Norwegian Cruise Line_OM_C&W Miami FINAL RSF
LIQUIDITY & OPERATIONS SUMMARY
Total Advance Ticket Sales ($B)
Total Advance Ticket Sales (“ATS”) Growth Drivers
$3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0
+59% vs Q3 2019
Capacity Growth
Current Liquidity Summary
NCLH: Liquidity Position as of Q3 2023
Robust Pricing
Pre-pandemic Leverage Reduction Represents Multi-Year Plan To De-Risk Balance Sheet » NCLH’s historical leverage reduction represents an actionable, proactive plan by management to de-risk balance sheet predating the onset of COVID-19. » This deleveraging plan is one of several critical, ongoing initiatives at the forefront of NCLH management’s agenda to stabilize the Company in transition back to a steady state environment. » Adjusting for the Operating Credit Facility refinancing in October 2023, NCLH’s QE liquidity position would have been ~$2.5 billion (1) » Issued $790 million of 8.125% senior secured notes due October 2029, using proceeds to pay off Term Loan A Facility » Extended Maturity of the Revolving Credit Facility to October 2026 and upsized the amount of the total facility by $325 million to $1.2 billion » Total available debt capacity is ~$2.8 billion, including $500 million of secured debt capacity. This capacity is incremental to the $650 million in undrawn commitment » Repaid ~$1.5 billion of debt through the first nine months of 2023
Differentiated Deployment Mix Resulting In Longer Booking Windows Enhanced Bundling And Increase In Pre sold Onboard Revenue
~$2.5B (1)
$650MM
3Q18
3Q19
3Q20
3Q21
3Q22
3Q23
$1,200MM
Annual Berth Capacity Growth (M)
$680MM
Capacity Growth: ~50%
CAGR: ~5%
28.9
FY 2023 Growth: 18% YE 2023 Annualized: 24%
Cash & Cash Equivalents
Availability - Revolving Credit Facility
Undrawn Commitment
Total Liquidity
27.5
26.3
24.5
23.6
22.7
19.2
17.6
NCLH: Historical Net Leverage Reduction
2019
2022
2023E
2024E
2025E
2026E
2027E
2028E
6.8x
Net Leverage Decreased by Over 3 Turns
# of Ships
27
29
32
32
34
35
36
37
5.1x
Norwegian Encore Norwegian Prima
Norwegian Viva
Organic growth + full benefit of 2023 deliveries
Next-Gen Norwegian Prima Class
Next-Gen Norwegian Prima Class
Next-Gen “Methanol Ready” Norwegian Prima Class
Next-Gen “Methanol Ready” Norwegian Prima Class
4.3x
3.7x
3.3x
Seven Seas Splendor
Oceania’s Vista
3.0x
Oceania’s Allura
Seven Seas Grandeur
New Ships
2014
2015
2016
2017
2018
2019
27 | Norwegian Cruise Line Holdings
Cushman & Wakefield | 28
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