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Companies / Norwegian Cruise Line Holdings / Filing

Norwegian Cruise Line Holdings — Oct 31, 2024 release

Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001171843-24-005927
Open on SEC.gov ↗
Showing in the filing
Euro
“$1.11”
Period
No period stated
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 64
Net Yield on a Constant Currency basis for FY2024
“approximately 9.4%”
Adjusted EBITDA for FY2024
“approximately $2.425 billion”
Adjusted Operational EBITDA Margin for FY2024
“35.3%”
Adjusted Net Cruise Cost excluding Fuel per … for FY2024
“flat to prior year excluding the impact of Dry-docks”
Adjusted Net Income for FY2024
“approximately $855 million”
Net Leverage for FY2024
“~5.4 times”
Adjusted ROIC for FY2024
“double-digit”
Charting the Course targets for FY2026
“Remain committed to Charting the Course targets; progressing towards achieving 2026 goals.”
Adjusted EBITDA growth vs. initial for FY2024
“$225 million above our initial guidance, growing 30% year-over-year”
Adjusted EPS growth vs. initial for FY2024
“$0.42 above initial guidance, growing approximately 136% year-over-year”
Occupancy for FY2024
“approximately 105.0%”
Net Yield ($ per Capacity Day, As Reported) for Q4 FY2024
“~$261”
Net Yield ($ per Capacity Day, Constant Curr… for Q4 FY2024
“~$260”
Net Yield (% change, As Reported) for FY2024
“~9.5%”
Net Yield ($ per Capacity Day, Constant Curr… for FY2024
“~$293”
Adjusted Net Cruise Cost Excluding Fuel per … for Q4 FY2024
“~$155”
Adjusted Net Cruise Cost Excluding Fuel per … for FY2024
“~$159”
Capacity Days for Q4 FY2024
“~5.85 million”
Capacity Days for FY2024
“~23.46 million”
Occupancy for Q4 FY2024
“~101.0%”
Adjusted EBITDA for Q4 FY2024
“~$445 million”
Adjusted Net Income for Q4 FY2024
“~$40 million”
Adjusted EPS for Q4 FY2024
“~$0.09”
Adjusted EPS for FY2024
“$1.65”
Diluted Weighted-Average Shares Outstanding for Q4 FY2024
“~445 million”
Diluted Weighted-Average Shares Outstanding for FY2024
“~515 million”
Depreciation and Amortization for Q4 FY2024
“~$230 million”
Depreciation and Amortization for FY2024
“~$895 million”
Adjusted Interest Expense, net for Q4 FY2024
“~$175 million”
Adjusted Interest Expense, net for FY2024
“~$720 million”
Adjusted Net Cruise Cost Excluding Fuel per … for Q4 FY2024
“$150”
Adjusted Net Cruise Cost Excluding Fuel per … for Q4 FY2024
“$149”
Adjusted Net Cruise Cost Excluding Fuel per … for FY2024
“$155”
Adjusted Net Cruise Cost Excluding Fuel per … for FY2024
“$154”
Euro
“$1.11”
British pound
“$1.34”
Australian Dollar
“$0.69”
Canadian Dollar
“$0.74”
Fuel consumption in metric tons for Q4 FY2024
“246,000”
Fuel consumption in metric tons for FY2024
“995,000”
Fuel price per metric ton, net of hedges for Q4 FY2024
“$700”
Fuel price per metric ton, net of hedges for FY2024
“$714”
Fuel consumption mix (HFO/MGO) for FY2024
“expected to be split approximately evenly between heavy fuel oil and marine gas oil”
% of HFO Consumption Hedged for FY2024
“40 %”
% of HFO Consumption Hedged for FY2025
“46 %”
% of HFO Consumption Hedged for FY2026
“20 %”
Blended HFO Hedge Price / Metric Ton for FY2024
“$397”
Blended HFO Hedge Price / Metric Ton for FY2025
“$410”
Blended HFO Hedge Price / Metric Ton for FY2026
“$373”
% of MGO Consumption Hedged for FY2024
“62 %”
% of MGO Consumption Hedged for FY2025
“54 %”
% of MGO Consumption Hedged for FY2026
“22 %”
Blended MGO Hedge Price / Metric Ton for FY2024
“$743”
Blended MGO Hedge Price / Metric Ton for FY2025
“$721”
Blended MGO Hedge Price / Metric Ton for FY2026
“$667”
Total % of Consumption Hedged for FY2025
“51 %”
Total % of Consumption Hedged for FY2024
“51 %”
Total % of Consumption Hedged for FY2026
“21 %”
Non-newbuild capital expenditures for FY2024
“approximately $575 million”
Non-newbuild capital expenditures for Q4 FY2024
“approximately $142 million”
Newbuild-related capital expenditures, net o… for FY2024
“approximately $0.3 billion”
Newbuild-related capital expenditures, net o… for FY2025
“$0.8 billion”
Newbuild-related capital expenditures, net o… for FY2026
“$0.9 billion”
Net newbuild-related capital expenditures for Q4 FY2024
“approximately $59 million”
Exhibit 99.1 · the passage around this item
… earlier in the release
Based on the Company’s September 30, 2024 outstanding variable rate debt balance, a one percentage point increase in annual SOFR interest rates would increase the Company’s annual interest expense by approximately $6 million excluding the effects of capitalization of interest. The following reflects the foreign currency exchange rates the Company used in its fourth quarter and full year 2024 guidance.             Current Guidance Euro   $ 1.11 British pound   $ 1.34 Australian Dollar   $ 0.69 Canadian Dollar   $ 0.74 Fuel The Company reported fuel expense of $165 million in the quarter. Fuel price per metric ton, net of hedges, decreased to $699 from $727 in 2023. Fuel consumption of 236,000 metric tons was in-line with projections. The following reflects the Company’s expectations regarding fuel consumption and pricing, along with accompanying sensitivities.                     Fourth Quarter 2024   Full Year 2024   Fuel consumption in metric tons 1     246,000     995,000   Fuel price per metric ton, net of hedges 2   $ 700   $ 714   Effect on Adjusted EPS of a 10% change in fuel prices, net of hedges   $ 0.02   $ 0.02                   Fuel consumption for the full year 2024 is expected to be split approximately evenly between heavy fuel oil and marine gas oil. Fuel prices are based on forward curves as of 10/25/2024. As of October 29, 2024, the Company had hedged approximately 51%, 51% and 21% of its total projected metric tons of fuel consumption for the remainder of 2024, 2025 and 2026, respectively. The following table provides amounts hedged and price per metric ton of heavy fuel oil (“HFO”) and marine gas oil
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.