Company Quick10K Filing
Norwegian Cruise Line
Price51.02 EPS4
Shares217 P/E11
MCap11,074 P/FCF7
Net Debt6,010 EBIT947
TEV17,084 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-15
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
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10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
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10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-20
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-07-30 Sale of Shares, Other Events, Exhibits
8-K 2020-07-16 Enter Agreement, Leave Agreement, Off-BS Arrangement, Sale of Shares, Other Events, Exhibits
8-K 2020-07-16 Earnings, Regulation FD, Other Events, Exhibits
8-K 2020-07-14 Officers, Regulation FD, Exhibits
8-K 2020-07-08 Other Events
8-K 2020-07-06 Regulation FD, Exhibits
8-K 2020-06-18
8-K 2020-06-04
8-K 2020-06-03
8-K 2020-05-28
8-K 2020-05-14
8-K 2020-05-14
8-K 2020-05-05
8-K 2020-05-05
8-K 2020-05-05
8-K 2020-05-05
8-K 2020-04-28
8-K 2020-04-27
8-K 2020-04-20
8-K 2020-03-12
8-K 2020-03-05
8-K 2020-02-20
8-K 2019-12-16
8-K 2019-12-02
8-K 2019-11-29
8-K 2019-11-07
8-K 2019-10-03
8-K 2019-08-08
8-K 2019-06-13
8-K 2019-06-10
8-K 2019-06-07
8-K 2019-05-15
8-K 2019-05-09
8-K 2019-02-21
8-K 2019-01-10
8-K 2019-01-08
8-K 2019-01-02
8-K 2018-11-28
8-K 2018-11-28
8-K 2018-11-08
8-K 2018-09-11
8-K 2018-08-09
8-K 2018-07-18
8-K 2018-07-11
8-K 2018-06-20
8-K 2018-05-02
8-K 2018-04-23
8-K 2018-04-17
8-K 2018-03-20
8-K 2018-03-15
8-K 2018-03-05
8-K 2018-02-27
8-K 2018-02-27
8-K 2018-02-22
8-K 2018-01-30

NCLH 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.1 nclh-20200630xex10d1.htm
EX-10.2 nclh-20200630xex10d2.htm
EX-31.1 nclh-20200630xex31d1.htm
EX-31.2 nclh-20200630xex31d2.htm
EX-32.1 nclh-20200630xex32d1.htm

Norwegian Cruise Line Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
2.01.61.20.70.3-0.12012201420172020
Rev, G Profit, Net Income
0.70.40.0-0.3-0.7-1.02012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-35784

NORWEGIAN CRUISE LINE HOLDINGS LTD.

(Exact name of registrant as specified in its charter)

Bermuda

    

98-0691007

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

7665 Corporate Center Drive, Miami, Florida 33126

33126

(Address of principal executive offices)

(zip code)

(305) 436-4000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Ordinary shares, par value $0.001 per share

 

NCLH

 

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

There were 275,618,888 ordinary shares outstanding as of July 31, 2020.

Table of Contents

TABLE OF CONTENTS

  

    

Page

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

3

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

49

Item 4.

Controls and Procedures

50

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

52

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 5.

Other Information

57

Item 6.

Exhibits

57

SIGNATURES

61

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share data)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Revenue

 

  

 

  

 

  

 

  

Passenger ticket

$

13,835

$

1,179,404

$

854,626

$

2,152,677

Onboard and other

 

3,094

 

484,873

 

409,185

 

915,230

Total revenue

 

16,929

 

1,664,277

 

1,263,811

 

3,067,907

Cruise operating expense

 

  

 

  

 

  

 

  

Commissions, transportation and other

 

34,601

 

297,691

 

366,969

 

526,955

Onboard and other

 

3,188

 

107,063

 

78,161

 

186,476

Payroll and related

 

128,744

 

229,385

 

375,891

 

452,492

Fuel

 

48,992

 

100,531

 

174,016

 

198,784

Food

 

6,997

 

54,347

 

56,213

 

109,392

Other

 

79,130

 

169,407

 

244,662

 

310,976

Total cruise operating expense

 

301,652

 

958,424

 

1,295,912

 

1,785,075

Other operating expense

 

  

 

  

 

  

 

  

Marketing, general and administrative

 

131,436

 

240,901

 

402,125

 

489,843

Depreciation and amortization

 

179,252

 

156,271

 

377,449

 

326,012

Impairment loss

1,607,797

Total other operating expense

 

310,688

 

397,172

 

2,387,371

 

815,855

Operating income (loss)

 

(595,411)

 

308,681

 

(2,419,472)

 

466,977

Non-operating income (expense)

 

 

  

 

 

  

Interest expense, net

 

(114,537)

 

(65,969)

 

(183,444)

 

(139,472)

Other income (expense), net

 

(14,418)

 

3,616

 

(8,595)

 

3,182

Total non-operating income (expense)

 

(128,955)

 

(62,353)

 

(192,039)

 

(136,290)

Net income (loss) before income taxes

 

(724,366)

 

246,328

 

(2,611,511)

 

330,687

Income tax benefit (expense)

 

9,123

 

(6,138)

 

15,296

 

27,660

Net income (loss)

$

(715,243)

$

240,190

$

(2,596,215)

$

358,347

Weighted-average shares outstanding

 

  

 

  

 

  

 

  

Basic

 

239,342,745

 

215,426,441

 

226,486,772

 

216,328,943

Diluted

 

239,342,745

 

216,810,766

 

226,486,772

 

217,837,005

Earnings (loss) per share

 

  

 

  

 

  

 

  

Basic

$

(2.99)

$

1.11

$

(11.46)

$

1.66

Diluted

$

(2.99)

$

1.11

$

(11.46)

$

1.65

The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(in thousands)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Net income (loss)

$

(715,243)

$

240,190

$

(2,596,215)

$

358,347

Other comprehensive income (loss):

 

  

 

  

 

  

 

  

Shipboard Retirement Plan

 

102

 

94

 

204

 

189

Cash flow hedges:

 

 

 

 

  

Net unrealized gain (loss)

 

54,478

 

(17,189)

 

(251,382)

 

(2,037)

Amount realized and reclassified into earnings

 

28,782

 

(9,274)

 

50,781

 

(16,274)

Total other comprehensive income (loss)

 

83,362

 

(26,369)

 

(200,397)

 

(18,122)

Total comprehensive income (loss)

$

(631,881)

$

213,821

$

(2,796,612)

$

340,225

The accompanying notes are an integral part of these consolidated financial statements.

4

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Norwegian Cruise Line Holdings Ltd.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share data)

June 30, 

December 31, 

    

2020

    

2019

Assets

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

2,259,949

$

252,876

Accounts receivable, net

 

74,213

 

75,109

Inventories

 

82,263

 

95,427

Prepaid expenses and other assets

 

334,243

 

306,733

Total current assets

 

2,750,668

 

730,145

Property and equipment, net

 

13,488,514

 

13,135,337

Goodwill

 

98,134

 

1,388,931

Tradenames

 

500,525

 

817,525

Other long-term assets

 

690,218

 

612,661

Total assets

$

17,528,059

$

16,684,599

Liabilities and shareholders’ equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of long-term debt

$

337,338

$

746,358

Accounts payable

 

484,927

 

100,777

Accrued expenses and other liabilities

 

648,216

 

782,275

Advance ticket sales

 

1,113,374

 

1,954,980

Total current liabilities

 

2,583,855

 

3,584,390

Long-term debt

 

10,011,872

 

6,055,335

Other long-term liabilities

 

595,307

 

529,295

Total liabilities

 

13,191,034

 

10,169,020

Commitments and contingencies (Note 11)

 

  

 

  

Shareholders’ equity:

 

  

 

  

Ordinary shares, $0.001 par value; 490,000,000 shares authorized; 280,798,331 shares issued and 256,347,472 shares outstanding at June 30, 2020 and 237,533,270 shares issued and 213,082,411 shares outstanding at December 31, 2019

 

281

 

237

Additional paid-in capital

 

4,851,781

 

4,235,690

Accumulated other comprehensive income (loss)

 

(495,887)

 

(295,490)

Retained earnings

 

1,234,776

 

3,829,068

Treasury shares (24,450,859 at June 30, 2020 and December 31, 2019, at cost)

 

(1,253,926)

 

(1,253,926)

Total shareholders’ equity

 

4,337,025

 

6,515,579

Total liabilities and shareholders’ equity

$

17,528,059

$

16,684,599

The accompanying notes are an integral part of these consolidated financial statements.

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Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

Six Months Ended

June 30, 

    

2020

    

2019

Cash flows from operating activities

 

  

 

  

Net income (loss)

$

(2,596,215)

$

358,347

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

  

 

  

Depreciation and amortization expense

 

379,375

 

326,471

Impairment loss

1,607,797

Deferred income taxes, net

 

(14,458)

 

(29,793)

Loss on derivatives

8,294

Loss on extinguishment of debt

 

5,014

 

3,988

Provision for bad debts and inventory obsolescence

 

10,359

 

1,057

Gain on involuntary conversion of assets

(1,403)

(2,810)

Share-based compensation expense

 

55,147

 

56,650

Net foreign currency adjustments

 

160

 

(716)

Changes in operating assets and liabilities:

 

 

Accounts receivable, net

 

(2,108)

 

(15,121)

Inventories

 

11,996

 

(1,342)

Prepaid expenses and other assets

 

(115,066)

 

(57,929)

Accounts payable

 

369,519

 

(81,690)

Accrued expenses and other liabilities

 

(202,547)

 

(74,470)

Advance ticket sales

 

(844,244)

 

558,579

Net cash provided by (used in) operating activities

 

(1,328,380)

 

1,041,221

Cash flows from investing activities

 

  

 

  

Additions to property and equipment, net

 

(725,477)

 

(413,888)

Cash received on settlement of derivatives

 

 

289

Cash paid on settlement of derivatives

(28,606)

Other

2,519

4,047

Net cash used in investing activities

 

(751,564)

 

(409,552)

Cash flows from financing activities

 

  

 

  

Repayments of long-term debt

 

(207,863)

 

(2,808,615)

Proceeds from long-term debt

 

3,962,655

 

2,652,000

Common share issuance proceeds, net

441,935

Proceeds from employee related plans

 

4,100

 

11,368

Net share settlement of restricted share units

 

(15,318)

 

(20,830)

Purchases of treasury shares

 

 

(200,071)

Early redemption premium

 

 

(117)

Deferred financing fees

 

(94,559)

 

(9,330)

Net cash provided by (used in) financing activities

 

4,090,950

 

(375,595)

Effect of exchange rates on cash and cash equivalents

(3,933)

Net increase in cash and cash equivalents

 

2,007,073

 

256,074

Cash and cash equivalents at beginning of period

 

252,876

 

163,851

Cash and cash equivalents at end of period

$

2,259,949

$

419,925

The accompanying notes are an integral part of these consolidated financial statements.

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Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

(in thousands)

Three Months Ended June 30, 2020

Accumulated 

Additional

Other

Total

Ordinary 

Paid-in 

Comprehensive

Retained

Treasury

Shareholders’

Shares

    

Capital

    

Income (Loss)

    

Earnings

    

Shares

    

Equity

Balance, March 31, 2020

 

$

239

$

4,257,571

$

(579,249)

$

1,950,019

$

(1,253,926)

$

4,374,654

Share-based compensation

 

 

22,389

 

 

 

 

22,389

Common share issuance proceeds, net

42

440,924

440,966

Net share settlement of restricted share units

 

 

(343)

 

 

 

 

(343)

Beneficial conversion feature

131,240

131,240

Other comprehensive income, net

 

 

 

83,362

 

 

 

83,362

Net loss

 

 

 

 

(715,243)

 

 

(715,243)

Balance, June 30, 2020

$

281

$

4,851,781

$

(495,887)

$

1,234,776

$

(1,253,926)

$

4,337,025

Six Months Ended June 30, 2020

Accumulated 

Additional

Other

Total

Ordinary 

Paid-in 

Comprehensive

Retained

Treasury

Shareholders’

    

Shares

    

Capital

    

Income (Loss)

    

Earnings

    

Shares

    

Equity

Balance, December 31, 2019

 

$

237

$

4,235,690

$

(295,490)

$

3,829,068

$

(1,253,926)

 

$

6,515,579

Share-based compensation

 

 

55,147

 

 

 

 

55,147

Issuance of shares under employee related plans

 

2

 

4,098

 

 

 

 

4,100

Common share issuance proceeds, net

42

440,924

440,966

Net share settlement of restricted share units

 

 

(15,318)

 

 

 

 

(15,318)

Beneficial conversion feature

131,240

131,240

Cumulative change in accounting policy

1,923

1,923

Other comprehensive loss, net

 

 

 

(200,397)

 

 

 

(200,397)

Net loss

 

 

 

 

(2,596,215)

 

 

(2,596,215)

Balance, June 30, 2020

$

281

$

4,851,781

$

(495,887)

$

1,234,776

$

(1,253,926)

$

4,337,025

The accompanying notes are an integral part of these consolidated financial statements.

7

Table of Contents

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Changes in Shareholders’ Equity - Continued

(Unaudited)

(in thousands)

Three Months Ended June 30, 2019

Accumulated 

    

    

    

Additional

Other

Total

Ordinary 

Paid-in 

Comprehensive

Retained

Treasury

Shareholders’

Shares

    

Capital

    

Income (Loss)

    

Earnings

    

Shares

Equity

Balance, March 31, 2019

 

$

237

 

$

4,145,530

 

$

(153,400)

 

$

3,016,997

 

$

(1,104,062)

 

$

5,905,302

Share-based compensation

 

 

29,651

 

 

 

 

29,651

Issuance of shares under employee related plans

 

 

3,624

 

 

 

 

3,624

Treasury shares

(75)

(75)

Net share settlement of restricted share units

 

 

(1,980)

 

 

 

 

(1,980)

Other comprehensive loss, net

 

 

 

(26,369)

 

 

 

(26,369)

Net income

 

 

 

 

240,190

 

 

240,190

Balance, June 30, 2019

$

237

$

4,176,825

$

(179,769)

$

3,257,187

$

(1,104,137)

$

6,150,343

Six Months Ended June 30, 2019

    

Accumulated 

    

    

    

Additional

Other

Total

Ordinary 

Paid-in 

Comprehensive

Retained

Treasury

Shareholders’

    

Shares

    

Capital

    

Income (Loss)

    

Earnings

    

Shares

Equity

Balance, December 31, 2018

 

$

235

 

$

4,129,639

 

$

(161,647)

 

$

2,898,840

 

$

(904,066)

 

$

5,963,001

Share-based compensation

 

 

56,650

 

 

 

 

56,650

Issuance of shares under employee related plans

 

2

 

11,366

 

 

 

 

11,368

Treasury shares

(200,071)

(200,071)

Net share settlement of restricted share units

 

 

(20,830)

 

 

 

 

(20,830)

Other comprehensive loss, net

 

 

 

(18,122)

 

 

 

(18,122)

Net income