$NCLH
Norwegian Cruise Line Holdings Ltd.

2014 Q2 Form 10-Q Financial Statement

#000119312514176597 Filed on May 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q4
Revenue $765.9M $664.0M $600.3M
YoY Change 18.85% 25.85% 19.31%
Cost Of Revenue $470.8M $445.9M $417.8M
YoY Change 11.81% 22.95% -53.33%
Gross Profit $295.1M $218.1M $182.6M
YoY Change 32.12% 32.24% -146.57%
Gross Profit Margin 38.53% 32.85% 30.42%
Selling, General & Admin $83.10M $83.39M $64.20M
YoY Change 12.13% -2.13% 6.29%
% of Gross Profit 28.16% 38.23% 35.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.50M $69.71M $65.00M
YoY Change 18.38% 25.65% 17.54%
% of Gross Profit 24.23% 31.96% 35.6%
Operating Expenses $146.5M $83.39M $121.1M
YoY Change 97.68% -2.13% 11.0%
Operating Profit $148.6M $73.09M $61.43M
YoY Change 55.78% 135.86% 24.09%
Interest Expense -$31.90M -$31.20M -$24.60M
YoY Change -69.24% -75.57% -48.43%
% of Operating Profit -21.47% -42.69% -40.05%
Other Income/Expense, Net -$300.0K -$30.78M $200.0K
YoY Change -99.71% -75.62% -133.33%
Pretax Income $116.4M $42.31M $37.00M
YoY Change -1579.41% -144.39% 2983.33%
Income Tax $3.100M -$9.387M $600.0K
% Of Pretax Income 2.66% -22.19% 1.62%
Net Earnings $111.6M $51.27M $36.09M
YoY Change -1362.48% -153.18% 3327.54%
Net Earnings / Revenue 14.57% 7.72% 6.01%
Basic Earnings Per Share $0.25 $0.18
Diluted Earnings Per Share $530.2K $0.24 $0.17
COMMON SHARES
Basic Shares Outstanding 205.2M shares 205.2M shares 205.1M shares
Diluted Shares Outstanding 211.0M shares

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.00M $65.00M $56.00M
YoY Change -24.1% -19.75% 21.74%
Cash & Equivalents $63.00M $64.76M $56.47M
Short-Term Investments
Other Short-Term Assets $67.00M $57.00M $64.00M
YoY Change 19.64% -18.57% -1.54%
Inventory $53.00M $48.11M $43.72M
Prepaid Expenses
Receivables $27.00M $18.00M $18.26M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $210.0M $187.2M $182.9M
YoY Change 4.47% -9.45% 10.91%
LONG-TERM ASSETS
Property, Plant & Equipment $6.305B $6.327B $5.648B
YoY Change 12.56% 26.61% 13.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $188.0M $193.1M $209.1M
YoY Change 7.68% 9.65% 3.48%
Total Long-Term Assets $7.105B $7.132B $6.468B
YoY Change 11.23% 23.28% 12.03%
TOTAL ASSETS
Total Short-Term Assets $210.0M $187.2M $182.9M
Total Long-Term Assets $7.105B $7.132B $6.468B
Total Assets $7.315B $7.319B $6.651B
YoY Change 11.02% 22.15% 12.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $103.0M $79.59M $86.79M
YoY Change 6.08% 17.56% 9.68%
Accrued Expenses $257.0M $244.9M $253.8M
YoY Change 15.94% -4.24% 9.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $373.0M $364.0M $287.0M
YoY Change 36.63% 63.96% 29.86%
Total Short-Term Liabilities $1.380B $1.257B $1.075B
YoY Change 17.84% 20.15% 13.8%
LONG-TERM LIABILITIES
Long-Term Debt $3.129B $3.290B $2.841B
YoY Change 7.19% 36.12% 2.79%
Other Long-Term Liabilities $91.00M $46.28M $47.88M
YoY Change 119.73% 29.15% -24.08%
Total Long-Term Liabilities $3.220B $46.28M $47.88M
YoY Change 7674.96% 29.15% -24.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.380B $1.257B $1.075B
Total Long-Term Liabilities $3.220B $46.28M $47.88M
Total Liabilities $4.629B $4.649B $4.020B
YoY Change 10.1% 29.49% 2.55%
SHAREHOLDERS EQUITY
Retained Earnings -$146.2M -$197.5M
YoY Change -63.04% -34.0%
Common Stock $2.813B $2.823B
YoY Change 1378746.08% 21.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.686B $2.635B $2.609B
YoY Change
Total Liabilities & Shareholders Equity $7.315B $7.319B $6.651B
YoY Change 11.02% 22.15% 12.0%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q4
OPERATING ACTIVITIES
Net Income $111.6M $51.27M $36.09M
YoY Change -1362.48% -153.18% 3327.54%
Depreciation, Depletion And Amortization $71.50M $69.71M $65.00M
YoY Change 18.38% 25.65% 17.54%
Cash From Operating Activities $291.0M $228.1M $77.00M
YoY Change 70.47% 177.89% 248.42%
INVESTING ACTIVITIES
Capital Expenditures -$41.30M $746.3M -$41.50M
YoY Change -93.87% 776.44% -43.84%
Acquisitions
YoY Change
Other Investing Activities -$17.60M
YoY Change
Cash From Investing Activities -$41.30M -$746.3M -$59.10M
YoY Change -93.87% 776.44% -20.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $258.1M
YoY Change -76.38%
Cash From Financing Activities -251.0M 526.5M -18.40M
YoY Change -149.72% 1258.35% -164.11%
NET CHANGE
Cash From Operating Activities 291.0M 228.1M 77.00M
Cash From Investing Activities -41.30M -746.3M -59.10M
Cash From Financing Activities -251.0M 526.5M -18.40M
Net Change In Cash -1.300M 8.293M -500.0K
YoY Change -176.47% -76.77% -97.84%
FREE CASH FLOW
Cash From Operating Activities $291.0M $228.1M $77.00M
Capital Expenditures -$41.30M $746.3M -$41.50M
Free Cash Flow $332.3M -$518.2M $118.5M
YoY Change -60.65% 16850.47% 23.44%

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CY2014Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
36583000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
388000
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
258125000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-15356000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
340000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
42305000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-260000
CY2014Q1 us-gaap Passenger Revenue
PassengerRevenue
458490000
CY2014Q1 us-gaap Revenues
Revenues
664028000
CY2014Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-31172000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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6476000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
36295000
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
197000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
73089000
CY2014Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-15217000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-30784000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
51267000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4391000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-15109000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1835000
CY2014Q1 us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-11100000
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-245000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-153000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
3432000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-7198000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
340000
CY2014Q1 us-gaap Food And Beverage Cost Of Sales
FoodAndBeverageCostOfSales
37683000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
69708000
CY2014Q1 us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
118320000
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
784451000
CY2014Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
145029000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1027000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
288000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
526469000
CY2014Q1 us-gaap Cost Of Services
CostOfServices
445910000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1835000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
61640000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
8293000
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
83389000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-9387000
CY2014Q1 us-gaap Fuel Costs
FuelCosts
79040000
CY2014Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
99066000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-746310000
CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-94000
CY2014Q1 us-gaap Other Cost Of Services
OtherCostOfServices
65387000
CY2014Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
425000
CY2014Q1 nclh Transactions With Affiliate Net
TransactionsWithAffiliateNet
-59000
CY2014Q1 nclh Onboard And Other Expense
OnboardAndOtherExpense
47924000
CY2014Q1 nclh Onboard And Other Revenue
OnboardAndOtherRevenue
205538000
CY2014Q1 nclh Commissions Transportation And Other Cost
CommissionsTransportationAndOtherCost
116810000
CY2014Q1 nclh Business And Other Taxes On Revenues
BusinessAndOtherTaxesOnRevenues
37900000

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