Norwegian Cruise Line Reports Financial Results for the First Quarter 2014
Announces
Revenue Improvement of 26% Driven by New Capacity and Higher Net Yield
Strong Growth in Adjusted EPS
First Quarter Highlights
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Adjusted EPS improvement to
$0.23 from$0.06 in 2013 -
Net Yield increase of 3.8% (3.9% on a Constant Currency basis)
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Revenue increase of 25.9% to $664.0 million
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Adjusted EBITDA increase of 39.6% to
$139.3 million ; 200 basis point margin improvement - Successful introduction of Norwegian Getaway to the fleet
First Quarter Results
"Our strong results in the quarter include an almost four-fold increase in earnings on an adjusted basis," said
For the first quarter of 2014, the Company reported an increase in Adjusted EPS to
Net Revenue in the period increased 27.8% to
Adjusted Net Cruise Cost excluding Fuel per Capacity Day increased 3.7% (3.4% on a Constant Currency basis) mainly due to inaugural and launch-related costs for Norwegian Getaway along with incremental expenses for the planned dry-dock of Norwegian Spirit. The Company's fuel price per metric ton, net of hedges, was
Interest expense, net for the quarter was
The Company recorded an income tax benefit of
2014 Guidance and Sensitivities
In addition to the results for the first quarter, the Company also provided the following guidance for the second quarter and the full year 2014, along with accompanying sensitivities.
"Our young modern fleet, including our earnings-rich newbuilds, coupled with our strategy of consistent deployment, particularly our commitment to the European market, allow us to reiterate our full year adjusted EPS guidance, which translates into 60% earnings growth," said Sheehan.
| (In thousands except per share data) | Second Quarter 2014 | Full Year 2014 | ||||||
| As Reported |
Constant Currency |
As Reported |
Constant Currency |
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| Net Yield | 3.0 to 3.5% | 3.0 to 3.5% | 3.0 to 3.5% | 3.0 to 3.5% | ||||
| Adjusted Net Cruise Cost Excluding Fuel per Capacity Day (1) | (2.0) to (3.0)% | (2.0) to (3.0)% | (1.0) to (2.0)% | (1.0) to (2.0)% | ||||
| Adjusted EPS |
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| Depreciation and amortization |
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| Interest Expense, net |
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| Effect on Adjusted EPS of a 1% change in Net Yield (2) |
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$0.09 | ||||||
| (1) Q2 includes a Dry-Dock; full year includes three Dry-Docks | ||||||||
| (2) Based on midpoint of guidance | ||||||||
The following reflects the Company's expectations regarding fuel consumption and pricing, along with accompanying sensitivities.
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Second Quarter 2014 |
Full Year 2014 | |
| Fuel consumption in metric tons | 128,000 | 510,000 |
| Fuel price per metric ton, net of hedges |
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| Effect on Adjusted EPS of a 10% change in fuel prices, net of hedges |
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As of
Future capital commitments consist of contracted commitments, including future expected capital expenditures for business enhancements and ship construction contracts. As of
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Remaining Quarters |
Full Year | ||||||
| 2014 | 2014 | 2015 | 2016 | ||||
| Ship construction |
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| Ship financing | (46,156) | (706,586) | (775,097) | (46,156) | |||
| Ship construction net of financing |
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$ 204,544 |
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| Business Enhancement Capital Expenditures, including ROI Capital Expenditures (1) (2) (3) |
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| Incremental ROI Capital Expenditures for exhaust gas scrubbers |
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(1) Remaining Quarters and Full Year 2014 includes |
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| (2) Remaining Quarters and Full Year 2014, 2015 and 2016 exclude amounts for exhaust gas scrubbers. | |||||||
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(3) Remaining Quarters and Full Year 2014 and 2015 include investment for development of the Company's future cruise destination in |
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The Company announced today the authorization by its Board of Directors of a three-year,
"Our focus at Norwegian is to drive shareholder value by strengthening our product proposition, honing our strategy of driving demand and increasing returns through our disciplined newbuild and fleet enhancement programs. This share repurchase program complements these initiatives by allowing us to be flexible and opportunistic to repurchase shares at attractive levels," said Sheehan.
The program does not obligate Norwegian to acquire any particular amount of ordinary shares and the program may be modified or suspended at any time at Norwegian's discretion. As of
Company Updates and Other Highlights
The Company carried out two successful dockside charters which showcased the brand, provided valuable exposure and introduced new potential guests to Norwegian's product offering. In January, Norwegian Getaway played host to the
The Company made several announcements in the quarter regarding its latest newbuild, Norwegian Escape, which is currently under construction at the
Regarding deployment, the Company announced that for the 2015/2016 season, Norwegian Epic, currently the Company's largest ship, will trade her seasonal winter
The Company also announced plans for the installation of exhaust gas scrubbers on six additional ships to reduce fuel emissions along with the Company's overall carbon footprint. This order is in addition to scrubbers that are almost complete on Pride of America and contracted for installation on the upcoming Norwegian Escape and Bliss. Installation of the scrubbers on the six ships will take place beginning this spring and continuing through 2016.
Conference Call
The Company has scheduled a conference call for
About
The Company recently took delivery of its most innovative ship to date, the 4,000-passenger Norwegian Getaway on
The Company has two 4,200-passenger vessels on order at
High resolution, downloadable images are available at www.ncl.com/pressroom. For further information on
Terminology
Adjusted EBITDA. EBITDA adjusted for other income and other supplemental adjustments.
Adjusted EPS. Adjusted Net Income divided by the number of dilutive weighted-average shares.
Adjusted Free Cash Flow. Free
Adjusted Interest Expense, net. Interest expense, net adjusted for supplemental adjustments.
Adjusted Net Cruise Cost Excluding Fuel. Net Cruise Cost excluding fuel expense adjusted for supplemental adjustments.
Adjusted Net Income. Net income (loss) adjusted for supplemental adjustments.
Berths. Double occupancy capacity per stateroom (single occupancy per studio stateroom) even though many staterooms can accommodate three or more passengers.
Business Enhancement Capital Expenditures. Capital expenditures other than those related to new ship construction and ROI Capital Expenditures.
Capacity Days. Available Berths multiplied by the number of cruise days for the period.
Constant Currency. A calculation whereby foreign currency-denominated revenues and expenses in a period are converted at the U.S. dollar exchange rate of a comparable period in order to eliminate the effects of foreign exchange fluctuations.
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, depreciation and amortization.
Free
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 Yield. Total revenue per Capacity Day.
Initial Public Offering (or "IPO"). The initial public offering of 27,058,824 ordinary shares, par value
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 Revenue. Total revenue less commissions, transportation and other expense and onboard and other expense.
Net Yield. Net Revenue per Capacity Day.
Occupancy Percentage or Load Factor. The ratio of Passenger Cruise Days to Capacity Days. A percentage in excess of 100% indicates that three or more passengers occupied some staterooms.
Passenger Cruise Days. The number of passengers carried for the period, multiplied by the number of days in their respective cruises.
ROI Capital Expenditures. Comprised of project-based capital expenditures which have a quantified return on investment.
Secondary Offering. Public offering in
Non-GAAP Financial Measures
We use certain non-GAAP financial measures, such as Net Revenue, Net Yield, Net Cruise Cost, Adjusted Net Cruise Cost Excluding Fuel and Adjusted EBITDA to enable us to analyze our performance. We utilize Net Revenue and Net Yield to manage our business on a day-to-day basis and believe that they are the most relevant measures of our revenue performance because they reflect the revenue earned by us net of significant variable costs. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Cost and Adjusted Net Cruise Cost Excluding Fuel to be the most relevant indicators of our performance.
As our business includes the sourcing of passengers and deployment of vessels outside of
We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance. We believe that Adjusted EBITDA is a useful measure in determining the Company's performance as it reflects certain operating drivers of the Company's business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. Adjusted EBITDA is not a defined term under GAAP. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or measures 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 supplemental financial measures used to demonstrate GAAP net income and EPS excluding certain charges. We use Adjusted Net Income and Adjusted EPS as key performance measures of our earnings performance, and 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. These charges vary from period to period; thus, 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 items in our consolidated financial statements below.
Note on Forward-Looking Statements
This release may contain "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. The words "expect," "anticipate," "goal," "project," "plan," "believe," "seek," "will," "may," "forecast," "estimate," "intend," "future," and similar expressions may identify forward-looking statements, which are not historical in nature. These forward-looking statements reflect Norwegian's current expectations, and are subject to a number of risks, uncertainties, and assumptions. Among the important risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the adverse impact of general economic conditions and related factors such as high levels of unemployment and underemployment, fuel price increases,
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; changes in cruise capacity, as well as capacity changes in the overall vacation industry; intense competition from other cruise companies as well as non-cruise vacation alternatives which could affect our ability to compete effectively; negative publicity surrounding the cruise industry; changes in fuel prices and/or other cruise operating costs; the risks associated with operating internationally, including changes in interest rates and/or foreign currency rates; the continued borrowing availability under our credit facilities and compliance with our financial covenants; our substantial indebtedness, including the inability to generate the necessary amount of cash to service our existing debt, and to repay our credit
facilities; our ability to incur significantly more debt despite our substantial existing indebtedness; the impact of 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; adverse events impacting the security of travel such as terrorist acts, acts of piracy, armed conflict and other international events; the impact of any future changes relating to how external distribution channels sell and market our cruises; the impact of any future increases in the price of, or major changes or reduction in, commercial airline services; the impact of delays, costs and other factors resulting from emergency ship repairs as well as scheduled
repairs, maintenance and refurbishment of our ships; the delivery schedules and estimated costs of new ships on terms that are favorable or consistent with our expectations; the impact of problems encountered at shipyards, as well as, any potential claim, impairment loss, cancellation or breach of contract in connection with our contracts with shipyards; the impact of the spread of epidemics and viral outbreaks; the uncertain political environment in countries where we operate; the impact of weather and natural disasters; accidents and other incidents affecting the health, safety, security and vacation satisfaction of guests or causing damage to ships, which could cause the modification of itineraries or cancellation of a cruise or series of cruises; the impact of pending or threatened litigation and investigations; our ability to obtain insurance coverage on terms that are favorable or
consistent with our expectations; the impact of any breaches in data security or other disturbances to our information technology and other networks; the impact of amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability of attractive port destinations; our ability to attract and retain key personnel and qualified shipboard crew, maintain good relations with employee unions, maintain or renegotiate our collective bargaining agreements on favorable terms and prevent any disruptions in work; changes involving the tax, environmental, health, safety, security and other regulatory regimes in which we operate; increases in our future fuel costs related to implementing IMO regulations, which require the use of higher priced low sulfur fuels in certain cruising areas; the implementation of regulations in the U.S. requiring
U.S. citizens to obtain passports for travel to additional foreign destinations; and other factors discussed in the Company's filings with the
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| CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (Unaudited) | ||
| (in thousands, except share and per share data) | ||
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Three Months Ended |
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| 2014 | 2013 | |
| Revenue | ||
| Passenger ticket | $ 458,490 | $ 358,928 |
| Onboard and other | 205,538 | 168,703 |
| Total revenue | 664,028 | 527,631 |
| Cruise operating expense | ||
| Commissions, transportation and other | 116,810 | 94,579 |
| Onboard and other | 47,924 | 42,371 |
| Payroll and related | 99,066 | 74,039 |
| Fuel | 79,040 | 72,498 |
| Food | 37,683 | 29,962 |
| Other | 65,387 | 49,240 |
| Total cruise operating expense | 445,910 | 362,689 |
| Other operating expense | ||
| Marketing, general and administrative | 83,389 | 85,206 |
| Depreciation and amortization | 61,640 | 48,748 |
| Total other operating expense | 145,029 | 133,954 |
| Operating income | 73,089 | 30,988 |
| Non-operating income (expense) | ||
| Interest expense, net | (31,172) | (127,656) |
| Other income | 388 | 1,364 |
| Total non-operating income (expense) | (30,784) | (126,292) |
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42,305 | (95,304) |
| Income tax benefit (expense) | 9,387 | (2,196) |
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51,692 | (97,500) |
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425 | (1,105) |
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$ 51,267 | $ (96,395) |
| Weighted-average shares outstanding | ||
| Basic | 205,163,256 | 198,350,433 |
| Diluted | 211,013,814 | 198,350,433 |
| Earnings (loss) per share | ||
| Basic | $ 0.25 | $ (0.49) |
| Diluted | $ 0.24 | $ (0.49) |
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| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||
| (Unaudited) | ||
| (in thousands) | ||
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Three Months Ended |
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| 2014 | 2013 | |
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$ 51,692 | $ (97,500) |
| Other comprehensive loss : | ||
| Shipboard Retirement Plan | 94 | 117 |
| Cash flow hedges: | ||
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(15,356) | (19,696) |
| Amount realized and reclassified into earnings | 153 | (1,836) |
| Total other comprehensive loss | (15,109) | (21,415) |
| Total comprehensive income (loss) | 36,583 | (118,915) |
| Comprehensive income (loss) attributable to non-controlling interest | 288 | (1,595) |
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Total comprehensive income (loss) attributable to |
$ 36,295 | $ (117,320) |
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| CONSOLIDATED BALANCE SHEETS | ||
| (Unaudited) | ||
| (in thousands, except share data) | ||
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| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $ 64,760 | $ 56,467 |
| Accounts receivable, net | 18,000 | 18,260 |
| Inventories | 48,106 | 43,715 |
| Prepaid expenses and other assets | 56,359 | 64,482 |
| Total current assets | 187,225 | 182,924 |
| Property and equipment, net | 6,327,263 | 5,647,670 |
| Goodwill and tradenames | 611,330 | 611,330 |
| Other long-term assets | 193,081 | 209,054 |
| Total assets | $ 7,318,899 | $ 6,650,978 |
| Liabilities and shareholders' equity | ||
| Current liabilities: | ||
| Current portion of long-term debt | $ 363,697 | $ 286,575 |
| Accounts payable | 79,590 | 86,788 |
| Accrued expenses and other liabilities | 244,884 | 253,752 |
| Due to affiliate | 36,783 | 36,544 |
| Advance ticket sales | 531,936 | 411,829 |
| Total current liabilities | 1,256,890 | 1,075,488 |
| Long-term debt | 3,290,493 | 2,841,214 |
| Due to affiliate | 55,269 | 55,128 |
| Other long-term liabilities | 46,282 | 47,882 |
| Total liabilities | 4,648,934 | 4,019,712 |
| Commitments and contingencies | ||
| Shareholders' equity: | ||
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Ordinary shares, |
205 | 205 |
| Additional paid-in capital | 2,812,641 | 2,822,864 |
| Accumulated other comprehensive income (loss) | (31,662) | (16,690) |
| Retained earnings (deficit) | (146,204) | (197,471) |
| Total shareholders' equity controlling interest | 2,634,980 | 2,608,908 |
| Non-controlling interest | 34,985 | 22,358 |
| Total shareholders' equity | 2,669,965 | 2,631,266 |
| Total liabilities and shareholders' equity | $ 7,318,899 | $ 6,650,978 |
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| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (Unaudited) | ||
| (in thousands) | ||
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Three Months Ended |
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| 2014 | 2013 | |
| Cash flows from operating activities | ||
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$ 51,692 | $ (97,500) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization expense | 69,708 | 55,480 |
| Loss (gain) on derivatives | (75) | 112 |
| Deferred income taxes, net | 1,027 | 2,043 |
| Write-off of deferred financing fees | -- | 14,042 |
| Share-based compensation expense | 1,835 | 18,753 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 260 | 1,675 |
| Inventories | (4,391) | (2,610) |
| Prepaid expenses and other assets | (6,476) | 488 |
| Accounts payable | (7,198) | (11,427) |
| Accrued expenses and other liabilities | 3,432 | (8,307) |
| Advance ticket sales | 118,320 | 109,346 |
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228,134 | 82,095 |
| Cash flows from investing activities | ||
| Additions to property and equipment | (746,310) | (85,152) |
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(746,310) | (85,152) |
| Cash flows from financing activities | ||
| Repayments of long-term debt | (258,125) | (1,093,009) |
| Repayments to Affiliate | -- | (79,651) |
| Proceeds from long-term debt | 784,451 | 744,525 |
| Proceeds from the issuance of ordinary shares, net | -- | 473,017 |
| Proceeds from the exercise of share options | 340 | -- |
| Deferred financing fees and other | (197) | (6,124) |
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526,469 | 38,758 |
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8,293 | 35,701 |
| Cash and cash equivalents at beginning of the period | 56,467 | 45,500 |
| Cash and cash equivalents at end of the period | $ 64,760 | $ 81,201 |
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| NON-GAAP RECONCILING INFORMATION | ||||||
| (Unaudited) | ||||||
| The following table sets forth selected statistical information: | ||||||
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Three Months Ended |
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| 2014 | 2013 | |||||
| Passengers carried | 507,272 | 368,010 | ||||
| Passenger Cruise Days | 3,075,402 | 2,528,192 | ||||
| Capacity Days | 2,895,984 | 2,351,299 | ||||
| Occupancy Percentage | 106.2% | 107.5% | ||||
| Gross Yield and Net Yield were calculated as follows (in thousands, except Capacity Days and Yield data): | ||||||
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Three Months Ended |
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| 2014 |
2014 Constant Currency |
2013 | ||||
| Passenger ticket revenue |
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| Onboard and other revenue | 205,538 | 205,602 | 168,703 | |||
| Total revenue | 664,028 | 664,950 | 527,631 | |||
| Less: | ||||||
| Commissions, transportation and other expense | 116,810 | 117,034 | 94,579 | |||
| Onboard and other expense | 47,924 | 47,988 | 42,371 | |||
| Net Revenue |
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| Capacity Days | 2,895,984 | 2,895,984 | 2,351,299 | |||
| Gross Yield | $ 229.29 | $ 229.61 | $ 224.40 | |||
| Net Yield | $ 172.41 | $ 172.63 | $ 166.16 | |||
| 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): | ||||||
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Three Months Ended |
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| 2014 |
2014 Constant Currency |
2013 | ||||
| Total cruise operating expense |
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| Marketing, general and administrative expense | 83,389 | 83,026 | 85,206 | |||
| Gross Cruise Cost | 529,299 | 528,782 | 447,895 | |||
| Less: | ||||||
| Commissions, transportation and other expense | 116,810 | 117,034 | 94,579 | |||
| Onboard and other expense | 47,924 | 47,988 | 42,371 | |||
| Net Cruise Cost | 364,565 | 363,760 | 310,945 | |||
| Less: Fuel expense | 79,040 | 79,040 | 72,498 | |||
| Net Cruise Cost Excluding Fuel | 285,525 | 284,720 | 238,447 | |||
| Less: Other (1) | 4,551 | 4,551 | 18,527 | |||
| Adjusted Net Cruise Cost Excluding Fuel |
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| Capacity Days | 2,895,984 | 2,895,984 | 2,351,299 | |||
| Gross Cruise Cost per Capacity Day | $ 182.77 | $ 182.59 | $ 190.49 | |||
| Net Cruise Cost per Capacity Day | $ 125.89 | $ 125.61 | $ 132.24 | |||
| Net Cruise Cost Excluding Fuel per Capacity Day | $ 98.59 | $ 98.32 | $ 101.41 | |||
| Adjusted Net Cruise Cost Excluding Fuel per Capacity Day | $ 97.02 | $ 96.74 | $ 93.53 | |||
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(1) Consists of expenses incurred from our Secondary Offering and non-cash compensation, of which 2013 includes |
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| NON-GAAP RECONCILING INFORMATION | ||||||
| (Unaudited) | ||||||
| Adjusted Net Income and Adjusted EPS were calculated as follows (in thousands, except share and per share data): | ||||||
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Three Months Ended |
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| 2014 | 2013 | |||||
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$ 51,267 | $ (96,395) | ||||
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425 | (1,105) | ||||
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51,692 | (97,500) | ||||
| Non-cash compensation (1) | 2,674 | 18,527 | ||||
| Expenses related to debt prepayments (2) | -- | 90,505 | ||||
| Other (3) | (4,808) | 1,376 | ||||
| Adjusted Net Income | $ 49,558 | $ 12,908 | ||||
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Diluted weighted-average shares outstanding - |
211,013,814 | 198,350,433 | (4) | |||
| Diluted weighted-average shares outstanding - Adjusted Net Income | 211,013,814 | 204,524,565 | ||||
| Diluted earnings (loss) per share | $ 0.24 | $ (0.49) | ||||
| Adjusted EPS | $ 0.23 | $ 0.06 | ||||
| (1) 2013 includes non-cash share-based compensation related to the IPO. | ||||||
| (2) Consists of premiums, write-offs of deferred fees and other expenses related to prepayments of debt. | ||||||
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(3) 2014 includes a tax benefit of |
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| (4) Due to a net loss, excludes 6,174,132 shares, as including these would be antidilutive. | ||||||
| EBITDA and Adjusted EBITDA was calculated as follows (in thousands): | ||||||
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Three Months Ended |
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| 2014 | 2013 | |||||
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$ 51,267 | $ (96,395) | ||||
| Interest expense, net | 31,172 | 127,656 | ||||
| Income tax (benefit) expense | (9,387) | 2,196 | ||||
| Depreciation and amortization expense | 61,640 | 48,748 | ||||
| EBITDA | 134,692 | 82,205 | ||||
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425 | (1,105) | ||||
| Other income | (388) | (1,364) | ||||
| Other (1) | 4,551 | 20,024 | ||||
| Adjusted EBITDA | $ 139,280 | $ 99,760 | ||||
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(1) Consists of expenses incurred from our Secondary Offering and non-cash compensation, of which 2013 includes |
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| NON-GAAP RECONCILING INFORMATION | ||
| (Unaudited) | ||
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2014 |
2013 |
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| Long-term debt, net of current portion | $ 3,290,493 | $ 2,841,214 |
| Current portion of long-term | 363,697 | 286,575 |
| Total debt | 3,654,190 | 3,127,789 |
| Less: Cash and cash equivalents | 64,760 | 56,467 |
| Net Debt | 3,589,430 | 3,071,322 |
| Total shareholders' equity | 2,669,965 | 2,631,266 |
| Net Debt and shareholders' equity | $ 6,259,395 | $ 5,702,588 |
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57.3% | 53.9% |
| Adjusted Free Cash Flow was calculated as follows (in thousands): | ||
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Three Months Ended |
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| 2014 | 2013 | |
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$ 228,134 | $ 82,095 |
| Less: Capital expenditures for ship construction | (714,651) | (67,264) |
| Less: Capital expenditures for business enhancements and other | (31,659) | (17,888) |
|
Free |
(518,176) | (3,057) |
| Proceeds from ship construction financing facilities | 660,430 | 40,172 |
| Fees related to debt prepayment | -- | 76,463 |
| Adjusted Free Cash Flow | $ 142,254 | $ 113,578 |
CONTACT: Investor Relations Contact
Andrea DeMarco
(305) 468-2463
InvestorRelations@ncl.com
Media Contact
AnneMarie Mathews
(305) 436-4799
PublicRelations@ncl.com
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