The new policy applies to both individual and group bookings*. 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. 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. Only new government or agency mandates would be considered. Take note of the fine print, and when in doubt, call your cruise line to clarify important things like expiration date or any blackout dates. CruiseNext deposits applied to a suspended reservation will be returned to the guests profile. 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. And with those tools, we think bundling actually provides us in this uncertain future environment a competitive advantage. Moving on to costs, adjusted net cruise cost, excluding fuel per capacity day, is expected to average approximately $159 for the full year, slightly better than our prior guidance. It has a monetary amount associated with it, and it is provided in lieu of a refund. One day later, Norwegian Jade will return to service from a homeport that is not used too often, Panama City, from where she will offer Panama Canal cruises. But things are looking very, very healthy from our perspective in terms of the overall consumer demand for cruise. So, I wouldn't skew too much that the premium itineraries are going to be a big driver of cost. Any bonus FCC amount is applied only to the voyage fare. 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. Below are instructions and frequently asked questions for redeeming and using your Future Cruise Credits. As we execute on this plan, we expect to see a dual benefit of not only emission reductions, but also cost savings from reduced fuel consumption. What happens if the cancelled booking had a previous FCC applied? My name is Paul, and I will be your operator. Frank, thank you for your service. 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. 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. And the differential simply is that, as I said in my prepared remarks, we've now included certain things, financing for owner supply, and other related items that are required as part of the ship delivery. Water/soda packages Can I use My Future Cruise Credit with any cruise line? Yeah. A future cruise credit is typically delivered via email within a few weeks' time, depending on how long it takes the cruise line to process it. We've demonstrated that in our full year updated guidance, and we will continue to push hard on that. Those ships, along with some of our other recent additions, translate to a nearly 20% growth in capacity when compared to 2019. Charters are excluded. 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. This article is a transcript of this conference call produced for The Motley Fool. And you're talking today about some of the, you know, the shoulder period itineraries are being expanded. 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. The two ships that will signal the moment when the entire Norwegian Cruise Line fleet is operational again are Norwegian Sun and Norwegian Spirit. While we originally planned to fund this with our organic cash flow generation when the ships were originally ordered, given the very efficient and supportive financing we received from export credit agencies and the continued uncertainty in the macro and financial markets, we felt financing this was a prudent action to minimize cash outflows for the next few years. Taiwan Get advice from Norwegian Cruise Line Future Cruise Credit experts & extra bonuses. At that time, the receiving guest will be able to apply the coupon to the desired reservation. Anyone choosing to cancel received a full refund in the form of a future cruise credit (FCC) to be used for sailings that embark through June 30, 2023. And we'll continue to optimize around that. OK, operator, we can take the questions from the line now. 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. NORWEGIAN CRUISE LINE Norwegian Cruise Line has a unique CruiseFirst program that allows anyone to put down an open deposit for a future cruise right from the website, even if you haven't ever cruised with the line. 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. A Future Cruise Credit (FCC) is essentially a voucher for future travel. Shifting our attention to guidance, our outlook for the second quarter can be found on Slide 14. United States: International Cruise & Excursion Gallery, Inc. In terms of this gap of 3%, does that reflect what we're going forward? 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. What Is Future Cruise Credit and How Can I Use It? Process for transferring Cruise Next Certificates In addition to using your Future Cruise Credit, you will have access to Cruise Line Promotions as well as savings on future travel when you book. So, but, you know, if you just took Q1 in isolation and you said, "OK, we beat the quarter by $0.15 and you look at the rest of the year, almost half of that is being eroded by fuel and FX headwinds. FCCs from either suspended sailings or Peace of Mind cant be converted into another currency. And congratulations to Frank and Harry, to both of you, with the changes. Thanks for that. I mean, is there any net cruise costs changes or net yield changes that we should be thinking through? The following is applied to the Future Cruise Credit when calculated: Cruise fare and taxes. So, in order to preserve cash for the long term and given the very efficient rates, we simply decided to finance more. Applicable refunds will be returned to the original form of payment sixty (60) days after the request for the refund has been made. Pre-booked and pre-paid shore excursions If the cruise fare for the new booking exceeds the Future Cruise Credit value, you will be responsible for the difference. So, three ships in one year will mean that much more of a halo effect for our company to leverage. First, we continue to see healthy and resilient demand from our target markets who remain willing and eager to spend on cruise vacation travel. Amenities Now, for one last time, thank you for your interest and your support. Learn More, Norwegian Cruise Line(NCLH 8.91%)Q12023 Earnings CallMay 01, 2023, 10:00 a.m. Photo packages. This should result in a lower run rate cost level exiting 2023 than our full year reported results. Frank del Rio -- President and Chief Executive Officer, Norwegian Cruise Line Holdings. So in terms of 2024, I'll take the second part of your question first. By continuing to browse the site you agree to our use of cookies. And any, you know, color just on the cadence of bookings that you've seen year to date, maybe relative to pre-COVID levels. Refunds -- Which Should I Choose? Sorry, the Future Cruise Credit cannot be used to satisfy the deposit of your cruise booking. So, I can definitively say that in Q2, we will be at or ahead of our Q2 cabin load occupancy across the entire fleet. I wanted to dig a little bit more into the regional setup. That's helpful. Are any costs refunded instead of being included in the FCC? Still have questions? Can guests use their FCC to pay for more than one cruise in the future? English Overall, our cost levels typically tend to remain the same. Great, thanks. What happens if a new reservation using the FCC is cancelled? Ms. John, please proceed. Can you kind of help us understand why that's different now? 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. India: ICE Vacation Center India (ICE). The full cancellation and final payment schedule can be viewed here. Our next question is from Patrick Scholes with Truist Securities. Future Cruise Credit Expiration Dates: Do I Need to Worry? Instead of getting the amount refunded to your credit card, you may be issued a certificate you can use towards your next Princess sailing. Hi, everyone. 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. which gives us confidence that we can achieve this sequential improvement in year over-year-growth. I know the 1.2 billion are for those ships that are a couple of years out, is the additional 500 million euros, is that for 2023 specifically? So, the remainder of it, we are carrying through. Our booking window, which is our best forward-looking indicator, remains strong. What happens if the cruise I booked using my Future Cruise Credit is cancelled? I know that was a big part of the commentary last quarter just on the uncertain macro. 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. These are given to customers as a form of compensation for inconveniences caused by cancelled cruises or service issues on a previous cruise. Focusing on the top line, total revenue per passenger cruise day in the quarter was up approximately 18% versus 2019. So, you're spot-on there. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and presentation. At Holland America, the credits must be used by Dec. 31, 2022. The value will be included in the POM-NRD credit that was issued. If the new mandate is a significant inconvenience to the guest, i.e. Check out the following tips. 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. Look, our book position, Harry touched on it earlier, we're exactly where we need to be to hit our goals and our guidance. Cruise Hive was established back in 2008 and among the earliest blogs in the industry. It also cannot be used to pay the initial deposit. When cruises are greatly affected or canceled, or if passengers are given compensation for any reason, a nonrefundable future cruise credit is a common form of payment. We are committed to identifying and evaluating incremental opportunities across every area of the business to help accelerate our margin recovery. Please proceed with your question. This may mean different protocols from ship to ship based on local requirements. 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. And then, just a related follow-up question. Thousands of domestic & international car hire and both low-cost & scheduled flights. CruiseNext deposits applied to a reservation cancelled under our Peace of Mind policy will not be reissued. Thank you. We're on that journey. Paul, I think we have time for one more question. To redeem a Future Cruise Credit or for additional questions, please call 1-866-921-7925 to speak with a Costco Travel expert. Thousands of domestic & international car hire and both low-cost & scheduled flights. 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. How is My Future Cruise Credit Calculated? Effective from the 29th July 2020 the below values are rewarded in Future Cruise Credits: 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: 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. Harry, do you want to take that one? And congratulations to both Frank and Harry. Please proceed with your question. Instructions and guidelines on Norwegian Cruise Line's safety and security policies. 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. This is expected to translate to adjusted EPS of approximately $0.75 cents or $0.05 above our prior guidance, reflecting the first quarter outperformance partially offset by higher anticipated fuel costs and effects for the remainder of the year. Given their very efficient financing structures made possible to the unique nature of the industry's interconnected financing ecosystem, new ships are able to contribute immediately and are expected to be meaningful drivers of the company's future earnings growth and margin expansion.
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