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 2020-09-30 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

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 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

Norwegian Cruise Line Earnings 2020-09-30

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 September 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 275,636,032 ordinary shares outstanding as of October 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

31

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 6.

Exhibits

57

SIGNATURES

59

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

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Revenue

 

  

 

  

 

  

 

  

Passenger ticket

$

4,667

$

1,373,779

$

859,293

$

3,526,456

Onboard and other

 

1,851

 

540,072

 

411,036

 

1,455,302

Total revenue

 

6,518

 

1,913,851

 

1,270,329

 

4,981,758

Cruise operating expense

 

  

 

  

 

  

 

  

Commissions, transportation and other

 

4,038

 

330,893

 

371,007

 

857,848

Onboard and other

 

4,728

 

122,971

 

82,889

 

309,447

Payroll and related

 

65,571

 

235,833

 

441,462

 

688,325

Fuel

 

48,224

 

98,943

 

222,240

 

297,727

Food

 

3,426

 

56,913

 

59,639

 

166,305

Other

 

64,170

 

145,211

 

308,832

 

456,187

Total cruise operating expense

 

190,157

 

990,764

 

1,486,069

 

2,775,839

Other operating expense

 

  

 

  

 

  

 

  

Marketing, general and administrative

 

156,656

 

255,148

 

558,781

 

744,991

Depreciation and amortization

 

177,488

 

156,215

 

554,937

 

482,227

Impairment loss

1,607,797

Total other operating expense

 

334,144

 

411,363

 

2,721,515

 

1,227,218

Operating income (loss)

 

(517,783)

 

511,724

 

(2,937,255)

 

978,701

Non-operating income (expense)

 

 

  

 

 

  

Interest expense, net

 

(139,664)

 

(60,188)

 

(323,108)

 

(199,660)

Other income (expense), net

 

(23,680)

 

10,251

 

(32,275)

 

13,433

Total non-operating income (expense)

 

(163,344)

 

(49,937)

 

(355,383)

 

(186,227)

Net income (loss) before income taxes

 

(681,127)

 

461,787

 

(3,292,638)

 

792,474

Income tax benefit (expense)

 

3,761

 

(11,203)

 

19,057

 

16,457

Net income (loss)

$

(677,366)

$

450,584

$

(3,273,581)

$

808,931

Weighted-average shares outstanding

 

  

 

  

 

  

 

  

Basic

 

271,435,350

 

214,207,716

 

241,578,995

 

215,614,098

Diluted

 

271,435,350

 

215,499,462

 

241,578,995

 

217,050,055

Earnings (loss) per share

 

  

 

  

 

  

 

  

Basic

$

(2.50)

$

2.10

$

(13.55)

$

3.75

Diluted

$

(2.50)

$

2.09

$

(13.55)

$

3.73

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

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Net income (loss)

$

(677,366)

$

450,584

$

(3,273,581)

$

808,931

Other comprehensive income (loss):

 

  

 

  

 

  

 

  

Shipboard Retirement Plan

 

101

 

95

 

305

 

284

Cash flow hedges:

 

 

 

 

Net unrealized gain (loss)

 

87,710

 

(209,511)

 

(163,672)

 

(211,548)

Amount realized and reclassified into earnings

 

36,072

 

(448)

 

86,853

 

(16,722)

Total other comprehensive income (loss)

 

123,883

 

(209,864)

 

(76,514)

 

(227,986)

Total comprehensive income (loss)

$

(553,483)

$

240,720

$

(3,350,095)

$

580,945

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)

September 30, 

December 31, 

    

2020

    

2019

Assets

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

2,356,211

$

252,876

Accounts receivable, net

 

78,496

 

75,109

Inventories

 

81,259

 

95,427

Prepaid expenses and other assets

 

136,533

 

306,733

Total current assets

 

2,652,499

 

730,145

Property and equipment, net

 

13,453,433

 

13,135,337

Goodwill

 

98,134

 

1,388,931

Trade names

 

500,525

 

817,525

Other long-term assets

 

697,446

 

612,661

Total assets

$

17,402,037

$

16,684,599

Liabilities and shareholders’ equity

 

  

 

  

Current liabilities:

 

  

 

  

Current portion of long-term debt

$

472,359

$

746,358

Accounts payable

 

116,464

 

100,777

Accrued expenses and other liabilities

 

629,811

 

782,275

Advance ticket sales

 

1,115,632

 

1,954,980

Total current liabilities

 

2,334,266

 

3,584,390

Long-term debt

 

10,465,095

 

6,055,335

Other long-term liabilities

 

514,910

 

529,295

Total liabilities

 

13,314,271

 

10,169,020

Commitments and contingencies (Note 11)

 

  

 

  

Shareholders’ equity:

 

  

 

  

Ordinary shares, $0.001 par value; 490,000,000 shares authorized; 300,070,311 shares issued and 275,619,452 shares outstanding at September 30, 2020 and 237,533,270 shares issued and 213,082,411 shares outstanding at December 31, 2019

 

300

 

237

Additional paid-in capital

 

5,155,986

 

4,235,690

Accumulated other comprehensive income (loss)

 

(372,004)

 

(295,490)

Retained earnings

 

557,410

 

3,829,068

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

 

(1,253,926)

 

(1,253,926)

Total shareholders’ equity

 

4,087,766

 

6,515,579

Total liabilities and shareholders’ equity

$

17,402,037

$

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)

Nine Months Ended

September 30, 

    

2020

    

2019

Cash flows from operating activities

 

  

 

  

Net income (loss)

$

(3,273,581)

$

808,931

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

 

  

 

  

Depreciation and amortization expense

 

565,208

 

482,497

Impairment loss

1,607,797

Deferred income taxes, net

 

(17,852)

 

(25,731)

Loss on derivatives

12,195

Loss on extinguishment of debt

 

10,480

 

3,988

Provision for bad debts and inventory obsolescence

 

16,293

 

2,852

Gain on involuntary conversion of assets

(1,340)

(2,800)

Share-based compensation expense

 

81,009

 

82,070

Net foreign currency adjustments

 

3,746

 

(4,326)

Changes in operating assets and liabilities:

 

 

Accounts receivable, net

 

(12,103)

 

(12,741)

Inventories

 

12,757

 

(4,681)

Prepaid expenses and other assets

 

79,915

 

(31,926)

Accounts payable

 

11,536

 

(86,525)

Accrued expenses and other liabilities

 

(180,126)

 

(27,504)

Advance ticket sales

 

(834,560)

 

262,938

Net cash provided by (used in) operating activities

 

(1,918,626)

 

1,447,042

Cash flows from investing activities

 

  

 

  

Additions to property and equipment, net

 

(873,142)

 

(615,985)

Cash received on settlement of derivatives

 

 

289

Cash paid on settlement of derivatives

(31,520)

(556)

Other

3,047

5,039

Net cash used in investing activities

 

(901,615)

 

(611,213)

Cash flows from financing activities

 

  

 

  

Repayments of long-term debt

 

(888,800)

 

(2,882,354)

Proceeds from long-term debt

 

5,225,090

 

2,652,000

Common share issuance proceeds, net

719,094

Proceeds from employee related plans

 

5,557

 

18,203

Net share settlement of restricted share units

 

(15,334)

 

(20,935)

Purchases of treasury shares

 

 

(349,860)

Early redemption premium

 

(1,376)

 

(117)

Deferred financing fees

 

(117,388)

 

(9,359)

Net cash provided by (used in) financing activities

 

4,926,843

 

(592,422)

Effect of exchange rates on cash and cash equivalents

(3,267)

Net increase in cash and cash equivalents

 

2,103,335

 

243,407

Cash and cash equivalents at beginning of period

 

252,876

 

163,851

Cash and cash equivalents at end of period

$

2,356,211

$

407,258

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 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

 

$

281

$

4,851,781

$

(495,887)

$

1,234,776

$

(1,253,926)

$

4,337,025

Share-based compensation

 

 

25,862

 

 

 

 

25,862

Issuance of shares under employee related plans

 

 

1,457

 

 

 

 

1,457

Common share issuance proceeds, net

19

276,902

276,921

Net share settlement of restricted share units

 

 

(16)

 

 

 

 

(16)

Other comprehensive income, net

 

 

 

123,883

 

 

 

123,883

Net loss

 

 

 

 

(677,366)

 

 

(677,366)

Balance, September 30, 2020

$

300

$

5,155,986

$

(372,004)

$

557,410

$

(1,253,926)

$

4,087,766

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

 

$

237

$

4,235,690

$

(295,490)

$

3,829,068

$

(1,253,926)

 

$

6,515,579

Share-based compensation

 

 

81,009

 

 

 

 

81,009

Issuance of shares under employee related plans

 

2

 

5,555

 

 

 

 

5,557

Common share issuance proceeds, net

61

717,826

717,887

Net share settlement of restricted share units

 

 

(15,334)

 

 

 

 

(15,334)

Beneficial conversion feature

131,240

131,240

Cumulative change in accounting policy

1,923

1,923

Other comprehensive loss, net

 

 

 

(76,514)

 

 

 

(76,514)

Net loss

 

 

 

 

(3,273,581)

 

 

(3,273,581)

Balance, September 30, 2020

$

300

$

5,155,986

$

(372,004)

$

557,410

$

(1,253,926)

$

4,087,766

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 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

 

$

237

 

$

4,176,825

 

$

(179,769)

 

$

3,257,187

 

$

(1,104,137)

 

$

6,150,343

Share-based compensation

 

 

25,420

 

 

 

 

25,420

Issuance of shares under employee related plans

 

 

6,835

 

 

 

 

6,835

Treasury shares

(149,789)

(149,789)

Net share settlement of restricted share units

 

 

(105)

 

 

 

 

(105)

Other comprehensive loss, net

 

 

 

(209,864)

 

 

 

(209,864)

Net income

 

 

 

 

450,584

 

 

450,584

Balance, September 30, 2019

$

237

$

4,208,975

$

(389,633)

$

3,707,771

$

(1,253,926)

$

6,273,424

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

 

$

235

 

$

4,129,639

 

$

(161,647)

 

$

2,898,840

 

$

(904,066)

 

$

5,963,001

Share-based compensation

 

 

82,070

 

 

 

 

82,070

Issuance of shares under employee related plans

 

2

 

18,201

 

 

 

 

18,203

Treasury shares

(349,860)

(349,860)

Net share settlement of restricted share units

 

 

(20,935)

 

 

 

 

(20,935)

Other comprehensive loss, net

 

 

 

(227,986)

 

 

 

(227,986)

Net income

 

 

 

 

808,931

 

 

808,931

Balance, September 30, 2019

$

237

$