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NCLH Q1 2023 Earnings

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Call Details

  • Call Title: Norwegian Cruise Line Q1 2023 Earnings Call
  • Date: May 1, 2023 at 2:00 PM UTC
  • Management Team:
    • Jessica John (Vice President of Investor Relations, ESG, and Corporate Communications)
    • Frank Del Rio (President and Chief Executive Officer)
    • Harry Sommer (President and CEO-elect of Norwegian Cruise Line Holdings)
    • Mark Kempa (Executive Vice President and Chief Financial Officer)

Call Summary

Financial Performance

  • Total revenue per passenger cruise day in Q1 2023 was up approximately 18% vs 2019.
  • Net per diem in Q1 2023 increased approximately 7.7% vs 2019 and came in at the high end of guidance.
  • Net yield in Q1 2023 increased 3.6% vs 2019 and exceeded internal expectations for the quarter.
  • Load factor in Q1 2023 reached 101.5%, exceeding guidance and marking the first triple-digit quarter in three years.
  • Adjusted net cruise cost excluding fuel per capacity day averaged $161 in Q1 2023, which outperformed prior guidance.
  • Adjusted EBITDA in Q1 2023 was approximately $234M, roughly $40M above guidance.
  • Adjusted EPS loss in Q1 2023 was $0.30 and was a beat vs prior guidance.
  • Management reported Q1 results met or exceeded guidance for all key metrics on a constant currency basis.

Guidance

  • Second quarter net per diem growth is expected to increase approximately 5.5% to 6.25% vs 2019.
  • Second quarter net yield is expected to increase approximately 2.5% to 3.25% vs 2019.
  • Second quarter adjusted net cruise cost excluding fuel per capacity day is expected to be approximately $159.
  • Second quarter adjusted EBITDA is expected to be approximately $485M and adjusted EPS is expected to be approximately $0.25 per share.
  • Full-year adjusted EBITDA guidance remains $1.8B to $1.95B, with the high end representing a company record level.
  • Full-year adjusted EPS is expected to be approximately $0.75, which is $0.05 above prior guidance.
  • Full-year net per diem growth guidance is approximately 9% to 10.5% vs 2019 and net yield guidance is approximately 5% to 6.5% vs 2019.

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