Norwegian Cruise Line Holdings Ltd. · NYSE:NCLH
Norwegian Cruise Line — Investor Day (October 2022)
66 slides from Norwegian Cruise Line's investor day presentation, Oct 6, 2022
Slide 1: NYC Investor Event
NYC INVESTOR EVENT October 6, 2022
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Some of the statements, estimates or projections contained in this presentation are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation R
Slide 3: Welcome Aboard Norwegian Prima
WELCOME ABOARD NORWEGIAN PRIMA Mandara Spa Infinity Beach Onda by Scarpetta Indulge Food Hall Prima Speedway
Slide 4: Today's Presenters
TODAY’S PRESENTERS CEO & President ■ Assumed the position in January 2015 ■ Previously served as CEO of Prestige Cruise Holdings (2002 –2015); Founded Oceania Cruises in 2002 FRANK J. DEL RIO CFO & Executive Vice President ■ Assumed the position in August 2018 ■ Previously served as SVP of Finance a
Slide 5: Agenda
AGENDA Jessica John Welcome Vice President, Investor Relations, ESG & Corporate Communications Company Overview & Strategic Outlook Frank J. Del Rio President & Chief Executive Officer Mark A. Kempa Business & Financial Update Executive Vice President & Chief Financial Officer Q&A Lunch with NCLH Se
Slide 6: Company Overview & Strategic Outlook
COMPANY OVERVIEW & STRATEGIC OUTLOOK 6
Slide 7: NCLH Overview
NCLH OVERVIEW NORWEGIAN CRUISE LINE INCL NORWEGIAN HOLDINGS LTD. v Ly : am O) — oe 1966, 29 ~61,000 Year Founded Ships in Fleet Berths OCEANIA A CRUISES" D @ OY 8 ~20,000 ~500 Ships on Berths on Global Order Order Destinations Visited Kegzenl = Qo a B20 Ie v0 BUD ah ~35,000 ~2:7 2 Team Million Guest
Slide 8: Our Key Value Drivers
OUR KEY VALUE DRIVERS Dominant operator in upscale experiences with 1. AWARD-WINNING BRANDS three award-winning brands spanning major market categories 2. BEST-IN-CLASS FLEET Sizeable yet nimble fleet with innovative product offerings Transformational growth profile expected to 3. INDUSTRY-LEADING G
Slide 9: Award-Winning Brands
1 AWARD-WINNING BRANDS ▪ 18 ships / 52,840 berths ▪ 5 ships on order for delivery in 2023 – 2027 ▪ Youngest fleet of major North American cruise brands ▪ Offerings for the entire gamut of potential cruisers with unparalleled entertainment, dining and accommodations ▪ The Haven private keycard access
Slide 10: NCLH's Portfolio Well-Positioned Across Categories
1. AWARD-WINNING BRANDS NCLH’S PORTFOLIO WELL-POSITIONED ACROSS CATEGORIES Luxury Premium Contemporary Norwegian Cruise Line Holdings Ltd. Carnival Corp & Plc Royal Caribbean Group 10
Slide 11: Dominant Cruise Operator in Upscale Experiences
1. AWARD-WINNING BRANDS DOMINANT CRUISE OPERATOR IN UPSCALE EXPERIENCES Upscale Berths Shift to Premium Itineraries4 ~9,190 2019 2023 -7% +6% ~6,500 27% ~3,350 +3% ~2,850 29% 11% 1 2 3 Alaska Europe Caribbean Upscale brands drive outsized yields and ship contribution Source: Company and peer company
Slide 12: Favorable Guest Demographics
1. AWARD-WINNING BRANDS FAVORABLE GUEST DEMOGRAPHICS NCLH Bookings by Region1 Loyal Repeat Guest Percentage by Brand1 10% U.S. ~50% ~55% 6% ~45% 6% Canada UK & Continental Europe 78% Rest of World NCL OCI RSSC NCLH Generation Mix1,2 % of Guests Booked with Net Worth of $250K+3 ~38% ~94% ~95% ~63% ~2
Slide 13: Best-in-Class Fleet
2 BEST-IN-CLASS FLEET • Youngest fleet of major cruise operators1 • Sizable yet nimble footprint with many unserved and underserved markets allowing for further growth • Premium cabin mix (~60% balconies and above, growing to ~65% by 2027) • Innovative hardware and focus on continual enhancements to
Slide 14: Industry-Leading Growth Profile
3 INDUSTRY-LEADING GROWTH PROFILE NORWEGIAN CRUISE LINE OCEANIA CRUISES REGENT SEVEN SEAS CRUISES Ships / Berths 18 ships / 52,840 berths 6 ships / 5,090 berths 5 ships / 3,310 berths Ships on Order 5 2 1 2023 1) Norwegian Viva: ~3,100 Berths 1) Vista: ~1,200 Berths 1) Seven Seas GrandeurTM: ~750 Be
Slide 15: Capacity Additions Have Translated to Outsized Financial Contributions
3. INDUSTRY-LEADING GROWTH PROFILE CAPACITY ADDITIONS HAVE TRANSLATED TO OUTSIZED FINANCIAL CONTRIBUTIONS Capacity Days (M) Gross Revenue ($B) CAGR: 7% CAGR: 11% $6.1 $6.5 18.8 19.2 $4.9 $5.4 14.7 16.4 17.4 $4.3 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Adjusted EBITDA ($B) Net Cash Provided
Slide 16: Attractive Destination & Port Development Strategy Supports Fleet Expansion
3. INDUSTRY-LEADING GROWTH PROFILE ATTRACTIVE DESTINATION & PORT DEVELOPMENT STRATEGY SUPPORTS FLEET EXPANSION ◼ Strategic investments in Alaska ◼ Refurbished Pier 66 in Seattle for ◼ Great Stirrup Cay, Bahamas was 4 3 Alaska cruises which includes the first private island developed 2 1 preferential
Slide 17: Unique Go-To-Market Strategy
4 UNIQUE GO-TO-MARKET STRATEGY Value-Add Bundling Market-to-Fill • Focus on marketing and not price as the main lever to drive demand • Book early for best price contributes to elongated booking curve which improves visibility and accelerates cash inflows • Telegraph future price actions / increases
Slide 18: Value-Add Bundling Propositions
4. UNIQUE GO-TO-MARKET STRATEGY VALUE-ADD BUNDLING PROPOSITIONS NCL Free at Sea Participation Onboard Revenue Generation Streams 85% • Shore • Shore • Premium shore excursions excursions excursions • Casino • Casino • Casino 62% • Bar • Bar • Spa • Spa • Spa • Retail shops 52% • Retail shops • Retai
Slide 19: Diversified Distribution Channels
4. UNIQUE GO-TO-MARKET STRATEGY DIVERSIFIED DISTRIBUTION CHANNELS NCLH Bookings By Distribution Channel 2019 2023E Greatest Opportunity for Growth Travel Agents Direct Direct-Web Charters, Meetings & Incentives Demand-generating marketing investments are focused on diversifying and maximizing potent
Slide 20: Differentiated Pricing Drivers
4. UNIQUE GO-TO-MARKET STRATEGY DIFFERENTIATED PRICING DRIVERS Premium hardware and premium cabin mix1 The Haven® by Norwegian Premium itineraries NCL fleet purpose built for Freestyle Cruising Industry’s only inter-island Hawaii itinerary Robust casino program Sixthman festival experiences at sea &
Slide 21: Dynamic Pricing Driven by Sophisticated Revenue Management Strategy
4. UNIQUE GO-TO-MARKET STRATEGY DYNAMIC PRICING DRIVEN BY SOPHISTICATED REVENUE MANAGEMENT STRATEGY • Proprietary revenue management systems are core to developing optimal booking curves for each itinerary Booking Window Expansion (Days) • Pricing and inventory decisions are data-driven and focused
Slide 22: Industry Leader in Yields
INDUSTRY LEADER IN YIELDS1… 2019 Net Ticket Yield2 2019 Net Yield2 $177 +18% +36% $150 $130 $257 +23% +44% $209 $179 PEER 1 PEER 2 2019 Net Onboard Yield2 $80 +35% +65% $59 $48 PEER 1 PEER 2 PEER 1 PEER 2 Source: Company and peer company SEC filings. Peer filings may not be calculated on the same ba
Slide 23: ...and EBITDA per Capacity Day
…AND EBITDA PER CAPACITY DAY1 2019 EBITDA Per Capacity Day2 +12% $95 +53% $85 $62 PEER 1 PEER 2 Source: Company and peer company SEC filings. Peer filings may not be calculated on the same basis. 1 Compared to major publicly traded cruise operators, 2 Twelve months ended November 30 or December 31,
Slide 24: Favorable Industry Backdrop
5 FAVORABLE INDUSTRY BACKDROP Unique Cruise Industry Characteristics Favorable Limited supply demographic trends growth capacity High barriers Efficient newbuild to entry financing Cruise Industry Favorable tax Movable assets structure Advance cash High value, high deposits satisfaction product Unde
Slide 25: Resilient Industry with Proven Consistent Growth Profile
5. FAVORABLE INDUSTRY BACKDROP RESILIENT INDUSTRY WITH PROVEN CONSISTENT GROWTH PROFILE CLIA Global Ocean Cruise Passengers (Millions) +5.6% 28.5 29.7 CAGR 26.7 25.2 22.3 23.1 20.5 20.9 21.3 19.1 17.8 15.9 16.3 14.3 15.1 13.1 11.2 11.4 12 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2
Slide 26: Global Cruise Demand Projected Growth
5. FAVORABLE INDUSTRY BACKDROP GLOBAL CRUISE DEMAND PROJECTED GROWTH CLIA Global Ocean Cruise Passengers (Millions) 8% CAGR 37.1 38.0 35.3 32.1 29.7 28.2 2019 2022E 2023E 2024E 2025E 2026E Global cruise demand is expected to grow at 8% CAGR from 2022-2026 Source: CLIA estimates 26
Slide 27: Cruise Is Vastly Underpenetrated Globally
5. FAVORABLE INDUSTRY BACKDROP CRUISE IS VASTLY UNDERPENETRATED GLOBALLY Percentage of Target Population Global Cruise Hotel Rooms that Cruised in 2019 (1) Staterooms in Top 3 U.S. Cities 10% 9% 9% 7% 5% 1% Germany Australia UK US Canada World • Total cruise staterooms are less than hotel rooms in t
Slide 28: Compelling Value Proposition Versus Land-Based Vacations
5. FAVORABLE INDUSTRY BACKDROP COMPELLING VALUE PROPOSITION VERSUS LAND-BASED VACATIONS Average 7-Day Vacation – Two People • Cruise offers significant value at all income levels and price points which Norwegian 4-Star+ 4-Star+ will drive future demand Caribbean Caribbean All- Miami Hotel Sailing1 I
Slide 29: Strong Leadership
6 STRONG LEADERSHIP About The Team Accomplishments ■ Over 120 years of combined experience in the ■ Successfully managed through exogenous events including: cruise and hospitality industries — The Great Recession — Natural & Geopolitical events ■ Majority of executive team has been together since 20
Slide 30: Robust Global Sustainability Program Underpins Operations
ROBUST GLOBAL SUSTAINABILITY PROGRAM UNDERPINS OPERATIONS 30
Slide 31: Business Update
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Slide 32: Positive Catalysts Heading into 2023
POSITIVE CATALYSTS HEADING INTO 2023 1 2 3 Improvement in Public Consumer Desire for Attractive Newbuild Health & Regulatory Travel & Experiences Pipeline Environments Intact ▪ All COVID-19 related guest ▪ Healthy consumer trends ▪ Addition of Norwegian Prima in protocols lifted for NCL continue inc
Slide 33: Phased & Disciplined Voyage Resumption
PHASED & DISCIPLINED VOYAGE RESUMPTION Capacity & Revenue ($M) Ramp Up Sequential Increase in Occupancy Expect return $1,187 to historical occupancy 82% $487 $522 65% 48% $153 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Ships in Service1 8 17 23 28 Berth Capacity1 39% 73%2 84% 100% Q1 2022 Q2 2022 Q3 2022 Q2 20
Slide 34: Booking Trends Update
BOOKING TRENDS UPDATE ◼ Immediate and sustained uplift in bookings experienced since the announcement of significant relaxation of COVID-19 protocols in early August ◼ Booking trends for FY 2023 are positive with cumulative booked position equal to record 2019 levels inclusive of a ~16% increase in
Slide 35: Pricing and Pricing Growth Continues to Lead Industry
PRICING AND PRICING GROWTH CONTINUES TO LEAD INDUSTRY Second Quarter 2022 Pricing and Pricing Growth vs 2019 +11% +3% (4)% $278 $201 $154 PEER 1 PEER 2 Note: Pricing is based on Net Per Diems, a non-GAAP financial measure. Pricing growth is for 2Q 2022 vs. 2Q 2019. Please refer to the Appendix for r
Slide 36: Financial Update & Outlook
FINANCIAL UPDATE & OUTLOOK 36
Slide 37: Strong Historical Financial Performance Through the Cycle
STRONG HISTORICAL FINANCIAL PERFORMANCE THROUGH THE CYCLE TTM Adjusted EBITDA $1.9B $239M Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Great Recess
Slide 38: Key Financial Recovery Milestones
KEY FINANCIAL RECOVERY MILESTONES 2021 2022 2023 Q1 Q2 Q3 Q4 1 3 5 6 Positive Positive ship Expect positive contribution 2 contribution Adjusted Free Expect return to historical from fleet in fleetwide and Cash Flow1 load factors in 2023 operation in Q3 Positive Operating Cash for quarter Operating
Slide 39: Manageable Debt Maturity Profile
MANAGEABLE DEBT MATURITY PROFILE As of June 30, 2022 ($ billions) Revolving Credit Facility & Term Loan A (totaling ~$2.4B) expected to be $3.0 extended prior to YE22 $2.0 $1.5 $0.9 $1.1 $0.5 2022 2023 2024 2025 2026 2027 ECA Loans, Capital Leases & Other Senior Unsecured Notes Senior Secured Notes
Slide 40: Liquidity Position
LIQUIDITY POSITION ◼ Liquidity of ~$2.2B as of September 30, 2022, consisting of $1.2B1 of cash and cash equivalents and a $1B undrawn commitment ◼ Currently have ~$500M of incremental unsecured debt capacity available ◼ Expected to complete an amendment and extension of our operating credit facilit
Slide 41: Cash Generation Engine Fueled by Advance Ticket Sales
CASH GENERATION ENGINE FUELED BY ADVANCE TICKET SALES Total Advance Ticket Sales ($B) Quarterly Gross Advance Ticket Sales Build ($M) 3.0 Record $1,600 high 2.5 Start of $1,400 ~40% Pandemic $1,200 2.0 Restart $1,000 1.5 $800 1.0 $600 $400 0.5 $200 - $- 3Q21 1Q22 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4
Slide 42: Meaningful Growth Potential to Top and Bottom-Line Results
MEANINGFUL GROWTH POTENTIAL TO TOP AND BOTTOM-LINE RESULTS Capacity Days (M) Capacity Growth: ~50% 28.8 27.5 25.7 FY 2023 Growth: 16% 24.0 YE 2023 Annualized: 22% 22.3 19.2 17.8 2019 2022E 2023E 2024E 2025E 2026E 2027E # Ships 27 29 32 33 35 36 37 Norwegian Norwegian Norwegian Norwegian Norwegian No
Slide 43: Attractive Fixed Rate 12-Year Financing for Newbuild Program
ATTRACTIVE FIXED RATE 12-YEAR FINANCING FOR NEWBUILD PROGRAM Norwegian Prima 2.7% Oceania Cruises’ 3.6% Seven Seas 3.6% Vista GrandeurTM Norwegian Viva 2.8% 2nd Allura Class Ship 1.4% (EUR) 3rd Prima Class Ship 1.2% (EUR) 4th Prima Class Ship 1.3% (EUR) 5th Prima Class Ship 3.6% 6th Prima Class Ship
Slide 44: Illustrative Newbuild Timeline
ILLUSTRATIVE NEWBUILD TIMELINE Contract Signing Installment Cash Inflows from Ship Delivery Post Delivery Payments Bookings Begin • ~2-5% of ship cost due • 3 installment payments • Cash Deposits begin • 80% of ship cost due • Financing is amortized due at agreed upon at open for sale upon delivery
Slide 45: Medium and Long-Term Financial Strategy
MEDIUM AND LONG-TERM FINANCIAL STRATEGY 1 2 3 Rebuild and Improve Maximize Cash Flow Optimize Balance Margins Generation Sheet ▪ Gradual return to pre-COVID ▪ Introduce robust growth profile ▪ Maintain sufficient liquidity margin levels of ROIC and cash flow to weather extended accretive vessels in
Slide 46: Focused on Charting Path to Return to Pre-COVID Leverage
FOCUSED ON CHARTING PATH TO RETURN TO PRE-COVID LEVERAGE Net Leverage 1 Capital Returned via Share Repurchases ($M) Over $1 billion returned to shareholders over two years 6.8x 2018 $665 5.1x 2019 $350 4.3x 3.7x 3.4x 2 3.3x (+) Voluntary Debt Prepayment $135 1 3.2x Total Two-Year Return of Capital $
Slide 47: Key Takeaways
KEY TAKEAWAYS •Not all cruise operators are created equal, NCLH has unique drivers to unlock value for our stakeholders •We have been clear and consistent in our strategy and have reached the key operational and financial milestones we have targeted to lay the foundation for a strong 2023 and beyond
Slide 48: Questions?
QUESTIONS? 48
Slide 49: Appendix
APPENDIX mw / NORWEGIAN GRUISE LINE BSS HoLDINGs LTD.
Slide 50: Cruise Product Resonates Across Generations
FAVORABLE SEASCAPE CRUISE PRODUCT RESONATES ACROSS GENERATIONS Cruise Tourist Average Age (2018-20) % of Cruise Passengers Who Plan to Cruise Again ~85% 14% ~82% 60+ 79% 34% 40-59 ~77% 20-39 20% ~73% 0-19 32% Note: Industry-wide. Source: CLIA Global Market Report 2020 50
Slide 51: NCLH 2023 Deployment Mix
NCLH 2023 DEPLOYMENT MIX 2023 Variance Q1 Q2 Q3 Q4 FY vs. FY2019 Alaska 0% 17% 24% 5% 11% 3% Asia/Africa/Pacific 8% 2% 1% 9% 5% 0% Bermuda 2% 11% 7% 5% 6% (0%) Caribbean 54% 19% 6% 29% 27% (7%) Europe 5% 32% 52% 27% 29% 6% Baltic 0% 9% 19% 1% 7% (0%) Canary 3% 0% 0% 0% 1% (0%) Mediterranean 2% 23% 3
Slide 52: Illustrative Share Count Scenario
ILLUSTRATIVE SHARE COUNT SCENARIO Illustrative Diluted Share Count Shares Outstanding (as of 9/30/22) 421,393,338 RSUs and Options Outstanding (as of 15,083,931 9/30/22)1 6% Exchangeable Notes due 2024 10,661,894 Must be settled in shares 5.375% Exchangeable Notes due 2025 23,999,985 1.125% Exchange
Slide 53: Definitions and Non-GAAP Information and Reconciliations
DEFINITIONS AND NON-GAAP INFORMATION AND RECONCILIATIONS 53
Slide 54: Definitions
DEFINITIONS Adjusted EBITDA. EBITDA adjusted for other income (expense), net and other supplemental adjustments. Adjusted Free Cash Flow. Free Cash Flow adjusted for proceeds from ship construction financing facilities and other supplemental adjustments. Adjusted Gross Margin. Gross margin adjusted
Slide 55: Non-GAAP financial measures should not be used as a substitute for GAAP financial measures
Non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purpose of analyzing operating performance, financial position or cash flows. The Company does not provide certain estimated future results on a GAAP basis because the Comp
Slide 56: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) EBITDA per Capacity Day was Calculated as Follows (in thousands, except Capacity Days and EBITDA per Capacity Day Data): Year Ended December 31, 2019 Net Income Attributable to Norwegian Cruise Line Holdings Ltd. $930,228 Interest Expense, Net 272,867 Inc
Slide 57: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Net Yield is Calculated as Follows (in thousands, Year Ended except Capacity Days and Yield Data): Dec. 31, 2019 Total revenue $6,462,376 Less: Total cruise operating expense 3,663,261 Less: Ship depreciation 587,677 Gross Margin $2,211,438 Payroll and re
Slide 58: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Net Ticket Yield is Calculated as Follows (in thousands, Year Ended except Capacity Days and Yield Data): Dec. 31, 2019 Gross Margin $2,211,438 Less: Onboard and other revenue 1,944,983 Ship depreciation 587,677 Onboard and other expense 394,673 Payroll a
Slide 59: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Net Onboard Yield is Calculated as Follows (in thousands, Year Ended except Capacity Days and Yield Data): Dec. 31, 2019 Gross Margin $2,211,438 Less: Passenger ticket revenue 4,517,393 Ship depreciation 587,677 Commissions, transportation and other 1,120
Slide 60: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Twelve Months Ended, September 30, December 31, March 31, June 30, September 30, December 31, Adjusted EBITDA¹ is Calculated as Follows (in thousands): 2008 2008 2009 2009 2009 2009 Net Income (loss) $(133,710) $(211,761) $(61,066) $(19,373) $(104,833) $6
Slide 61: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Twelve Months Ended, September 30, December 31, March 31, June 30, September 30, December 31, Adjusted EBITDA¹ is Calculated as Follows (in thousands): 2011 2011 2012 2012 2012 2012 Net Income $88,821 $126,859 $138,076 $144,883 $165,562 $168,556 Interest
Slide 62: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Twelve Months Ended, Adjusted EBITDA¹ is Calculated as Follows (in September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30, thousands): 2014 2014 2015 2015 2015 2015 2016 2016 Net Income Attributable to Norwegian Cruise
Slide 63: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Twelve Months Ended, Adjusted EBITDA¹ is September 30, December 31, March 31, June 30, September 30, December 31, March 31, Calculated as Follows (in thousands): 2016 2016 2017 2017 2017 2017 2018 Net Income Attributable to Norwegian $599,165 $629,491 $62
Slide 64: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Twelve Months Ended, Adjusted EBITDA¹ is June 30, September 30, December 31, March 31, June 30, September 30, December 31, Calculated as Follows (in thousands): 2018 2018 2018 2019 2019 2019 2019 Net Income Attributable to Norwegian $829,320 $899,006 $954
Slide 65: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Net Per Diem is Calculated as Follows Quarter Ended Quarter Ended (in thousands, except Passenger Cruise Days and Net Per Diem Data): Jun. 30, 2019 Jun. 30, 2022 Total revenue $1,664,277 $1,187,181 Less: Total cruise operating expense 958,424 1,073,316 Le
Slide 66: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Year Ended December 31, Net Leverage was Calculated as Follows (in thousands): 2014 2015 2016 2017 2018 2019 Long-Term Debt, Net of Current Portion $5,503,076 $5,767,697 $5,838,494 $5,688,392 $5,810,873 $6,055,335 Current Portion of Long-Term 576,947 629,
Norwegian Cruise Line Holdings — Investor Day (October 2022) on 6ix