Future Cruise Credits (FCC) are credits issued by a cruise line to use as payments towards another cruise vacation in the future. Good morning. Special Promotional Onboard Credits (OBC). Onboard credit And now, as we've essentially exited wave, can you maybe help us think about where you are booked now for '23? And I can say that we are heartily within that range pretty much exactly where we want to be. In either case, you can register your Future Cruise Credit online on our My Future Cruise Credit website, then browse all the sailing available and call an expert for the best personal planning and booking consultation. Thanks Mark. Powered by Invision Community. The financing also covers older supplies associated with preparing certain newbuilds to enter service, as well as related financing premiums. 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. 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. And I think we've demonstrated that in Q1. Our comments may also reference non-GAAP financial measures. Whether you're looking to sail the Magical Mediterranean, or are ready for a new tropical adventure, we've got you covered with special deals, extensive choice, expert advice, and an extra credit bonus, to use to save on hotels, tours, holiday packages & so much more! 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. Our onboard revenue generation, which is our best real-time indicator of how consumers are feeling financially, is also performing exceptionally well. 5 Things You Didn't Know About Booking a Costco Cruise, Hidden in the Fine Print: 16 Things You Need to Know About Your Cruise Contract, Club Orange, Holland America's Priority Program, 10 Things You Should Never Do on a Cruise Line Private Island. That's $1,500 in extra value -- a 37.5% return on the original payment of $4,000 -- just for letting the cruise company hold onto the original payment for another year or two. The Future Cruise Credit goes to the individual guest on the reservation. What Charges Does Future Cruise Credit Not Cover? Purchased onboard credits Effective from the 29th July 2020 the below values are rewarded in Future Cruise Credits: This does not mean, however, that we will not continue to invest in our product or service offering to enhance our guest experience. And, of course, with our bundling strategy that we've embarked on, you know, over the last few years, and that's really taking full throttle in 2023, that does have some headwinds to our overall net yield. 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. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Norwegian Cruise Linewasn't one of them! My commentary today will focus on our first quarter 2023 financial results, 2023 guidance, and the progress on our financial recovery. Get expert advice, insider tips and more. So. We're on that journey. The full cancellation and final payment schedule can be viewed here. We are committed to identifying and evaluating incremental opportunities across every area of the business to help accelerate our margin recovery. Our target consumer remains resilient with a persistent desire for travel and experiences. Is there anything the Peace of Mind FCC cannot be used for? Better Buy: Lindblad Expeditions or Norwegian Cruise Line? And the fact that they're willing to finance the additional 500 million euro, absolutely a positive. Harry, Mark, and Jessica, and the team will be available to answer any questions you may have once this call is over. 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. Will out of pocket costs (including items such as individually purchased air) incurred as a result of this cancellation be reimbursed? I mean, is there any net cruise costs changes or net yield changes that we should be thinking through? 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. As government regulations evolve, our health and safety protocols will evolve as needed to ensure compliance. Include the following information in the comments field: Completed FCC transfer request information as listed below. As government regulations evolve, our health and safety protocols will evolve as needed to ensure compliance. We also revamped our climate action strategy, which is now centered on three key pillars: efficiency, innovation, and collaboration. How is the Future Cruise Credit protected against future cancellations? Can you kind of help us understand why that's different now? Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. Only one transfer or exchange of ownership will be allowed per FCC. 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. In addition, they agree they are authorized to remove the value of any bonus future cruise credits offered by Norwegian Cruise Line for all guests. Our next question is from Robin Farley with UBS. 2023 Norwegian Cruise Line Holdings Ltd. 11-Reasons to Cruise to Alaska this Summer | NCL Travel Blog, 14-Day Authentic Alaska - Northbound Cruisetour | Norwegian Cruise Line, 14-Day Authentic Alaska - Southbound Cruisetour | Deck Plans | Norwegian Cruise Line, 20-Day Transpacific from Tokyo (Yokohama) & Alaska | Norwegian Cruise Line, 11 Reasons to Cruise to Alaska this Summer | NCL Travel Blog. I have full confidence in the management team and their ability to take this company on to its next chapter. Bon Voyage gifts and celebration packages This is Mark. Reservation must be within the final payment period. 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. Before turning the call over to Q&A, I'd like to leave you with some key takeaways which you can find on Slide 18. We'll send you a weekly newsletter to your inbox. 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. 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. 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. All future cruise credits must be redeemed within one year from issue date and can be used for sailings departing on or before December 31, 2022. How long is my Future Cruise Credit valid for? Thank you, Frank. Our NPD and yields continue to be strong, continue to be in line with our expectations. that was extended to January 2025, we will address that -- start addressing that later this year. That's right -- theythink these 10stocks are even better buys. July 15, 2017. The original, full value FCC can be applied and used for the following: The FCC cannot be applied or used for the following: Final Payment and cancellation schedule for all voyages embarking May 1, 2022 forward will remain at our standard policy. In 2015, I was given the opportunity to lead Norwegian Cruise Line Holdings into its next chapter, one where we brought together three of the industry's leading brands, Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises to form the best cruise operator in the industry. Later, we will conduct a question-and-answer session, and instructions for the session will follow at that time. Can I make a new booking before I receive my Future Cruise Credit and will this be applied after I booked. ALL RIGHTS RESERVED. If I booked a fly cruise does my Future Cruise Credit cover the cost of the flight? In Q2, a quarter ago, you talked about it, returning to historic occupancy levels. You know, pretty much close to that, absent the Q1 commentary I gave you already. 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. Below are instructions and frequently asked questions for redeeming and using your Future Cruise Credits. In April, Norwegian Star and the only large cruise ship registered under the US flag, Pride of America, will resume sailings. We bought two Cruise Next certificates because we figured we would be returning to NCL for future cruises. Thanks, Harry. POM FCCs must be redeemed by June 30, 2023, for sailings departing on or before June 30, 2023. CRUISE HIVE LTD 2008-2023. I remember reading there was a form that my kids could fill out to transfer their cruise credits to me, does anyone have a link to that form? Since we last spoke, we also signed agreements to increase our ECA-backed commitments by approximately 1.7 billion euro. Yeah, so, definitely, we are planning -- you know, we are funding all of our existing debt maturities this year from cash on hand and organic cash flow. Norwegians Enhanced Peace of Mind Policy was available from December 30, 2021 through January 31, 2022. Bookings cancelled inside final payment that are not paid in full will default to the standard refund process with penalties applied. Another way to receive a Future Cruise Credit is whilst onboard, some Cruise Lines offer future cruise certificates or credits as an exclusive offer only available onboard, either to compensate a negative or disruptive experience or simply as a personal gift/incentive to secure your next cruise. I'm incredibly proud of you. So, we are taking deliveries of ships, obviously, now in the second quarter. Is there anything the Peace of Mind FCC cannot be used for? I won a bid on the Norwegian Upgrade Advantage. 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. And then, maybe also kind of give us a look at '24. 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. Applicable refunds will be returned to the original form of payment sixty (60) days after the request for the refund has been made. Can I use my Future Cruise Credit to prepay gratuities? And just any color on how you're expecting on board trends in the second half would be helpful. 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. The cruise line has extended this period again; FCCs are now valid through December 31, 2022. What happens if a new reservation using the FCC is cancelled? A guest has been affected by one or more suspensions, Guest elected to cancel via our Peace of Mind (POM) policy, A guest is unable to meet any vaccination requirements. I have to thank our partners at Fincantieri once again for bringing our vision to life and delivering a truly magnificent ship. When will I receive My Future Cruise Credit? 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. Your Future Cruise Credit may be used towards the base cruise fare of a future cruise booked within its expiration date. 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. We've demonstrated that in our full year updated guidance, and we will continue to push hard on that. 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. This makes for an attractive entry point for investors as the newbuild pipeline adds significant potential future earnings power compared to today's levels. At 1,200 guests, Vista is the first of two Allura class ship for the line, with the second ship named Allura expected in 2025. To find out more, please. 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. Future Cruise Credits often have expiration dates, and they may also have specific guidelines for how they can be used. On March 29, Norwegian Jewel will return to operations from Civitavecchia near Rome, in Italy. Please allow up to 7 business days for the transfer request to be completed. Hotel purchased through Norwegian Cruise Line 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 %. And then, just as a follow-up, great to hear that you guys are happy with your book for the all-important sort of summer in the Mediterranean. ABTA numbers Y1932 and L6366. We've covered a lot today, so I'll conclude our commentary here and open up the call for your questions. You know, we use all types of tools in terms of automation, even AI to predict when the best time to book a flight is. If you have any questions, our friendly team of Future Cruise Credit Experts are equipped and ready to help with your Future Cruise Credit. Any Bonus FCC can not be used for add ons. Frank, well, congratulations on absolutely an amazing career. Are any costs refunded instead of being included in the FCC? We've hopefully demonstrated confidence to the market that we've achieved step one of that. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. This insurance Future Cruise Credit will be valid for one year from date of issuance and only applicable towards insurance for all published sailings through Dec 31, 2022 (There is an additional Free at Sea Package charge per person based on the booking) If outside final payment and an FCC was used as payment, the original FCC was added back to the guest's profile. Give specific details . The full value of FCC will be credited back to the guest's Latitudes profile if cancellation is outside of standard penalties. TAANZ No: 9838. Cruise tours purchased through Norwegian Cruise Line Anything in place already since April 2021 would not allow the guest to cancel and receive the above. And did I get that correct? And there's always going to be some variable variability in there, but nothing that overly concerns us. Yes. Please proceed with your question. If you don't know your Log In name or password, call the number above and we'll help you with your credentials. Which guests on the bookings receive the Future Cruise Credit? You've come to the right place. So, just kind of wondering if it was -- what it was in the yield management that approach that changed. Insurance FCCs can only be applied to a new reservation where Essentials, Booksafe Standard or Platinum Travel protection has been added. OK, thank you. Adjusted EBITDA was nearly $40 million higher than our guidance at approximately $234 million in the quarter. Water and/or soda packages Currently, eight out of the seventeen ships sailing for Norwegian Cruise Line eight ships are not operational. We look forward to continuing to demonstrate this improvement over the coming quarters. The guests -- the passenger load occupancy is a function of what we talked before, having less third and fourth guests on board. For example, if several ports on an itinerary are skipped, a full or partial credit might be given. 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. If the new mandate is a significant inconvenience to the guest, i.e. 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%. So, I wouldn't skew too much that the premium itineraries are going to be a big driver of cost. Here at myFCC, we're committed to helping you make the most of your Future Cruise Credit. If I cancel a reservation using Peace of Mind can I use my FCC to rebook the same sailing? 1. Thank you, Frank. You can redeem any FCC by calling us! Got it. 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. She will be offering guests cruises to the Greek Isles. 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. Better Buy: Royal Caribbean or Norwegian Cruise Line Stock? 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. But things are looking very, very healthy from our perspective in terms of the overall consumer demand for cruise. Pre-booked and pre-paid shore excursions We're pleased with the results so far, but we're not stopping there. My FCC is equal to or greater than the sailing I want to book, so why do I still owe money? 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. Norwegian Cruise Line has extended its Future Cruise Credit (FCCs) booked by date until the end of the year. Registered Seller of Travel. Thank you. 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. Both the conference call and presentation will be available for replay for 30 days following today's call. So, I just want to point out that that's not necessarily a change from last quarter. 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. We view this as a winning formula. Right now, many people are receiving Future Cruise Credits because the cruise they were supposed to sail on was cancelled due to unprecedented circumstances. 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. As I said, those are fixed, so we have very efficient financing going forward. Can guests choose to carry promotional amenities or value adds from their cancelled reservation to their future booking? But I guess what I'm just getting at here is, you know, if your customer base stays pretty much status quo from here, you know, it would seem to us that it would be tough not to get to the high end of your full year guidance and maybe even exceed the top end of your guidance. But, overall, we believe that our air strategy is the right thing to do, given our strategic itinerary deployment. Can I use My Future Cruise Credit towards the deposit of a cruise? 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.. What is your current final payment policy and schedule? Have a great day, stay safe, and all the best. This does not include the separate 300 million undrawn backstop commitment, which enhances our future liquidity but is not currently available to draw. 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. By continuing to browse the site you agree to our use of cookies. Good luck in retirement. What can I use the Future Cruise Credit towards in the future? By proceeding, you agree to Cruise Critics. And, hopefully, over the next few quarters, we can continue to prove that and further build confidence that we're leveraging our scale to the best of our ability. 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. These are given to customers as a form of compensation for inconveniences caused by cancelled cruises or service issues on a previous cruise. And, Harry, welcome to the hot seat, as they say. Thousands of domestic & international car hire and both low-cost & scheduled flights. #1. Thanks. Please proceed with your question. Hongkong Cost basis and return based on previous market day close. The scope of these targets cover our direct emissions, as well as the full well-to-wake impact of our fuel consumption. You can redeem any FCC by calling us! Demand in pricing continues to be strong, not only for 2023, but also as we look further out the sailings in 2024 and beyond. Cruise lines have issued millions of future cruise credits to customers since the COVID-19 pandemic began in lieu of refunds for canceled sailings far more than at any other point in the history of cruising. The Future Cruise Credit may be used for sailings that embark on or before December 31, 2022. But also, in Q4, where we expect quite a substantial amount of our pricing power, we are actually in the Alaska season longer this year, as well as in the European season longer this year. That is just a complete no-no in our organization. disneylover89, May 3, 2022 in Norwegian Cruise Line. If I already have another cruise booked can I use My Future Cruise Credit against my existing one? 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. ET. It's really spread out over the course of the next three to five -- it's spread out, you know, I don't want to say radically, but relatively radically across all of the remaining newbuilds, excluding Norwegian Viva and Vista, which we just took delivery of, of course. Easy Steps to Use Your Future Cruise Credits STEP 1: View FCC STEP 2: Find Cruise STEP 3: Pay with FCC Log In and Find FCCs Listed on My Account Page Go to the "My Account" section of MyNCL, and you'll see your available FCCs in the My Coupons & Credits section. 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. Thank you, Harry, and good morning, everyone. And we're very pleased with that. And I see no risk around that because there's just simply not an opportunity for the institutions to do that. If the cruise you booked with future cruise credit is canceled, the full amount may again be refunded in the form of an FCC, and the expiration dates will likely be adjusted accordingly. ATAS Travel Accreditation No: A11156. If the amount of the credit falls short of the new cruise fare, you'll pay the difference out of pocket. Posted 2 hours ago. Once the transfer is completed, a confirmation email will be sent to the email provided at time of case submission. What happens if the cruise I am looking to book has a greater value than my Future Cruise Credit? And the thought process there was, it is very efficient and very extremely beneficial financing. Any existing 10% Future Cruise Discounts will remain active and available for use on future bookings. Norwegian Cruise Line has extended its Future Cruise Credit (FCCs) booked by date until the end of the year. 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. In terms of the export credit agency financing, yes, so we obtained financing for 1.7 billion euro. Can you discuss what you're seeing, I think first half of the year you're weighted a little heavier Caribbean, you know, how pricing and closing demand is looking for the region? Slide 13 highlights our first quarter results, in which we are pleased to report that we met or exceeded guidance for all key metrics. Do you see yourself still on track to hit those targets? Some FCCs are combinable. And we'll continue to leave no stone unturned. 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." Absolutely. You know, we touched on this already in our prepared remarks, but we are laser focused on delivering our '23 guidance and financial goals. Shifting our discussion now to our booking demand and pricing trends, you can see on Slide 10, we reached low factors of 101.5% in the first quarter, exceeding our guidance and breaking triple-digit levels for the first time in three years, with some voyages exceeding occupancy of 115%. So, of course, our bookings need to be 20% higher. And, Steve, thank you for the kind words at the initial start of your question. 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. Effective May 18, 2020, FCCs from either the 2020 Suspended Sailings or Peace of Mind FCC are transferable. Can I get a refund on the add ons booked with my cruise such as spa treatments shore excursions included with my original cruise? inside cabins. How long will it take to receive the refunded portion (if any) of the cancelled booking? Sure, I'll take that one. Today marks a significant milestone for me, as it is my 34th and final earnings call as president and CEO of this incredible company before my upcoming retirement, which was announced just over a month ago. 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: I wanted to dig a little bit more into the regional setup. And we are even more pleased with the depth and breadth of the strength across revenue streams, ships, and regions. Internet packages Yeah, you know, Brandt, I think you've hit it right.

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