Company Reports Almanac Aboriginal Division Balance with Able EPS Advance of 67%
The Company’s Newest and Best Incredible Ship, Norwegian Bliss, Joins the Fleet
New $1 Billion, Three-year Allotment Repurchase Affairs Allotment Announced
MIAMI, May 02, 2018 (GLOBE NEWSWIRE) — Norwegian Cruise Band Holdings Ltd. (NYSE:NCLH) (together with NCL Corporation Ltd., “Norwegian Cruise Band Holdings”, “Norwegian” or the “Company”) today appear banking after-effects for the aboriginal division assured March 31, 2018, as able-bodied as provided advice for the added division and abounding year 2018.
“The year is off to an absorbing alpha with yet accession almanac division of earnings, which exceeded expectations,” said Frank Del Rio, admiral and arch controlling administrator of Norwegian Cruise Band Holdings Ltd. “The 2018 Wave Division was arch and has added able our all-embracing approaching appointed position with amount agency and appraisement continuing to be able-bodied advanced of above-mentioned year for the absolute abode of 2018 and throughout 2019.”
First Division 2018 Results
GAAP net assets was $103.2 actor or EPS of $0.45 compared to $61.9 actor or $0.27 in the above-mentioned year. The Aggregation generated Adapted Net Assets of $137.8 actor or Adapted EPS of $0.60 compared to $91.2 actor or $0.40 in the above-mentioned year.
Revenue added 12.4% to $1.3 billion compared to $1.2 billion in 2017. Net Acquirement added 13.1% to $1.0 billion compared to $0.9 billion in 2017. These increases were primarily attributed to able amoebic appraisement advance beyond all amount markets alternating with an admission in Accommodation Canicule due to the accession of Norwegian Joy to the fleet. Gross Yield added 1.4% and Net Yield added 1.0% on a Constant Bill base and 2.0% on an as appear basis.
Total cruise operating amount added 6.7% in 2018 compared to 2017 primarily due to an admission in Accommodation Days. Gross Cruise Costs per Accommodation Day decreased 1.5% due to a abatement in aliment and aliment including Dry-dock costs partially annual by an admission in marketing, accustomed and authoritative expenses. Adapted Net Cruise Amount Excluding Ammunition per Accommodation Day decreased 2.7% on a Constant Bill base and 2.1% on an as appear basis.
Fuel amount per metric ton, net of hedges decreased to $448 from $453 in 2017. The Aggregation appear ammunition amount of $93.4 actor in the period.
Interest expense, net was $59.7 actor in 2018 compared to $53.0 actor in 2017. The admission in absorption amount reflects added debt in affiliation with the charge of Norwegian Joy in April 2017, Activity Leonardo financing, as able-bodied as college absorption ante due to an admission in LIBOR, partially annual by the annual from the abounding accretion in October 2017 of our 4.625% Senior Notes due 2020.
Other assets (expense), net was an amount of $1.7 actor in 2018 compared to an amount of $2.8 actor in 2017. In 2018, the amount was primarily accompanying to losses on adopted bill exchange. In 2017, the amount was primarily accompanying to losses on adopted bill barter and abeyant and accomplished losses on derivatives.
“The able all-around appeal for our portfolio of brands which we accomplished during 2017 has continued, as approved by the successful, record-breaking barrage of Norwegian Bliss, which entered the agile as the best appointed Norwegian Cruise Band newbuild in the history of our company,” said Mark Kempa, acting arch banking administrator of Norwegian Cruise Band Holdings Ltd. “While our primary focus continues to be to delever to the low 3 times by ceremony 2018, our afresh appear $1 billion allotment repurchase affairs reflects our advancing aplomb in our banking position and the abiding backbone of our business as able-bodied as our charge to board allusive basic allotment to our shareholders.”
2018 Advice and Sensitivities
In accession to announcement the after-effects for the aboriginal quarter, the Aggregation additionally provided advice for the added division and abounding year 2018, alternating with accompanying sensitivities. The Aggregation does not board advice on a GAAP base because the Aggregation is clumsy to predict, with reasonable certainty, the approaching movement of adopted barter ante or the approaching appulse of assertive assets and charges. These items are ambiguous and will depend on several factors, including industry conditions, and could be absolute to the Company’s after-effects computed in accordance with GAAP. The Aggregation has not provided reconciliations amid the Company’s 2018 advice and the best anon commensurable GAAP measures because it would be too difficult to adapt a reliable U.S. GAAP quantitative adaptation afterwards absurd effort.
(1) Excludes $6.2 actor and $24.9 actor of acquittal of abstract assets accompanying to the Acquisition of Prestige in the added division and abounding year 2018, respectively.(2) Based on mean of guidance.(3) For the absolute abode of 2018.
The afterward reflects the Company’s expectations apropos ammunition burning and pricing, alternating with accompanying sensitivities.
(1) For the absolute abode of 2018.
As of March 31, 2018, the Aggregation had belted about 64%, 48%, and 26% of its absolute projected metric bags of ammunition burning for the of 2018, 2019, and 2020, respectively. The afterward table provides amounts belted and amount per of abundant ammunition oil (“HFO”) and abyssal gas oil (“MGO”) which are belted utilizing U.S. Gulf Coast 3% (“USGC”) and Brent, respectively.
The afterward reflects the adopted bill barter ante the Aggregation acclimated in its added division and abounding year 2018 guidance.
Future basic commitments abide of apprenticed commitments, including address architecture contracts, and approaching accustomed basic expenditures all-important for operations as able-bodied as our address face-lifting projects. As of March 31, 2018, advancing basic expenditures were $1.4 billion for the of 2018, $1.3 billion and $0.9 billion for the years catastrophe December 31, 2019 and 2020, respectively. We accept consign acclaim costs in abode for the expenditures accompanying to address architecture affairs of $0.7 billion for the of 2018, $0.6 billion and $0.5 billion for the years assured December 31, 2019 and 2020, respectively.
Company Updates and Added Business Highlights
$1 Billion, Three-year Allotment Repurchase Affairs Authorized
In April 2018, the Company’s Board of Directors (the “Board”) accustomed a three-year, $1 billion allotment repurchase program. This allotment reflects the Company’s advancing aplomb in its banking backbone and the abiding angle of its business. The Aggregation may repurchase its accustomed shares from time to time, in amounts, at prices and at such times as it deems appropriate, accountable to bazaar altitude and added considerations. The Aggregation may accomplish repurchases in the accessible market, in a adjourned transactions, in accelerated repurchase programs or in structured allotment repurchase programs, and any repurchases may be fabricated pursuant to Rule 10b5-1 plans. The affairs will be conducted in acquiescence with applicative acknowledged requirements and will be accountable to bazaar altitude and added factors.
Company Announces New Committed Terminal at PortMiami
Recently, the Aggregation apparent the architecture of the new and committed Norwegian Cruise Band terminal at PortMiami. The new terminal will set the accustomed for commuter abundance and acquaintance and will become an iconic architecture on Miami’s waterfront, and already complete, it will be the new “pearl” of Miami, redefining the mural of the city’s skyline. At about 166,500 aboveboard feet, the debuting terminal will board ships of up to 5,000 passengers. On April 26, the Aggregation acclaimed the groundbreaking of the terminal, appearance the alpha of construction. The activity is appointed for accomplishment by abatement of 2019, as Norwegian Encore, the newest address of the Breakaway Plus Class, makes her admission in Miami with melancholia cruises to the Caribbean.
Delivery of Norwegian Bliss
On April 19, Norwegian Cruise Band took charge of the 168,028-gross-ton Norwegian Bliss from Meyer Werft during a commemoration in Bremerhaven, Germany, appearance the cessation of an 18-month architecture period. Norwegian Bliss, the third address in the line’s Breakaway Plus Chic Ships, the best acknowledged chic in the Company’s history, is the aboriginal cruise address accurately advised with appearance and amenities for the ultimate Alaska canoeing experience. Afore canoeing to Southampton, England to activate her beyond adventure on April 21, Norwegian Bliss will advertise all she has to action to her aboriginal guests during a two-day European countdown examination cruise. Aloft her accession to the U.S. on May 3, the ceremony for her U.S. countdown bout will arise with two-night examination contest in New York, Miami, and Los Angeles, and will achieve with a admirable ablution commemoration and sailing from her aboriginal homeport at Pier 66 in Seattle, Washington and will again commence on her aboriginal seven-day boating to Alaska.
Company Appoints Pamela Thomas-Graham to Its Board of Directors
On April 24, the Aggregation appear it broadcast its Board with the arrangement of Ms. Pamela Thomas-Graham as a new absolute member, able April 23, 2018. Ms. Thomas-Graham’s arrangement added the Board from nine to 10 members, seven of whom are independent. She will additionally serve as a affiliate of the Company’s Audit Committee.
Regent Seven Seas Mariner Revitalization
In the final appearance of Regent Seven Seas Cruises’ $125 actor face-lifting program, the Aggregation completed its bow-to-stern advancement of Seven Seas Mariner, adorning the address to the akin of breeding set by Seven Seas Explorer® and accouterment a constant attending and feel to the absolute fleet. Seven Seas Mariner completed a 20-day Dry-dock at Chantier Naval de Marseille, and has re-emerged with affecting new comestible experiences, affected new apartment designs, and absolutely renewed affected bedfellow spaces.
Regent Seven Seas Cruises Cut Animate for Seven Seas Splendor and Reveals Address Details
Regent Seven Seas Cruises cut the aboriginal bowl of animate for Seven Seas Splendor, appearance a cogent architecture ceremony for the address that will drag the accustomed for all-embracing affluence experiences. The new 750-guest address will accompany the agile in aboriginal 2020, in afterward of the ultimate accomplishment – perfection. The countdown division for the all-suite, all-balcony address went on auction in aboriginal April. Seven Seas Splendor will accompany Regent’s best comfortable agile in the world, absolute Seven Seas Explorer, Seven Seas Voyager, Seven Seas Mariner, and Seven Seas Navigator. Details for Seven Seas Splendor’s alarming accessible spaces and ten adult apartment categories for admission in 2020 accept additionally been revealed. The cruise band is architecture aloft the breeding of its absolute ships with abundant designs and adapted upgrades that will allure travelers and beat their expectations, as they allow in all-embracing affluence adventures beyond the globe.
The Aggregation has appointed a appointment alarm for Wednesday, May 2, 2018 at 10:00 a.m. Eastern Time to altercate aboriginal division results. A articulation to the alive webcast can be begin on the Company’s Investor Relations website at www.nclhltdinvestor.com. A epitomize of the appointment alarm will additionally be accessible on the website for 30 canicule afterwards the call.
About Norwegian Cruise Band Holdings Ltd.
Norwegian Cruise Band Holdings Ltd. (NYSE:NCLH) is a arch all-around cruise aggregation which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.
With a accumulated agile of 26 ships with about 54,400 berths, these brands action itineraries to added than 450 destinations worldwide. The Aggregation will acquaint six added ships through 2025, and has an advantage to acquaint two added ships for charge in 2026 and 2027.
Norwegian Cruise Band is the innovator in cruise biking with a 51-year history of breaking the boundaries of acceptable cruising. Best notably, Norwegian revolutionized the cruise industry by alms guests the abandon and adaptability to architecture their ideal cruise vacation on their agenda with no set dining times, a array of ball options and no academic dress codes. Today, Norwegian invites guests to adore a relaxed, resort- appearance cruise vacation on some of the newest and best a ships at sea with a advanced array of apartment options, including The Haven by Norwegian®, a affluence ascendancy with suites, clandestine basin and dining, babysitter annual and claimed butlers. Norwegian Cruise Band sails about the globe, alms guests the abandon and adaptability to assay the apple on their own time and acquaintance up to 27 dining options, award-winning entertainment, aloft bedfellow annual and added beyond all of the brand’s 16 ships.
Celebrating its 15th ceremony in 2018, Oceania Cruises is the world’s arch culinary- and destination-focused cruise line. The line’s six affectionate and comfortable ships which backpack alone 684 or 1,250 guests action an incomparable vacation acquaintance featuring the finest cuisine at sea and destination-rich itineraries that amount the globe. Expertly crafted voyages aboard designer-inspired, affectionate ships alarm on added than 450 ports beyond Europe, Alaska, Asia, Africa, Australia, New Zealand, New England-Canada, Bermuda, the Caribbean, Panama Canal, Tahiti and the South Pacific and ballsy About The Apple Voyages that ambit from 180 to 200 days.
Regent Seven Seas Cruises offers the industry’s best across-the-board affluence acquaintance aboard its all-suite fleet. Seven Seas Mariner’s 2018 dry-dock face-lifting assured the line’s $125 actor face-lifting affairs to drag the breeding of the accomplished agile to the accustomed set by Seven Seas Explorer. In aboriginal 2020, Regent will absolute affluence with the barrage of Seven Seas Splendor. A boating with Regent Seven Seas Cruises includes all-suite accommodations, round-trip air, awful alone service, admirable cuisine, accomplished wines and spirits, absolute internet access, sightseeing excursions in every port, gratuities, arena transfers and a pre-cruise auberge amalgamation for guests blockage in concierge-level suites and higher.
Acquisition of Prestige. In November 2014, we acquired Prestige in a banknote and banal transaction for absolute application of $3.025 billion, including the acceptance of debt.
Adjusted Abrasion and Amortization. Abrasion and acquittal adapted to exclude acquittal of abstract assets accompanying to the Acquisition of Prestige.
Adjusted EBITDA. EBITDA adapted for added assets (expense), net and added added adjustments.
Adjusted EPS. Adapted Net Assets disconnected by the cardinal of adulterated weighted-average shares outstanding.
Adjusted Absorption Expense. Absorption amount adapted to exclude write-offs of deferred costs fees accompanying to the refinancing of assertive of our acclaim facilities.
Adjusted Net Cruise Amount Excluding Fuel. Net Cruise Amount beneath ammunition amount adapted for added adjustments.
Adjusted Net Income. Net assets adapted for added adjustments.
Adjusted ROIC. Adapted EBITDA beneath Adapted Abrasion and Acquittal disconnected by debt and shareholders’ equity, averaged for four quarters.
Berths. Double ascendancy accommodation per berth (single ascendancy per flat cabin) alike admitting abounding cabins can board three or added passengers.
Breakaway Plus Chic Ships. Norwegian Escape, Norwegian Joy, Norwegian Bliss and Norwegian Encore.
Capacity Days. Accessible Berths assorted by the cardinal of cruise canicule for the period.
Constant Currency. A adding whereby adopted currency-denominated revenues and costs in a aeon are adapted at the U.S. dollar barter amount of a commensurable aeon in acclimation to annihilate the furnishings of adopted barter fluctuations.
Dry-dock. A action whereby a address is positioned in a ample basin area all of the fresh/sea baptize is pumped out in acclimation to backpack out charwoman and aliment of those genitalia of a address which are beneath the baptize line.
EBITDA. Balance afore interest, taxes, and abrasion and amortization.
EPS. Adulterated balance per share.
GAAP. Generally accustomed accounting attempt in the U.S.
Gross Cruise Cost. The sum of absolute cruise operating amount and marketing, accustomed and authoritative expense.
Gross Yield. Absolute acquirement per Accommodation Day.
Net Cruise Cost. Gross Cruise Amount beneath commissions, busline and added amount and onboard and added expense.
Net Cruise Amount Excluding Fuel. Net Cruise Amount beneath ammunition expense.
Net Revenue. Absolute acquirement beneath commissions, busline and added amount and onboard and added expense.
Net Yield. Net Acquirement per Accommodation Day.
Occupancy Allotment or Amount Factor. The arrangement of Commuter Cruise Canicule to Accommodation Days. A allotment in balance of 100% indicates that three or added cartage active some cabins.
Passenger Cruise Days. The cardinal of cartage agitated for the period, assorted by the cardinal of canicule in their corresponding cruises.
Secondary Disinterestedness Offering(s). Secondary accessible offering(s) of NCLH’s accustomed shares in March 2018, November 2017, August 2017, December 2015, August 2015, May 2015, March 2015, March 2014, December 2013 and August 2013.
Shipboard Retirement Plan. An unfunded authentic annual alimony plan for assertive aggregation associates which computes allowances based on years of service, accountable to assertive requirements.
Non-GAAP Banking Measures
We use assertive non-GAAP banking measures, such as Net Revenue, Net Yield, Net Cruise Cost, Adapted Net Cruise Amount Excluding Fuel, Adapted EBITDA, Adapted Net Assets and Adapted EPS, to accredit us to assay our performance. See “Terminology” for the definitions of these non-GAAP banking measures. We advance Net Acquirement and Net Yield to administer our business on a circadian base and accept that they are the best accordant measures of our acquirement achievement because they reflect the acquirement becoming by us net of cogent capricious costs. In barometer our adeptness to ascendancy costs in a address that absolutely impacts net income, we accept changes in Net Cruise Amount and Adapted Net Cruise Amount Excluding Ammunition to be the best accordant indicators of our performance.
As our business includes the sourcing of cartage and deployment of argosy alfresco of the U.S., a allocation of our acquirement and costs are denominated in adopted currencies, decidedly British pound, Canadian dollar, euro and Australian dollar, which are accountable to fluctuations in bill barter ante against our advertisement currency, the U.S. dollar. In acclimation to adviser after-effects excluding these fluctuations, we annual assertive non-GAAP measures on a Constant Bill base whereby accepted aeon acquirement and costs denominated in adopted currencies are adapted to U.S. dollars application bill barter ante of the commensurable period. We accept that presenting these non-GAAP measures on both a appear and Constant Bill base is advantageous in accouterment a added absolute appearance of trends in our business.
We accept that Adapted EBITDA is adapted as a added banking admeasurement as it is acclimated by administration to appraise operating performance. We additionally accept that Adapted EBITDA is a advantageous admeasurement in free our achievement as it reflects assertive operating drivers of our business, such as sales growth, operating costs, marketing, accustomed and authoritative amount and added operating assets and expense. Adapted EBITDA is not a authentic appellation beneath GAAP nor is it advised to be a admeasurement of clamminess or banknote flows from operations or a admeasurement commensurable to net assets as it does not booty into annual assertive requirements such as basic expenditures and accompanying depreciation, arch and absorption payments and tax payments and it includes added added adjustments.
Adjusted Net Assets and Adapted EPS are non-GAAP banking measures that exclude assertive amounts and are acclimated to supplement GAAP net assets and EPS. We use Adapted Net Assets and Adapted EPS as key achievement measures of our balance performance. We accept that both administration and investors annual from apropos to these non-GAAP banking measures in assessing our achievement and back planning, forecasting and allegory approaching periods. These non-GAAP banking measures additionally facilitate management’s centralized allegory to our absolute performance. In addition, administration uses Adapted EPS as a achievement admeasurement for our allurement compensation. The amounts afar in the presentation of these non-GAAP banking measures may alter from aeon to period; accordingly, our presentation of Adapted Net Income, Adapted EPS, and Adapted EBITDA may not be apocalyptic of approaching adjustments or results.
You are encouraged to appraise anniversary acclimation acclimated in artful our non-GAAP banking measures and the affidavit we accede our non-GAAP banking measures adapted for added analysis. In evaluating our non-GAAP banking measures, you should be acquainted that in the approaching we may acquire costs agnate to the adjustments in our presentation. Our non-GAAP banking measures accept limitations as analytic tools, and you should not accede these measures in a or as a acting for assay of our after-effects as appear beneath GAAP. Our presentation of our non-GAAP banking measures should not be construed as an inference that our approaching after-effects will be artless by abnormal or non-recurring items. Our non-GAAP banking measures may not be commensurable to added companies. Please see a absolute adaptation of these measures to the best commensurable GAAP admeasurement presented in our circumscribed banking statements below.
Cautionary Account Concerning Forward-Looking StatementsCertain statements in this absolution aggregate advanced statements aural the acceptation of the U.S. federal balance laws advised to authorize for the safe anchorage from accountability accustomed by the Clandestine Balance Action Reform Act of 1995. All statements added than statements of absolute facts independent in this release, including, afterwards limitation, those apropos our business strategy, banking position, after-effects of operations, plans, affairs and objectives of administration for approaching operations (including accustomed agile additions, development plans, allotment repurchase allotment objectives apropos to our activities and accustomed achievement in new markets), are advanced statements. Many, but not all, of these statements can be begin by adorable for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future,” and agnate words. Advanced statements do not agreement approaching achievement and may absorb risks, uncertainties and added factors which could account our absolute results, achievement or achievements to alter materially from the approaching results, achievement or achievements bidding or adumbrated in those advanced statements. Examples of these risks, uncertainties and added factors include, but are not bound to the appulse of: adverse contest impacting the aegis of travel, such as agitator acts, armed battle and threats thereof, acts of piracy, and added all-embracing events; adverse incidents involving cruise ships; adverse accustomed bread-and-er and accompanying factors, such as clashing or accretion levels of unemployment, underemployment and the animation of ammunition prices, declines in the balance and absolute acreage markets, and perceptions of these altitude that abatement the akin of disposable assets of consumers or customer confidence; the advance of epidemics and viral outbreaks; our amplification into and investments in new markets; the risks and added costs associated with operating internationally; breaches in abstracts aegis or added disturbances to our advice technology and added networks; changes in ammunition prices and/or added cruise operating costs; fluctuations in adopted bill barter rates; overcapacity in key markets or globally; the dearth of adorable anchorage destinations; our acknowledgment and restrictions in the agreements administering our acknowledgment that absolute our adaptability in operating our business; the cogent allocation of our assets apprenticed as accessory beneath our absolute debt agreements and the adeptness of our creditors to advance the claim of our indebtedness; animation and disruptions in the all-around acclaim and banking markets, which may abnormally affect our adeptness to borrow and could admission our counterparty acclaim risks, including those beneath our acclaim facilities, derivatives, accidental obligations, allowance affairs and new address advance acquittal guarantees; our disability to recruit or absorb able cadre or the accident of key personnel; delays in our shipbuilding affairs and address repairs, aliment and refurbishments; our assurance on third parties to board auberge administration casework to assertive ships and assertive added services; approaching increases in the amount of, or aloft changes or abridgement in, bartering airline services; amendments to our aggregate acceding agreements for aggregation associates and added agent affiliation issues; our disability to access able allowance coverage; approaching changes apropos to how alien administration channels advertise and bazaar our cruises; awaiting or threatened litigation, investigations and administration actions; our adeptness to accumulate clip with developments in technology; melancholia variations in commuter book ante and ascendancy levels at altered times of the year; changes involving the tax and ecology authoritative regimes in which we operate; and added factors set alternating beneath “Risk Factors” in our best afresh filed Annual Report on Form 10-K and consecutive filings by the Aggregation with the Balance and Barter Commission. The aloft examples are not all-embracing and new risks appear from time to time. Such advanced statements are based on our accepted beliefs, assumptions, expectations, estimates and projections apropos our present and approaching business strategies and the ambiance in which we apprehend to accomplish in the future. These advanced statements allege alone as of the date made. We especially abandon any obligation or adventure to absolution about any updates or revisions to any advanced account independent herein to reflect any change in our expectations with attention thereto or any change of events, altitude or affairs on which any such account was based, except as appropriate by law.
Investor Relations & Media ContactsAndrea DeMarco(305) [email protected]
Jordan Kever(305) 436-4961
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