Norwegian Cruise Line Holdings Ltd. Files 2023 Annual Report (10-K)

Ticker: NCLH · Form: 10-K · Filed: 2024-02-28T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, Annual Report, Financials, Norwegian Cruise Line, NCLH

TL;DR

<b>Norwegian Cruise Line Holdings Ltd. filed its 2023 10-K report detailing financial performance and operations.</b>

AI Summary

Norwegian Cruise Line Holdings Ltd. (NCLH) filed a Annual Report (10-K) with the SEC on February 28, 2024. Filed its 10-K for the fiscal year ended December 31, 2023. Company's principal executive offices are located at 7665 Corporate Drive, Miami, FL 33126. Incorporated in Delaware with fiscal year end on December 31. The filing includes data for the fiscal years 2023, 2022, and 2021. References to specific accounting standards like 'OtherNonoperatingIncomeExpense' and 'ValuationAllowanceOfDeferredTaxAssets'.

Why It Matters

For investors and stakeholders tracking Norwegian Cruise Line Holdings Ltd., this filing contains several important signals. This 10-K filing provides a comprehensive overview of NCLH's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future outlook. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, expenses, assets, liabilities, and compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — Norwegian Cruise Line Holdings Ltd. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which inherently contains a broad range of financial and operational information. While not indicating immediate distress, the sheer volume and complexity of disclosures in a 10-K suggest a medium level of risk associated with fully comprehending all potential implications.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify any significant changes or emerging trends in Norwegian Cruise Line Holdings' operations and financial position.

Key Numbers

Key Players & Entities

FAQ

When did Norwegian Cruise Line Holdings Ltd. file this 10-K?

Norwegian Cruise Line Holdings Ltd. filed this Annual Report (10-K) with the SEC on February 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Norwegian Cruise Line Holdings Ltd. (NCLH).

Where can I read the original 10-K filing from Norwegian Cruise Line Holdings Ltd.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Norwegian Cruise Line Holdings Ltd..

What are the key takeaways from Norwegian Cruise Line Holdings Ltd.'s 10-K?

Norwegian Cruise Line Holdings Ltd. filed this 10-K on February 28, 2024. Key takeaways: Filed its 10-K for the fiscal year ended December 31, 2023.. Company's principal executive offices are located at 7665 Corporate Drive, Miami, FL 33126.. Incorporated in Delaware with fiscal year end on December 31..

Is Norwegian Cruise Line Holdings Ltd. a risky investment based on this filing?

Based on this 10-K, Norwegian Cruise Line Holdings Ltd. presents a moderate-risk profile. The filing is a standard annual report (10-K), which inherently contains a broad range of financial and operational information. While not indicating immediate distress, the sheer volume and complexity of disclosures in a 10-K suggest a medium level of risk associated with fully comprehending all potential implications.

What should investors do after reading Norwegian Cruise Line Holdings Ltd.'s 10-K?

Review the detailed financial statements and risk factors within the 10-K to identify any significant changes or emerging trends in Norwegian Cruise Line Holdings' operations and financial position. The overall sentiment from this filing is neutral.

Key Dates

Glossary

10-K
An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for understanding a company's financial health over the past year.)
Valuation Allowance of Deferred Tax Assets
A reserve against deferred tax assets that are not likely to be realized. (Indicates management's assessment of the company's ability to utilize future tax benefits.)

Filing Stats: 4,400 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2024-02-28 11:45:34

Key Financial Figures

Filing Documents

Business

Business 9 Item 1A.

Risk Factors

Risk Factors 34 Item 1B. Unresolved Staff Comments 48 Item 1C. Cybersecurity 48 Item 2.

Properties

Properties 49 Item 3.

Legal Proceedings

Legal Proceedings 49 Item 4. Mine Safety Disclosures 49 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 50 Item 6. [Reserved] 51 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 52 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 66 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 67 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 67 Item 9A.

Controls and Procedures

Controls and Procedures 67 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 69 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69 Item 13. Certain Relationships and Related Transactions, and Director Independence 69 Item 14. Principal Accounting Fees and Services 69 PART IV Item 15. Exhibits, Financial Statement Schedules 70 Item 16. Form 10-K Summary 82

Signatures

Signatures 83 Table of Contents Terms Used in this Annual Report Unless otherwise indicated or the context otherwise requires, references in this Annual Report on Form 10-K ("Annual Report") to (i) the "Company," "we," "our" and "us" refer to NCLH (as defined below) and its subsidiaries, (ii) "NCLC" refers to NCL Corporation Ltd., (iii) "NCLH" refers to Norwegian Cruise Line Holdings Ltd., (iv) "Norwegian Cruise Line" or "Norwegian" refers to the Norwegian Cruise Line brand and its predecessors, and (v) "Prestige" refers to Prestige Cruises International S. de R.L. (formerly Prestige Cruises International, Inc.), together with its consolidated subsidiaries, including Oceania Cruises Ltd. (formerly Oceania Cruises S. de R.L.) ("Oceania Cruises") and Seven Seas Cruises Ltd. (formerly Seven Seas Cruises S. de R.L.) ("Regent") (Oceania Cruises also refers to the brand by the same name and Regent also refers to the brand Regent Seven Seas Cruises). References to the "U.S." are to the United States of America, and "dollars" or "$" are to U.S. dollars, the "U.K." are to the United Kingdom, "British Pound Sterling" or "" are to the official currency of the U.K. and "euros" or "" are to the official currency of the Eurozone. This Annual Report includes certain non-GAAP financial measures, such as Adjusted Gross Margin, Net Cruise Cost, Adjusted Net Cruise Cost Excluding Fuel, Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS. Definitions of these non-GAAP financial measures are included below. For further information about our non-GAAP financial measures including detailed adjustments made in calculating our non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure, we refer you to "Item 7—Management's Discussion and Analysis of Financial Condition and Results of Operations." Unless otherwise indicated in this Annual Report, the following terms have the meanings set forth below: Acquisition of Prestige. In

Business

Item 1. Business History and Development of the Company Norwegian commenced operations from Miami, Florida in 1966, launching the modern cruise industry by offering weekly departures from Miami, Florida to destinations in the Caribbean. In February 2011, NCLH, a Bermuda limited company, was formed. In January 2013, NCLH completed its IPO and the ordinary shares of NCLC were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares and parent company of NCLC. In November 2014, we completed the Acquisition of Prestige. During the fourth quarter of 2023, in response to the Organisation for Economic Co-operation and Development ("OECD")'s BEPS 2.0 Pillar 2 global tax reform, the Company restructured its organizational structure by realigning many of its operations across its three different brands into a single jurisdiction, Bermuda. In connection with the reorganization, among other steps, certain NCLH subsidiaries previously domiciled in the Isle of Man, the Cayman Islands, the Republic of the Marshall Islands, the Republic of Panama and the state of Delaware, were redomiciled to Bermuda. Our Company Business Overview We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. Our brands offer itineraries to worldwide destinations including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, Caribbean, Alaska and Hawaii. Norwegian's U.S.-flagged ship, Pride of America, provides the industry's only entirely inter-island itinerary in Hawaii. All of our brands offer an assortment of features, amenities and activities, including a variety of accommodations, multiple dining venues, bars and lounges, spa, casino and retail shopping areas and numerous entertainment choices. All brands also offer a selection of shore excursions at each port of call as well as hotel packages for stays before or after a voyage. As of Decem

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