Price | 51.02 | EPS | 4 | |
Shares | 217 | P/E | 11 | |
MCap | 11,074 | P/FCF | 7 | |
Net Debt | 6,010 | EBIT | 947 | |
TEV | 17,084 | TEV/EBIT | 18 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-09 |
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 |
10-K | 2016-12-31 | Filed 2017-02-27 |
10-Q | 2016-09-30 | Filed 2016-11-09 |
10-Q | 2016-06-30 | Filed 2016-08-09 |
10-Q | 2016-03-31 | Filed 2016-05-10 |
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 | 2020-11-17 | |
8-K | 2020-11-12 | |
8-K | 2020-11-09 | |
8-K | 2020-11-02 | |
8-K | 2020-10-26 | |
8-K | 2020-10-01 | |
8-K | 2020-09-24 | |
8-K | 2020-09-21 | |
8-K | 2020-09-19 | |
8-K | 2020-08-06 | |
8-K | 2020-07-30 | |
8-K | 2020-07-16 | |
8-K | 2020-07-16 | |
8-K | 2020-07-14 | |
8-K | 2020-07-08 | |
8-K | 2020-07-06 | |
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 |
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 6. Exhibits |
EX-10.5 | nclh-20200930xex10d5.htm |
EX-31.1 | nclh-20200930xex31d1.htm |
EX-31.2 | nclh-20200930xex31d2.htm |
EX-32.1 | nclh-20200930xex32d1.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
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Rev, G Profit, Net Income
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Ops, Inv, Fin
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
OR
For the transition period from to
Commission File Number:
(Exact name of registrant as specified in its charter)
| ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
(Address of principal executive offices) | (zip code) |
(
(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 |
|
|
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.
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).
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.
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
There were
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition and Results of Operations | 31 | |||
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57 | ||||
59 |
2
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 | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||
Revenue |
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Passenger ticket | $ | | $ | | $ | | $ | | ||||
Onboard and other |
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Total revenue |
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Cruise operating expense |
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Commissions, transportation and other |
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Onboard and other |
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Payroll and related |
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Fuel |
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Food |
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Other |
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Total cruise operating expense |
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Other operating expense |
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Marketing, general and administrative |
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Depreciation and amortization |
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Impairment loss | — | — | | — | ||||||||
Total other operating expense |
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Operating income (loss) |
| ( |
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Non-operating income (expense) |
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Interest expense, net |
| ( |
| ( |
| ( |
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Other income (expense), net |
| ( |
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Total non-operating income (expense) |
| ( |
| ( |
| ( |
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Net income (loss) before income taxes |
| ( |
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Income tax benefit (expense) |
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Net income (loss) | $ | ( | $ | | $ | ( | $ | | ||||
Weighted-average shares outstanding |
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Basic |
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Diluted |
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Earnings (loss) per share |
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Basic | $ | ( | $ | | $ | ( | $ | | ||||
Diluted | $ | ( | $ | | $ | ( | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
3
Norwegian Cruise Line Holdings Ltd.
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(in thousands)
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||
Net income (loss) | $ | ( | $ | | $ | ( | $ | | ||||
Other comprehensive income (loss): |
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Shipboard Retirement Plan |
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Cash flow hedges: |
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Net unrealized gain (loss) |
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| ( |
| ( |
| ( | ||||
Amount realized and reclassified into earnings |
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| ( |
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| ( | ||||
Total other comprehensive income (loss) |
| |
| ( |
| ( |
| ( | ||||
Total comprehensive income (loss) | $ | ( | $ | | $ | ( | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
4
Norwegian Cruise Line Holdings Ltd.
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)
September 30, | December 31, | |||||
| 2020 |
| 2019 | |||
Assets |
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Current assets: |
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Cash and cash equivalents | $ | | $ | | ||
Accounts receivable, net |
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Inventories |
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Prepaid expenses and other assets |
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Total current assets |
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Property and equipment, net |
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Goodwill |
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Trade names |
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Other long-term assets |
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Total assets | $ | | $ | | ||
Liabilities and shareholders’ equity |
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Current liabilities: |
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Current portion of long-term debt | $ | | $ | | ||
Accounts payable |
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Accrued expenses and other liabilities |
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Advance ticket sales |
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Total current liabilities |
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Long-term debt |
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Other long-term liabilities |
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Total liabilities |
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Commitments and contingencies (Note 11) |
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Shareholders’ equity: |
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Ordinary shares, $ |
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Additional paid-in capital |
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Accumulated other comprehensive income (loss) |
| ( |
| ( | ||
Retained earnings |
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Treasury shares ( |
| ( |
| ( | ||
Total shareholders’ equity |
| |
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Total liabilities and shareholders’ equity | $ | | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
5
Norwegian Cruise Line Holdings Ltd.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Nine Months Ended | ||||||
September 30, | ||||||
| 2020 |
| 2019 | |||
Cash flows from operating activities |
|
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Net income (loss) | $ | ( | $ | | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
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Depreciation and amortization expense |
| |
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Impairment loss | | — | ||||
Deferred income taxes, net |
| ( |
| ( | ||
Loss on derivatives | | — | ||||
Loss on extinguishment of debt |
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Provision for bad debts and inventory obsolescence |
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Gain on involuntary conversion of assets | ( | ( | ||||
Share-based compensation expense |
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Net foreign currency adjustments |
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| ( | ||
Changes in operating assets and liabilities: |
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Accounts receivable, net |
| ( |
| ( | ||
Inventories |
| |
| ( | ||
Prepaid expenses and other assets |
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| ( | ||
Accounts payable |
| |
| ( | ||
Accrued expenses and other liabilities |
| ( |
| ( | ||
Advance ticket sales |
| ( |
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Net cash provided by (used in) operating activities |
| ( |
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Cash flows from investing activities |
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Additions to property and equipment, net |
| ( |
| ( | ||
Cash received on settlement of derivatives |
| — |
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Cash paid on settlement of derivatives | ( | ( | ||||
Other | | | ||||
Net cash used in investing activities |
| ( |
| ( | ||
Cash flows from financing activities |
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Repayments of long-term debt |
| ( |
| ( | ||
Proceeds from long-term debt |
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Common share issuance proceeds, net | | — | ||||
Proceeds from employee related plans |
| |
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Net share settlement of restricted share units |
| ( |
| ( | ||
Purchases of treasury shares |
| — |
| ( | ||
Early redemption premium |
| ( |
| ( | ||
Deferred financing fees |
| ( |
| ( | ||
Net cash provided by (used in) financing activities |
| |
| ( | ||
Effect of exchange rates on cash and cash equivalents | ( | — | ||||
Net increase in cash and cash equivalents |
| |
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Cash and cash equivalents at beginning of period |
| |
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Cash and cash equivalents at end of period | $ | | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
6
Norwegian Cruise Line Holdings Ltd.
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
(in thousands)
Three Months Ended September 30, 2020 | ||||||||||||||||||
Accumulated | ||||||||||||||||||
Additional | Other | Total | ||||||||||||||||
Ordinary | Paid-in | Comprehensive | Retained | Treasury | Shareholders’ | |||||||||||||
Shares |
| Capital |
| Income (Loss) |
| Earnings |
| Shares |
| Equity | ||||||||
Balance, June 30, 2020 |
| $ | | $ | | $ | ( | $ | | $ | ( | $ | | |||||
Share-based compensation |
| — |
| |
| — |
| — |
| — |
| | ||||||
Issuance of shares under employee related plans |
| — |
| |
| — |
| — |
| — |
| | ||||||
Common share issuance proceeds, net | | | — | — | — | | ||||||||||||
Net share settlement of restricted share units |
| — |
| ( |
| — |
| — |
| — |
| ( | ||||||
Other comprehensive income, net |
| — |
| — |
| |
| — |
| — |
| | ||||||
Net loss |
| — |
| — |
| — |
| ( |
| — |
| ( | ||||||
Balance, September 30, 2020 | $ | | $ | | $ | ( | $ | | $ | ( | $ | | ||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||
Accumulated | ||||||||||||||||||
Additional | Other | Total | ||||||||||||||||
Ordinary | Paid-in | Comprehensive | Retained | Treasury | Shareholders’ | |||||||||||||
| Shares |
| Capital |
| Income (Loss) |
| Earnings |
| Shares |
| Equity | |||||||
Balance, December 31, 2019 |
| $ | | $ | | $ | ( | $ | | $ | ( |
| $ | | ||||
Share-based compensation |
| — |
| |
| — |
| — |
| — |
| | ||||||
Issuance of shares under employee related plans |
| |
| |
| — |
| — |
| — |
| | ||||||
Common share issuance proceeds, net | | | — | — | — | | ||||||||||||
Net share settlement of restricted share units |
| — |
| ( |
| — |
| — |
| — |
| ( | ||||||
Beneficial conversion feature | — | | — | — | — | | ||||||||||||
Cumulative change in accounting policy | — | — | — | | — | | ||||||||||||
Other comprehensive loss, net |
| — |
| — |
| ( |
| — |
| — |
| ( | ||||||
Net loss |
| — |
| — |
| — |
| ( |
| — |
| ( | ||||||
Balance, September 30, 2020 | $ | | $ | | $ | ( | $ | | $ | ( | $ | |
The accompanying notes are an integral part of these consolidated financial statements.
7
Norwegian Cruise Line Holdings Ltd.
Consolidated Statements of Changes in Shareholders’ Equity - Continued
(Unaudited)
(in thousands)
Three Months Ended September 30, 2019 | ||||||||||||||||||
Accumulated |
|
|
| |||||||||||||||
Additional | Other | Total | ||||||||||||||||
Ordinary | Paid-in | Comprehensive | Retained | Treasury | Shareholders’ | |||||||||||||
Shares |
| Capital |
| Income (Loss) |
| Earnings |
| Shares | Equity | |||||||||
Balance, June 30, 2019 |
| $ | |
| $ | |
| $ | ( |
| $ | |
| $ | ( |
| $ | |
Share-based compensation |
| — |
| |
| — |
| — |
| — |
| | ||||||
Issuance of shares under employee related plans |
| — |
| |
| — |
| — |
| — |
| | ||||||
Treasury shares | — | — | — | — | ( | ( | ||||||||||||
Net share settlement of restricted share units |
| — |
| ( |
| — |
| — |
| — |
| ( | ||||||
Other comprehensive loss, net |
| — |
| — |
| ( |
| — |
| — |
| ( | ||||||
Net income |
| — |
| — |
| — |
| |
| — |
| | ||||||
Balance, September 30, 2019 | $ | | $ | | $ | ( | $ | | $ | ( | $ | | ||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||
| Accumulated |
|
|
| ||||||||||||||
Additional | Other | Total | ||||||||||||||||
Ordinary | Paid-in | Comprehensive | Retained | Treasury | Shareholders’ | |||||||||||||
| Shares |
| Capital |
| Income (Loss) |
| Earnings |
| Shares | Equity | ||||||||
Balance, December 31, 2018 |
| $ | |
| $ | |
| $ | ( |
| $ | |
| $ | ( |
| $ | |
Share-based compensation |
| — |
| |
| — |
| — |
| — |
| | ||||||
Issuance of shares under employee related plans |
| |
| |
| — |
| — |
| — |
| | ||||||
Treasury shares | — | — | — | — | ( | ( | ||||||||||||
Net share settlement of restricted share units |
| — |
| ( |
| — |
| — |
| — |
| ( | ||||||
Other comprehensive loss, net |
| — |
| — |
| ( |
| — |
| — |
| ( | ||||||
Net income |
| — |
| — |
| — |
| |
| — |
| | ||||||
Balance, September 30, 2019 | $ | | $ |