New Zealand And so, we're going to -- occupancy may not be coming in exactly what we thought, but it makes more sense to hold price for those or just trying to think about because I think the itineraries themselves didn't change since last reported. ESG Reporting & Downloads. So, we are marching toward that. Create your very own My Future Cruise Credit account for free, in only a few simple steps, Browse among thousands of sailings worldwide and get expert advice along the way, Claim an additional credit back to use to PAY LESS on any hotel, tour, resort, cruise or even wine of your choice, Learn how to redeem your future cruise credit & get a bonus with 4 simple steps. 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? You can redeem any FCC by calling us! Yeah. You know, pretty much close to that, absent the Q1 commentary I gave you already. Well, Steve, first of all, you know, I appreciate the adjective you used of destroying our guidance, but I would like to say we healthily beat our guidance. CruiseNext deposits applied to a reservation cancelled under our Peace of Mind policy will not be reissued. Shore excursions booked whilst onboard You know, we've stated before that our goal is to be between 60% and 65% booked at year-end for the following 12 months. Sorry, at this time their Future Cruise Credits are not stackable and can only be redeemed towards a single guests' cruise booking. We are committed to identifying and evaluating incremental opportunities across every area of the business to help accelerate our margin recovery. Internet packages that are not part of the Free At Sea programme Turning our attention to the balance sheet, Slide 15 provides our debt maturity profile, which includes approximately 800 million of scheduled debt service for the remainder of the year, the vast majority of which is related to our export credit agency-backed ship financing. 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. Our next question is from Vince Ciepiel with Cleveland Research Company. And we had to sell those voyages close in for, you know, very efficient pricing. In 2015, I was given the opportunity to lead Norwegian Cruise Line Holdings into its next chapter, one where we brought together three of the industry's leading brands, Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises to form the best cruise operator in the industry. Bon Voyage gifts and celebration packages I'll -- it's Harry. Please proceed with your question. And then, on the shift to longer cruises and more immersive cruise, the 3-point gap in overall occupancy, is that basically reflective of that change in the second quarter? Despite Its Falling 92%, Cathie Wood Is Buying More of This Growth Stock. Future Cruise Credits acquired because of suspended sailings are brand-specific and can only be redeemed on the brand where the cancellation occurred. [Operator instructions] As a reminder to all participants, this conference is being recorded. Image source: The Motley Fool. Policies for bookings made through Tour Operators or Wholesalers may vary, so please contact your Travel Partner for full details. NORWEGIAN CRUISE LINE Norwegian Cruise Line has a unique CruiseFirst program that allows anyone to put down an open deposit for a future cruise right from the website, even if you haven't ever cruised with the line. And congratulations to Frank and Harry, to both of you, with the changes. You know, I think that range applies to the end of wave as well that we like to be between 60% to 65% booked for the following 12 months at the end of wave. It's definitely favorable terms. The last catalyst to highlight is our industry-leading newbuild pipeline shown on Slide 9, which Frank already touched on briefly. Have you received a Norwegian Cruise Line Future Cruise Credit and are looking for some advice on the best way to use it? A FCC may be used towards the deposit and/or base cruise fare of any future cruise. Taking a closer look at the components of the full year outlook, net per diem growth of approximately 9% to 10.5% as compared to 2019 and net yield growth guidance of approximately 5% to 6.5% are unchanged versus our prior guidance. inside cabins. I have to thank our partners at Fincantieri once again for bringing our vision to life and delivering a truly magnificent ship. And the thought process there was, it is very efficient and very extremely beneficial financing. Photo packages. Is that sort of more -- is that more of a factor now than it was in '19, and how should we think about that? Upon submission of the online request, an email will be sent to the email address entered on the form with a response and case number. In order to transfer an FCC, and in an effort for us to best assist you quickly, please follow the instructions below: POM or Suspended Sailing reservation number that generated the FCC being transferred: At time of cancellation, all promotional offers, amenities, and value adds will be removed from the booking and will not carry-over to future reservations. 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. Please allow up to 7 business days for the transfer request to be completed. Once the transfer is completed, a confirmation email will be sent to the email provided at time of case submission. All future cruise credits must be redeemed within one year from issue date and can be used for sailings departing on or before December 31, 2022. Okay, gotcha. *Terms & Conditions Package not available on sailings less than 5 days or charter sailings. Please proceed with your question. She will be offering guests cruises to the Greek Isles. But it's a bit early for us to give additional color on that. As I said, those are fixed, so we have very efficient financing going forward. Currently, eight out of the seventeen ships sailing for Norwegian Cruise Line eight ships are not operational. Our pre-sold revenue on a per-passenger day basis for the first quarter of 2023 is approximately double the level in 2019, an important contributor to our onboard revenue strength, as guests who make pre-cruise purchases tend to spend significantly more than guests who do not pre-book onboard activities. But if, you know, Mark, if we look at Slide 13, I mean, look, you basically destroyed every guidance target that you laid out back in February for the first quarter. Hey, guys, good morning. Instead of getting the amount refunded to your credit card, you may be issued a certificate you can use towards your next Norwegian Cruise Line sailing. In the second quarter, we expect to average 105% occupancy, a return to normalized levels with cabins fully sold. Can you kind of help us understand why that's different now? And that's simply is a matter of, you know, when we sell the ticket to the consumer, we sell the air at what we believe are going to be the best projected prices. Thanks for that. Posted 2 hours ago. So, three ships in one year will mean that much more of a halo effect for our company to leverage. Peace of Mind allows you to defer decisions to a later date and therefore the cancelled cruise may not be re-booked using the FCC. The two ships that will signal the moment when the entire Norwegian Cruise Line fleet is operational again are Norwegian Sun and Norwegian Spirit. Below are instructions and frequently asked questions for redeeming and using your Future Cruise Credits. Ms. John, please proceed. A guest has been affected by one or more suspensions, Guest elected to cancel via our Peace of Mind (POM) policy, A guest is unable to meet any vaccination requirements. Water/soda packages And if you don't want to give exact numbers, you know, I understand that, but maybe some qualitative commentary would be would be helpful there. In terms of the export credit agency financing, yes, so we obtained financing for 1.7 billion euro. You can redeem any FCC by calling us! So, while we're not ready to necessarily change the rest of our guidance metrics, I think we're trending well, and we're trending healthy, and I think our guidance reflects that. Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. We've all experienced, whether it's traveling for business or consumers traveling, flight prices are elevated. It's really around our promotions and advertising variable costs that would have any sort of influence. Thank you. And we've absolutely seen or exceeded those levels during Q1 booking period compared to Q1 of 2019. This makes for an attractive entry point for investors as the newbuild pipeline adds significant potential future earnings power compared to today's levels. 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. Ancillary items include Bon Voyage gifts and celebration packages, pre-purchased dining, or beverage packages (those not part of FAS promotion), water packages, purchased on board credits, pre-purchased internet, or photo packages. Some FCCs are combinable. 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. ALL RIGHTS RESERVED. There's never a guarantee, but that is what we're rallying around. An Future Cruise Credit is almost always a compensation due to a cancelled, interrupted or rebooked cruise. This is driven by our organic pricing power and in part by a favorable comp, as the second half of 2019 included various headwinds, like the rapid exit from Cuba and the close in resale of those sailings. Sure, I'll take that one. And I think the tail end of your question was whether or not we're booked there currently. New Zealand. Here at myFCC, we're committed to helping you make the most of your Future Cruise Credit. Mark, you sort of gave us quick update and sort of sequential improvement on the dollar basis throughout the year. Only the entire and full original value of Peace of Mind and suspended sailing FCCs worth 100% of the fare paid, as well as the bonus 25% or 50% FCCs, are eligible for transfer. NCFs This insurance Future Cruise Credit will be valid for one year from date of issuance and only applicable towards insurance for all published sailings through Dec 31, 2022 (There is an additional Free at Sea Package charge per person based on the booking) After eight incredible years, it is now time for me to make way for the next generation of leaders who are ready and energized to take this company onto greater heights. What protocols have been implemented to address COVID-19? You know, we use all types of tools in terms of automation, even AI to predict when the best time to book a flight is. And then, of course as you look at the brand mix, that's also a tailwind. that's something that you'll see us out in the marketplace in the latter part of this year. Check your Regent Seven Seas Cruises here. And just any color on how you're expecting on board trends in the second half would be helpful. And the differential simply is that, as I said in my prepared remarks, we've now included certain things, financing for owner supply, and other related items that are required as part of the ship delivery. Good luck in retirement. Jessica John -- Vice President, Investor Relations, ESG, and Corporate Communications. 04/02/2018. (Those are often reimbursed to the original form of payment, like a credit card.). Listen, I think there's still a little rebuilding that can be done in Q1. We've covered a lot today, so I'll conclude our commentary here and open up the call for your questions. The cruise line has extended this period again; FCCs are now valid through December 31, 2022. FCC is almost always a compensation due to a canceled, interrupted or rebooked cruise. Or is it spread out over a number of deliveries between now and then? These guests will receive a 150% refund of the fare paid in the form of a future cruise credit, which can be applied toward any cruise through to 31 December 2022, or a 100% refund of the fare paid. Obviously, it sounds like wave has been healthy, but would you say things are stable, accelerating, or decelerating kind of on a core basis when you adjust for those factors? The current FCC holder is not the original FCC recipient. Focus on where you want to go and let us make your dream come true - stress-free!". California Seller of Travel CST#2066521-50; Washington UBI #602 443 155 001 0001; Hawaii Travel Agent TAR #5192; Florida Seller of Travel #29452. And the fact that they're willing to finance the additional 500 million euro, absolutely a positive. What can the Peace of Mind FCC be used for? Our booking window, which is our best forward-looking indicator, remains strong. This should result in a lower run rate cost level exiting 2023 than our full year reported results. Princess Cruise Line's Future Cruise Credit (FCC) is credit that you can use for your next Princess cruise. Turning to our next catalyst, we continue to take strategic actions across our business to improve operating efficiencies and rightsize our cost base to rebuild and enhance margins. Slide 13 highlights our first quarter results, in which we are pleased to report that we met or exceeded guidance for all key metrics. Hotel purchased through Norwegian Cruise Line Hey, good morning, everyone. I have worked with Harry in various capacities over the course of three decades, and I can assure you that he is a strategic and innovative leader, who has the right talent, skill set, and energy to lead the company at this pivotal time in its history. Cost basis and return based on previous market day close. So although guests can use the FCC until the end of the year 2022, they must also sail by the end of 2022. We work in partnership with all the major cruise & travel associations. I have a sneaking suspicion you were a contributor to the stellar booking and pricing on the around-the-world sailing. So, you know, what am I missing there, Mark? 2023 Norwegian Cruise Line Holdings Ltd. 11-Reasons to Cruise to Alaska this Summer | NCL Travel Blog, 14-Day Authentic Alaska - Northbound Cruisetour | Norwegian Cruise Line, 14-Day Authentic Alaska - Southbound Cruisetour | Deck Plans | Norwegian Cruise Line, 20-Day Transpacific from Tokyo (Yokohama) & Alaska | Norwegian Cruise Line, 11 Reasons to Cruise to Alaska this Summer | NCL Travel Blog. Yeah, so, regarding our second half NPDs, you know, I think we labeled that on our slide. And as I said in my prepared remarks, the second half of 2023 is expected and we continue to expect very strong pricing and yield growth. The best way to ensure a smooth transfer of future credits collected is to fill out the survey provided on the last day of the sailing. See all the ways you can use your Savings Credits Credits below, then find out how many you're eligible for right away! Only new government or agency mandates would be considered. This does not include the separate 300 million undrawn backstop commitment, which enhances our future liquidity but is not currently available to draw. 5 Things You Didn't Know About Booking a Costco Cruise, Hidden in the Fine Print: 16 Things You Need to Know About Your Cruise Contract, Club Orange, Holland America's Priority Program, 10 Things You Should Never Do on a Cruise Line Private Island. Future Cruise Credits (FCC) are credits issued by a cruise line to use as payments towards another cruise vacation in the future. And as I had communicated when we communicated on our last call, we were steadfastly going into a lot of our onboard -- our margin enhancement initiatives. Click here to reload the page in order to enable certain features. Taiwan You may include multiple requests on one case so long as the request is complete and proper consent from current coupon owner is included (either in an attached email or by the current owner being the one to submit the case), Original Peace of Mind or Suspended Sailing reservation number that generated the FCC being transferred, Client ID and name of Current FCC Owner who is authorizing the transfer, Client ID and name of Guest Receiving the FCC. The new policy applies to both individual and group bookings*. I know I speak on behalf of the entire NCLH team when I say thank you, Frank, for your countless contributions, not only to our company, but also to the broader cruise industry. #1. We look forward to continuing to demonstrate this improvement over the coming quarters. OK, thank you. Another way to receive a Future Cruise Credit is whilst onboard, some Cruise Lines offer future cruise certificates or credits as an exclusive offer only available onboard, either to compensate a negative or disruptive experience or simply as a personal gift/incentive to secure your next cruise. This is applicable to Peace of Mind and suspended sailings FCCs, including 25% and 50% credit FCCs issued for suspended sailings. 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. Good morning. Unfortunately, at the time of cancellation, all promotional offers, amenities, and value add-ons are removed and will not carry-over to future reservations. *Average returns of all recommendations since inception. . Before turning the call over to Q&A, I'd like to leave you with some key takeaways which you can find on Slide 18. And then, just a related follow-up question. Norwegian Cruise Lines Future Cruise Credit applied for cancelled sailings will have a value between 125% and 150% depending on the departure date and the sailing. That's $1,500 in extra value -- a 37.5% return on the original payment of $4,000 -- just for letting the cruise company hold onto the original payment for another year or two. CRUISE HIVE LTD 2008-2023. While we originally planned to fund this with our organic cash flow generation when the ships were originally ordered, given the very efficient and supportive financing we received from export credit agencies and the continued uncertainty in the macro and financial markets, we felt financing this was a prudent action to minimize cash outflows for the next few years. If outside final payment and an FCC was used as payment, the original FCC was added back to the guest's profile. Cruise tours purchased through Norwegian Cruise Line Bookings cancelled inside final payment that are not paid in full will default to the standard refund process with penalties applied. We bought two Cruise Next certificates because we figured we would be returning to NCL for future cruises. Is there anything the Peace of Mind FCC cannot be used for? And how much is your guidance reflecting some conservatism there? Effective from the 29th July 2020 the below values are rewarded in Future Cruise Credits: We continue to expect modest sequential improvement each quarter in 2023 as occupancy increases and as a result of initiatives which have already been identified and implemented. Also, I guess that would relate to the first quarter, but just trying to zoom in a little bit on the first quarter versus second quarter and the change there. Thank you for the time. 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. We are heading over to Europe this week where Vista will be christened in Malta by her godmother, Emmy Award-winning food personality, Giada de Laurentiis. What happens if the cruise I booked using my Future Cruise Credit is cancelled? If the cruise you booked with future cruise credit is canceled, the full amount may again be refunded in the form of an FCC, and the expiration dates will likely be adjusted accordingly. Instead of getting the amount refunded to your credit card, you may be issued a certificate you can use towards your next Norwegian Cruise Line sailing. Can a guest make a new booking before they receive the FCC for their cancelled booking? Hi, everyone. If a refund is approved, all FCCs (including Bonus FCCs) will be deactivated, and a refund will be issued back to the original form of payment, within 90 days from the request submission date. Can guests choose to carry promotional amenities or value adds from their cancelled reservation to their future booking? Thanks. NCL Future Cruise Credits are non-refundable. With that, I will now turn the call over to Mark for his commentary on our financial position and outlook. Harry, congrats on the new role and look forward to getting to know you better. Purchased onboard credits I booked and paid for 2 cabins, we received future cruise credits to be used within 1 year and the credit was issued to each of the cruisers. www.ncl.com/travel-requirements-by-country. Mark? Can I make a new booking before I receive the future cruise credit for a cancelled booking? that was extended to January 2025, we will address that -- start addressing that later this year. This call includes forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially from such statements. When cruises are greatly affected or canceled, or if passengers are given compensation for any reason, a nonrefundable future cruise credit is a common form of payment. Please proceed with your questions. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. We'll send you a weekly newsletter to your inbox. We're on that journey. Can I use my Future Cruise Credit to prepay gratuities? Can guests choose to carry promotional amenities or value adds from their cancelled reservation to their future booking? And our consumers are booking very far out in advance, which is a good thing. CruiseNext deposits applied to a suspended reservation will be returned to the guests profile. Capacity growth in 2023 is expected to be just shy of 20% compared to 2019, as we add over 5,000 berths to our world-class fleet. Internet packages At that time, the receiving guest will be able to apply the coupon to the desired reservation. What happens if the cruise I am looking to book has a greater value than my Future Cruise Credit? What happens if the cancelled booking had a previous FCC applied? Our record book position also gives us high visibility into the back half of the year and beyond. And in our last earnings release, we had called out that we had increased our contractual commitments by 1.2 billion euro. Cancellation penalties will be withdrawn from the FCC amount if applicable and remaining balance will be attached to guest's profile. Good morning, Dan. Which sailings qualify under Norwegians Peace of Mind policy? Look, our book position, Harry touched on it earlier, we're exactly where we need to be to hit our goals and our guidance. Korea Thousands of domestic & international car hire and both low-cost & scheduled flights. Harry? But also, in Q4, where we expect quite a substantial amount of our pricing power, we are actually in the Alaska season longer this year, as well as in the European season longer this year. Mark, over the past year, you've given some longer-term net debt-to-EBITDA target ratios for various years. I'm very proud of what we have been able to collectively achieve, especially over the past few extremely challenging years, but I know that the best days for this company still lie ahead, and I look forward to seeing what you all accomplish together. And I think -- I'm very confident, I think quite a bit of -- we're nervous last quarter, whether or not we could achieve our cost savings. Special Promotional Onboard Credits (OBC). Got it. Frank? With this significant achievement, we have also nearly closed the occupancy gap versus 2019 levels. Please proceed with your question. Adjusted EBITDA is still expected to be in the range of 1.8 billion to 1.95 billion, with the high end of our targeted range representing record adjusted EBITDA for the company.

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