Norwegian Cruise Line Holdings Ltd. · NYSE:NCLH
Norwegian Cruise Line — Investor Presentation (April 2024)
19 slides from Norwegian Cruise Line's investor presentation, Apr 8, 2024
Slide 1: Fleet Expansion & Private Island Development
FLEET EXPANSION & PRIVATE ISLAND DEVELOPMENT April 8, 2024
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: Expected Fleet Expansion & Private Island Development
EXPECTED FLEET EXPANSION & PRIVATE ISLAND DEVELOPMENT New ship orders for each of our three brands1 4 ships 1 2 ships 1 2 ships ~200,000 gross tons ~86,000 gross tons ~77,000 gross tons ~5,000 guests ~1,450 guests ~850 guests Delivery in Delivery in Delivery in 2030, 2032, 2034, 2036 2027, 20292 202
Slide 4: Evolution of Our Vessels
EVOLUTION OF OUR VESSELS Prima Class Next Gen Prima Class Next Gen ”Methanol-Ready2” New Class of Prima Class Revolutionary Vessels1 ~143k gross tons ~156k gross tons ~169k gross tons ~200k gross tons ~3,200 guests ~3,500 guests ~3,800 guests ~5,000 guests Allura Class Ships New Class1 ~67k gross to
Slide 5: Fleet Expansion Delivers Industry Leading Growth
FLEET EXPANSION DELIVERS INDUSTRY LEADING GROWTH 1 Gross Capacity Growth (M) Orderbook 1 CAGR ~4% 4 New ~20,000 berths CAGR ~6% 4 Existing ~14,500 berths 29.8 28.0 24.4 26.3 2 New 23.5 22.7 ~2,900 berths 1 Existing 1,200 berths 2023 2024E 2025E 2026E 2027E 2028E 2 2036E 2 New # ~1,700 berths 32 32 3
Slide 6: Capacity Growth Has Led to Outsized Financial Contributions
CAPACITY GROWTH HAS LED TO OUTSIZED FINANCIAL CONTRIBUTIONS Capacity Days (M) Gross Revenue ($B) CAGR: 7% CAGR: 11% $6.1 $6.5 18.8 19.2 $5.4 17.4 $4.9 16.4 $4.3 14.7 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Adjusted EBITDA ($B) Net Cash Provided by Operating Activities ($B) CAGR: 13% CAGR:
Slide 7: Island Development
ISLAND DEVELOPMENT • New multi-ship pier development at Great Stirrup Cay • Allows for greater guest throughput and better monetization of existing assets, with flexibility for significant expansion opportunities • Construction to begin in summer 2024 with completion by late 2025
Slide 8: Slide 8
Slide 9: Favorable Financing Structure
FAVORABLE FINANCING STRUCTURE Export Credit Financing for Newbuild-Related Capital Expenditures1 ($B) $2.1 $1.6 $1.6 $1.5 $0.8 $0.4 $0.2 2023 2024 2025 2026 As of December 31, 2023 Proforma for new orderbook New orderbook financing at 6-month Term SOFR +2.10%1 (1) Financing related to 2 Oceania Crui
Slide 10: Expected Capital Expenditure Outlook
EXPECTED CAPITAL EXPENDITURE OUTLOOK Newbuild related capital expenditures, net of financing1 ($B) $0.8 $0.7 $0.6 $0.6 $0.4 $0.2 $0.2 2023 2024 2025 2026 As of December 31, 2023 Proforma for new orderbook Newbuilds not expected to significantly increase capital expenditures in near-term (1) Includes
Slide 11: Focused on Reducing Net Leverage
FOCUSED ON REDUCING NET LEVERAGE Net Leverage Reduction1 ~1.5x reduction • Newbuild orders have minimal impact of ~0.1x on Net Leverage per year. • Company continues to expect to 7.3x reduce Net Leverage meaningfully over near-term driven by ongoing cash generation and scheduled amortization payment
Slide 12: Appendix
NORWEGIAN CRUISE LINE pS HOLDINGS LTD. APPENDIX
Slide 13: Fleet Expansion Detail
FLEET EXPANSION DETAIL Year Brand Detail Gross Tons1 Berths1 2025 Norwegian Cruise Line Norwegian Aqua ~156,000 ~3,550 2025 Oceania Cruises Allura ~68,000 ~1,250 2026 Norwegian Cruise Line Next Generation Norwegian Prima Class ~156,000 ~3,550 2026 Regent Seven Seas New Class2 ~77,000 ~850 Next Gener
Slide 14: Expected Capital Expenditure Outlook Detail
EXPECTED CAPITAL EXPENDITURE OUTLOOK DETAIL As of December 31, 2023 After Newbuild Announcement $ Billions unless otherwise noted FY 2023 FY 2024 FY 2025 FY 2026 $ Billions unless otherwise noted FY 2023 FY 2024 FY 2025 FY 2026 Newbuild-Related Capital Newbuild-Related Capital $2.5B $0.4B $2.1B $1.4
Slide 15: Definitions and Non-GAAP Information and Reconciliation
DEFINITIONS AND NON-GAAP INFORMATION AND RECONCILIATION 15
Slide 16: Non-GAAP financial measures notice
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 17: Definitions
DEFINITIONS Adjusted EBITDA. EBITDA adjusted for other income (expense), net and other supplemental adjustments. Capacity Days. Berths available for sale multiplied by the number of cruise days for the period for ships in service. EBITDA. Earnings before interest, taxes, and depreciation and amortiz
Slide 18: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Adjusted EBITDA is calculated as follows Twelve Months Ended (in thousands): Dec. 31, 2023 Net income (loss) $166,178 Interest expense, net 727,531 Income tax expense (3,002) Depreciation and amortization expense 808,568 EBITDA $1,699,275 Other (income) e
Slide 19: Non-GAAP Reconciling Information
NON-GAAP RECONCILING INFORMATION (UNAUDITED) Year Ended December 31 Adjusted EBITDA1 is Calculated as Follows (in thousands): 2015 2016 2017 2018 2019 Net income attributable to Norwegian Cruise Line Holdings Ltd. $427,137 $633,085 $759,872 $954,843 $930,228 Interest expense, net 221,909 276,859 267
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