Good morning, Dan. Yeah, sure. That said, we have not stopped, and we continue to look at opportunities to improve our cost structure. ESG Reporting & Downloads. I have worked with Harry in various capacities over the course of three decades, and I can assure you that he is a strategic and innovative leader, who has the right talent, skill set, and energy to lead the company at this pivotal time in its history. Our next question is from Vince Ciepiel with Cleveland Research Company. And in our last earnings release, we had called out that we had increased our contractual commitments by 1.2 billion euro. So, three ships in one year will mean that much more of a halo effect for our company to leverage. Shifting our attention to guidance, our outlook for the second quarter can be found on Slide 14. Thousands of domestic & international car hire and both low-cost & scheduled flights. While we originally planned to fund this with our organic cash flow generation when the ships were originally ordered, given the very efficient and supportive financing we received from export credit agencies and the continued uncertainty in the macro and financial markets, we felt financing this was a prudent action to minimize cash outflows for the next few years. These are given to customers as a form of compensation for inconveniences caused by cancelled cruises or service issues on a previous cruise. If a Future Cruise Credit was leveraged to pay for a reservation now impacted by the global sailing suspension, we are making it easy by combining all funds into one voucher. And, you know, number one, that's on the back of very strong just good old-fashioned core growth. It cannot be used to pay: Taxes Port fees Instead of getting the amount refunded to your credit card, you may be issued a certificate you can use towards your next Norwegian Cruise Line sailing. Reports, policies and documents related to our sustainability program, Sail & Sustain. And as I had communicated when we communicated on our last call, we were steadfastly going into a lot of our onboard -- our margin enhancement initiatives. Effective today, all FCCs with a current effective to date of January 31, 2022, will be updated to reflect a new effective to date of December 31, 2022, and a sail-by date of December 31, 2022.. The full amount of your FCC can be applied to the base cruise fare on a new booking, but only if the passenger whose name it is under is the one who is booking. Thank you. Shifting our attention to the backdrop that makes me so optimistic for what lies ahead, Slide 7 outlines our current positioning and the key catalysts we see now and on the horizon. Ancillary pre-purchased items include: You know, we touched on this already in our prepared remarks, but we are laser focused on delivering our '23 guidance and financial goals. Yes. Moving on to costs, adjusted net cruise cost, excluding fuel per capacity day, is expected to average approximately $159 for the full year, slightly better than our prior guidance. This reflects the rapid execution of cost savings initiatives identified and implemented last year, some of which were realized earlier than anticipated. Include the following information in the comments field: Completed FCC transfer request information as listed below. How can I see my Future Cruise Credit balance. What Are Carnival's Early Saver Cruise Deals? Obviously, it sounds like wave has been healthy, but would you say things are stable, accelerating, or decelerating kind of on a core basis when you adjust for those factors? Second, we are already starting to see the benefits of our margin enhancement efforts and will continue to take strategic measures to best position the company for its next chapter while ensuring that we keep the secret sauce that makes our brand so special fully intact. And before I get started, I have to say that I am honored and grateful to be given the opportunity to lead this iconic company. Thank you. Step 5. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. I look forward to building on this remarkable legacy, and I am committed to doing everything I can to best position this company for continued success. Well, Steve, first of all, you know, I appreciate the adjective you used of destroying our guidance, but I would like to say we healthily beat our guidance. You know, we're expecting roughly 11% or 12%, if I recall correctly. Just on the second half net per diem, you know, it's implied a decent step-up in the second half. I have to thank our partners at Fincantieri once again for bringing our vision to life and delivering a truly magnificent ship. Only new government or agency mandates would be considered. And I think -- I'm very confident, I think quite a bit of -- we're nervous last quarter, whether or not we could achieve our cost savings. Ms. John, please proceed. So, in order to preserve cash for the long term and given the very efficient rates, we simply decided to finance more. Growing up to immigrant working class parents in the Bronx, I could never have dreamed to be at the helm of such a storied brand. [Operator instructions] As a reminder to all participants, this conference is being recorded. Net per diem increased approximately 7.7%, achieving the high end of guidance, while net yield of 3.6% was a healthy beat versus our expectations, as low factor of 101.5% came in well ahead of projections. So, but, you know, if you just took Q1 in isolation and you said, "OK, we beat the quarter by $0.15 and you look at the rest of the year, almost half of that is being eroded by fuel and FX headwinds. My name is Paul, and I will be your operator. With Harry Sommer at the helm, I leave this company in the most capable of hands. So, we're very happy with that strategy? We bought two Cruise Next certificates because we figured we would be returning to NCL for future cruises. Harry, do you want to take that one? The Future Cruise Credit goes to the individual guest on the reservation. Future Cruise Credit - What is a Future Cruise Credit and How to Redeem So, I won't give too much color on that, but other than we're exactly in the position we need -- where we need to be. Capacity growth in 2023 is expected to be just shy of 20% compared to 2019, as we add over 5,000 berths to our world-class fleet. India: ICE Vacation Center India (ICE). Norwegian Cruise Line ( NCLH 9.40%) Q1 2023 Earnings Call. What happens to CruiseNext certificates that were used on a cancelled reservation? Future cruise credit (FCC) is a bit like store credit from a cruise line. At Holland America, the credits must be used by Dec. 31, 2022. So, while we did get a benefit in Q1, it doesn't necessarily translate to a benefit in the outer quarters simply because we already had that baked into our guidance. If you have any questions, our friendly team of Future Cruise Credit Experts are equipped and ready to help with your Future Cruise Credit. Can a guest make a new booking before they receive the FCC for their cancelled booking? Sign up and register your NCL Future Cruise Credit here, then browse the unlimited availability of exciting NCL sailings, cabin categories and destinations available with my future cruise credit and contact one of our expert agents for personalised help with planning and booking. Better Buy in 2023: Norwegian Cruise Line vs. Carnival Stock Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. So, there's always going to be some puts and takes until when you actually purchase the flight where you may have some variability in there. Dan Politzer -- Wells Fargo Securities -- Analyst. You can redeem any FCC by calling us! Peace of Mind allows you to defer decisions to a later date and therefore the cancelled cruise may not be re-booked using the FCC. And then, secondly, if I have my notes correctly, for the 1.4 billion term loan, it's going to be either pushed out or amended and extended. One of the drivers of growth this year is going to be our robust newbuild platform with us taking delivery of three new, and I might be biased, but I'm going to add, absolutely magnificent ships this year, including the incredible Vista, which starts sailing tomorrow. We will also make reference to a slide presentation during this call, which may also be found on our investor relations website. Taiwan Norwegian Cruise Line Extends Future Cruise Credits to End of Year I'll -- it's Harry. 10/31/2017. Beginning May 15, 2020, guests who have a voyage through December 31, 2020, may cancel up to 48 hours from embarkation and receive a 100% future cruise credit to be used for sailings that embark through 31st December 2022. Why Norwegian Cruise Line Stock Jumped Monday, 4 Reasons to be Bullish on Norwegian Cruise Line Stock, 1 Growth Stock Down 80% You'll Regret Not Buying on the Dip. This will be incredibly convenient for guests who had a cruise booked in 2020. So, you're spot-on there. If you don't know your Log In name or password, call the number above and we'll help you with your credentials. So, just any more detail there between maybe the gross in the net. W9 Form. Our NPD and yields continue to be strong, continue to be in line with our expectations. Frank? Any existing 10% Future Cruise Discounts will remain active and available for use on future bookings. ET. This is expected to translate to adjusted EPS of approximately $0.75 cents or $0.05 above our prior guidance, reflecting the first quarter outperformance partially offset by higher anticipated fuel costs and effects for the remainder of the year. United States: International Cruise & Excursion Gallery, Inc. And lastly, we feel comfortable with our liquidity position and are committed to prioritizing restoration of our balance sheet in the coming years. Turning to Slide 11, after a very strong wave season, our cumulative book position for the balance of 2023 remains ahead of 2019's record performance and at higher prices. This represents a 15% decrease as compared to the average of $187 in the second half of 2022. Why Is SoFi Stock Down After Earnings? During the first months of the pandemic in 2020, Norwegian Cruise Line issued thousands of FCCs to guests who saw their cruises canceled. My commentary today will focus on our first quarter 2023 financial results, 2023 guidance, and the progress on our financial recovery. As government regulations evolve, our health and safety protocols will evolve as needed to ensure compliance. Applicability to convert an existing FCC to a monetary refund request may be submitted for one of the following reasons: Any guest affected by one of the above, wishing to request a monetary refund (of their original cruise fare paid and in lieu of their active FCC, including bonus amounts) must submit a refund request via the Guest Relations Case Submission page at https://www.ncl.com/case-submission. Norwegian Cruise Line sends out a letter about its Future Cruise Credits being extended to December 31, 2022, to provide a further chance to rebook. We are targeting a 10% reduction in GHG intensity by 2026 and 25% by 2030. So, are you basically booked above that right now, and then, as you get closer in, you know, the trends kind of soften a little bit? (Those are often reimbursed to the original form of payment, like a credit card.). Adjusted net cruise cost, excluding fuel per capacity day, is expected to be approximately $159 in the second quarter, a further improvement versus the prior quarter as additional savings initiatives are realized. Attachment of email from current FCC owner authorizing transfer. I booked and paid for 2 cabins, we received future cruise credits to be used within 1 year and the credit was issued to each of the cruisers.
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