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Norwegian Cruise Line (NCLH)

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. With a combined fleet of 28 ships with approximately 59,150 berths, these brands offer itineraries to more than 490 destinations worldwide. The Company has nine additional ships scheduled for delivery through 2027.

Company profile

Ticker
NCLH
Exchange
Website
CEO
Frank Jose Del Rio
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Arrasas Limited • Belize Island Holdings Ltd. • Breakaway Four, Ltd. • Breakaway One, Ltd. • Breakaway Three, Ltd. • Breakaway Two, Ltd. • Classic Cruises II, LLC • Classic Cruises, LLC • Eurosoft Corporation Limited • Eurosoft Cruise Line (Shanghai) Co., Ltd. ...
IRS number
980691007

NCLH stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.9B 1.9B 1.9B 1.9B 1.9B 1.9B
Cash burn (monthly) 77.87M 38.49M 170.06M 325.38M (no burn) 91.23M
Cash used (since last report) 238.13M 117.71M 520.08M 995.05M n/a 279M
Cash remaining 1.67B 1.79B 1.38B 908.18M n/a 1.62B
Runway (months of cash) 21.4 46.4 8.1 2.8 n/a 17.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Sep 22 Jason Montague Common Stock Sell Dispose S No No 14.68 62,758 921.29K 258,881
24 Aug 22 Mark Kempa Common Stock Sell Dispose S No No 13.5035 55,000 742.69K 222,651
18 Aug 22 Howard J Sherman Common Stock Sell Dispose S No No 13.6303 86,225 1.18M 140,609
27 Jul 22 Jason Montague Common Stock Payment of exercise Dispose F No No 11.5 18,117 208.35K 321,639
27 Jul 22 Jason Montague Common Stock Payment of exercise Dispose F No No 11.5 36,234 416.69K 339,756
27 Jul 22 Daniel S Farkas Common Stock Payment of exercise Dispose F No No 11.5 13,588 156.26K 275,160
27 Jul 22 Daniel S Farkas Common Stock Payment of exercise Dispose F No No 11.5 27,176 312.52K 288,748
13F holders Current Prev Q Change
Total holders 487 524 -7.1%
Opened positions 60 95 -36.8%
Closed positions 97 113 -14.2%
Increased positions 177 204 -13.2%
Reduced positions 139 115 +20.9%
13F shares Current Prev Q Change
Total value 5.2B 7.68B -32.3%
Total shares 306.71M 294.26M +4.2%
Total puts 26.91M 27.13M -0.8%
Total calls 19.58M 22.86M -14.4%
Total put/call ratio 1.4 1.2 +15.8%
Largest owners Shares Value Change
Apollo Management Holdings GP 66.83M $2.52B 0.0%
Vanguard 45.85M $509.86M +1.5%
Capital International Investors 33.88M $376.8M +59.5%
BLK Blackrock 23.3M $259.05M +5.5%
STT State Street 13.22M $147.02M -0.9%
Geode Capital Management 8.14M $90.45M +4.4%
IVZ Invesco 6.81M $75.76M +19.2%
Ariel Investments 6.41M $71.25M +81.6%
MS Morgan Stanley 4.49M $49.9M -2.7%
BK Bank Of New York Mellon 4.23M $47.08M +1.2%
Largest transactions Shares Bought/sold Change
Capital International Investors 33.88M +12.64M +59.5%
Marshall Wace 3.05M +3.03M +16987.5%
Ariel Investments 6.41M +2.88M +81.6%
Millennium Management 153.14K -2.78M -94.8%
Citadel Advisors 4.04M +2.73M +208.5%
BMO Bank of Montreal 3.2M -2.14M -40.1%
Squarepoint Ops 3.6M +2.12M +142.7%
Parametric Portfolio Associates 0 -1.96M EXIT
Zimmer Partners 0 -1.5M EXIT
Boston Partners 0 -1.44M EXIT

Financial report summary

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Management Discussion
  • Total revenue increased to $1.2 billion in 2022 compared to $4.4 million in 2021. In 2022, revenue increased as we returned to service with 3.0 million Passenger Cruise Days. In 2021, voyages were cancelled due to the COVID-19 pandemic.
  • Total cruise operating expense increased 329.8% in 2022 compared to 2021. In 2022, the second quarter started with 23 ships operating with guests onboard and ended with the entire 28-ship fleet in service compared to 2021, during which all voyages were cancelled. In 2022, our cruise operating expenses were increased due to the resumption of voyages, resulting in higher payroll, fuel, and direct variable costs of fully operating ships. Costs for certain items such as food, fuel and logistics also increased related to inflation. Additionally, in 2022, there was an increase in COVID-19 related costs, including testing. Gross Cruise Cost increased 222.2% in 2022 compared to 2021 primarily related to the change in costs described above plus an increase in marketing, general and administrative expenses primarily related to increased marketing costs as we returned to service. Total other operating expense increased 42.0% in 2022 compared to 2021 primarily due to the increase in marketing, general and administrative expenses.
  • Interest expense, net was $144.4 million in 2022 compared to $137.3 million in 2021. Interest expense in 2021 reflects a $20.4 million gain recognized from extinguishment of debt. Excluding this gain, interest expense decreased as a result of lower interest expense in connection with recent refinancings, partially offset by higher debt balances and higher LIBOR rates.

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