Communication will be sent to you once the Future Cruise Credit is added. Norwegian Star will sail from Barcelona, Spain, and Pride of America from her traditional homeport of Honolulu, Hawaii. The 1 thing savvy cruisers do to save more on their next cruise The onboard credit can be spent when onboard the cruise and cannot be used towards paying the cruise fare. Cruise tours purchased through Norwegian Cruise Line I assure you it is exactly where we expect it to be. Any bonus FCC amount is applied only to the voyage fare. And how much is your guidance reflecting some conservatism there? FCC is almost always a compensation due to a canceled, interrupted or rebooked cruise. July 15, 2017. You might receive a Future Cruise Credit if a . What can the Peace of Mind FCC be used for? What do I do if I am ready to book my next cruise with My Future Cruise Credit? As we have stated previously, the second quarter will complete our occupancy ramp-up. Good morning. Obviously, while there is a slight impact to load factor, the whole reason we're going to more longer premium itinerary intensive destinations is, number one, to get a better guest, to get higher pricing, and to maximize the value that we're getting out of each of our assets. Norwegian Cruise Line has extended its Future Cruise Credit (FCCs) booked by date until the end of the year. Book and get $500 Savings Credits bonus to use on you future cruises, hotels, resorts and more with iCruise Rewards. OK, operator, we can take the questions from the line now. But most of all, you've made us better. No, you will have to apply your Future Cruise Credit to a future cruise onboard Norwegian Cruise Line. We are targeting a 10% reduction in GHG intensity by 2026 and 25% by 2030. 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. So, let's address the cost side first. Any unused portion of the credit will be forfeited after the expiration date. To find out more, please. Am I guaranteed the same category on the new booking? Both the conference call and presentation will be available for replay for 30 days following today's call. With Harry Sommer at the helm, I leave this company in the most capable of hands. Flights are considered an add-on to the main cruise fare so, your Future Cruise Credit would not cover the cost of the flight, however, here at my Future Cruise Credit, we can help you use your Future Cruise Credit towards a cruise inclusive of the promotional add-ons you had with your original cruise. Reports, policies and documents related to our sustainability program, Sail & Sustain. But, overall, we believe that our air strategy is the right thing to do, given our strategic itinerary deployment. On the other hand, an Future Cruise Credit might also be given if your trip is impacted in a major way. United States. Our next question is from Robin Farley with UBS. Good luck in retirement. Onboard credit Future Cruise Credits often have expiration dates, and they may also have specific guidelines for how they can be used. 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. A FCC may be used towards the deposit and/or base cruise fare of any future cruise. let one of our experts help you with this procedure to ensure the right amount is transferred. So, we are marching toward that. You've challenged us. Thanks, Frank. So, we have very efficient fixed rate financing for all of our newbuilds that are on scheduled to delivery through 2028 at an average rate of anywhere from 2% to 2.5 %. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. What is even more exciting is that this is just the first of three newbuilds that we have in the pipeline this year, with Norwegian Viva and Regent Seven Seas' Grandeur joining the fleet later this year. It's definitely favorable terms. 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. So, you know, what am I missing there, Mark? Check your Regent Seven Seas Cruises here. As I said, those are fixed, so we have very efficient financing going forward. And congratulations to both Frank and Harry. Once the transfer is completed, a confirmation email will be sent to the email provided at time of case submission. It's also on the back of bringing on some of our premium brand vessels. Read Also: Norwegian Cruise Line Holdings Is First to Opt-In to Voluntary CDC Guidelines. This includes improvements in areas such as supply chain initiatives, back office optimization, as well as crew costs and travel expenses. The FAQ here explains how to transfer it.. You will be able to leave a comment after signing in, Copyright 19952023 The Independent Traveler, Inc. I am booked on a Sixthman full ship chartered cruise, which sails on Norwegian. There is no opportunity for the export credit agencies to change those rates. Operator? 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. Mark Kempa -- Executive Vice President, Chief Financial Officer. So, when you combine all those factors together, that's what gives us good -- great confidence in where our pricing is. Thank you. Future reservations are subject to prevailing fares and offer in-market at the time of booking. And if you don't want to give exact numbers, you know, I understand that, but maybe some qualitative commentary would be would be helpful there. With that, I'd like to turn the call over to Frank del Rio. Instructions and guidelines on Norwegian Cruise Line's safety and security policies. 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. Only the entire and full original value of Peace of Mind and suspended sailing FCCs worth 100% of the fare paid, as well as the bonus 25% or 50% FCCs, are eligible for transfer. Paul, I think we have time for one more question. Thanks for taking my question. So, I think what you have to think about is looking at our newbuild deliveries that we're taking this year as well. So, just any more detail there between maybe the gross in the net. Thanks for that, Mark. And lastly, we're going to continue to capitalize on the robust consumer demand we're experiencing, which is translating into our record book position and strong pricing, including very robust onboard revenue generation. Photo packages. In addition, adjusted EPS loss of $0.30 also beat our guidance. ABTA numbers Y1932 and L6366. What happens to CruiseNext certificates that were used on a cancelled reservation? Unfortunately, at the time of cancellation, all promotional offers, amenities, and value add-ons are removed and will not carry-over to future reservations. Thank you, Jessica, and good morning, everyone. But more importantly, when you look at the comparisons in the back half of 2019, we're rolling over much easier comparisons, the inverse of what's happening in the first half versus 2019. Thank you. 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. These statements should be considered in conjunction with the cautionary statement contained in our earnings release. After that, its a short wait until March 2, when Norwegian Sky will return to service, also sailing the Caribean from Miami. 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. The current FCC holder is not the original FCC recipient. And then, changing gears a little bit, can you just remind us of how much of your new ship spend is already financed and locked in as we think about rates? Europe: I.C.E Europe Ltd. Company Number: 03793955. Am I guaranteed the same category on the new booking? For example, if several ports on an itinerary are skipped, a full or partial credit might be given. This does not mean, however, that we will not continue to invest in our product or service offering to enhance our guest experience. Sign up and register your future cruise credit details to get personalised service, cruise line updates and exclusive promotions. Since we last spoke, we also signed agreements to increase our ECA-backed commitments by approximately 1.7 billion euro. Therefore, we focus on total net per diem and net yield as a better holistic representation of our pricing power. Learn More, Norwegian Cruise Line(NCLH 8.91%)Q12023 Earnings CallMay 01, 2023, 10:00 a.m. 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. So, Robin, is Harry, I'll take the first half, and I'll let Mark discuss the financing. Great. Dining/beverage packages that are not part of the Free At Sea programme Can I get a refund on the add ons booked with my cruise such as spa treatments shore excursions included with my original cruise? So, just kind of wondering if it was -- what it was in the yield management that approach that changed. Now, that's not a necessarily easy task, but that's one of the things we're marching to as a management team and, of course, with our board of directors. So in terms of 2024, I'll take the second part of your question first. This is driven in part by our focus on attracting the best guests and enhancing our market-leading bundled offering. Future Cruise Credit Expiration Dates: Do I Need to Worry? The guests -- the passenger load occupancy is a function of what we talked before, having less third and fourth guests on board. 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. English Can I use my Future Cruise Credit to book cruise extras and add-ons such as shore excursions stays tours or drink packages onboard? Have comfort in knowing that we are Future Cruise Credit Experts and our specialised team will assist you along the whole way, You will have a full selection of sailings available from all major cruise lines alongside beautiful destinations to explore, Proud to be globally recognised and accredited agent. Have a great day, stay safe, and all the best. 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. We thank you for your continued loyalty to Norwegian Cruise Line. For additional information, please visit www.ncl.com/travel-requirements-by-country. I'm incredibly proud of you. Attachment of email from current FCC owner authorizing transfer. My FCC is equal to or greater than the sailing I want to book, so why do I still owe money? Taking a closer look at the components of the full year outlook, net per diem growth of approximately 9% to 10.5% as compared to 2019 and net yield growth guidance of approximately 5% to 6.5% are unchanged versus our prior guidance. What is your current final payment policy and schedule? Korea If I booked a fly cruise does my Future Cruise Credit cover the cost of the flight? Bon Voyage gifts and celebration packages 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. Whats the difference between my Future Cruise Credit, a future cruise program and onboard credit? And just any color on how you're expecting on board trends in the second half would be helpful. Future Cruise Credit Expiration Dates: Do I Need to Worry? Hey, guys, good morning. NCL, once you have a reservation, allows you to buy onboard credit up to $1000 per sailing. We'll be taking delivery of a ship in the third quarter and fourth quarter. It has a monetary amount associated with it, and it is provided in lieu of a refund. The credit is typically broken down by each individual guest on the reservation, and their charges. Regardless of the original Future Cruise Credit's expiration date, the new Future Cruise Credit is valid through December 31, 2021, at which time all unused funds will expire. 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. A Future Cruise Credit (FCC) is essentially a voucher for future travel automatically being issued by Norwegian Cruise Line for guests on cancelled voyages. And in our last earnings release, we had called out that we had increased our contractual commitments by 1.2 billion euro. 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. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Mesmerising beach & city stays in over 200,000 hotel & resort properties worldwide. 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. COVID-19 canceled your cruise. Here's how you can use that money for a 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. The voucher can be used per person, with or without a travel agent. We've all experienced, whether it's traveling for business or consumers traveling, flight prices are elevated. These guests will now be able to take their time to decide when to take their next cruise. 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. 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. Should your credits be applied to an active reservation, the refund amount will be subject to Norwegian's cancellation fee policy communicated to our guests at the time of booking and may be found on our website, An active and existing FCC is attached to a profile of a guest who has passed away. At Holland America, the credits must be used by Dec. 31, 2022. 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. So, I wouldn't skew too much that the premium itineraries are going to be a big driver of cost. 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. Cost basis and return based on previous market day close. 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. Internet packages 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. All three of our brands are well poised to properly absorb this elevated capacity growth, given our relative size and under-penetration in many markets around the world. 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. 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. Effective May 18, 2020, FCCs from either our 2020 Suspended Sailings or Peace of Mind FCC are transferable. If outside final payment and an FCC was used as payment, the original FCC was added back to the guest's profile. Focus on where you want to go and let us make your dream come true - stress-free!". 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. How long will the Peace of Mind policy be in effect? 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. Can I make a new booking before I receive my Future Cruise Credit and will this be applied after I booked. I look forward to continuing to partner with Harry in his new role as we work to capitalize on the momentum we are experiencing in order to maximize value for all of our stakeholders. NCL Future Cruise Credits are non-refundable. 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. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. This is applicable to Peace of Mind and suspended sailings FCCs, including 25% and 50% credit FCCs issued for suspended sailings. Our first question is from Dan Politzer with Wells Fargo. And I think it's somewhere in the neighborhood of -- we have 3% more deployment in Q4 of Alaska and I believe 7% deployment -- more deployment in Europe for Q4. Here at myFCC, we're committed to helping you make the most of your Future Cruise Credit. that's something that you'll see us out in the marketplace in the latter part of this year. www.ncl.com/travel-requirements-by-country. Well, ladies and gentlemen, once again, I want to thank everyone on this call, whether you're a travel partner, a vendor, a lender, or an analyst, you've supported us. Dan Politzer -- Wells Fargo Securities -- Analyst. 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. Any Bonus FCC can not be used for add ons. Don't rely on the cruise line to keep track of your credit; bookmark, print or save the email with your future cruise credit information so you have everything you'll need -- or your agent needs -- when you're ready to rebook. I'll take that one, too. W9 Tax document form. Transfer cruise credits - Norwegian Cruise Line - Cruise Critic Community Harry, welcome. Please proceed with your question. We are committed to identifying and evaluating incremental opportunities across every area of the business to help accelerate our margin recovery. This may mean different protocols from ship to ship based on local requirements. I'll -- it's Harry. Following up on the strategic shift to longer, more immersive itineraries, should we be thinking about any other financial ramifications of this shift other than the occupancy? This reflects the rapid execution of cost savings initiatives identified and implemented last year, some of which were realized earlier than anticipated. 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. Note: Suspended Sailings and Peace of Mind FCCs are valid for sailings through December 31, 2022. Step 5. Thank you. If you have booked any shore excursions, beverage packages, or other pre-cruise purchases, you will receive a refund to the original form of payment. Contact Guest Services. Harry, congrats on the new role and look forward to getting to know you better. As a long-standing cruise industry and company veteran, he brings both continuity and a fresh perspective to this seat. But -- so I wouldn't get caught up too much on the slight impact to occupancy. We've demonstrated that in our full year updated guidance, and we will continue to push hard on that. 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. NCLH earnings call for the period ending March 31, 2023. Can I convert my FCC into another currency? So we did overachieve in Q1. Frank del Rio -- President and Chief Executive Officer, Norwegian Cruise Line Holdings. 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. We're also hard at work at our ongoing margin enhancement initiative and are continuing to identify new and innovative ways to get more efficient while also delivering best-in-class product and service offerings for our guests. When will I receive My Future Cruise Credit? 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. Partial value transfers or transfers of remaining FCC balance are not permitted. Once the transfer is completed, a confirmation email will be sent to the email provided at time of case submission. Fourth quarter is also expected to benefit from our strategic shift to premium deployments with extended Alaska and European seasons this year, as well as a mixed shift with more capacity operating for our Regent and Oceania brands. The FCC is applied to an active and existing reservation. Norwegian Cruise Line Future Cruise Credit | My Future Cruise Credit Better Buy: Lindblad Expeditions or Norwegian Cruise Line? 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. Exclusions may apply, but are not limited to, one of the following: An FCC has been fully or partially transferred. 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.
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