This website uses cookies. Demand in pricing continues to be strong, not only for 2023, but also as we look further out the sailings in 2024 and beyond. Following up on the strategic shift to longer, more immersive itineraries, should we be thinking about any other financial ramifications of this shift other than the occupancy? Listen, we have about 20% increase in capacity for 2023 versus 2019. In addition, any of these items will also be added if booked through Norwegian Cruise Line; Flight arrangements, Hotel and Cruise Tour packages, Shore Excursions booked and pre-paid, Prepaid service charges, Beverage or Dining gratuities (if part of FAS Promotion selection), Essentials, Booksafe Standard or Platinum Travel Protection. The Future Cruise Credit goes to the individual guest on the reservation. Both the conference call and presentation will be available for replay for 30 days following today's call. Now, that's not a necessarily easy task, but that's one of the things we're marching to as a management team and, of course, with our board of directors. Scam or Deal: Will That Cruise Sale Really Save You Money? Frank, well, congratulations on absolutely an amazing career. In addition, they agree they are authorized to remove the value of any bonus future cruise credits offered by Norwegian Cruise Line for all guests. Norwegian Cruise Line has extended its Future Cruise Credit (FCCs) booked by date until the end of the year. So, when you combine all those factors together, that's what gives us good -- great confidence in where our pricing is. Policies for Sixthman full-ship charters may differ. Frequently Asked Questions - Norwegian Cruise Line I think that, you know, there was kind of the wave of pent up demand following some change in COVID restrictions at the mid to late part of last year. Sign up and register your NCL Future Cruise Credit here, then browse the unlimited availability of exciting NCL sailings, cabin categories and destinations available with my future cruise credit and contact one of our expert agents for personalised help with planning and booking. That is just a complete no-no in our organization. Hey, guys, good morning. So, let's address the cost side first. What happens if the cruise I want to use my Future Cruise Credit against is cheaper than the value of my Future Cruise Credit? And I think it's somewhere in the neighborhood of -- we have 3% more deployment in Q4 of Alaska and I believe 7% deployment -- more deployment in Europe for Q4. Hi, Steve. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. I'm incredibly proud of you. And, of course, with our bundling strategy that we've embarked on, you know, over the last few years, and that's really taking full throttle in 2023, that does have some headwinds to our overall net yield. Later, we will conduct a question-and-answer session, and instructions for the session will follow at that time. Cruise tours purchased through Norwegian Cruise Line Thanks. Thank you. Cruise Credits vs. And how much is your guidance reflecting some conservatism there? Good morning, Dan. I guess to what extent should we expect that to continue to step down throughout the year. Look, our book position, Harry touched on it earlier, we're exactly where we need to be to hit our goals and our guidance. A credit card dispute was filed for the charges. So, we said last quarter that we wanted to be prudent in terms of our guidance. Patrick Scholes -- Truist Securities -- Analyst. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Better Buy: Royal Caribbean or Norwegian Cruise Line Stock? And then, secondly, if I have my notes correctly, for the 1.4 billion term loan, it's going to be either pushed out or amended and extended. How long will it take to receive the refunded portion (if any) of the cancelled booking? A good way to be sure to redeem the full amount is to consider a cabin upgrade, book an ocean view instead of an inside cabin or treat yourself to a balcony instead of an ocean view stateroom. Hey, good morning, everybody. Your original Future Cruise Credit can be applied to Pre-paid service charges, Beverage or dining gratuities (if part of the Free At Sea promotion selection), Air purchased through Norwegian Cruise Line, Hotel purchased through, Norwegian Cruise Line, Cruise tours purchased through Norwegian Cruise Line, Pre-booked and pre-paid shore excursions, Transfers, Essentials, Booksafe Standard or Platinum Travel Protection insurance (if purchased on the original suspended reservation). Future Cruise Credit - What is a Future Cruise Credit and How to Redeem Thanks for that, Mark. A future cruise credit is typically delivered via email within a few weeks' time, depending on how long it takes the cruise line to process it. Our next question is from Vince Ciepiel with Cleveland Research Company. 19952023, The Independent Traveler, Inc. Special Event: Q&A with Rudi Schreiner, President, Co-Founder & Co-Owner - AmaWaterways River Cruises, Q&A with Avoya Travel: Learn How to Turn Your Passion into Success by Becoming an Independent Travel Advisor. In the second quarter, we expect to average 105% occupancy, a return to normalized levels with cabins fully sold. This represents a 15% decrease as compared to the average of $187 in the second half of 2022. So, I think Q2 to Q4 basically represents what we're going to see in future periods as well. So, that does somewhat elevate your unit cost, although we do receive benefit on both the top and bottom lines from that. Water and/or soda packages So, we feel good about our positioning over the next year, and we're going to do everything in our power to deliver on all our goals. Please proceed with your questions. To find out more, please. The value of the original Future Cruise Credit will now be added to the new Future Cruise Credit at 100% of its original value, plus 125% of any amount paid by the guest on the cancelled sailing. For example, if several ports on an itinerary are skipped, a full or partial credit might be given. So. What happens to CruiseNext certificates that were used on a cancelled reservation? Bon Voyage gifts and celebration packages Communication will be sent to you once the Future Cruise Credit is added. It works like a store credit for a cruise, so it can be redeemable towards a cruise fare of a future booking. If you have booked any shore excursions, beverage packages, or other pre-cruise purchases, you will receive a refund to the original form of payment. Get expert advice, insider tips and more. And I'm just trying to -- and obviously, if we try and back into what's implied for the full year, you know, it would seem like it's very modest improvement, almost flattish from a pretty high level. Morning, thanks. We'll send you a weekly newsletter to your inbox. The voucher can be used per person, with or without a travel agent. Thanks for that. Whether you booked directly with NCL or via a Travel Agent the Future Cruise Credit you receive is linked to NCL only and can be redeemed towards a future NCL cruise. This includes improvements in areas such as supply chain initiatives, back office optimization, as well as crew costs and travel expenses. We're also hard at work at our ongoing margin enhancement initiative and are continuing to identify new and innovative ways to get more efficient while also delivering best-in-class product and service offerings for our guests. My name is Paul, and I will be your operator. Attachment of email from current FCC owner authorizing transfer. For guests to use their FCC, they will need to choose a cruise they like. Can I convert my FCC into another currency? And, Harry, welcome to the hot seat, as they say. Can guests choose to carry promotional amenities or value adds from their cancelled reservation to their future booking? So, I just want to point out that that's not necessarily a change from last quarter. let one of our experts help you with this procedure to ensure the right amount is transferred. How can I receive a Future Cruise Credit? May 01, 2023, 10:00 a.m. Am I guaranteed the same category on the new booking? And you're talking today about some of the, you know, the shoulder period itineraries are being expanded. Only new government or agency mandates would be considered. And then, I'm just trying to figure out the limit to rebuild an occupancy into 2024 assuming no change to your footprint overall. I remember reading there was a form that my kids could fill out to transfer their cruise credits to me, does anyone have a link to that form? Norwegian Cruise Line Document Downloads So, we have very efficient fixed rate financing for all of our newbuilds that are on scheduled to delivery through 2028 at an average rate of anywhere from 2% to 2.5 %. I am also pleased to report that we expect to achieve another significant milestone in the quarter with adjusted EPS turning positive for the first time since the pandemic at approximately $0.25 per share. Pre-paid service charges I also want to express my sincere appreciation to our loyal guests, valued travel partners, lenders, shipyards, investors, analysts, and all of our stakeholders for your continued support and partnership over the years. We thank you for your continued loyalty to Norwegian Cruise Line. Thousands of domestic & international car hire and both low-cost & scheduled flights. The FCC has been partially applied to an active and existing reservation. So, Robin, is Harry, I'll take the first half, and I'll let Mark discuss the financing. This will either cover the cost of the fare or be issued in the form of an open certificate similar to the Future Cruise Credit. Pricing and yield are both expected to increase in the second half of the year, with the fourth quarter exhibiting the strongest growth versus 2019. This average is slightly below 2019 levels as a result of our strategic shift to longer, more immersive itineraries at the Norwegian Cruise Line brand, naturally resulting in less thirds and fourths, which is what historically pushes passenger occupancy above the 100% mark, all while enhancing margin over time. For guests who are no longer able to travel as a result of an official announcement by a government or agency that takes place within 14 days of sailing (when Peace of Mind is no longer available), and the mandate states guests are NOT allowed to travel, then a refund would be available. How Reassuring are New Cruise Cancellation Policies Really? Unfortunately, at the time of cancellation, all promotional offers, amenities, and value add-ons are removed and will not carry-over to future reservations. We're on that journey. Harry, congrats on the new role and look forward to getting to know you better. Absolutely, once the Future Cruise Credit is added to your profile, it can then be applied to any existing booking or newly created bookings. As government regulations evolve, our health and safety protocols will evolve as needed to ensure compliance. Can I make a new booking before I receive the future cruise credit for a cancelled booking? In addition to using your Future Cruise Credit, you will have access to Cruise Line Promotions as well as savings on future travel when you book. If the new cruise fare is lower than the Future Cruise Credit value, a new Future Cruise Credit will be issued for the remaining balance. Are any costs refunded instead of being included in the FCC? As we have stated previously, the second quarter will complete our occupancy ramp-up. And now, as we've essentially exited wave, can you maybe help us think about where you are booked now for '23? Thank you. Slide 13 highlights our first quarter results, in which we are pleased to report that we met or exceeded guidance for all key metrics. So, you know, what am I missing there, Mark? Applicable refunds will be returned to the original form of payment sixty (60) days after the request for the refund has been made. Great, thanks. Okay, gotcha. Future cruise credit guide: Everything you need to know - The Points Guy And just any color on how you're expecting on board trends in the second half would be helpful. The sail-by date had always been December 31, 2022, so it is only the effective date when guests must apply their credit that has been extended. Free expert cruise tips and news from Cruise Hive! I hope you take up some golf now. You know, we're trying with our new premium, you know, itineraries to be booked a little further in advance so that close in bookings does not represent such as large a percentage of our overall business as it used to. A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and presentation. Norwegian Cruise Line (NCLH) Q1 2023 Earnings Call Transcript Please proceed with your question. And then, on the cost side, you know, the cost guidance, obviously, the first quarter was better. As Slide 5 shows, Harry has a broad range and depth of experience that makes him one of the premier executives in the industry. You can redeem any FCC by calling us! What happens if a new reservation using the FCC is cancelled? All three of our brands are well poised to properly absorb this elevated capacity growth, given our relative size and under-penetration in many markets around the world. In addition, adjusted EPS loss of $0.30 also beat our guidance. We've all experienced, whether it's traveling for business or consumers traveling, flight prices are elevated. At 1,200 guests, Vista is the first of two Allura class ship for the line, with the second ship named Allura expected in 2025. To give you an example, bookings for Regent's 2026 World Cruise were nearly 70% higher than its 2022 World Cruise, which was the last world cruise launched pre-pandemic, at an average price point of over $230,000 per suite. NCFs The Motley Fool has no position in any of the stocks mentioned. Flights are considered an add-on to the main cruise fare so, your Future Cruise Credit would not cover the cost of the flight, however, here at my Future Cruise Credit, we can help you use your Future Cruise Credit towards a cruise inclusive of the promotional add-ons you had with your original cruise. And the thought process there was, it is very efficient and very extremely beneficial financing. Since we last spoke, we also signed agreements to increase our ECA-backed commitments by approximately 1.7 billion euro. Our booking window, which is our best forward-looking indicator, remains strong. If a Future Cruise Credit was leveraged to pay for a reservation now impacted by the global sailing suspension, we are making it easy by combining all funds into one voucher. The original, full value FCC can be applied and used for the following: The FCC cannot be applied or used for the following: Final Payment and cancellation schedule for all voyages embarking May 1, 2022 forward will remain at our standard policy. And, Frank, best wishes in retirement. Harry Sommer -- President and Chief Executive Officer, Norwegian Cruise Line. Once the transfer takes place, the receiving guest is now the owner and the previous owner cannot request a transfer back. 1. Mark? At that time, the receiving guest will be able to apply the coupon to the desired reservation. A Future Cruise Credit (FCC) is simply a voucher for future cruise travel. Future Cruise Credits will be credited to you via your Latitudes number within seven working days. Harry, welcome. As we look to the remainder of the year, our substantial book position, coupled with the continued healthy demand metrics we are experiencing, gives us confidence in achieving our 2023 net per diem and net yield guidance, which Mark will touch on in more detail momentarily. W9 Form. To redeem a Future Cruise Credit or for additional questions, please call 1-866-921-7925 to speak with a Costco Travel expert. Yeah, so, regarding our second half NPDs, you know, I think we labeled that on our slide. Better Buy: Lindblad Expeditions or Norwegian Cruise Line? What Are Carnival's Early Saver Cruise Deals? This will be incredibly convenient for guests who had a cruise booked in 2020. Unless otherwise noted, my commentary on net per diem, net yield, and adjusted net cruise cost, excluding fuel per capacity day metrics, is on a constant currency basis. And then, my other question is just on the 1.7 billion in additional ECA financing.
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