But overall, our NPDs remained very healthy and strong. Why Is SoFi Stock Down After Earnings? 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. Our NPD and yields continue to be strong, continue to be in line with our expectations. 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! A FCC may be used towards the deposit and/or base cruise fare of any future cruise. Overall, we feel optimistic about the direction of our business, and we believe we are taking the right steps today create a more nimble and resilient organization for the future. No, guests will receive the full value of their winning bid within the FCC and can apply that towards the sailing and category of their choice. Adjusted EBITDA was nearly $40 million higher than our guidance at approximately $234 million in the quarter. And there's always going to be some variable variability in there, but nothing that overly concerns us. Listen, we were very pleased with the results in Q1. The 1 thing savvy cruisers do to save more on their next cruise And then, of course as you look at the brand mix, that's also a tailwind. What Is Future Cruise Credit and How Can I Use It? Steve Wieczynski -- Stifel Financial Corp. -- Analyst. 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. 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. 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. What is not included in the future cruise credit (FCC) are; Travel Protection. 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. Note: Suspended Sailings and Peace of Mind FCCs are valid for sailings through December 31, 2022. Photo packages. July 15, 2017. Tailor-made packages to help you build the dream holiday you need. Morning, thanks. Future cruise credit guide: Everything you need to know - The Points Guy Reports, policies and documents related to our sustainability program, Sail & Sustain. Upon submission of the online request, an email will be sent to the email address entered on the form with a response and case number. What can the Peace of Mind FCC be used for? Ms. John, please proceed. A Future Cruise Credit (FCC) is essentially a voucher for future travel. Norwegians Enhanced Peace of Mind Policy was available from December 30, 2021 through January 31, 2022. With each cruise line's form of credit comes its own stipulations on when and how to use it. Norwegian Cruise Line has extended its Future Cruise Credit (FCCs) booked by date until the end of the year. As we have stated previously, the second quarter will complete our occupancy ramp-up. Still have questions? And that's simply is a matter of, you know, when we sell the ticket to the consumer, we sell the air at what we believe are going to be the best projected prices. To make the world smarter, happier, and richer. Anything in place already since April 2021 would not allow the guest to cancel and receive the above. These statements should be considered in conjunction with the cautionary statement contained in our earnings release. So, something that -- absolutely, it impacts us. And then, my other question is just on the 1.7 billion in additional ECA financing. 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. 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. And before I get started, I have to say that I am honored and grateful to be given the opportunity to lead this iconic company. 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. By proceeding, you agree to Cruise Critics. The results of this initiative are ready to getting to bear fruit as demonstrated by our first quarter adjusted net cruise cost excluding fuel per capacity day, which was not only 14% below the run rate in the second half of 2022, but also outperformed our guidance by $4, as certain savings were realized earlier than anticipated. NCLH earnings call for the period ending March 31, 2023. Cruise departure date 18 March - 29 July 2020: Our record book position also gives us high visibility into the back half of the year and beyond. Norwegian Cruise Line Extends Future Cruise Credits to End of Year Effective from the 29th July 2020 the below values are rewarded in Future Cruise Credits: We continue to expect modest sequential improvement each quarter in 2023 as occupancy increases and as a result of initiatives which have already been identified and implemented. OK, that's helpful. 4 reasons you shouldn't take a voucher if your cruise is canceled 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. Only one transfer or exchange of ownership will be allowed per FCC. What is excluded in the future cruise credit (FCC) or refund? In the first quarter, CruiseNext achieved its highest quarterly results in the program's history, surpassing the previous record. Powered by Invision Community. Upon submission of the online request, an email will be sent to the email address entered on the form with a response and case number. How long will it take to receive the refunded portion (if any) of the cancelled booking? Mark? Future Cruise Credits will be credited to you via your Latitudes number within seven working days. To redeem a Future Cruise Credit or for additional questions, please call 1-866-921-7925 to speak with a Costco Travel expert. Cruise tours purchased through Norwegian Cruise Line While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Yes. Additional Compensation for Suspended Voyages. So, you're spot-on there. 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. That's right -- theythink these 10stocks are even better buys. But, Frank, you took me under your wings early in my career, and it taught me so much over the last three decades. The credit is typically broken down by each individual guest on the reservation, and their charges. Guests who elect to request their FCC for a monetary refund will receive the original cruise fare paid back to their original form of payment and forfeit any bonus FCCs attached to their Latitudes profile. Future Cruise Credit FAQs My commentary today will focus on our first quarter 2023 financial results, 2023 guidance, and the progress on our financial recovery. [Operator instructions] As a reminder to all participants, this conference is being recorded. Look, our book position, Harry touched on it earlier, we're exactly where we need to be to hit our goals and our guidance. The only exception is if the current owner is requesting to transfer back to the original owner that the FCC was issued to. Our comments may also reference non-GAAP financial measures. Will out of pocket costs (including items such as individually purchased air) incurred as a result of this cancellation be reimbursed? a new quarantine requirement upon return from travel (but not a travel ban), then an FCC would be offered. Got it. And then, just a related follow-up question. If outside final payment and an FCC was used as payment, the original FCC was added back to the guest's profile. *Terms & Conditions Package not available on sailings less than 5 days or charter sailings. Personally, I couldn't have asked for a more fulfilling and more successful career in this incredible industry, and everyone here contributed to that. Since we last spoke, we also signed agreements to increase our ECA-backed commitments by approximately 1.7 billion euro. The value of the original Future Cruise Credit will now be added to the new Future Cruise Credit at 100% of its original value, plus 125% of any amount paid by the guest on the cancelled sailing. Slide 13 highlights our first quarter results, in which we are pleased to report that we met or exceeded guidance for all key metrics. Future cruise credit blues NCL - Norwegian Cruise Line - Cruise Critic Pre-paid service charges The financing also covers older supplies associated with preparing certain newbuilds to enter service, as well as related financing premiums. 7/27/2022. What is your current final payment policy and schedule? 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 . 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. Can I use My Future Cruise Credit to upgrade my cabin? And we are even more pleased with the depth and breadth of the strength across revenue streams, ships, and regions. Future Cruise Credits are issued by the Cruise Lines for various reasons. Frank? W9 Tax document form. 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. My questions are for Mark. That's helpful. Unfortunately, at the time of cancellation, all promotional offers, amenities, and value add-ons are removed and will not carry-over to future reservations. And we simply executed some of those initiatives quicker than we had anticipated. We'll be taking delivery of a ship in the third quarter and fourth quarter. So, my first question is on the cost side. Booksafe Travel Protection will be issued as a separate additional Future Cruise Credit worth the value of the travel protection plan paid. Thank you. My name is Paul, and I will be your operator. 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 is completed, a confirmation email will be sent to the email provided at time of case submission. Bottles of wine 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? Ancillary pre-purchased items include: Cruise Hive was established back in 2008 and among the earliest blogs in the industry. 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. OK, thank you. Princess Cruise Line's Future Cruise Credit (FCC) is credit that you can use for your next Princess cruise. The scope of these targets cover our direct emissions, as well as the full well-to-wake impact of our fuel consumption. First, we continue to see healthy and resilient demand from our target markets who remain willing and eager to spend on cruise vacation travel. Can you kind of help us understand why that's different now? Use the cruise search filters on NCL.COM to find the perfect cruise. 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. This initiative is very much ongoing and will continue to be a top priority under my leadership. So, I wouldn't skew too much that the premium itineraries are going to be a big driver of cost. What happens to CruiseNext certificates that were used on a cancelled reservation? www.ncl.com/travel-requirements-by-country. The voucher can be used per person, with or without a travel agent. And lastly, we feel comfortable with our liquidity position and are committed to prioritizing restoration of our balance sheet in the coming years. 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. Good morning, and welcome to the Norwegian Cruise Line Holdings first quarter 2023 earnings conference call. Disney Magic, Disney Wonder, Disney Dream and Disney Fantasy If your Disney cruise was canceled, you can opt for a future cruise credit or refund . Insurance FCCs can only be applied to a new reservation where Essentials, Booksafe Standard or Platinum Travel protection has been added. What Charges Does Future Cruise Credit Not Cover? Please allow up to 7 business days for the transfer request to be completed. When does My Future Cruise Credit expire? If the amount of the credit falls short of the new cruise fare, you'll pay the difference out of pocket. This is a strategic and cost-effective initiative to help address the consistent pain point we hear from guests regarding the reliability and speed of internet connectivity at sea. And then, on the shift to longer cruises and more immersive cruise, the 3-point gap in overall occupancy, is that basically reflective of that change in the second quarter? Our target consumer remains resilient with a persistent desire for travel and experiences. You know, pretty much close to that, absent the Q1 commentary I gave you already. How is My Future Cruise Credit Calculated? United States. 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. No. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. So in terms of 2024, I'll take the second part of your question first. 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. Future cruise credit (FCC) is a bit like store credit from a cruise line. Attachment of email from current FCC owner authorizing transfer. 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. Harry, congrats on the new role. *Terms & Conditions Package not available on sailings less than 5 days or charter sailings. Listen, in Q2 and in all future quarters, our focus now is on having our cabins as close to 100% full as possible. Simply put, for new and existing bookings made by January 31, 2022, for any voyage with an embarkation date through and including May 31, 2022, guests were free to cancel up to and including January 31, 2022 with Norwegian's Peace of Mind. There is no opportunity for the export credit agencies to change those rates. Hey, good morning, everyone. Onboard credit Listen, we have about 20% increase in capacity for 2023 versus 2019. Bon voyage gifts and celebration packages Thank you. Please contact Sixthman directly. 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. When you get to the "Payment Page" of booking, choose "My Coupons and Credits" from the Payment Type pull down menu. Taking all of this into account, adjusted EBITDA for the second quarter is expected to be approximately 485 million, which is roughly the same level as EBITDA in the same quarter of 2019, another stepping stone to closing the gap versus pre-pandemic levels. Am I guaranteed the same category on the new booking? The only exception is if the current owner is requesting to transfer back to the original owner that the FCC was issued to. Peace of Mind is the company's new temporary policy that allows new and existing individual and group bookings in non-chartered sailings embarking from May 15, 2020 through and including December 31, 2020 to cancel their booking up until 48 hours from the start of their holiday date and receive a 100% future cruise credit (FCC) for the payments that are already received by Norwegian Cruise Line. How long is my Future Cruise Credit valid for? As government regulations evolve, our health and safety protocols will evolve as needed to ensure compliance. 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.

A Market Segment Consists Of A Group Of:, Articles N