If I cancel a reservation using Peace of Mind can I use my FCC to rebook the same sailing? 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. A Future Cruise Credit (FCC) is essentially a voucher for future travel automatically being issued by Norwegian Cruise Line for guests on cancelled voyages. Does Norwegian's Peace of Mind apply to me? As I said, those are fixed, so we have very efficient financing going forward. And, Steve, thank you for the kind words at the initial start of your question. And, Harry, welcome to the hot seat, as they say. As Harry noted, we continue to evaluate all opportunities to accelerate revenue and improve operating efficiencies and are taking deliberate actions to improve our margins, while maintaining the exceptional guest experience and superior service levels our brands are known for. To what reservations does the Peace of Mind policy apply? Before I turn the call over, I'd like to provide an update on our decarbonization efforts as part of our global sustainability program, Sail & Sustain, something that I am very passionate about and committed to advancing. However, they will be brought back to service soon. What happens if there is a difference in cruise fare between the FCC and the booking? Thank you. And any, you know, color just on the cadence of bookings that you've seen year to date, maybe relative to pre-COVID levels. I am also pleased to report that we expect to achieve another significant milestone in the quarter with adjusted EPS turning positive for the first time since the pandemic at approximately $0.25 per share. Get expert advice, insider tips and more. Jessica John -- Vice President, Investor Relations, ESG, and Corporate Communications. 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. Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. which gives us confidence that we can achieve this sequential improvement in year over-year-growth. Listen, we were very pleased with the results in Q1. And we had to sell those voyages close in for, you know, very efficient pricing. Any Bonus FCC can not be used for add ons. And we simply executed some of those initiatives quicker than we had anticipated. Conor Cunningham -- Melius Research -- Analyst. And then, just a related follow-up question. Is SoFi Stock a Buy Now? Additional Compensation for Suspended Voyages. An email from the current FCC owner requesting the transfer to be made must be included when submitting the transfer request via, Insurance FCCs and 10% bonus FCCs are not transferrable. Which sailings qualify under Norwegians Peace of Mind policy? Onboard credit Third, we are excited to deliver on our industry-leading growth profile, which we are confident we can profitably absorb, providing a meaningful boost to our future earnings power. Thailand Before we begin, I would like to cover a few items. And then, I'm just trying to figure out the limit to rebuild an occupancy into 2024 assuming no change to your footprint overall. Okay, gotcha. 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. How is My Future Cruise Credit Calculated? Can guests choose to carry promotional amenities or value adds from their cancelled reservation to their future booking? Delivering $4.4 billion in revenue in the first fiscal quarter of 2023 (ended Feb. 28), Carnival ( CCL 3.48%) ( CUK 3.87%) exceeded 2022's Q1 revenue result by 173% and came within 95% of 2019's . A Future Cruise Credit (FCC) is simply a voucher for future cruise travel. 7/27/2022. So, we said last quarter that we wanted to be prudent in terms of our guidance. Refunds -- Which Should I Choose? IMPORTANT: To learn more about how to prepare your clients for sailing please visit the pre-cruise requirements page at www.ncl.com/prepare-for-your-cruise/2021 for all required documents and protocols. The original, full value FCC can be applied and used for the following: And in our last earnings release, we had called out that we had increased our contractual commitments by 1.2 billion euro. This reflects the rapid execution of cost savings initiatives identified and implemented last year, some of which were realized earlier than anticipated. Princess Cruise Line's Future Cruise Credit (FCC) is credit that you can use for your next Princess cruise. Harry, welcome. What is a Future Cruise Credit? Please allow up to 7 business days for the transfer request to be completed. So we did overachieve in Q1. Can I use part of my Future Cruise Credit and then get a refund for the remaining amount? And, you know, number one, that's on the back of very strong just good old-fashioned core growth. And the fact that they're willing to finance the additional 500 million euro, absolutely a positive. Below are instructions and frequently asked questions for redeeming and using your Future Cruise Credits. So, when you combine all those factors together, that's what gives us good -- great confidence in where our pricing is. Shifting our attention to guidance, our outlook for the second quarter can be found on Slide 14. 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. What Are Carnival's Early Saver Cruise Deals? Yes, with Norwegian Cruise Line, you can use your Future Crusie Credit to pay for more than one cruise in the future. Reservations cancelled outside of final payment received a full refund back to the method of payment used to book. A good example of this is a recent announcement regarding the rollout of the Starlink low-latency broadband internet system in a phased manner across our fleet. This does not mean, however, that we will not continue to invest in our product or service offering to enhance our guest experience. How long do I have to redeem my POM future cruise credit (FCC)? Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. And, of course, as we buy air tickets for over a million guests a year, we have some really good systems and efficiencies to leverage the best prices out there. Unfortunately not, however, if the new cruise fare is lower than the Future Cruise Credits value, a new Future Cruise Credit will be issued for the remaining balance. Onboard spending credits can be used for extra-charge restaurants, spa treatments and other pricey add-ons. But, Frank, you took me under your wings early in my career, and it taught me so much over the last three decades. FCCs are now valid through December 31, 2022, Norwegian Cruise Line Holdings Is First to Opt-In to Voluntary CDC Guidelines, Coast Guard Rescues 4 Passengers from 3 Cruise Ships in 24 Hours, Holland America Opens Alaska Season With Special 150th Events, Viking Vessel Launches Toronto 2023 Cruise Season, MSC Cruises Announces First-Ever Winter Season in Japan. So, you know, we think about that beat and the fact that you didn't really follow that through -- that full beat through, you know, to your full year EBITDA guidance, and look, you know, I understand there's a fuel headwind there. You can redeem any FCC by calling us! During the quarter, gross onboard revenue per passenger cruise day was nearly 30% higher than the comparable 2019 period. Policies for bookings made through Tour Operators or Wholesalers may vary, so please contact your Travel Partner for full details. Of course, Caribbean doesn't matter all that much for us in Q2 and beyond as we shift our deployment to Europe and Alaska. Amenities I also want to express my sincere appreciation to our loyal guests, valued travel partners, lenders, shipyards, investors, analysts, and all of our stakeholders for your continued support and partnership over the years. So, something that -- absolutely, it impacts us. During the first months of the pandemic in 2020, Norwegian Cruise Line issued thousands of FCCs to guests who saw their cruises canceled. 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. United States: International Cruise & Excursion Gallery, Inc. If you have any questions, our friendly team of Future Cruise Credit Experts are equipped and ready to help with your Future Cruise Credit. Once the transfer takes place, the receiving guest is now the owner and the previous owner cannot request a transfer back. Before getting to the crux of the call, I want to take a moment to thank all of Norwegian's team members around the globe, shipboard, and shore side, who are the backbone of this company and who are the main driver of its success. ATAS Travel Accreditation No: A11156. I was just wondering if that 500 million was for 2023, or is that for the later deliveries that the 1.2 billion applies to? Sign up and register your future cruise credit details to get personalised service, cruise line updates and exclusive promotions. 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. India: ICE Vacation Center India (ICE). All guests who complete an online submission request (requesting to convert active FCCs to a monetary refund) agree that they are authorized to do so on behalf of all persons on the reservation as we are unable to issue partial refunds. Thanks for taking my question. The credit is typically broken down by each individual guest on the reservation, and their charges. You may include multiple requests on one case so long as the request is complete and proper consent from current coupon owner is included (either in an attached email or by the current owner being the one to submit the case), Original Peace of Mind or Suspended Sailing reservation number that generated the FCC being transferred, Client ID and name of Current FCC Owner who is authorizing the transfer, Client ID and name of Guest Receiving the FCC. 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. In fact, we were encouraged to see that even with the banking sector-driven financial market volatility in March, we did not experience any unusual booking or cancellation activity across any of our brands. As shown in Slide 12, coinciding with Earth Day last week, we announced new short- and near-term greenhouse gas emission intensity reduction targets to help guide us on our pursuit of net zero by 2050. 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. Charters are excluded. We view this as a winning formula. Those ships, along with some of our other recent additions, translate to a nearly 20% growth in capacity when compared to 2019. Am I guaranteed the same category on the new booking? 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. The Future Cruise Credit may be used for sailings that embark on or before December 31, 2022. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The top-voted question we received this quarter was, what are the three main action points the company will take to ensure growth in the year ahead? Mark? The full value of FCC will be credited back to the guest's Latitudes profile if cancellation is outside of standard penalties. Why Is SoFi Stock Down After Earnings? And have you seen any impact to export credit rates given the broader credit crunch? These guests will now be able to take their time to decide when to take their next cruise. 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. 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. 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. 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. 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. For guests to use their FCC, they will need to choose a cruise they like. We are focused on better leveraging our scale as we embark on this period of transformational growth and translating this capacity growth into outside benefits to both the top and bottom line. What happens if a new reservation using the FCC is cancelled? Hi, Steve. Cruise departure date 18 March - 29 July 2020: To find out more, please. As a result, growth is in line with our expectations, with net per diem increasing approximately 5.5% to 6.25%, and net yield expected to increase approximately 2.5% to 3.25%. Attachment of email from current FCC owner authorizing transfer. United States. Pricing and yield are both expected to increase in the second half of the year, with the fourth quarter exhibiting the strongest growth versus 2019. Do you see yourself still on track to hit those targets? With that, I will now turn the call over to Mark for his commentary on our financial position and outlook. NCLH earnings call for the period ending March 31, 2023. Overall, our cost levels typically tend to remain the same. 10/31/2017. . Don't forget, we've partnered with NCL specifically, in order to give you the best service and tell you all you need to know. And we're very pleased with that. 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. 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. You know, we're expecting roughly 11% or 12%, if I recall correctly. A FCC may be used towards the deposit and/or base cruise fare of any future cruise. And I'm just trying to reconcile that with the seasonality that we used to see in your business with the 3Q costs usually being pretty elevated given, you know, more exotic itineraries. Note: Suspended Sailings and Peace of Mind FCCs are valid for sailings through December 31, 2022. As government regulations evolve, our health and safety protocols will evolve as needed to ensure compliance. 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. 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. Our next question is from Stephen Grambling with Morgan Stanley. And I see no risk around that because there's just simply not an opportunity for the institutions to do that. Bookings cancelled inside final payment that are not paid in full will default to the standard refund process with penalties applied. Here at myFCC, we're committed to helping you make the most of your Future Cruise Credit. Currently, eight out of the seventeen ships sailing for Norwegian Cruise Line eight ships are not operational. 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. Yes. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. I am booked on a Sixthman full ship chartered cruise, which sails on Norwegian. And congratulations to both Frank and Harry. But, overall, we believe that our air strategy is the right thing to do, given our strategic itinerary deployment. Malaysia In broad terms, a future cruise credit is just what the name implies a voucher good for a future cruise. I'm very proud of what we have been able to collectively achieve, especially over the past few extremely challenging years, but I know that the best days for this company still lie ahead, and I look forward to seeing what you all accomplish together. Look, our book position, Harry touched on it earlier, we're exactly where we need to be to hit our goals and our guidance. Effective from the 29th July 2020 the below values are rewarded in Future Cruise Credits: We thank you for your continued loyalty to Norwegian Cruise Line. In terms of the export credit agency financing, yes, so we obtained financing for 1.7 billion euro. Cancellation penalties will be withdrawn from the FCC amount if applicable and remaining balance will be attached to guest's profile. The voucher can be used per person, with or. As government regulations evolve, our health and safety protocols will evolve as needed to ensure compliance. This is Mark. Thank you for joining us for our first quarter 2023 earnings and business update call. Your original Future Cruise Credit can be applied to Pre-paid service charges, Beverage or dining gratuities (if part of the Free At Sea promotion selection), Air purchased through Norwegian Cruise Line, Hotel purchased through, Norwegian Cruise Line, Cruise tours purchased through Norwegian Cruise Line, Pre-booked and pre-paid shore excursions, Transfers, Essentials, Booksafe Standard or Platinum Travel Protection insurance (if purchased on the original suspended reservation). 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. 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. Instructions and guidelines on Norwegian Cruise Line's safety and security policies. An email from the current FCC owner requesting the transfer to be made must be included when submitting the transfer request via, Insurance FCCs and 10% bonus FCCs are not transferrable. Sure, Jessica, happy to, and that's a great question. 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. And there's always going to be some variable variability in there, but nothing that overly concerns us. Better Buy: Lindblad Expeditions or Norwegian Cruise Line? Our onboard revenue generation, which is our best real-time indicator of how consumers are feeling financially, is also performing exceptionally well. However, for FCCs associated with the Peace of Mind policy, the FCC must be first generated and attached to the guest profile before it can be added to a reservation. Is there anything the Peace of Mind FCC cannot be used for? Mesmerising beach & city stays in over 200,000 hotel & resort properties worldwide. What happens if the cruise I booked using my Future Cruise Credit is cancelled? It's definitely favorable terms. This is driven in part by our focus on attracting the best guests and enhancing our market-leading bundled offering. An email from the current FCC owner requesting the transfer to be made must be included when submitting the transfer request via https://www.ncl.com/case-submission Insurance FCCs and 10% bonus FCCs are not transferrable Once the transfer takes place, the receiving guest is now the owner and the previous owner cannot request a transfer back. 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: At time of cancellation, all promotional offers, amenities, and value adds will be removed from the booking and will not carry-over to future reservations. Right now, many people are receiving Future Cruise Credits because the cruise they were supposed to sail on was cancelled due to unprecedented circumstances. But we're happy with both occupancy and price, especially for the key summer period. This will be incredibly convenient for guests who had a cruise booked in 2020 but have so far been unable or unwilling to use their future cruise credit as it was set to expire on January 31. [Operator instructions]. If you don't know your Log In name or password, call the number above and we'll help you with your credentials. That's right -- theythink these 10stocks are even better buys. The FCC is applied to an active and existing reservation. ESG Reporting & Downloads. Our next question is from Conor Cunningham with Melius Research. In April, Norwegian Star and the only large cruise ship registered under the US flag, Pride of America, will resume sailings. At that time, the receiving guest will be able to apply the coupon to the desired reservation. The new booking must be made within one year of the cancellation date. Good morning, Dan. 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? You know, we're trying with our new premium, you know, itineraries to be booked a little further in advance so that close in bookings does not represent such as large a percentage of our overall business as it used to. Water/soda packages Harry? Before we get to the questions on the line, we first want to address a top question from our online shareholder Q&A platform, which provides all of our investors another avenue to submit and upvote questions for management. That being said, we were very pleasantly surprised with flows in demand for Caribbean in Q1. After eight incredible years, it is now time for me to make way for the next generation of leaders who are ready and energized to take this company onto greater heights. What is your current final payment policy and schedule? Dan Politzer -- Wells Fargo Securities -- Analyst. and related brands, logos and marks are registered trademarks and/or service marks in the United States and internationally. And then, maybe also kind of give us a look at '24. And so, was the change since last reported, was it just sort of a decision to say, "Hey, we're happy with the pricing that we're getting." So, you know, what am I missing there, Mark? Thanks, Harry. Now, there are times when fate meets circumstances, and this happens to be one of those times, as my departure coincides not only with the 20th anniversary of the founding of Oceania Cruises, but also the delivery of the seventh ship in the Oceania fleet, the incomparable Vista, which you can see details about on Slide 6. Dining or beverage packages (those not part of the Free at Sea (FAS) promotion) 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. We have had a future cruise credit with Norwegian cruise line for some time when the cruise line cancelled out cruise at the beginning of the pandemic.Now we want to go on a cruise in september and use it, but the cruise line won't apply it, saying they will only apply it if we go before . Attachment of email from current FCC owner authorizing transfer. Our pre-sold revenue on a per-passenger day basis for the first quarter of 2023 is approximately double the level in 2019, an important contributor to our onboard revenue strength, as guests who make pre-cruise purchases tend to spend significantly more than guests who do not pre-book onboard activities. And then, my other question is just on the 1.7 billion in additional ECA financing. ABTA numbers Y1932 and L6366. As we anticipate high volumes of inquiries, we kindly ask for your patience and allow up to 30 days for the review process to be completed. Demand in pricing continues to be strong, not only for 2023, but also as we look further out the sailings in 2024 and beyond. And, Frank, congrats on a storied career and wish you all the best luck in your future endeavors. So, while there's always a, you know, both sides of the coin, overall, the economics on going to those itineraries obviously favors the company, or we would not be doing that. The Motley Fool has no position in any of the stocks mentioned. As we have stated previously, the second quarter will complete our occupancy ramp-up. Our booking window, which is our best forward-looking indicator, remains strong. All I can tell you is that we are laser-focused on that, and I think we will continue to have sequential improvement quarter over quarter. Please proceed with your question. Mark, over the past year, you've given some longer-term net debt-to-EBITDA target ratios for various years. You know, I just want to add to Mark's comment that our guests have to fly to get to a cruise. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Now, for one last time, thank you for your interest and your support. The cruise line has extended this period again; FCCs are now valid through December 31, 2022. I know I speak on behalf of the entire NCLH team when I say thank you, Frank, for your countless contributions, not only to our company, but also to the broader cruise industry. Once the transfer is completed, a confirmation email will be sent to the email provided at time of case submission. Voyage Fare Hi, everyone. Turning to costs, adjusted net cruise costs, excluding fuel per capacity day, averaged $161.25, better than expected and approximately 14% lower than the run rate in the second half of 2022. [Operator instructions] As a reminder to all participants, this conference is being recorded. Hongkong So, I can definitively say that in Q2, we will be at or ahead of our Q2 cabin load occupancy across the entire fleet. Sorry, the Future Cruise Credit cannot be used to satisfy the deposit of your cruise booking. Social Security Cuts May Be Coming. Have you received a Norwegian Cruise Line Future Cruise Credit and are looking for some advice on the best way to use it? By proceeding, you agree to Cruise Critics. Our record book position also gives us high visibility into the back half of the year and beyond. If You Do This, You Won't Have to Worry About Them, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. So, we are taking deliveries of ships, obviously, now in the second quarter. As we look to the remainder of the year, our substantial book position, coupled with the continued healthy demand metrics we are experiencing, gives us confidence in achieving our 2023 net per diem and net yield guidance, which Mark will touch on in more detail momentarily. We work in partnership with all the major cruise & travel associations. Since then, not all those guests have rebooked for a new voyage. So, it does not represent a further half-a-billion increase in the overall ship cost, it is simply a different mechanism for financing some of the existing costs that were already expected. For guests who are no longer able to travel as a result of an official announcement by a government or agency that takes place within 14 days of sailing (when Peace of Mind is no longer available), and the mandate states guests are NOT allowed to travel, then a refund would be available. Absolutely. 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. My questions are for Mark. Get advice from Norwegian Cruise Line Future Cruise Credit experts & extra bonuses. You might receive a Future Cruise Credit if a . Effective May 18, 2020, FCCs from either our 2020 Suspended Sailings or Peace of Mind FCC are transferable. And I'm just trying to -- and obviously, if we try and back into what's implied for the full year, you know, it would seem like it's very modest improvement, almost flattish from a pretty high level.
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