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Sep 30, 2022
Norwegian Cruise Line Q3 2022 Earnings Report
Reported positive momentum with key operational and financial milestones, including positive Adjusted EBITDA in the third quarter for the first time since the start of the pandemic.
Key Takeaways
Norwegian Cruise Line Holdings reported a revenue increase to $1.6 billion compared to $153.1 million in 2021. The company achieved positive Adjusted EBITDA of approximately $28 million. Occupancy reached approximately 82%, a 17-point improvement. The company anticipates positive Adjusted Free Cash Flow for Q4 2022.
Achieved positive Adjusted EBITDA for the third quarter of 2022.
Targeting positive Adjusted Free Cash Flow for the fourth quarter of 2022.
2023 booked position is equal to 2019’s record levels and at record pricing.
Total revenue per Passenger Cruise Day was up approximately 14% in the third quarter of 2022 versus 2019.
Forward Guidance
Company expects occupancy to be in the mid-to-high 80% range for the fourth quarter of 2022. Total revenue is expected to be $1.4-1.5 billion in the fourth quarter of 2022. Interest Expense, net is expected to be approximately $170 million for the fourth quarter of 2022.
Positive Outlook
- Occupancy is expected to be in the mid-to-high 80% range for the fourth quarter of 2022.
- Total revenue is expected to be $1.4-1.5 billion in the fourth quarter of 2022.
- Total revenue per Passenger Cruise Day is forecast to increase approximately 20% versus the fourth quarter of 2019.
- Adjusted Net Cruise Cost Excluding Fuel per Capacity Day is expected to decrease by approximately 10% in second half of 2022 versus first half of 2022.
- Depreciation and Amortization is expected to be approximately $195 million for the fourth quarter of 2022
Challenges Ahead
- The Company will report a net loss for the fourth quarter of 2022.
- Current cumulative booked position for the fourth quarter of 2022 is below the comparable 2019 period.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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