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Norwegian Cruise Line Holdings Ltd. (NCLH) is a leading global cruise company that operates three distinct brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. The company offers a wide array of cruise itineraries to destinations across the globe, including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, Alaska, and Hawaii. NCLH provides a variety of features and amenities on its ships, such as multiple dining venues, bars, lounges, spas, casinos, retail shopping areas, and numerous entertainment options, along with shore excursions and hotel packages for pre- or post-voyage stays . The company's revenue is categorized into "passenger ticket" revenue, which includes accommodations, meals, and certain onboard entertainment, and "onboard and other" revenue, which encompasses casino operations, beverage sales, shore excursions, specialty dining, retail sales, spa services, and Wi-Fi services .
- Passenger Ticket Revenue - Generates income from accommodations, meals, certain onboard entertainment, government taxes, fees, and port expenses.
- Onboard and Other Revenue - Includes casino operations, beverage sales, shore excursions, specialty dining, retail sales, spa services, and Wi-Fi services. Also earns from onboard activities performed by independent concessionaires, sharing in their revenue.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrea DeMarco Executive | President, Regent Seven Seas Cruises | None | Andrea DeMarco is the President of Regent Seven Seas Cruises, a role she will step down from on March 4, 2025. She has been with NCLH since 2012, holding various roles in investor relations and marketing. | View Report → |
Daniel S. Farkas Executive | EVP, General Counsel, Chief Development Officer, and Secretary | Chairman of the Operations Committee of the Florida-Caribbean Cruise Association; Chairman of the Board of Directors of the Cruise Industry Charitable Foundation; Board Member of the Steamship Mutual Underwriting Association Limited | Daniel S. Farkas has been with NCLH since 2004, serving in various legal and executive roles. He played a key role in NCLH's IPO and the acquisition of Prestige. | |
David Herrera Executive | President, Norwegian Cruise Line | None | David Herrera has been with NCLH for over eight years, currently serving as President of Norwegian Cruise Line since April 2023. He has held various leadership roles in sales, marketing, and strategy. | |
Faye L. Ashby Executive | Senior Vice President and Chief Accounting Officer | None | Faye L. Ashby has been with NCLH since 2014, serving as Chief Accounting Officer since 2016. She previously worked at Prestige and Deloitte. | |
Frank A. Del Rio Executive | President, Oceania Cruises | None | Frank A. Del Rio is the President of Oceania Cruises since January 2023. He has held various roles within NCLH and its subsidiaries, contributing to brand development and revenue growth. | |
Harry Sommer Executive | President and Chief Executive Officer | None | Harry Sommer is the President and CEO of NCLH, having started in July 2023. He has held various leadership roles within NCLH, including overseeing the delivery of new ships and relaunching operations post-pandemic. | View Report → |
Mark A. Kempa Executive | Executive Vice President and Chief Financial Officer | None | Mark A. Kempa has been with NCLH since May 1998 and has served as CFO since August 2018. He played a key role in NCLH's IPO and the acquisition of Prestige. | |
Patrik Dahlgren Executive | Executive Vice President, Vessel Operations | None | Patrik Dahlgren joined NCLH in June 2023 as EVP, Vessel Operations. He focuses on operational efficiencies and sustainability initiatives, having previously held senior roles at Royal Caribbean Group. | |
Harry C. Curtis Board | Independent Director | None | Harry C. Curtis has been a director at NCLH since October 2021, serving as Chairperson of the Audit Committee and a member of the Compensation Committee. He has 30 years of experience in equity research. | |
John Chidsey Board | Director | None | John Chidsey was appointed to NCLH's Board in February 2025. He serves as Chairperson of the Nominating and Governance Committee and a member of the Audit Committee. | |
Jos\u00e9 E. Cil Board | Director | Director at Restaurant Brands Iberia; Executive Board of Advisors at FIU's Chaplin School of Hospitality & Tourism Management; Board of Advisors at Belen Jesuit Preparatory School | Jos\u00e9 E. Cil joined NCLH's Board in October 2023, bringing experience from his leadership roles at RBI and Burger King. | |
Mary E. Landry Board | Director | Vice Chairperson of the Compensation and Workforce Committee at USAA; Advisory Board Member at Sea Machines Robotics; Board Member at NACD, Florida Chapter | Mary E. Landry has been a director at NCLH since June 2018, bringing expertise in marine safety and risk management from her career in the U.S. Coast Guard. | |
Stella David Board | Chairperson of the Board | Board Member of Entain plc; Board Member of Bacardi Limited | Stella David has been a director at NCLH since January 2017 and is currently the Chairperson of the Board. She has extensive experience in corporate governance and marketing. |
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Given the cancellation of itineraries in the Middle East resulting in a very short resell cycle and the geopolitical uncertainties in that region , how do you plan to mitigate similar risks in the future, and what impact might this have on your capacity planning and financial targets?
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While you achieved your net leverage goal six months ahead of schedule, reducing leverage by approximately 1.5x turns to 5.9x , what specific strategies are in place to reach your 2026 target of mid-4x, and what risks could impede progress toward this goal?
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With plans to add larger and more efficient vessels leading to capacity growth , how confident are you that demand will continue to outpace supply, especially considering potential economic headwinds and the necessity to maintain strong pricing to achieve your yield targets?
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You've increased your net yield growth guidance to 8.2% for the full year, driven entirely by stronger pricing since occupancy is at full capacity ; are you observing any signs of consumer price resistance, and how sustainable is this pricing strategy in the current market environment?
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The 2.5% cost spread target for 2025 and 2026 was described as a baseline ; given potential cost pressures such as fuel and labor, how achievable is this target, and what measures are you implementing to ensure you can meet or exceed it?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. | |
Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. | |
MSC Cruises | Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. |
Viking Ocean Cruises | Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. |
Virgin Voyages | Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. In addition, we compete with land-based vacation alternatives, such as hotels and resorts, vacation ownership properties, casinos, and tourist destinations throughout the world. |
Recent press releases and 8-K filings for NCLH.
- Q1 2025 performance: Delivered Adjusted EBITDA of $453M (guidance $435M), Total Revenue of $2.1B, Adjusted EPS of $0.07, and a GAAP net loss of ($40.3M), with an improved operational EBITDA margin reaching 35.5% and net yield up 1.2% (70bps above target) .
- Guidance update: Q2 targets include 103.2% occupancy and Adjusted EBITDA near $670M, while FY2025 forecasts highlight continued net yield growth and a reduction in net leverage from 5.7x to ~5x by year-end .
- Strategic initiatives: Achieved the on-schedule, on-budget delivery of "Norwegian Aqua" with enhanced guest experiences, complemented by long-term charter agreements and expansion efforts at Great Stirrup Cay .
- Fleet modernization: Ongoing upgrades include dry dock enhancements for Norwegian Bliss and Norwegian Breakaway, alongside repurposing older vessels through charter agreements .
- The document provides a legal opinion confirming that the Ordinary Shares (both 2,708,533 and 649,565 shares) have been duly authorized and will be validly issued, fully paid and non-assessable upon payment and delivery.
- It details a registered direct offering where shares are priced at $19.06 per share, with the offering not being underwritten.
- Proceeds from the share purchase, combined with cash on hand, will be used to fund the cash consideration in the exchange of 5.375% Exchangeable Senior Notes due 2025, with specified aggregate principal amounts and cash outlays provided in the pricing information.
- Refinancing Transaction: Norwegian Cruise Line Holdings Ltd. and NCL Corporation announced an exchangeable notes refinancing, exchanging portions of their 2025 Senior Notes for newly issued 2030 Notes [0,1] [2,3].
- Debt Exchange Details: The transaction is exchanging $68.45M of 2025 Notes [0,1] and $285,425,000 of 5.375% Exchangeable Senior Notes [2,3] for new 2030 Notes (with the new notes carrying a coupon of 0.875% [2,3]).
- Cash Component: It includes cash payments of $12.38M [0,1] and $51,624,820 [2,3] plus accrued interest.
- Equity Offering: A registered direct offering of 649,565 ordinary shares [0,1] and 2,708,533 ordinary shares [2,3] at $19.06 per share is being conducted to help fund the cash payment.
- Share Reduction: The refinancing is expected to reduce fully diluted shares by approximately 15.5M [0,1] and 12.5M [2,3].
- Additional Post-Transaction Info: Approximately $164,565,000 of the 2025 Notes will remain outstanding [2,3] with a closing expected around April 7, 2025 [0,1].