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NORWEGIAN CRUISE LINECOMPANY UPDATENORWEGIAN CRUISE LINECOMPANY UPDATE
FORWARD LOOKING STATEMENTS
This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under
U.S. federal securities laws. Generally, the words “will,” “may,” “believes,” “expects,” “intends,” “anticipates,” ”projects,” “plans,” “seeks,”
and similar expressions are intended to identify forward-looking statements, which are not historical in nature.
Forward-looking statements are based on management’s current expectations and assumptions, and are subject to significant
business, economic, regulatory and competitive risks and uncertainties (many of which are beyond the control of the company and
management) that could cause actual results, performance or achievements to differ significantly from Norwegian’s historical results
or those implied in forward-looking statements. You should not place undue reliance on forward-looking statements as a prediction
of actual results. Norwegian expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such
statements are based. For a discussion of some of the important factors that could cause these variations, please consult the “Risk
Factors” section of the prospectus filed with the SEC.
We use certain non-GAAP financial measures in this presentation, such as EBITDA, Adjusted EBITDA, net onboard yield, and
compound annual growth rate, to enable us to analyze our performance. We utilize these financial measures to manage our business
on a day-to-day basis and believe that they are the most relevant measures of our financial performance. Some of these measures
are commonly used in the cruise industry to measure performance. Our use of a non-GAAP financial measure may not be
comparable to other companies within our industry. For a discussion concerning non-GAAP financial measures, please refer to our
respective filings with the SEC.
This information is confidential, and should not be photocopied, distributed or disclosed to anyone other than to whom it is
provided, and your acceptance of this document is deemed to be an agreement to these terms.
MANAGEMENT PRESENTERS
Kevin SheehanPresident and
Chief Executive Officer
Andrea DeMarcoDirector, Investor Relations
Wendy BeckExecutive Vice President and
Chief Financial Officer
3
INVESTMENT HIGHLIGHTS
4
Differentiated Product Offering of Freedom and Flexibility, “Freestyle Cruising”
Strategic Newbuild Program Drives Compelling Growth Story
Premium Product Offering Leads to Higher Net Yields Including Industry-leading Onboard Yields
Track Record of Consistent Financial Performance with Strong Focus on Driving ROIC
Executing on Stated Strategies and Initiatives
Young Modern Fleet Purpose-Built for Freestyle Cruising
Attractive Industry Fundamentals with Favorable Demographics
INDUSTRY FUNDAMENTALS
KEY CHARACTERISTICS OF THE CRUISE INDUSTRY Cruise industry assets are moveable, which maximizes profitability and utilization
Under-penetrated: Estimated 2014 penetration of 3.5% in North America; 1% in Europe(1)
Cruise industry has historically rebounded very positively following economic downturns
Cruisers have ~30% higher household income than other vacationers and are more likely to be college graduates(1)
International growth: Majority of cruise passengers are sourced from North America, presenting opportunity for further global penetration
Exceptional value of a cruise vacation compared to a land-based resort or hotel vacation
~70% of cruisers rate the experience as a high-value vacation alternative with over 80% viewing cruises as a good way to sample various destinations (3)
Three major North American cruise operators represent 90%+ of the market
Capital intensive with cost of newbuilds ranging from ~$500mm to $1.4bn
Long lead time to construct new vessels: ~27 - 36 months
High margins and EBITDA to FCF conversion
– Working capital is a source of cash due to pre-sale of tickets and customer deposits long before sailing
– Relatively low scheduled maintenance capital expenditures
– Favorable tax status
Expansive product offering and various levels of service quality covering “contemporary”, “premium” and “luxury” market segments
Attractive Industry Fundamentals
Favorable Demographics
High Barriers to Entry
Strong Cash Flow Generation
Varied Segments and Brands
Significant Value Proposition
6
Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.(1) CLIA 2014 passenger estimates; World Population Statistics population estimates(2) CLIA 2014 passenger estimates.(3) Wall Street research.
SLOWER INDUSTRY CAPACITY GROWTH
Source: Cruise Industry News, CLIA.
(% Increase in Berths)
7.3%
6.5%
2.4%
7.7%7.4%
4.8% 5.2%
7.3%
4.0%
5.4%
3.5%
4.7%
2.2%
4.5%
3.2%
2003-2013 Industry Average: 5.6%2003-2013 Industry Average: 5.6% 2014-2017 Industry Average: 3.7%
2014-2017 Industry Average: 3.7%
7
CONTRACTED INDUSTRY CAPACITY GROWTH
More disciplined industry capacity growth should result in improved pricing leverage
ATTRACTIVE GROWTH PROFILE
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2012 2014 2017
Note: Represents berths announced through March 31, 2014.
(Berths)
8
2012 2014 2017
ABOUT NORWEGIAN
NORWEGIAN AT A GLANCE
Pioneer of the modern cruise industry with unique, award-winningproduct offering
Track record of innovation and differentiation
Accomplished management team
Successful IPO, secondary offerings and optimization of capital structure
Twenty-three consecutive quarters of year-over-year adjusted EBITDAgrowth with consistent margin improvement
ABOUT NORWEGIAN
Modern fleet of 13 vessels with 34,470 berths
All vessels are purpose-built to deliver Freestyle Cruising
Latest delivery and launch: Norwegian Getaway in January 2014
The first Norwegian vessel to home port year round in Miami in over a decade
The 4,200-berth Norwegian Escape and Bliss to be delivered in Fall 2015 and Spring 2017, respectively
OUR FLEET
10
NORWEGIAN'S POST-IPO ACCOMPLISHMENTSOptimized Capital Structure
Issued $300 million 5% senior unsecured notes
Redeemed $450 million 11.75% senior secured notes
Redeemed $350 million 9.5% senior unsecured notes
Refinanced existing secured credit facilities, reducing applicable margins, improving terms and conditions and enhancing liquidity profile
Substantially reduced weighted average cost of debt
Authorized $500 million, three-year share repurchase program
11
Strong Track Record in Equity Capital Markets
Successful IPO in January of 2013 priced above the range at $19.00 per share
Three follow-ons in August and December of 2013 and March of 2014
– Increased free float from 13% to 44% of shares
– Current ownership as follows, Public: 44.6%; Genting Hong Kong: 27.7%, Apollo: 19.9% and TPG: 7.8%
KEY DIFFERENTIATORS
Fleet purpose-built for Freestyle Cruising Disciplined
newbuildprogram
Differentiated brand
message
Innovative Partnerships
Full ship charter
company
Young, modern
fleet
Unique inter-island
Hawaii offering
Rich Stateroom
Mix including
The Haven
DIFFERENTIATED PRODUCT OFFERING
FREESTYLE CRUISING ®
Supports the brand positioning of freedom and flexibility
Not offered by any other cruise line across entire fleet
Offers more opportunities to enhance onboard revenue
13
Norwegian offers a more flexible cruising experience so guests have more freedom to experience “the best vacation ever”
Norwegian offers a more flexible cruising experience so guests have more freedom to experience “the best vacation ever”
YOUNG, MODERN FLEET
8.4
12.4 12.6
Young fleet is a driver of profitability and continued top line growth
Norwegian has transitioned older tonnage out of the fleet while embarking on a disciplined newbuild program
Significant investments to ensure consistency across the fleet
– Premium stateroom mix, including The Haven by Norwegian
– Entire fleet upgraded with enhanced kids programming and additional specialty dining venues
Average Fleet Age in 2017 (1)Average Fleet Age in 2017 (1)
Note: Fleet age and age profile based on September 30, 2013.(1) Represents average fleet age as of 3/31/2017 based on publically announced Newbuilds and ship retirements.
Modern fleet supports attractive free cash flow generation into the futureModern fleet supports attractive free cash flow generation into the future
14
(Years)
PREMIUM PRODUCT OFFERING
2013 Net Yield
Norwegian’s modern fleet delivers a premium product offering
~50% of Norwegian’s deployment is to premium locations which typically generate higher net yields
Premium accommodation mix with balcony staterooms increasing from 51% to 57% by 2017
(1) Includes businesses held for sale. Excluding these businesses results in net yield of $172.43
Source: CLIA, Company filings.Note: Please consult company earnings release and SEC filings for additional information about the non-GAAP financial measures.
$183.70 $178.86
$167.56
15
(1)
RICH ONBOARD EXPERIENCE
16
Diverse Selection of Up to 27 Dining Options Leader in Branded Onboard Entertainment
Teppanyaki
O’Sheehan’s Bar & Grill
La Cucina on the Waterfront
Moderno Churrascaria
Extensive Offering of Nightlife Activities
Svedka & Inniskillin Ice Bar
Spice H2O
Casinos at SeaShakers on the Waterfront
Industry Leading Net Onboard Yield (1)
$52.03 $49.11
$41.33
Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.(1) Full year 2013
Ocean Blue byGeoffrey Zakarian
Dolce Gelato
A DISCIPLINED NEWBUILD PROGRAM…A combination of four newbuild vessels and strong underlying organic growthare expected to drive growth through 2017
Q1 Q2 Q3 Q4
Organic Organic Organic Organic
OrganicOrganic
Breakaway
Organic
Breakaway
Organic
Breakaway
Organic
Breakaway
Getaway
Organic
Breakaway
Getaway
Organic
Getaway
Organic
Getaway
Organic
GetawayOrganic Organic
Organic
Escape
Organic
Escape
Organic
Escape
Organic
Escape
Organic
Escape
Organic
Bliss
Organic
Bliss
Organic
Bliss
Organic
Bliss
2012
2013
2014
2015
2016
2017
17
WITH ADVANTAGEOUS RETURNS AND FINANCING
18
Delivery Timing May 2013 / January 2014 Fall 2015 / Spring 2017
Berths 4,000 4,200
Return Profile(1) ~5 year payback ~5 year payback
Financing (including Pre-Delivery)
90% with export credit agency guarantee
Breakaway: L + 160bps
Getaway: 4.5% Fixed
80% with export credit agency guarantee
Escape and Bliss: 2.98% Fixed
BREAKAWAY / GETAWAY ESCAPE / BLISS
(1) Based on Norwegian management estimates and assumptions.
EXECUTING ON OUR STRATEGIES
OUR BUSINESS STRATEGIES
20
Strengthen relationships with travel agents through Partners First Enhance guest satisfaction with initiatives such as Platinum Standards and
Vacation Hero programs Clear, consistent brand message throughout platforms Grow engagement of both shipboard and shoreside team members through
improved communications and recognition programs
Newbuild program drives top line growth through increased capacity and allows for margin expansion through increased economies of scale
Attractive newbuild contract and financing terms create a compelling value proposition for Norwegian
Drive incremental ROI through fleet revitalizations, thereby enhancing guest experience
Augment product offering to maintain differentiation Leverage lessons learned from newer vessels across entire fleet Implementation of fuel emission reducing scrubber technology
Continue to improve pricing and margins Return-focused capital allocation strategy Optimize cash flow generation to drive deleveraging
DRIVING DEMAND
FLEET EXPANSION
PRODUCT ENHANCEMENTS: NORWEGIAN NEXTTM
FINANCIAL FOCUS
4,000 berths27 dining options
5 slide Aqua Park with 2 racing slides3 Broadway shows++
1 distinctive Waterfront1 incredibly innovative ship
SUCCESSFUL LAUNCH OF NORWEGIAN BREAKAWAY
Awards and Media Coverage
“Breakaway is more than a game-changer for the industry; it’s a game-changer for Norwegian.”
“No doubt one of the most spectacular mega-resorts at sea chockfull of restaurants, lively nightspots and deck-top amusements.”
“From its innovative Waterfront dining, to the nightlife, to the takeout window at its most sought-after restaurant, everyone found something to love on the ship.”
“The Haven, with each new ship, gets better, operating like a boutique hotel amid the buzz of a major city.”
“This ship is such a big deal for The Big Apple.”
“New York’s newest cruise ship is going to be giving its passengers a whole lot of kicks on the high seas.”
21
Awarded the Editors Pick for “Best New Ship” in 2013
Gold awards for the contemporary and large ship categories, and the award for pool design
NORWEGIAN GETAWAY, OUR MIAMI SHIP
Latin-themed dining and lounges including the Tropicana Room and the Sugarcane Mojito Bar
Art Deco-themed Ice Bar and Miami-themed artwork throughout the ship
New productions of Broadway shows Legally Blonde and Burn the Floor
Illusionarium, a surreal magical experience with fine dining and special effects never before seen at sea
Miami Dolphins Cheerleaders as Godmothers
Celebrity chef eateries from Geoffrey Zakarian and Buddy Valastro
For the first time in a decade, offering seven day itinerariesyear- round from Miami
For the first time in a decade, offering seven day itinerariesyear- round from Miami
2014 DEPLOYMENT
23
Alaska
Bermuda
Caribbean
Europe
Hawaii Other
49%
Deployment Highlights:
• Addition of Norwegian Getaway year-round from Miami
• Third year of a four-ship seasonal Europe deployment
• Dry-docks for Norwegian Spirit, Norwegian Jewel and Norwegian Gem
AlaskaBermuda
Caribbean
EuropeOther
Alaska
Caribbean
Europe Other
Source: Company reports
21%
48%
22%
36%
30%
OPPORTUNITY TO EXPAND OUR GLOBAL FOOTPRINTWINTER 2015-2016 DEPLOYMENTHIGHLIGHTS
Deployment strategy focused on driving
contribution margin
Deployment strategy focused on driving
contribution margin
4,000 berths27 dining options
5 slide Aqua Park with 2 racing slides3 Broadway shows++
1 distinctive Waterfront1 incredibly innovative ship
NORWEGIAN ESCAPE HIGHLIGHTS
25
Scheduled for delivery in fall of 2015
At 4,200 berths will be the largest ship in Norwegian’s fleet
Proven design based on already popular Breakaway-class ships
Enters Miami 7-day Caribbean market to replace Norwegian Epic which moves to year-round Europe
Hull artwork by famed marine wildlife artist and conservationist Guy Harvey
Accommodations includes the latest rendition of The Haven by Norwegian®
Additional details of ships design and features to come
• Eco-friendly island destinationin Southern Belize currentlyunder construction
• Provides alternative tocongested port in BelizeCity
• Guests can remain on islandfor a beach experience or experince unique excursions
• On track to accept calls beginning late 2015
HARVEST CAYE IN BELIZE
EXECUTING ON OUR STRATEGIES:THE RESULTS
FINANCIAL HIGHLIGHTS
Track Record of Consistent Financial Performance and Growth
Best-in-Class Operating Efficiency
Strong Balance Sheet with Enhanced Maturity Profile and Meaningful Deleveraging
Strategy Built on Driving Industry Leading ROIC
Industry Leading Net Yield CAGR Since 2008
28
Highly Attractive Growth Profile
23 CONSECUTIVE QUARTERS OF EARNINGS GROWTHWITH CONSISTENT MARGIN IMPROVEMENT
29
$239
$286 $298
$323 $324 $332 $340 $351
$383 $405
$428 $456
$481 $506 $515 $525
$540 $556 $562
$579
$627 $647
$687 11
.0%
25
.4%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
$700.0
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009200920082008
(1) Trailing 12 months
($ millions)
20102010 20112011 20122012 20132013 20142014
AD
JUST
ED
EB
ITD
A M
AR
GIN
(1)
AD
JUST
ED
EB
ITD
A (1
)
Net Revenue Adjusted EBITDA
Net Yield (1) Adjusted EBITDA per Capacity Day
Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.(1) As reported.
CONSISTENT FINANCIAL PERFORMANCEANNUAL RESULTS
30
$108.32 $117.42 $121.92 $124.34 $130.20
$47.81 $50.87 $51.47 $51.84 $53.50
$0.00
$50.00
$100.00
$150.00
$200.00
2009 2010 2011 2012 2013
$1,320$1,479
$1,639 $1,692$1,919
$0
$500
$1,000
$1,500
$2,000
2009 2010 2011 2012 2013
31%
69%
30%
70%
30%
70%
29%
71%
29%
71%
$156.14$168.29 $173.39 $176.18 $183.70
$332
$405
$506 $556
$647
17.9%20.1%
22.8%24.4% 25.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
$0.00
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
2009 2010 2011 2012 2013
($mm)
($)
$39.32 $46.08
$53.52 $57.86
$61.95
$0.00
$25.00
$50.00
$75.00
2009 2010 2011 2012 2013
($mm)
($)
NET CRUISE COST
Focus on improving fuel efficiency and reducing consumption
Implementation of scrubber technology to reduce fuel emissions and expense
Drive efficiencies through continuous process improvement while benefiting the guest experience
Leverage synergistic relationships in purchasing, training, etc.
Newbuild program drives economies of scale
31
Increased cost efficiency despite fluctuating fuel costsIncreased cost efficiency despite fluctuating fuel costs
$11
5.4
0
$9
8.5
7
$9
9.1
3
$9
4.7
4
$8
9.7
1
$9
2.9
5
$29.35
$19.44
$23.92
$29.64
$31.56
$29.50
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$180.00
2008 2009 2010 2011 2012 2013
Net Cruise Cost ex-Fuel per Capacity Day
Gross Fuel Expense per Capacity Day
Net Revenue Adjusted EBITDA (12 months ended March 31, )
Adjusted EPSAdjusted EBITDA per Capacity Day
(12 months ended March 31, )
Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.
CONSISTENT FINANCIAL PERFORMANCEFIRST QUARTER 2014 RESULTS
32
$0.06
$0.23
$0.00
$0.10
$0.20
$0.30
2013 2014
$0
$100
$200
$300
$400
$500
2013 2014
$562
$687
24.6%25.4%
20.0%
25.0%
30.0%
$0.00
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
2013 2014
($)
$58.80
$62.48
$55.00
$57.50
$60.00
$62.50
$65.00
2013 2014
($mm)
($)
($mm)
68%
32%
68%
32%$391
$499
STRENGTHENING BALANCE SHEET
Refinancing transactions materially lowered cost of
debt and extended maturity profile
Liquidity position at March 31 of ~$550mm
New revolving credit facility is bullet maturity,
removing amortization requirements in previous
structure
Strong operating cash flow generation supports
attractive deleveraging profile
Young fleet supports free cash flow generation due
to lower maintenance expenditures and higher
margin revenue opportunities
Newbuilds financed with 12 year maturities at
attractive interest rates
Note: For additional information about the non-GAAP financial measures presented, please see company filings.Note: Leverage excludes amounts under Due to Affiliates.(1) Includes capital leases.(2) Pro Forma Adjusted EBITDA includes full year of forecasted EBITDA attributable to Norwegian Breakaway and Norwegian Getaway
33
Leverage at March 31, 2014
Cash Equivalents $65
Revolving Credit Facility 120
5.0% Senior Unsecured Notes 299
Other Debt (1) 3,120
Total Debt Excluding Newbuild 3,539
Newbuild Debt 115
Total Debt Including Newbuild 3,654
LTM Adjusted EBITDA 687
Pro Forma Adjusted EBITDA (2) 843
Net Debt/Adjusted EBITDA 5.2x
Net Debt ex. Newbuild / PF Adj. EBITDA 4.1x
2008 VS. 2013 NET YIELD
34
$122.64 $130.20
$47.40 $53.50
$0.00
$50.00
$100.00
$150.00
$200.00
2008 2013
($)
$170.04$183.70 Norwegian’s net yield is over 8% above
2008 levels with improvement in both ticket and onboard as a result of:
Enhanced pricing discipline
Growth in core fleet yields
Delivery of premium priced newbuilds
Onboard revenue initiatives that enhance Freestyle Cruising offering as well as onboard yield
Norwegian has surpassed industry yield environment of 2008Norwegian has surpassed industry yield environment of 2008
BEST-IN-CLASS PERFORMANCE
Note: For additional information about the non-GAAP financial measures presented, please see the appendix to this presentation.(1) Fiscal year end December 31 for Norwegian and RCL, November 30 for CCL. LTM for CCL is as of August 31. RCL Adjusted for Pullmantur impairment in 2012, CCL adjusted for Ibero
brand impairment in 2012.(2) Includes businesses held for sale. Excluding these businesses net yield growth is 2.3%(3) Calculated as EBIT / (Average Debt + Average Book Equity)
Consistent Financial Performance (1)
Adjusted EBITDA Margin (%)
5%
10%
15%
20%
25%
30%
2007 2008 2009 2010 2011 2012 2013
Norwegian CCL RCL
4.3%
2.7%
(2.1%)
(5.0%)
(2.5%)
0.0%
2.5%
5.0%
Net Yield Growth Full Year 2013 2013 Return on Invested Capital (3)
35
6.9%
4.7%4.0%
0.0%
2.0%
4.0%
6.0%
8.0%(2)
2014 RESULTS AND EXPECTATIONS
3.8%
-2.7%-1.6%
Q1 2014 Net Yield Growth (1)
(1) On an As Reported basis for the three months ended March 31 for Norwegian and Royal Caribbean, February 28 for Carnival(2) Based on midpoint of most recent guidance. For Net Yield, Carnival has not released guidance other than “down slightly versus
prior year”. Net Yield on an As Reported basis.(3) Carnival non-GAAP EPS of $0.00 in Q1 2014 compared to $0.08 in Q1 2013
3.3%
2.0%
FY 2014E Net Yield Guidance (2)
61.7%
39.6%
1.3%
FY 2014E Adjusted EPS Growth (2)283.3%
-40.0%n/a (3)
Q1 2014 Adjusted EPS Growth
Down Slightly
INVESTMENT HIGHLIGHTS
37
Differentiated Product Offering of Freedom and Flexibility, “Freestyle Cruising”
Strategic Newbuild Program Drives Compelling Growth Story
Premium Product Offering Leads to Higher Net Yields Including Industry-leading Onboard Yields
Track Record of Consistent Financial Performance with Strong Focus on Driving ROIC
Executing on Stated Strategies and Initiatives
Young Modern Fleet Purpose-Built for Freestyle Cruising
Attractive Industry Fundamentals with Favorable Demographics
APPENDIX
Net
Yie
ld is
cal
cula
ted
as
follo
ws
(in t
ho
usa
nd
s, e
xcep
t C
apac
ity
Day
s an
d Y
ield
dat
a):
200
920
1020
112
012
2013
Pas
sen
ger
tic
ket
reve
nu
e1,
292,
811
$
1,4
11,7
85
$
1,56
3,36
3$
1,6
04
,56
3$
1,8
15,8
69
$
O
nb
oar
d a
nd
oth
er r
even
ue
562,
393
60
0,3
43
655
,96
16
71,6
83
754
,425
T
ota
l re
ven
ue
1,8
55,2
04
2,0
12,1
282,
219
,324
2,27
6,2
46
2,57
0,2
94
Less
:C
om
mis
sio
ns,
tra
nsp
ort
atio
n a
nd
oth
er e
xpe
nse
37
7,37
837
9,5
324
10,7
09
410
,531
455
,816
On
bo
ard
an
d o
ther
exp
ense
158
,330
153,
137
169
,329
173,
916
195,
526
N
et R
even
ue
1,31
9,4
96
$
1,
479
,459
$
1,6
39
,28
6$
1,6
91,
79
9$
1,9
18,9
52$
Ca
pac
ity
Day
s 8
,45
0,9
80
8,7
90
,98
09
,454
,570
9,6
02,
730
10,4
46
,216
Net
Yie
ld15
6.1
4$
168
.29
$
17
3.39
$
17
6.1
8$
18
3.70
$
Ad
just
ed E
BIT
DA
(1) is
ca
lcu
late
d a
s fo
llow
s (in
th
ou
san
ds)
:
Sep
tem
ber
30
,20
08
Dec
emb
er 3
1,2
00
8M
arch
31,
200
9Ju
ne
30,
200
9S
epte
mb
er 3
0,
200
9D
ecem
ber
31,
200
9
Net
inco
me
(lo
ss)
(133
,710
)$
(2
11,7
61)
$
(6
1,0
66
)$
(19
,373
)$
(10
4,8
33)
$
66
,952
$
In
tere
st e
xpen
se, n
et16
5,9
7314
9,5
68
127,
209
119
,675
111,
352
114
,514
Inco
me
tax
exp
ense
1,19
28
748
206
3455
45
03
De
pre
ciat
ion
an
d a
mo
rtiz
atio
n e
xpen
se16
2,0
48
162
,56
516
0,7
93
158
,530
155,
853
152
,70
0
EB
ITD
A19
5,50
310
1,24
622
7,75
625
9,4
66
162,
926
334
,66
9O
ther
(in
co
me)
exp
ense
15,3
89
(1,8
86
)(1
11,8
22)
(10
5,22
0)
1,56
7(1
0,8
74)
Oth
er28
,06
118
6,6
3218
2,4
7616
9,1
80
159
,99
38
,459
Ad
just
ed
EB
ITD
A23
8,9
53$
28
5,9
92
$
29
8,4
10$
32
3,4
26$
324
,48
6$
33
2,2
54$
Mar
ch 3
1,20
10J
un
e 3
0,
20
10Se
pte
mb
er 3
0,
2010
Dec
emb
er
31,
20
10M
arc
h 3
1,20
11Ju
ne
30
,20
11
Net
inco
me
47,
507
$
17
,779
$
23,
94
8$
22,9
86
$
28
,939
$
72
,210
$
Inte
rest
exp
ense
, net
125,
261
135
,923
156
,44
017
3,6
7218
5,73
019
5,4
02
Inco
me
tax
exp
ense
457
40
033
813
68
579
1D
ep
reci
atio
n a
nd
am
ort
izat
ion
exp
ense
152,
573
153
,334
161,
66
317
0,1
91
178
,59
118
6,2
05
EB
ITD
A32
5,79
830
7,4
3634
2,38
936
6,9
85
393,
345
454
,60
8O
ther
(in
co
me)
exp
ense
7,11
036
,68
232
,99
533
,815
30,8
31(3
,30
0)
Oth
er7,
08
96
,833
7,70
34
,313
3,9
94
4,6
24
Ad
just
ed
EB
ITD
A33
9,9
97
$
350
,951
$
38
3,0
87
$
40
5,11
3$
428
,170
$
455
,932
$
Sep
tem
ber
30
,20
11D
ecem
ber
31,
2011
Mar
ch 3
1,20
12Ju
ne
30,
20
12S
epte
mb
er 3
0,
2012
Dec
emb
er 3
1,20
12
Net
inco
me
88
,821
$
12
6,8
59$
138
,076
$
144
,88
3$
165,
562
$
168
,556
$
In
tere
st e
xpen
se, n
et19
9,0
92
190
,18
718
8,4
88
190
,711
188
,019
189
,930
Inco
me
tax
exp
ense
1,6
241,
700
1,77
51,
103
626
706
De
pre
ciat
ion
an
d a
mo
rtiz
atio
n e
xpen
se18
6,1
81
183,
98
518
3,52
518
3,6
95
185,
60
118
9,5
37
EB
ITD
A4
75,7
185
02,
731
511,
86
452
0,3
92
539
,80
854
8,7
29O
ther
(in
co
me)
exp
ense
113
(2,6
34)
(3,2
87
)(8
89
)(4
,28
0)
(2,0
99
)O
ther
5,59
65,
94
26
,175
5,9
224
,89
89
,00
4
Ad
just
ed
EB
ITD
A4
81,
427
$
506
,039
$
51
4,7
52$
525,
425
$
54
0,4
26$
55
5,6
34$
Mar
ch 3
1,20
13J
un
e 3
0,
2013
Sep
tem
ber
30
,20
13D
ecem
be
r 31
,2
013
Ma
rch
31,
2014
Net
inco
me
attr
ibu
tab
le t
o N
orw
egia
n C
ruis
e Li
ne
Ho
ldin
gs
Ltd
.6
8,8
77$
24,0
05
$
6
6,6
75$
101,
714
$
24
9,3
76$
In
tere
st e
xpen
se, n
et27
1,4
1632
6,1
97
305,
628
282,
60
218
6,1
18In
com
e ta
x ex
pen
se2,
828
3,8
04
11,3
3911
,80
221
9D
ep
reci
atio
n a
nd
am
ort
izat
ion
exp
ense
192,
48
819
9,6
62
207,
336
215,
593
228
,48
5
EB
ITD
A53
5,6
09
553,
66
859
0,9
786
11,7
116
64
,19
8N
et in
com
e at
trib
uta
ble
to
no
n-c
on
tro
llin
g in
tere
st(1
,10
5)(1
,179
)8
571,
172
2,70
2O
ther
inco
me
(379
)(2
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7)(5
37)
(1,4
03)
(427
)O
ther
27,
728
29,4
48
35,
291
35,7
152
0,2
42
Ad
just
ed
EB
ITD
A56
1,8
53$
57
9,1
30$
62
6,5
89
$
64
7,1
95
$
6
86
,715
$
Yea
r En
ded
Dec
emb
er 3
1,
Tw
elve
mo
nth
s en
ded
,
NO
RW
EGIA
N C
RU
ISE
LIN
E H
OLD
ING
S LT
D.
NO
N-G
AA
P R
ECO
NC
ILIN
G I
NFO
RM
AT
ION
FO
R F
INA
NC
IAL
HIG
HLI
GH
TS
(un
aud
ited
)
Th
e fi
nan
cial
dat
a p
rese
nte
d f
or
the
year
s 2
00
7 th
rou
gh
20
12 a
re d
eriv
ed f
rom
NC
LC’s
co
nso
lidat
ed f
inan
cial
sta
tem
ents
an
d s
ho
uld
be
read
in c
on
jun
ctio
n w
ith
th
ose
fin
anci
al
stat
emen
ts.
Pri
or
to t
he
per
iod
en
ded
Mar
ch 3
1, 2
013
, th
e fi
nan
cial
dat
a p
rese
nte
d a
re t
ho
se o
f N
CLC
.
(1) A
dju
sted
EB
ITD
A is
def
ined
as
EB
ITD
A a
dju
sted
fo
r o
ther
(in
com
e) e
xpen
se, i
mp
airm
ent
loss
an
d o
ther
su
pp
lem
enta
l ad
just
men
ts (“
Oth
er”)
. W
e b
elie
ve t
hat
Ad
just
ed E
BIT
DA
is
app
rop
riat
e as
a s
up
ple
men
tal f
inan
cial
mea
sure
as
it is
use
d b
y m
anag
emen
t to
ass
ess
op
erat
ing
per
form
ance
, is
a fa
cto
r in
th
e ev
alu
atio
n o
f th
e p
erfo
rman
ce o
f m
anag
emen
t an
d is
th
e p
rim
ary
met
ric
use
d in
det
erm
inin
g t
he
Co
mp
any’
s p
erfo
rman
ce in
cen
tive
bo
nu
s p
aid
to
its
emp
loye
es. W
e b
elie
ve t
hat
Ad
just
ed E
BIT
DA
is a
use
ful m
easu
re in
det
erm
inin
g t
he
Co
mp
any’
s p
erfo
rman
ce a
s it
ref
lect
s ce
rtai
n o
per
atin
g d
rive
rs o
f th
e C
om
pan
y’s
bu
sin
ess,
su
ch a
s sa
les
gro
wth
, op
erat
ing
co
sts,
mar
keti
ng
, gen
eral
an
d a
dm
inis
trat
ive
exp
ense
an
d
oth
er o
per
atin
g in
com
e an
d e
xpen
se. A
dju
sted
EB
ITD
A is
no
t a
def
ined
ter
m u
nd
er G
AA
P. A
dju
sted
EB
ITD
A is
no
t in
ten
ded
to
be
a m
easu
re o
f liq
uid
ity
or
cash
flo
ws
fro
m o
per
atio
ns
or
mea
sure
s co
mp
arab
le t
o n
et in
com
e as
it d
oes
no
t ta
ke in
to a
cco
un
t ce
rtai
n r
equ
irem
ents
su
ch a
s ca
pit
al e
xpen
dit
ure
s an
d r
elat
ed d
epre
ciat
ion
, pri
nci
pal
an
d in
tere
st p
aym
ents
an
d t
ax
pay
men
ts a
nd
it in
clu
des
oth
er s
up
ple
men
tal a
dju
stm
ents
.
Tw
elve
mo
nth
s en
ded
,
Tw
elve
mo
nth
s en
ded
,
Tw
elve
mo
nth
s en
ded
,