Norwegian Cruise Line_OM_C&W Miami FINAL RSF
FINANCIAL PERFORMANCE
Comparative Performance Metrics: Stability On The Horizon
Despite the acute effects of the COVID-19 pandemic on the global economy, and in the specific instance of cruise lines, NCLH has maintained as resilient of financial performance as one could expect from a company so deeply entrenched in the sectors that COVID-19 impacted the most.
Operating Performance On-Track to Return to Pre-Pandemic Levels
$8,082.6
$6,462.4
$4,843.8
FY 2022A: Revenue Disaggregation
NCLH’s ability to not only weather the pandemic but also recover swiftly can be attributable to a variety of factors:
$1,935.0
$1,830.4
$1,447.6
$1,279.9
$1,295.3
$1,178.1
$648.0
$525.6
$(686.1)
$(725.9)
Balance Sheet Considerations: » Reduction in Net Leverage between 2014 – 2019 by Over 3 Turns » Export Credit Agency (“ECA”) Financing Allowing for Demonstratively Lower Cost of Debt and Scalable Fleet Growth » Manageable Debt Maturity Profile through FY 2027 Combined with Solid Liquidity Position P&L / Operational Considerations: » Emphasis on Margin Enhancement through Right-Sizing Cost Base and Maximizing Revenue Opportunities » Significant Growth in Advance Ticket Sales (“ATS”) due to Pent-Up Demand, Capacity / Fleet Growth, Robust Pricing Model, etc. » Continued Focus on Strategic, ROI-driven Investments to Enhance Guest Experience, Boosting Net Yields (1) Tax Considerations: » NCLH was incorporated on 2/21/2011 as a Bermuda exempted company incorporated under the Companies Act 1981 of Bermuda. » Under Section 883 of the Internal Revenue Code of 1986, NCLH, as a foreign corporation, is exempt from U.S. federal income taxation on its U.S.-source international shipping income given that its meets specified criteria. » Under current Bermuda law, the Company is not subject to tax on income and capital gains » The Company has U.S. net operating loss carryforwards of $721.3 million and $525.3 million for the years ended December 31, 2022 and 2021, respectively, which begin to expire in 2030.
$(1,551.8)
$(1,723.8)
$(1,727.6)
APAC 2.4% Other 1.9%
$(2,552.3)
$(2,799.9)
$(2,652.3)
$(3,484.1)
FY 2019A
FY 2020A
FY 2021A
FY 2022A
Pro-Forma TTM Q3 '23
Revenue
Operating Gain (Loss)
EBITDA
Adj. EBITDA
NCLH: Capital Structure Summary
NCLH: Debt Maturity Schedule As of 9/30/2023 (1) (millions USD)
$4.8B
$3,200.0
Expected to be Settled in Shares (3)
Capital Structure as of 1/4/2024 (1)
($MM)
Expected to be refi nanced prior to Decem ber Maturity (3)
$2,200.0
Term Loans
$6,527
Europe 32.2%
Bonds & Notes
$7,193
$300.0
Total Long-Term Debt
$13,720
$1,000.0
$800.0
Market Capitalization
$7,368
2023
2024 (2)
2025 (2)
2026
2027
Total Capitalization
$21,088
North America 63.5%
ECA Loans, Capital Leases & Other
Senior Secured Notes
Exchangeable Notes
Senior Unsecured Notes
(1) All amounts presented are as of September 30, 2023, pro forma for Term Loan A refi/issuance of new 8.125% Senior Secured Notes due 2029. (2) Total debt maturing in 2024 is $1.7 billion and $1.3 billion in 2025. (3) $565 million 3.625% Senior Notes due 2024 is highlighted as expected to be refinanced, and 2024 Exchangeable Notes and 2025 Exchangeable Notes are expected to be settled in shares.
(1) Excludes Long-Term Leases (both finance and operating) as well as License Obligations
(1) Net Yields defined as Adjusted Growth Margin per Capacity Day
25 | Norwegian Cruise Line Holdings
Cushman & Wakefield | 26
Made with FlippingBook - Online catalogs