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. So, while there's always a, you know, both sides of the coin, overall, the economics on going to those itineraries obviously favors the company, or we would not be doing that. 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. Okay, gotcha. Yeah, you know, Brandt, I think you've hit it right. What Is Future Cruise Credit and How Can I Use It? 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. So, I think Q2 to Q4 basically represents what we're going to see in future periods as well. This represents a 15% decrease as compared to the average of $187 in the second half of 2022. She will be offering guests cruises to the Greek Isles. Yes. Both the conference call and presentation will be available for replay for 30 days following today's call. Only new government or agency mandates would be considered. And as we look out over the next five years, this increases to approximately 50% growth versus 2019. At least, by that time, all of the Norwegian Cruise Line fleet will be operational. Each submission request will be individually handled and responded to. Better Buy: Lindblad Expeditions or Norwegian Cruise Line? French Communication will be sent to you once the Future Cruise Credit is added. The Motley Fool has a disclosure policy. 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%. 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. 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. Does Norwegian's Peace of Mind apply to me? 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. Government Fees and Taxes No. That's right -- theythink these 10stocks are even better buys. Why Is SoFi Stock Down After Earnings? These guests will receive a 150% refund of the fare paid in the form of a future cruise credit, which can be applied toward any cruise through to 31 December 2022, or a 100% refund of the fare paid. Listen, in Q2 and in all future quarters, our focus now is on having our cabins as close to 100% full as possible. Check your Regent Seven Seas Cruises here. Pre-paid service charges IATA Accredited. Yeah, Patrick, we're firing on all cylinders. Thank you. And lastly, we feel comfortable with our liquidity position and are committed to prioritizing restoration of our balance sheet in the coming years. inside cabins. Cruise departure date 18 March - 29 July 2020: Pre-booked and pre-paid shore excursions But things are looking very, very healthy from our perspective in terms of the overall consumer demand for cruise. The scope of these targets cover our direct emissions, as well as the full well-to-wake impact of our fuel consumption. We are heading over to Europe this week where Vista will be christened in Malta by her godmother, Emmy Award-winning food personality, Giada de Laurentiis. 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. These guests will receive a 125% refund of the fare paid in the form of a future cruise credit, which can be applied toward any cruise through to 31 December 2022, or a 100% refund of the fare paid. Register your Future Cruise Credit, find your favourite sailing, then speak to an expert for a personal consultation on planning and booking, and let us make your cruise dreams a reality, completely stress free! I won a bid on the Norwegian Upgrade Advantage. A FCC may be used towards the deposit and/or base cruise fare of any future cruise. Yes, with Norwegian Cruise Line, you can use your Future Crusie Credit to pay for more than one cruise in the future. Ms. John, please proceed. Can I make a new booking before I receive my Future Cruise Credit and will this be applied after I booked. We're on that journey. 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. Which sailings qualify under Norwegians Peace of Mind policy? Taiwan The only exception is if the current owner is requesting to transfer back to the original owner that the FCC was issued to. Posted 2 hours ago. 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. Mark, over the past year, you've given some longer-term net debt-to-EBITDA target ratios for various years. *Terms & Conditions Package not available on sailings less than 5 days or charter sailings. 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. Norwegians Enhanced Peace of Mind Policy was available from December 30, 2021 through January 31, 2022. At that time, the receiving guest will be able to apply the coupon to the desired reservation. The original, full value FCC can be applied and used for the following: 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. Focusing on the top line, total revenue per passenger cruise day in the quarter was up approximately 18% versus 2019. We look forward to continuing to demonstrate this improvement over the coming quarters. 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. 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 a refund is approved, all FCCs (including Bonus FCCs) will be deactivated, and a refund will be issued back to the original form of payment, within 90 days from the request submission date. 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. 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. Create your very own My Future Cruise Credit account for free, in only a few simple steps, Browse among thousands of sailings worldwide and get expert advice along the way, Claim an additional credit back to use to PAY LESS on any hotel, tour, resort, cruise or even wine of your choice, Learn how to redeem your future cruise credit & get a bonus with 4 simple steps. TAANZ No: 9838. This does not mean, however, that we will not continue to invest in our product or service offering to enhance our guest experience. We've all experienced, whether it's traveling for business or consumers traveling, flight prices are elevated. Now if you happen to have more Amex NCL $150 back offers on a number of cards (or other offers like 15,000 Membership Rewards points) when you spend $500 you could load in one of these to your cruise account. What happens if a new reservation using the FCC is cancelled? This is driven in part by our focus on attracting the best guests and enhancing our market-leading bundled offering. Any existing 10% Future Cruise Discounts will remain active and available for use on future bookings. As Slide 5 shows, Harry has a broad range and depth of experience that makes him one of the premier executives in the industry. You know, I think that range applies to the end of wave as well that we like to be between 60% to 65% booked for the following 12 months at the end of wave. Yes, 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. During the first months of the pandemic in 2020, Norwegian Cruise Line issued thousands of FCCs to guests who saw their cruises canceled. Norwegian Cruise Line ( NCLH 9.40%) Q1 2023 Earnings Call. 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. 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. India: ICE Vacation Center India (ICE). Was there any noise in the quarter on the Free at Sea program? This article is a transcript of this conference call produced for The Motley Fool. I have full confidence in the management team and their ability to take this company on to its next chapter. 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. The onboard credit can be spent when onboard the cruise and cannot be used towards paying the cruise fare. So, I'm going to kind of ask Dan's question maybe a little bit differently. . Below are instructions and frequently asked questions for redeeming and using your Future Cruise Credits. We bought two Cruise Next certificates because we figured we would be returning to NCL for future cruises. Our next question is from Stephen Grambling with Morgan Stanley. And we'll continue to leave no stone unturned. In terms of this gap of 3%, does that reflect what we're going forward? There will need to be new deposit money paid towards the booking to satisfy the amount of the deposit and then the Future Cruise Credit will be applied towards the balance of the cruise fare costs. Water/soda packages And, of course, as we buy air tickets for over a million guests a year, we have some really good systems and efficiencies to leverage the best prices out there. 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. I was just wondering if that 500 million was for 2023, or is that for the later deliveries that the 1.2 billion applies to? Norwegian issues either a full refund or future cruise credit for passengers denied boarding at embarkation due to a positive COVID-19 test at the pier, provided they have a valid pre-arrival. 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. 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. Whats the difference between my Future Cruise Credit, a future cruise program and onboard credit? Sure, I'll take that one. Include the following information in the comments field: Completed FCC transfer request information as listed below. I'm just curious, if flight prices broadly is acting as a headwind and if you think about your book or your strategy this year for the summer, is it -- is flight prices being bundled in for the consumer? Once the transfer takes place, the receiving guest is now the owner and the previous owner cannot request a transfer back. The top-voted question we received this quarter was, what are the three main action points the company will take to ensure growth in the year ahead? 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. Attachment of email from current FCC owner authorizing transfer. So, in order to preserve cash for the long term and given the very efficient rates, we simply decided to finance more. Hey, good morning, everybody. So, you're spot-on there. You know, both Q2 pricing and yields are exactly in line with where we thought they were going to be. 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. But if we do it right, we can turn it to our benefit. Policies for Sixthman full-ship charters may differ. But, you know, Q1 finished up at 101.5. Mesmerising beach & city stays in over 200,000 hotel & resort properties worldwide. So, we are marching toward that. By continuing to browse the site you agree to our use of cookies. 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. It works like a store credit for a cruise, so it can be redeemable towards a cruise fare of a future booking. New Zealand. My FCC is equal to or greater than the sailing I want to book, so why do I still owe money? So in terms of 2024, I'll take the second part of your question first. A Future Cruise Credit (FCC) is simply a voucher for future cruise travel. 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. 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. We've hopefully demonstrated confidence to the market that we've achieved step one of that. The two ships that will signal the moment when the entire Norwegian Cruise Line fleet is operational again are Norwegian Sun and Norwegian Spirit. Please proceed with your question. As a long-standing cruise industry and company veteran, he brings both continuity and a fresh perspective to this seat. 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. So, we said last quarter that we wanted to be prudent in terms of our guidance. So, while on the surface it may appear that there is a -- it is a bit softer than Q1. Can I make a new booking before I receive the future cruise credit for a cancelled booking? ALL RIGHTS RESERVED. 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. Thank you. Good morning, Dan. In addition, comparisons to 2019 includes certain premium price Baltic and Cuba voyages in that year, which we did not operate in 2023.
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