Income Statement Norwegian Cruise Line Holdings Ltd.

Equities

NCLH

BMG667211046

Hotels, Motels & Cruise Lines

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Published financial data: NORWEGIAN CRUISE LINE HOLDINGS LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	648M	4.84B	8.55B	9.48B	9.83B
Total Revenues	648M	4.84B	8.55B	9.48B	9.83B
Cost of Goods Sold, Total	1.61B	4.27B	5.47B	5.69B	5.64B
Gross Profit	-960M	577M	3.08B	3.79B	4.19B
Selling General & Admin Expenses, Total	892M	1.38B	1.34B	1.44B	1.55B
Depreciation & Amortization - (IS)	701M	749M	809M	890M	1.08B
Other Operating Expenses, Total	1.59B	2.13B	2.15B	2.33B	2.63B
Operating Income	-2.55B	-1.55B	931M	1.47B	1.56B
Interest Expense, Total	-644M	-608M	-719M	-718M	-681M
Net Interest Expenses	-644M	-608M	-719M	-718M	-681M
Currency Exchange Gains (Loss)	20.6M	40.74M	-30.25M	52.38M	-180M
Other Non Operating Income (Expenses)	104M	36.2M	-9.57M	2.22M	1.72M
EBT, Excl. Unusual Items	-3.07B	-2.08B	172M	802M	701M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Asset Writedown	-	-	-	-	-
Other Unusual Items	-1.43B	-193M	-8.82M	-29.18M	-272M
EBT, Incl. Unusual Items	-4.5B	-2.28B	163M	773M	429M
Income Tax Expense	5.27M	-6.79M	-3M	-137M	5.48M
Earnings From Continuing Operations	-4.51B	-2.27B	166M	910M	423M
Net Income to Company	-4.51B	-2.27B	166M	910M	423M
Net Income - (IS)	-4.51B	-2.27B	166M	910M	423M
Net Income to Common Incl Extra Items	-4.51B	-2.27B	166M	910M	423M
Net Income to Common Excl. Extra Items	-4.51B	-2.27B	166M	910M	423M
Per Share Items
Net EPS - Basic	-12.33	-5.41	0.39	2.09	0.94
Basic EPS - Continuing Operations	-12.33	-5.41	0.39	2.09	0.94
Basic Weighted Average Shares Outstanding	365M	420M	424M	435M	449M
Net EPS - Diluted	-12.33	-5.41	0.39	1.89	0.92
Diluted EPS - Continuing Operations	-12.33	-5.41	0.39	1.89	0.92
Diluted Weighted Average Shares Outstanding	365M	420M	427M	515M	478M
Normalized Basic EPS	-5.25	-3.1	0.25	1.15	0.98
Normalized Diluted EPS	-5.25	-3.1	0.25	0.97	0.92
Supplemental Items
EBITDA	-1.79B	-801M	1.74B	2.36B	2.55B
EBITA	-2.55B	-1.55B	931M	1.47B	1.56B
EBIT	-2.55B	-1.55B	931M	1.47B	1.56B
EBITDAR	-1.76B	-685M	1.86B	2.51B	2.68B
Total Revenues (As Reported)	648M	4.84B	8.55B	9.48B	9.83B
Effective Tax Rate - (Ratio)	-0.12	0.3	-1.84	-17.77	1.28
Current Domestic Taxes	85K	-12.71M	-20K	5.75M	-1.88M
Current Foreign Taxes	3.26M	7.18M	-2.85M	13.05M	3.01M
Total Current Taxes	3.35M	-5.52M	-2.87M	18.8M	1.13M
Deferred Domestic Taxes	1.87M	-	-104K	-156M	4.95M
Deferred Foreign Taxes	51K	-1.27M	-28K	347K	-607K
Total Deferred Taxes	1.92M	-1.27M	-132K	-156M	4.34M
Normalized Net Income	-1.92B	-1.3B	107M	501M	438M
Interest Capitalized	43.6M	58.4M	56.4M	59.9M	88.5M
Interest on Long-Term Debt	176M	173M	188M	194M	202M
Non-Cash Pension Expense	1.11M	1.25M	1.73M	2.06M	1.74M
Supplemental Operating Expense Items
Advertising Expense	300M	578M	513M	514M	622M
Selling and Marketing Expenses	-	-	-	-	-
Net Rental Expense, Total	36.37M	116M	117M	148M	137M
Imputed Operating Lease Interest Expense	15.9M	45.12M	49.86M	64.21M	57.14M
Imputed Operating Lease Depreciation	20.47M	70.8M	66.64M	83.55M	79.55M
Maintenance & Repair Expenses, Total	200M	224M	161M	206M	212M
Stock-Based Comp., COGS (Total)	22.62M	21.04M	18.56M	19.38M	20.98M
Stock-Based Comp., SG&A Exp. (Total)	101M	92.52M	100M	72.4M	67.41M
Total Stock-Based Compensation	124M	114M	119M	91.78M	88.39M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.51B	947M	402M	191M	210M
Short Term Investments	240M	-	-	-	-
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.75B	947M	402M	191M	210M
Accounts Receivable, Total	1.17B	326M	280M	221M	292M
Total Receivables	1.17B	326M	280M	221M	292M
Inventory	118M	149M	158M	150M	138M
Prepaid Expenses	109M	84.07M	105M	96M	119M
Other Current Assets, Total	160M	367M	367M	352M	380M
Total Current Assets	3.3B	1.87B	1.31B	1.01B	1.14B
Gross Property Plant And Equipment	19.39B	20.99B	23.72B	25.07B	28.44B
Accumulated Depreciation	-5.06B	-5.76B	-6.53B	-7.36B	-8.28B
Net Property Plant And Equipment	14.32B	15.22B	17.19B	17.71B	20.16B
Long-term Investments	-	-	-	-	-
Goodwill	98.13M	98.13M	98.13M	136M	136M
Other Intangibles, Total	501M	501M	501M	501M	501M
Accounts Receivable Long-Term	-	-	37.96M	36.98M	34.63M
Other Long-Term Assets, Total	507M	863M	356M	577M	573M
Total Assets	18.73B	18.56B	19.49B	19.97B	22.54B
Liabilities
Accounts Payable, Total	233M	229M	174M	171M	170M
Accrued Expenses, Total	926M	1.1B	1.02B	1.14B	1.15B
Current Portion of Long-Term Debt	873M	991M	1.74B	1.32B	876M
Current Portion of Leases	38.27M	39.69M	23.23M	27.31M	32.06M
Unearned Revenue Current, Total	1.56B	2.52B	3.06B	3.11B	3.2B
Other Current Liabilities	98.59M	178M	12.28M	14.91M	20.35M
Total Current Liabilities	3.73B	5.05B	6.04B	5.78B	5.45B
Long-Term Debt	11.57B	12.61B	12.3B	11.77B	13.72B
Long-Term Leases	673M	604M	658M	800M	907M
Pension & Other Post Retirement Benefits	33.8M	27.3M	32.9M	29.5M	32.8M
Other Non Current Liabilities	293M	188M	162M	169M	218M
Total Liabilities	16.3B	18.49B	19.19B	18.54B	20.33B
Common Stock, Total	417K	421K	425K	440K	455K
Additional Paid In Capital	7.51B	7.61B	7.71B	7.92B	8.23B
Retained Earnings	-4.8B	-7.07B	-6.9B	-5.99B	-5.57B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	-285M	-477M	-508M	-507M	-451M
Total Common Equity	2.43B	68.59M	301M	1.43B	2.21B
Total Equity	2.43B	68.59M	301M	1.43B	2.21B
Total Liabilities And Equity	18.73B	18.56B	19.49B	19.97B	22.54B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	417M	422M	426M	440M	456M
ECS Total Common Shares Outstanding	417M	421M	426M	440M	455M
Book Value / Share	5.84	0.16	0.71	3.24	4.85
Tangible Book Value	1.83B	-530M	-298M	789M	1.57B
Tangible Book Value Per Share	4.4	-1.26	-0.7	1.79	3.46
Total Debt	13.15B	14.25B	14.73B	13.92B	15.54B
Net Debt	11.41B	13.3B	14.32B	13.73B	15.33B
Debt Equivalent of Unfunded Proj. Benefit Obligation	34.69M	28.76M	34.4M	31.23M	34.73M
Debt Equivalent Oper. Leases	291M	927M	932M	1.18B	1.09B
Account Code - Inventory Valuation	5	5	5	5	5
Land - (BS)	58.37M	58.37M	58.37M	58.37M	58.37M
Machinery, Total	16.93B	18.47B	21.36B	21.71B	24.48B
Full Time Employees	34.7K	38.9K	41K	41.7K	44.5K
Accumulated Allowance for Doubtful Accounts (Supple)	28.7M	14M	13.2M	15.1M	12.5M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-4.51B	-2.27B	166M	910M	423M
Depreciation & Amortization - CF	759M	751M	810M	892M	985M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	759M	751M	810M	892M	985M
Amortization of Deferred Charges, Total - (CF)	-	59.3M	73.5M	81.6M	81.6M
(Gain) Loss From Sale Of Asset	-9.49M	-2.3M	-6.85M	-4.77M	-2.03M
Asset Writedown & Restructuring Costs	-	-	-	-	95.1M
Stock-Based Compensation (CF)	124M	114M	119M	91.78M	88.39M
Provision and Write-off of Bad Debts	19.28M	13.61M	6.19M	6.36M	3.34M
Other Operating Activities, Total	1.35B	185M	28.65M	-153M	410M
Change In Accounts Receivable	-1.16B	829M	39.65M	49.3M	-73.76M
Change In Inventories	-37.48M	-33.61M	-11.04M	6.95M	11.02M
Change In Accounts Payable	152M	-16.2M	-50.98M	-20.21M	-1.52M
Change in Unearned Revenues	522M	929M	504M	35.68M	66.3M
Change in Other Net Operating Assets	319M	-348M	328M	154M	2.46M
Cash from Operations	-2.47B	210M	2.01B	2.05B	2.09B
Capital Expenditure	-753M	-1.78B	-2.75B	-1.21B	-3.26B
Cash Acquisitions	-	-	-	-27.32M	-
Divestitures	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-240M	240M	-	-	-
Other Investing Activities, Total	-11.2M	-212M	-147M	8.89M	-5.08M
Cash from Investing	-1B	-1.76B	-2.9B	-1.23B	-3.26B
Long-Term Debt Issued, Total	2.6B	3B	4.32B	1.3B	9.74B
Total Debt Issued	2.6B	3B	4.32B	1.3B	9.74B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-2.11B	-1.77B	-3.76B	-2.17B	-8.17B
Total Debt Repaid	-2.11B	-1.77B	-3.76B	-2.17B	-8.17B
Issuance of Common Stock	2.67B	5.27M	5.31M	-	145M
Repurchase of Common Stock	-16.69M	-20.99M	-26.86M	-25.33M	-23.83M
Other Financing Activities, Total	-1.46B	-231M	-196M	-136M	-492M
Cash from Financing	1.68B	986M	347M	-1.03B	1.19B
Net Change in Cash	-1.79B	-560M	-545M	-212M	19.13M
Supplemental Items
Cash Interest Paid	2.1B	751M	822M	773M	952M
Cash Income Tax Paid (Refund)	2.7M	-9.5M	-3.1M	4.6M	18.6M
Levered Free Cash Flow	-2.11B	-376M	-1.35B	572M	-1.55B
Unlevered Free Cash Flow	-1.71B	-55.22M	-978M	939M	-1.2B
Change In Net Working Capital	244M	-1.83B	-262M	-250M	-5.52M
Net Debt Issued / Repaid	488M	1.23B	565M	-870M	1.56B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-8.59	-5.2	3.06	4.64	4.59
Return on Total Capital	-9.99	-6.49	3.96	6.03	5.9
Return On Equity %	-132.81	-181.5	89.97	105.46	23.29
Return on Common Equity	-132.81	-181.5	89.97	105.46	23.29
Margin Analysis
Gross Profit Margin %	-148.16	11.91	36.04	39.99	42.62
SG&A Margin	137.63	28.48	15.7	15.14	15.76
EBITDA Margin %	-276.88	-16.54	20.35	24.87	25.91
EBITA Margin %	-393.95	-32.04	10.88	15.46	15.88
EBIT Margin %	-393.95	-32.04	10.88	15.46	15.88
Income From Continuing Operations Margin %	-695.48	-46.86	1.94	9.6	4.31
Net Income Margin %	-695.48	-46.86	1.94	9.6	4.31
Net Avail. For Common Margin %	-695.48	-46.86	1.94	9.6	4.31
Normalized Net Income Margin	-296.35	-26.88	1.26	5.29	4.46
Levered Free Cash Flow Margin	-325.92	-7.76	-15.84	6.03	-15.76
Unlevered Free Cash Flow Margin	-263.8	-1.14	-11.44	9.91	-12.26
Asset Turnover
Asset Turnover	0.03	0.26	0.45	0.48	0.46
Fixed Assets Turnover	0.05	0.33	0.53	0.54	0.52
Receivables Turnover (Average Receivables)	1.09	6.49	28.19	37.79	38.31
Inventory Turnover (Average Inventory)	16.03	31.97	35.7	37.02	39.17
Short Term Liquidity
Current Ratio	0.89	0.37	0.22	0.17	0.21
Quick Ratio	0.78	0.25	0.11	0.07	0.09
Operating Cash Flow to Current Liabilities	-0.66	0.04	0.33	0.35	0.38
Days Sales Outstanding (Average Receivables)	334.6	56.28	12.95	9.68	9.53
Days Outstanding Inventory (Average Inventory)	22.76	11.42	10.22	9.89	9.32
Average Days Payable Outstanding	35.12	19.62	13.43	11.13	11.05
Cash Conversion Cycle (Average Days)	322.25	48.08	9.74	8.44	7.79
Long Term Solvency
Total Debt/Equity	540.65	20.77K	4.9K	976.29	703.03
Total Debt / Total Capital	84.39	99.52	98	90.71	87.55
LT Debt/Equity	503.17	19.27K	4.31K	881.51	661.94
Long-Term Debt / Total Capital	78.54	92.32	86.23	81.9	82.43
Total Liabilities / Total Assets	87.01	99.63	98.46	92.86	90.2
EBIT / Interest Expense	-3.96	-2.55	1.29	2.04	2.29
EBITDA / Interest Expense	-2.73	-1.13	2.58	3.49	3.94
(EBITDA - Capex) / Interest Expense	-3.9	-4.06	-1.24	1.8	-0.85
Total Debt / EBITDA	-7.48	-20.79	7.93	5.56	5.79
Net Debt / EBITDA	-6.49	-19.41	7.71	5.48	5.71
Total Debt / (EBITDA - Capex)	-5.24	-5.77	-16.48	10.75	-26.94
Net Debt / (EBITDA - Capex)	-4.54	-5.39	-16.03	10.61	-26.58
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-49.37	647.51	76.51	10.87	3.67
Gross Profit, 1 Yr. Growth %	132.37	-160.07	434.33	23.03	10.48
EBITDA, 1 Yr. Growth %	57.78	-56.65	-320.5	35.45	8.01
EBITA, 1 Yr. Growth %	38.63	-39.2	-160.42	57.47	6.5
EBIT, 1 Yr. Growth %	37.9	-39.2	-160.42	57.47	6.5
Earnings From Cont. Operations, 1 Yr. Growth %	12.31	-49.63	-107.32	447.76	-53.5
Net Income, 1 Yr. Growth %	12.31	-49.63	-107.32	447.76	-53.5
Normalized Net Income, 1 Yr. Growth %	31.36	-32.19	-108.3	366.33	-12.58
Diluted EPS Before Extra, 1 Yr. Growth %	-21.71	-56.13	-107.21	384.69	-51.59
Accounts Receivable, 1 Yr. Growth %	5.57K	-72.05	-14.1	-21	31.73
Inventory, 1 Yr. Growth %	43.49	25.81	6	-5.03	-7.71
Net Property, Plant and Equip., 1 Yr. Growth %	5.16	6.29	12.9	3.04	13.83
Total Assets, 1 Yr. Growth %	1.8	-0.92	5.04	2.45	12.88
Tangible Book Value, 1 Yr. Growth %	-51.16	-128.9	-43.81	-364.95	99.4
Common Equity, 1 Yr. Growth %	-44.13	-97.18	338.55	373.87	55.03
Cash From Operations, 1 Yr. Growth %	-3.45	-108.51	855.01	2.2	1.95
Capital Expenditures, 1 Yr. Growth %	-20.46	136.95	54.18	-55.97	169.18
Levered Free Cash Flow, 1 Yr. Growth %	-11.05	-82.2	267.51	-142.25	-370.78
Unlevered Free Cash Flow, 1 Yr. Growth %	-18.22	-96.87	1.95K	-196.01	-228.28
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-68.33	94.54	263.24	39.9	7.21
Gross Profit, 2 Yr. CAGR %	-41.44	18.14	79.15	156.39	16.59
EBITDA, 2 Yr. CAGR %	-1.02	-17.57	-2.97	71.51	20.96
EBITA, 2 Yr. CAGR %	45.69	-9.06	-39.62	-2.83	29.5
EBIT, 2 Yr. CAGR %	46.82	-9.06	-39.62	-2.83	29.5
Earnings From Cont. Operations, 2 Yr. CAGR %	120.1	-24.79	-80.8	-36.67	59.59
Net Income, 2 Yr. CAGR %	120.1	-24.79	-80.8	-36.67	59.59
Normalized Net Income, 2 Yr. CAGR %	82.65	-6.13	-80.45	-40.65	103.16
Diluted EPS Before Extra, 2 Yr. CAGR %	69.35	-41.4	-82.22	-40.89	53.18
Accounts Receivable, 2 Yr. CAGR %	294.26	298.19	-51	-17.62	2.01
Inventory, 2 Yr. CAGR %	11.3	34.36	15.48	0.34	-6.38
Net Property, Plant and Equip., 2 Yr. CAGR %	3.5	5.72	9.54	7.86	8.3
Total Assets, 2 Yr. CAGR %	5.95	0.43	2.02	3.73	7.54
Tangible Book Value, 2 Yr. CAGR %	-34.68	-62.43	-59.7	22.02	129.85
Common Equity, 2 Yr. CAGR %	-38.9	-87.45	-64.84	355.87	171.04
Cash From Operations, 2 Yr. CAGR %	16.37	-71.34	-9.85	212.41	2.07
Capital Expenditures, 2 Yr. CAGR %	-32.19	37.28	91.14	-17.61	8.86
Levered Free Cash Flow, 2 Yr. CAGR %	417.44	-60.12	-32.87	7.29	6.9
Unlevered Free Cash Flow, 2 Yr. CAGR %	358.7	-83.87	-25.52	312.41	10.98
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-52.52	-9.16	88.33	144.57	26.6
Gross Profit, 3 Yr. CAGR %	-28.96	-40.94	95.38	58.06	93.66
EBITDA, 3 Yr. CAGR %	0.16	-24.08	13.85	8.44	47.01
EBITA, 3 Yr. CAGR %	27.05	8.88	-20.85	-16.89	0.19
EBIT, 3 Yr. CAGR %	27.95	9.44	-20.85	-16.89	0.19
Earnings From Cont. Operations, 3 Yr. CAGR %	67.74	34.63	-65.4	-41.33	-42.87
Net Income, 3 Yr. CAGR %	67.74	34.63	-65.4	-41.33	-42.87
Normalized Net Income, 3 Yr. CAGR %	46.58	31.27	-58.26	-43.73	-32.47
Diluted EPS Before Extra, 3 Yr. CAGR %	42.63	7.96	-70.85	-46.48	-44.7
Accounts Receivable, 3 Yr. CAGR %	176.47	63.17	138.81	-42.55	-3.67
Inventory, 3 Yr. CAGR %	9.43	15.94	24.15	8.2	-2.42
Net Property, Plant and Equip., 3 Yr. CAGR %	5.73	4.42	8.06	7.33	9.81
Total Assets, 3 Yr. CAGR %	7.19	3.61	1.94	2.16	6.7
Tangible Book Value, 3 Yr. CAGR %	-21.06	-50.23	-57.04	-24.5	43.72
Common Equity, 3 Yr. CAGR %	-25.83	-78.08	-58.97	-16.32	218.2
Cash From Operations, 3 Yr. CAGR %	5.95	-51.34	-7.77	-6	115.09
Capital Expenditures, 3 Yr. CAGR %	-21.68	2.9	42.7	17.17	22.26
Levered Free Cash Flow, 3 Yr. CAGR %	98.84	68.3	-16.96	-42.48	46.08
Unlevered Free Cash Flow, 3 Yr. CAGR %	57.96	-12.08	-22.76	-18.95	179.43
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-33.21	-2.14	7.14	7.96	50.33
Gross Profit, 5 Yr. CAGR %	-13.86	-24.38	2.85	6.25	58.92
EBITDA, 5 Yr. CAGR %	5.29	-12.59	-0.51	5.18	16.64
EBITA, 5 Yr. CAGR %	21.53	7.52	-5.65	4.03	-3.62
EBIT, 5 Yr. CAGR %	22.1	8.15	-5.25	4.35	-3.62
Earnings From Cont. Operations, 5 Yr. CAGR %	48.07	24.47	-29.51	-0.43	-36.23
Net Income, 5 Yr. CAGR %	48.07	24.47	-29.51	-0.43	-36.23
Normalized Net Income, 5 Yr. CAGR %	34.59	21.26	-29.33	-2.73	-21.58
Diluted EPS Before Extra, 5 Yr. CAGR %	34.71	10.32	-37.98	-15.16	-43.4
Accounts Receivable, 5 Yr. CAGR %	79.18	49.31	38.37	24.14	69.94
Inventory, 5 Yr. CAGR %	12.28	12.61	11.81	9.43	10.9
Net Property, Plant and Equip., 5 Yr. CAGR %	7.2	6.64	7.24	5.78	8.16
Total Assets, 5 Yr. CAGR %	7.62	5.66	5.09	3.66	4.14
Tangible Book Value, 5 Yr. CAGR %	-3.93	-31.4	-39.67	-28.75	-15.97
Common Equity, 5 Yr. CAGR %	-11.72	-58.76	-44.97	-26.21	-12.68
Cash From Operations, 5 Yr. CAGR %	14.32	-33.39	-0.68	2.38	-3.95
Capital Expenditures, 5 Yr. CAGR %	-7.17	5.39	11.91	-5.85	28.06
Levered Free Cash Flow, 5 Yr. CAGR %	63.23	13.49	38.2	48.62	-8.11
Unlevered Free Cash Flow, 5 Yr. CAGR %	119.25	3.17	17.67	63.15	-10.71