With that, I'd like to turn the call over to Frank del Rio. California Seller of Travel CST#2066521-50; Washington UBI #602 443 155 001 0001; Hawaii Travel Agent TAR #5192; Florida Seller of Travel #29452. Norwegian issues either a full refund or future cruise credit for passengers denied boarding at embarkation due to a positive COVID-19 test at the pier, provided they have a valid pre-arrival. Is my Future Cruise Credit transferable and can I gift My Future Cruise Credit? So, Robin, is Harry, I'll take the first half, and I'll let Mark discuss the financing. But -- so I wouldn't get caught up too much on the slight impact to occupancy. My FCC is equal to or greater than the sailing I want to book, so why do I still owe money? How is My Future Cruise Credit Calculated? Thank you. Applicable refunds will be returned to the original form of payment sixty (60) days after the request for the refund has been made. CRUISE HIVE LTD 2008-2023. Our NPD and yields continue to be strong, continue to be in line with our expectations. And whether or not we refinance that on a more holistic approach or we do another amend and extend, obviously, we'll look at what the markets are doing, what the environment looks like, but we'll do the most, obviously, the most economically feasible option out there. And congratulations to both Frank and Harry. Our next question is from Vince Ciepiel with Cleveland Research Company. And then, secondly, I think the other piece to look at is when you do the comparison versus a very strong second quarter 2019, we're comping over some difficult comps with Cuba that we had back in 2019, as well as the full benefit of Baltic itineraries. So in terms of 2024, I'll take the second part of your question first. This allowed cruise lines to retain cash -- at 25% interest -- at a time when ships weren't bringing in revenue. Register your Future Cruise Credit, find your favourite sailing, then speak to an expert for a personal consultation on planning and booking, and let us make your cruise dreams a reality, completely stress free! Posted 2 hours ago. 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. Any bonus FCC amount is applied only to the voyage fare. If I already have another cruise booked can I use My Future Cruise Credit against my existing one? Turning to our next catalyst, we continue to take strategic actions across our business to improve operating efficiencies and rightsize our cost base to rebuild and enhance margins. New Zealand. Those ships, along with some of our other recent additions, translate to a nearly 20% growth in capacity when compared to 2019. FCCs have a set monetary value that can be applied towards the purchase of a new cruise vacation. It has a monetary amount associated with it, and it is provided instead of a refund. Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. The original, full value FCC can be applied and used for the following: We are also increasing quality touch points with our guests, starting with the time of booking, to capture even more revenue and prepayment prior to cruise. 10/31/2017. Hey, good morning, everybody. The first ship to return to service will be Norwegian Pearl, sailing from the stunning new cruise terminal in PortMiami, from February 7. 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. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Norwegian Cruise Linewasn't one of them! TAANZ No: 9838. The Future Cruise Credit goes to the individual guest on the reservation. Amenities A good way to be sure to redeem the full amount is to consider a cabin upgrade, book an ocean view instead of an inside cabin or treat yourself to a balcony instead of an ocean view stateroom. So. Also, I guess that would relate to the first quarter, but just trying to zoom in a little bit on the first quarter versus second quarter and the change there. Instructions and guidelines on Norwegian Cruise Line's safety and security policies. Reservation must be within the final payment period. Company Number: U63030DL2017FTC324871. You've challenged us. In broad terms, a future cruise credit is just what the name implies a voucher good for a future cruise. We are heading over to Europe this week where Vista will be christened in Malta by her godmother, Emmy Award-winning food personality, Giada de Laurentiis. I have to thank our partners at Fincantieri once again for bringing our vision to life and delivering a truly magnificent ship. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. On the other hand, a future cruise program is a way to secure a future cruise booking whilst onboard taking advantage of a great deal. Invest better with The Motley Fool. OK, great. Are any costs refunded instead of being included in the FCC? We will continually evaluate options to accelerate our recovery while maintaining adequate financial flexibility to adapt to different macroeconomic backdrops. NCL Future Cruise Credits are non-refundable. 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. And the thought process there was, it is very efficient and very extremely beneficial financing. If the amount of your credit exceeds the cost of the new cruise, then the balance will be reissued as a new FCC voucher (but likely the same expiration date). So, you're spot-on there. Photo packages. If the new mandate is a significant inconvenience to the guest, i.e. As I've said, you know, internally, our target is to turn 2023 with a very high-five handle on a pro forma run rate leverage basis. Any Bonus FCC can not be used for add ons. The amount of FCC that a cruise passenger qualifies for is calculated on the base fare that they paid, less any taxes, fees, upgrades or additional purchases like excursions. We are committed to identifying and evaluating incremental opportunities across every area of the business to help accelerate our margin recovery. New Zealand This is applicable to Peace of Mind and suspended sailings FCCs, including 25% and 50% credit FCCs issued for suspended sailings. Got it. Yeah, Patrick, we're firing on all cylinders. You can redeem any FCC by calling us! But rather, that we will be even more strategic and data-driven when making these decisions to ensure we are investing where we see the highest returns and most impact. * Peace of mind is only applicable to bookings that have payment applied as per terms and conditions. The cruise line has extended this period again; FCCs are now valid through December 31, 2022. This may mean different protocols from ship to ship based on local state or port requirements or in an abundance of caution to keep our guests and crew as safe as possible. What happens if the cruise I booked using my Future Cruise Credit is cancelled? Anything in place already since April 2021 would not allow the guest to cancel and receive the above. No, you will have to apply your Future Cruise Credit to a future cruise onboard Norwegian Cruise Line. We think this shift to premium itineraries, primarily Europe and Alaska, but a little bit in Asia as well, allows us to get the type of customer that we need to get to support our revenue goals and our revenue growth for the future. And as I said in my prepared remarks, the second half of 2023 is expected and we continue to expect very strong pricing and yield growth. I would now like to turn the conference over to your host, Jessica John, vice president of investor relations, ESG, and corporate communications. Yes, a good way to be sure to redeem the full amount is to consider a cabin upgrade, book an ocean view instead of an inside cabin or treat yourself to a balcony instead of an ocean view stateroom. Can I use part of my Future Cruise Credit and then get a refund for the remaining amount? During the quarter, gross onboard revenue per passenger cruise day was nearly 30% higher than the comparable 2019 period. Use your FCCs as payment first. You can redeem any FCC by calling us! What can the Peace of Mind FCC be used for? We'll be taking delivery of a ship in the third quarter and fourth quarter. On the other hand, an Future Cruise Credit might also be given if your trip is impacted in a major way. As Slide 5 shows, Harry has a broad range and depth of experience that makes him one of the premier executives in the industry. Our press release with first quarter 2023 results was issued this morning and is available on our investor relations website. Was there any noise in the quarter on the Free at Sea program? Many times, in lieu of a direct cash refund, a cruise line will take the price of a refunded cruise and issue it as a kind of gift certificate to be used toward booking a new sailing. The Future Cruise Credit may be used for sailings that embark on or before December 31, 2022. This consists of approximately 700 million of cash and cash equivalents, nearly 600 million of availability under our revolver, and our 650 million undrawn commitment. However, they will be brought back to service soon. Depending on the cruise line, an FCC will likely not cover future charges such as: 19952023, The Independent Traveler, Inc. .css-18jw8gc{-webkit-appearance:none;-moz-appearance:none;-ms-appearance:none;appearance:none;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-ms-flex-pack:center;-webkit-justify-content:center;justify-content:center;-webkit-user-select:none;-moz-user-select:none;-ms-user-select:none;user-select:none;position:relative;white-space:nowrap;vertical-align:middle;outline:2px solid transparent;outline-offset:2px;line-height:1.2;border-radius:var(--chakra-radii-md);transition-property:var(--chakra-transition-property-common);transition-duration:var(--chakra-transition-duration-normal);height:auto;min-width:var(--chakra-sizes-10);font-size:var(--chakra-fontSizes-md);background:none;border:0;color:black;display:inline;margin:0px;padding:0!important;font-family:var(--chakra-fonts-Roboto);font-weight:500;padding-top:0.625rem;padding-bottom:0.625rem;-webkit-padding-start:1rem;padding-inline-start:1rem;-webkit-padding-end:1rem;padding-inline-end:1rem;}.css-18jw8gc:focus-visible,.css-18jw8gc[data-focus-visible]{box-shadow:var(--chakra-shadows-outline);}.css-18jw8gc:disabled,.css-18jw8gc[disabled],.css-18jw8gc[aria-disabled=true],.css-18jw8gc[data-disabled]{opacity:0.4;cursor:not-allowed;box-shadow:var(--chakra-shadows-none);}.css-18jw8gc:active,.css-18jw8gc[data-active]{border:var(--chakra-borders-none);background:none;}.css-18jw8gc:hover,.css-18jw8gc[data-hover]{border:var(--chakra-borders-none);background:none;}.css-18jw8gc:focus,.css-18jw8gc[data-focus]{border:var(--chakra-borders-none);outline:2px solid transparent;outline-offset:2px;box-shadow:var(--chakra-shadows-none);}Cookie Consent, Mega-Chart: Compare Hurricane Sandy Cruise Line Compensation. Taiwan If you don't know your Log In name or password, call the number above and we'll help you with your credentials. For additional information, please visit www.ncl.com/travel-requirements-by-country. But it's a bit early for us to give additional color on that. Thanks for taking my question. And what's unique about that in the third and fourth quarter, obviously, we're taking -- we have a higher -- we have the higher operating cost brands of Oceania and Regent. https://www.ncl.com/about/cancellation-fee-schedule. So, that's expected to provide a meaningful boost to our current and future earnings power. Hindi Cruise departure date 18 March - 29 July 2020: Scam or Deal: Will That Cruise Sale Really Save You Money? Steve Wieczynski -- Stifel Financial Corp. -- Analyst. Essentials, Booksafe Standard or Platinum Travel Protection insurance (if purchased on the original suspended reservation), The Future Cruise Credit cannot be applied or used for the following: Hi, everyone. To offer our guests even more flexibility for future vacation planning, some who hold outstanding previously issued Future Cruise Credits (FCC) may now submit a request to convert their FCC to a monetary refund. Any ancillary items sold by Norwegian Cruise Line will be refunded to the cardholder who made the original purchase (refunded to the original form of payment) and will not be included in the Future Cruise Credit. Dan Politzer -- Wells Fargo Securities -- Analyst. So, my first question is on the cost side. Please allow up to 7 business days for the transfer request to be completed. So, we said last quarter that we wanted to be prudent in terms of our guidance. A credit card dispute was filed for the charges. I just want to comment that when Frank goes on cruises in retirement, he doesn't pay, so he won't be contributing to that world cruise number you saw earlier. Can you use your Future Cruise Credit to pay for more than one cruise in the future? Your Future Cruise Credit will, most likely, only be redeemable towards a new cruise fare and is issued in lieu of a refund, however, some Cruise Lines have given customers the option to receive an onboard spend credit in lieu of a refund. How Reassuring are New Cruise Cancellation Policies Really? No, guests will receive the full value of their winning bid within the FCC and can apply that towards the sailing and category of their choice. Do you see yourself still on track to hit those targets? We've hopefully demonstrated confidence to the market that we've achieved step one of that. We are implementing solutions for efficiency today; innovating for future solutions, including with our investment to modify two of our future newbuilds to create methanol-ready configurations; and are committed to collaborating with our stakeholders and partners along the way. What is a Future Cruise Credit? The following is applied to the Future Cruise Credit when calculated: Cruise fare and taxes. 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. Thank you, Mark. So, now I'll turn the call over to Harry, who will be tasked with delivering on the significant potential upside we see ahead, to provide an update on the current environment and the key catalyst we have in the horizon. Whats the difference between my Future Cruise Credit, a future cruise program and onboard credit? Of course, as you -- as your occupancy ramps up, you do see a little bit less of pricing power on your lower meter, i.e. Great, thanks. Vietnamese These guests will receive a 125% refund of the fare paid in the form of a future cruise credit, which can be applied toward any cruise through to 31 December 2022, or a 100% refund of the fare paid. My Future Cruise Credit is provided and supported globally by International Cruise & Excursion Gallery, Inc., I.C.E Europe Ltd., I.C.E Vacations Asia Pacific PTY LTD, and ICE Vacation Center India Private Limited. Whether you booked directly with NCL or via a Travel Agent the Future Cruise Credit you receive is linked to NCL only and can be redeemed towards a future NCL cruise. Unless otherwise noted, my commentary on net per diem, net yield, and adjusted net cruise cost, excluding fuel per capacity day metrics, is on a constant currency basis. Create your very own My Future Cruise Credit account for free, in only a few simple steps, Browse among thousands of sailings worldwide and get expert advice along the way, Claim an additional credit back to use to PAY LESS on any hotel, tour, resort, cruise or even wine of your choice, Learn how to redeem your future cruise credit & get a bonus with 4 simple steps. So, when you combine all those factors together, that's what gives us good -- great confidence in where our pricing is. Can I use more than one Future Cruise Credit towards a cruise booking? We can do better than that going forward when we have the more advanced lead time we need to book some of our exotic itineraries and also have the fully -- the overhang of the difficult years that we've talked about beforehand. These are given to customers as a form of compensation for inconveniences caused by cancelled cruises or service issues on a previous cruise. It's really around our promotions and advertising variable costs that would have any sort of influence. Frank? Stephen Grambling -- Morgan Stanley -- Analyst. 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. 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. Each submission request will be individually handled and responded to. These guests will receive a 150% refund of the fare paid in the form of a future cruise credit, which can be applied toward any cruise through to 31 December 2022, or a 100% refund of the fare paid. Complete the on-board survey. That is just a complete no-no in our organization. Attachment of email from current FCC owner authorizing transfer. Over the next few months, I will be speaking with travel partners, team members, destination representatives, the investment community, and a whole host of constituents, while working closely with our executive team to fine tune our planning vision for the future, and I look forward to sharing details with you. Our next question is from Robin Farley with UBS. There is no opportunity for the export credit agencies to change those rates. It can then be applied to any new or existing reservation or group booking. Pre-paid service charges We make sure cruisers are fully prepared for their cruise vacation with tips on ships and ports. Norwegian Cruise Line said the following in a letter to travel advisors: As we continue to focus on ways to support the guest experience, we have decided to extend Future Cruise Credits (FCCs) to ensure your guests have the opportunity to enjoy the best vacation possible when they sail. Can I use my Future Cruise Credit to book cruise extras and add-ons such as shore excursions stays tours or drink packages onboard? Sure, I'll take that one. We've talked previously about the actions taken earlier this year to address a large portion of our 2024 maturities, so I won't go into further details today, but a summary is provided on Slide 16 for your reference. With that, I'll turn it back to Frank for closing comments. The last time we spoke regarding the debt maturity, the intention was to use cash flow from operations this year to pay off the existing ECA loans. And we had to sell those voyages close in for, you know, very efficient pricing. Hi, Steve. So, while we're not ready to necessarily change the rest of our guidance metrics, I think we're trending well, and we're trending healthy, and I think our guidance reflects that. Purchased onboard credits In order to transfer an FCC, and in an effort for us to best assist you quickly, please follow the instructions below: POM or Suspended Sailing reservation number that generated the FCC being transferred: This website uses cookies. Thank you. Learn More, Norwegian Cruise Line(NCLH 8.91%)Q12023 Earnings CallMay 01, 2023, 10:00 a.m. You know, we're expecting roughly 11% or 12%, if I recall correctly. For example, if several ports on an itinerary are skipped, a full or partial credit might be given. Better Buy: Lindblad Expeditions or Norwegian Cruise Line? The sail-by date had always been December 31, 2022, so it is only the effective date when guests must apply their credit that has been extended. Sorry, the Future Cruise Credit cannot be used to satisfy the deposit of your cruise booking. But if, you know, Mark, if we look at Slide 13, I mean, look, you basically destroyed every guidance target that you laid out back in February for the first quarter. Our Peace of Mind policy applied to all sailings through and including May 31, 2022, guests were free to cancel up to and including January 31, 2022. This article is a transcript of this conference call produced for The Motley Fool. Air purchased through Norwegian Cruise Line Unfortunately, at the time of cancellation, all promotional offers, amenities, and value add-ons are removed and will not carry-over to future reservations. That said, we have not stopped, and we continue to look at opportunities to improve our cost structure. And I can say that we are heartily within that range pretty much exactly where we want to be. NCLH earnings call for the period ending March 31, 2023. Upon submission of the online request, an email will be sent to the email address entered on the form with a response and case number. You know, I think that range applies to the end of wave as well that we like to be between 60% to 65% booked for the following 12 months at the end of wave. What protocols have been implemented to address COVID-19? When will I receive My Future Cruise Credit? Mark Kempa -- Executive Vice President, Chief Financial Officer. What happens if there is a difference in cruise fare between the FCC and the booking? And then, the 1.4 billion of term loan and revolver. Our next question is from Conor Cunningham with Melius Research. Norwegian Cruise Lines Future Cruise Credit applied for cancelled sailings will have a value between 125% and 150% depending on the departure date and the sailing. I think that, you know, there was kind of the wave of pent up demand following some change in COVID restrictions at the mid to late part of last year. 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. We bought two Cruise Next certificates because we figured we would be returning to NCL for future cruises. By proceeding, you agree to Cruise Critics. Thank you. Frank, thank you for your service. So although guests can use the FCC until the end of the year 2022, they must also sail by the end of 2022. Our target consumer remains resilient with a persistent desire for travel and experiences. Despite Its Falling 92%, Cathie Wood Is Buying More of This Growth Stock. Special Promotional Onboard Credits (OBC). Personally, I couldn't have asked for a more fulfilling and more successful career in this incredible industry, and everyone here contributed to that. This is driven by our organic pricing power and in part by a favorable comp, as the second half of 2019 included various headwinds, like the rapid exit from Cuba and the close in resale of those sailings. And I think that's why when you look at our capital commitments on our newbuilds for the next three years, it's actually decreased overall in terms of cash out of the system. Simply put, for new and existing bookings made by January 31, 2022, for any voyage with an embarkation date through and including May 31, 2022, guests were free to cancel up to and including January 31, 2022 with Norwegian's Peace of Mind. Step 5. First, we continue to see healthy and resilient demand from our target markets who remain willing and eager to spend on cruise vacation travel. Please proceed with your questions. So, just kind of wondering if it was -- what it was in the yield management that approach that changed. Am I guaranteed the same category on the new booking? Cruise Credits vs. You know, we've stated before that our goal is to be between 60% and 65% booked at year-end for the following 12 months. Mark, you sort of gave us quick update and sort of sequential improvement on the dollar basis throughout the year. Our record book position also gives us high visibility into the back half of the year and beyond. is perricone md medical grade, how to cast oculus quest 2 to computer,