluded we have sufficient liquidity to satisfy our obligations for at least the next 12 months. There can be no assurance that the accuracy of the assumptions used to estimate our liquidity requirements will be correct, and our ability to be predictive is uncertain due to the dynamic nature of the current operating environment, including any current macroeconomic events and conditions such as inflation, rising fuel prices and higher interest rates. Within the next twelve months, we will pursue other refinancings in order to reduce interest expense and/or extend debt maturities. The remaining $250.0 million of the $565.0 million 3.625% senior unsecured notes due in December 2024 will be paid at maturity. We expect the holders of the 2025 Exchangeable Notes maturing in August 2025 will exchange their 2025 Exchangeable Notes for NCLH ordinary shares. There is no assurance that cash flows from operations and additional financings will be available in the future to fund our future obligations. Beyond the next 12 months, we will pursue refinancings and other balance sheet optimization transactions in order to reduce interest expense and/or extend debt maturities. Refer to Item 1A, “Risk Factors” in our Annual Report on Form 10-K for further details regarding risks and uncertainties that may cause our results to differ from our expectations.
At September 30, 2024, we were in compliance with all of our debt covenants. If we do not continue to remain in compliance with our covenants, we would have to seek additional amendments to or waivers of the covenants. However, no assurances can be made that such amendments or waivers would be approved by our lenders. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default and/or cross acceleration clauses, substantially all of our outstanding debt and derivative contract payables could become due, and all debt and derivative contracts could be terminated, which would have a material adverse impact to our operations and liquidity.
Our Moody’s long-term issuer rating is B2, our senior secured rating is B1 and our senior unsecured rating is Caa1. Our S&P Global issuer credit rating is B+, our issue-level rating on our $1.2 billion Revolving Loan Facility, $600 million 8.375% senior secured notes due 2028 and $790 million 8.125% senior secured notes due 2029 is BB, our issue-level rating on our other senior secured notes is BB- and our senior unsecured rating is B. If our credit ratings were to be downgraded as has occurred in the past, or general market conditions were to ascribe higher risk to our rating levels, our industry, or us, our access to capital and the cost of any debt or equity financing will be negatively impacted. We also have capacity to incur additional indebtedness under our debt agreements and may issue additional ordinary shares from time to time, subject to our authorized number of ordinary shares. However, there is no guarantee that debt or equity financings will be available in the future to fund our obligations, or that they will be available on terms consistent with our expectations.
As of September 30, 2024, we had advance ticket sales of $3.3 billion, including the long-term portion, which included approximately $63.2 million of future cruise credits that have been issued as face value reimbursement for cancelled bookings due to COVID-19. We also have agreements with our credit card processors that, as of September 30, 2024, governed approximately $2.9 billion in advance ticket sales that had been received by the Company relating to future voyages. These agreements allow the credit card processors to require under certain circumstances, including the existence of a material adverse change, excessive chargebacks and other triggering events, that the Company maintain a
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reserve which would be satisfied by posting collateral. Although the agreements vary, these requirements may generally be satisfied either through a percentage of customer payments withheld or providing cash funds directly to the card processor. Any cash reserve or collateral requested could be increased or decreased. As of September 30, 2024, we had cash collateral reserves of approximately $4.9 million with credit card processors recognized in accounts receivable, net. The $31.5 million previously recognized in other long-term assets was returned to the Company during the three months ended September 30, 2024. We may be required to pledge additional collateral and/or post additional cash reserves or take other actions in the future that may adversely affect our liquidity.
Sources and Uses of Cash
In this section, references to “2024” refer to the nine months ended September 30, 2024 and references to “2023” refer to the nine months ended September 30, 2023.
Net cash provided by operating activities was $1.7 billion in 2024 and 2023. The net cash provided by operating activities included net income and timing differences in cash receipts and payments relating to operating assets and liabilities. Advance ticket sales increased by $90.9 million in 2024 and by $419.4 million in 2023. The net cash provided by operating activities includes the return of $500 million cash collateral from one credit card processor in 2023.
Net cash used in investing activities was $985.7 million in 2024 and $2.2 billion in 2023. The net cash used in investing activities was primarily related to newbuild payments and ship improvements in 2024. The net cash used in investing activities was primarily related to newbuild payments in 2023.
Net cash used in financing activities was $734.8 million in 2024 primarily due to repayments of newbuild loans, our 2028 Secured Notes, and a portion of the 3.625% senior notes due 2024 partially offset by the proceeds from newbuild loan facilities and the 2030 Notes. Net cash provided by financing activities was $194.5 million in 2023 primarily due to newbuild loans and $850 million from our various note offerings, partially offset by debt repayments and a net decrease in our Revolving Loan Facility balance.
Future Capital Commitments
Future capital commitments consist of contracted commitments, including ship construction contracts. Anticipated expenditures related to ship construction contracts were $0.1 billion for the remainder of 2024 and $2.5 billion and $2.5 billion for the years ending December 31, 2025 and 2026, respectively, reflecting delays in certain scheduled ship delivery dates. The Company has export credit financing in place for the anticipated expenditures related to ship construction contracts of $43.6 million for the remainder of 2024 and $1.7 billion and $1.6 billion for the years ending December 31, 2025 and 2026, respectively. Anticipated non-newbuild capital expenditures for the remainder of 2024 are approximately $0.1 billion. Future expected capital expenditures will significantly increase our depreciation and amortization expense.
Newbuilds
The following chart discloses details about our newbuild program. The impacts of initiatives to improve environmental sustainability and modifications the Company plans to make to its newbuilds and/or other macroeconomic conditions and events have resulted in delays in expected ship deliveries. These and other impacts could result in additional delays in ship deliveries in the future, which may be prolonged. Expected delivery dates for our most recently announced newbuilds are preliminary and subject to change.
Year | Brand | Class | Ship Name | Gross Tons(1) | Berths(1) | Status |
2025 | Norwegian Cruise Line | Next Generation Prima Class | Norwegian Aqua | ~156,000 | ~3,550 | Contract effective / financed(4) |
2025 | Oceania Cruises | Allura Class | Allura | ~68,000 | ~1,250 | Contract effective / financed(4) |
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2026 | Norwegian Cruise Line | Next Generation Prima Class | Norwegian Luna | ~156,000 | ~3,550 | Contract effective / financed(4) |
2026 | Regent Seven Seas | Prestige Class | Seven Seas Prestige | ~77,000 | ~850 | Contract effective / financed(4) |
2027 | Norwegian Cruise Line | Next Gen "Methanol-Ready(2)" Prima Class | To come | ~169,000 | ~3,850 | Contract effective / financed(4) |
2027 | Oceania Cruises | New Class | To come | ~86,000 | ~1,450 | Contract effective / financed(4) |
2028 | Norwegian Cruise Line | Next Gen "Methanol-Ready(2)" Prima Class | To come | ~169,000 | ~3,850 | Contract effective / financed(4) |
Expected 2029(3) | Oceania Cruises | New Class | To come | ~86,000 | ~1,450 | Contract effective / financed(4) |
2029(6) | Regent Seven Seas | Prestige Class | To come | ~77,000 | ~850 | Contract effective / financed(4) |
2030 | Norwegian Cruise Line | New Class | To come | ~225,000 | ~5,200 | Memorandum of agreement effective. Financing is being negotiated. (5) |
2030(6) | Oceania Cruises | New Class | — | ~86,000 | ~1,450 | Contract effective, but not financed. Order expected to be cancelled.(5) |
2031(6) | Oceania Cruises | New Class | — | ~86,000 | ~1,450 | Contract effective, but not financed. Order expected to be cancelled.(5) |
2032 | Norwegian Cruise Line | New Class | To come | ~225,000 | ~5,200 | Memorandum of agreement effective. Financing is being negotiated. (5) |
2034 | Norwegian Cruise Line | New Class | To come | ~225,000 | ~5,200 | Memorandum of agreement effective. Financing is being negotiated. (5) |
2036 | Norwegian Cruise Line | New Class | To come | ~225,000 | ~5,200 | Memorandum of agreement effective. Financing is being negotiated. (5) |
| (1) | Berths and gross tons are preliminary and subject to change as we approach delivery. |
| (2) | Designs for the final two Prima Class ships have been lengthened and reconfigured to accommodate the use of green methanol as a future fuel source. Additional modifications will be needed to fully enable the use of green methanol. |
| (3) | Delivery for the second Oceania Cruises ship is contractually scheduled for the fourth quarter of 2028, but may be delayed to 2029, which would result in additional fees. |
| (4) | We have obtained export credit financing which is expected to fund approximately 80% of the contract price of each ship as well as related financing premiums, subject to certain conditions. |
| (5) | We have the option to cancel the effective two-ship order for Oceania Cruises. The shipbuilding contracts related to the four-ship order for Norwegian Cruise Line are still being finalized. |
| (6) | Delivery dates may be delayed at the option of the builder, which would result in additional fees. |
The combined contract prices, including amendments and change orders, of the 13 ships on order for delivery (which excludes the two ships on order for Oceania Cruises, which are currently scheduled for delivery in 2030 and 2031, but are expected to be cancelled) was approximately €17.5 billion, or $19.5 billion based on the euro/U.S. dollar exchange rate as of September 30, 2024. If the two ships on order for Oceania Cruises are cancelled, there will be incremental corresponding adjustments to the purchase price of other applicable newbuilds not to exceed €51 million. We do not anticipate any contractual breaches or cancellations to occur, except as noted above. However, if any such events were to occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us and potential claims and impairment losses which may materially impact our business, financial condition and results of operations.
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Capitalized interest for the three months ended September 30, 2024 and 2023 was $17.2 million and $13.4 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $40.5 million and $44.7 million, respectively, primarily associated with the construction of our newbuild ships.
Material Cash Requirements
As of September 30, 2024, our material cash requirements for debt and ship construction (which excludes the two ships on order for Oceania Cruises that are expected to be cancelled) were as follows (in thousands):
| Remainder of |
|
|
|
| |||||||||||||||||||
2024 |
| 2025 |
| 2026 |
| 2027 |
| 2028 |
| 2029 |
| Thereafter |
| Total | ||||||||||
Long-term debt (1) | $ | 651,111 | $ | 1,916,421 | $ | 2,736,755 | $ | 3,688,817 | $ | 1,995,850 | $ | 2,095,601 | $ | 2,841,738 | $ | 15,926,293 | ||||||||
Ship construction contracts (2) |
| 54,517 | 2,271,345 | 2,278,009 | 2,356,110 | 2,179,454 | 1,009,655 | 8,513,710 |
| 18,662,800 | ||||||||||||||
Total | $ | 705,628 | $ | 4,187,766 | $ | 5,014,764 | $ | 6,044,927 | $ | 4,175,304 | $ | 3,105,256 | $ | 11,355,448 | $ | 34,589,093 | ||||||||
| (1) | Includes principal as well as estimated interest payments with Term SOFR held constant as of September 30, 2024. Includes exchangeable notes which can be settled in NCLH ordinary shares. Excludes the impact of any future possible refinancings and undrawn export-credit backed facilities. |
| (2) | Ship construction contracts are for our newbuild ships based on the euro/U.S. dollar exchange rate as of September 30, 2024. We have committed undrawn export-credit backed facilities of approximately $9.0 billion which funds approximately 80% of our ship construction contracts, with the exception of the two ships on order for Oceania Cruises that are expected to be cancelled and the four additional ships on order for Norwegian Cruise Line with currently scheduled delivery from 2030 to 2036. The above presentation reflects the current delivery dates; however, certain delivery dates may be delayed at the option of the builder. |
Funding Sources
Certain of our debt agreements contain covenants that, among other things, require us to maintain a minimum level of liquidity, as well as limit our net funded debt-to-capital ratio and maintain certain other ratios. Substantially all of our ships are pledged as collateral for certain of our debt. We believe we were in compliance with our covenants as of September 30, 2024.
In addition, our existing debt agreements restrict, and any of our future debt arrangements may restrict, among other things, the ability of our subsidiaries, including NCLC, to make distributions and/or pay dividends to NCLH and NCLH’s ability to pay cash dividends to its shareholders. NCLH is a holding company and depends upon its subsidiaries for their ability to pay distributions to it to finance any dividend or pay any other obligations of NCLH. However, we do not believe that these restrictions have had or are expected to have an impact on our ability to meet any cash obligations.
We believe our cash on hand, the availability under the Revolving Loan Facility and undrawn commitments less related fees, expected future operating cash inflows and our ability to issue debt securities or additional equity securities, will be sufficient to fund operations, debt payment requirements, capital expenditures and maintain compliance with covenants under our debt agreements over the next 12-month period. Refer to “—Liquidity and Capital Resources—General” for further information regarding liquidity.
Other
Certain service providers may require collateral in the normal course of our business. The amount of collateral may change based on certain terms and conditions.
As a routine part of our business, depending on market conditions, exchange rates, pricing and our strategy for growth, we regularly consider opportunities to enter into contracts for the building of additional ships. We may also consider the sale of ships, potential acquisitions and strategic alliances. If any of these transactions were to occur, they may be financed through the incurrence of additional permitted indebtedness, through cash flows from operations, or through the issuance of debt, equity or equity-related securities.
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We refer you to “—Liquidity and Capital Resources—General” for information regarding collateral provided to our credit card processors.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
General
We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. The financial impacts of these derivative instruments are primarily offset by corresponding changes in the underlying exposures being hedged. We achieve this by closely matching the notional, term and conditions of the derivatives with the underlying risk being hedged. We do not hold or issue derivatives for trading or other speculative purposes. Derivative positions are monitored using techniques including market valuations and sensitivity analyses.
Interest Rate Risk
As of September 30, 2024 and December 31, 2023, 95% of our debt was fixed and 5% was variable. Based on our September 30, 2024 outstanding variable rate debt balance, a one percentage point increase in annual Term SOFR interest rates would increase our annual interest expense by approximately $6.2 million excluding the effects of capitalization of interest.
Foreign Currency Exchange Rate Risk
As of September 30, 2024, future ship construction obligations aggregated €16.8 billion, or $18.7 billion based on the euro/U.S. dollar exchange rate as of September 30, 2024. As of December 31, 2023, the ship construction obligations aggregated €5.4 billion, or $6.0 billion, based on the euro/U.S. dollar exchange rate as of December 31, 2023. The change from December 31, 2023 to September 30, 2024 was primarily due to the eight new effective newbuild agreements, which excludes the two ships on order for Oceania Cruises, which are currently scheduled for delivery in 2030 and 2031, but are expected to be cancelled. We estimate that a 10% change in the euro as of September 30, 2024 would result in a $1.9 billion change in the U.S. dollar value of the foreign currency denominated remaining payments.
Fuel Price Risk
Our exposure to market risk for changes in fuel prices relates to the forecasted purchases of fuel on our ships. Fuel expense, as a percentage of our total cruise operating expense, was 10.7% and 11.5% for the three months ended September 30, 2024 and 2023, respectively, and 12.3% and 12.8% for the nine months ended September 30, 2024 and 2023, respectively. We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of September 30, 2024, we had hedged approximately 51%, 51% and 16% of our remaining 2024, 2025 and 2026 projected metric tons of fuel purchases, respectively. As of December 31, 2023, we had hedged approximately 53% and 21% of our 2024 and 2025 projected metric tons of fuel purchases, respectively. The percentage of fuel purchases hedged changed between December 31, 2023 and September 30, 2024 primarily due to additional fuel swaps.
We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2024 fuel expense by $16.4 million. This increase would be offset by an increase in the fair value of all our fuel swap agreements of $8.1 million. Fair value of our derivative contracts is derived using valuation models that utilize the income valuation approach. These valuation models take into account the contract terms such as maturity, as well as other inputs such as fuel types, fuel curves, creditworthiness of the counterparty and the Company, as well as other data points.
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項目4. 控制與程序
披露控件和程序的評估
我們的管理層已評估，在我們的首席執行官和首席財務官參與下，根據1934年修訂的證券交易法第13a-15(e)條規定下所定義的披露控制和程序的有效性，截至2024年9月30日。任何披露控制和程序系統都存在固有限制，包括人爲錯誤的可能性、繞過或覆蓋控制和程序的可能性。因此，即使有效的披露控制和程序只能提供達成其控制目標的合理保證。根據管理層的評估，我們的首席執行官和首席財務官得出結論，截至2024年9月30日，我們的披露控制和程序是有效的，以提供合理保證，即我們在根據1934年修訂的證券交易法提交或提交的報告中需要披露的信息被記錄、處理、彙總和報告在SEC規則和表格規定的時間內，並且被累積並按照適當的方式傳達給我們的管理層，包括我們的首席執行官和首席財務官，以便及時做出有關所需披露的決定。
關於財務報告內控的變化
在截至2024年9月30日的季度內，我們的財務報告內部控制沒有發生任何重大影響，或者可能對我們的財務報告內部控制產生重大影響。
控制系統不管多麼完善並運作良好，只能提供合理的保證而不是絕對的保證，控制系統的目標正在被實現。此外，任何控制系統的設計都必須反映出資源的限制，並且必須考慮所有控制的益處相對於其成本。由於所有控制系統的固有限制，在任何控制問題和欺詐實例被檢測出之前，沒有任何控制評估可以提供絕對保證。這些固有限制包括決策中的判斷可能是錯誤的，也可能由於錯誤或疏忽而發生故障。控制系統也可能被某些人的個人行爲所規避，被兩個或多個人的勾結所規避，或被管理層對控制的修改所規避。任何控制系統的設計也基於某些關於未來事件發生可能性的假設，不能保證在所有可能的未來條件下任何設計都能成功實現其聲明的目標。隨着時間的推移，由於條件的變化或遵守政策或程序的程度惡化，控制可能變得不充分。
應當注意，任何控制系統，無論設計或運作多麼良好，都只能提供合理的、而非絕對的保證，控制系統的目標將得到實現。此外，任何控制系統的設計在一定程度上基於對未來事件發生可能性的某些假設。由於控制系統的這些固有限制及其他原因，我們只能合理保證我們的控制系統將在所有潛在未來條件下成功實現其目標。
第二部分。其他信息
項目1. 法律訴訟
我們披露涉及政府當局的重大環保法律訴訟的門檻是100萬美元，涉及潛在金錢制裁。
請參閱 “《訴訟》部分查看“項目1—基本報表—合併基本報表附註—附註11 承諾和或有事項”第一部分的本季度報告中關於法律訴訟的信息。
項目1A ：風險因素
我們建議您參閱我們的10-K表格上的年度報告，以討論影響我們業務和財務結果的風險因素。我們提醒您，我們年度報告中「項目1A. 風險因素」中討論的風險因素，以及本報告中其他部分或其他SEC文件中討論的風險因素，可能導致未來的結果與任何前瞻性聲明中陳述的結果有實質性差異。您不應該將風險的披露解釋爲暗示該風險尚未顯現。宏觀經濟狀況和全球衝突的影響也加劇了我們年度報告中包括的「風險因素」中描述的許多其他風險，比如與我們需要產生足夠的現金流來償還我們的債務，並遵守約束我們債務協議的條款相關的風險。
我們的風險因素與我們在年度10-K表格上披露的風險因素沒有發生重大變化。
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項目5.其他信息
10b5-1 Trading Arrangements
During the three months ended September 30, 2024, none of our directors or officers subject to Section 16 of the Securities Exchange Act of 1934
項目 6. 陳列品和契約款項(第6頁)
31.1* | 根據1934年證券交易法規則13a-14(a)，董事長和首席執行官的認證 | ||
31.2* | 根據1934年證券交易法規13a-14(a)規定，首席執行官和首席財務官副總裁的認證 | ||
32.1** | 根據1934年證券交易法規13a-14(b)和美國法典第18章第63章第1350條的規定，總裁兼首席執行官以及首席財務官副總裁的認證 |
101* | 以下未經審計的挪威郵輪控股有限公司截至2024年9月30日季度報告的內聯XBRL格式化基本報表： | |
(i) 2024年和2023年截至9月30日三個月和九個月的合併利潤表； | ||
(ii) 2024年和2023年截至9月30日三個月和九個月的綜合收益表； | ||
(iii)截至2024年9月30日和2023年12月31日的合併資產負債表； | ||
(iv) 2024年9月30日和2023年9月30日結束的九個月的綜合現金流量表; | ||
(v) 截至2024年和2023年9月30日三個月和九個月的股東權益變動綜合報表;以及 | ||
(vi) 綜合財務報表附註 | ||
104* | 挪威郵輪控股有限公司截至2024年9月30日季度報告的封面，採用Inline XBRL格式，幷包含在作爲101展示提交的互動數據文件中。 |
*通過此提交
** 附上。
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
NORWEGIAN CRUISE LINE HOLDINGS LTD. | ||
(Registrant) | ||
|
| |
By: | /s/ HARRY SOMMER | |
Name: | Harry Sommer | |
Title: | President and Chief Executive Officer | |
| (Principal Executive Officer) | |
|
| |
By: | /s/ MARK A. KEMPA | |
Name: | Mark A. Kempa | |
Title: | Executive Vice President and Chief Financial Officer | |
| (Principal Financial Officer) | |
Dated: November 7, 2024 | ||
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