Short answer
Norwegian Cruise Line Holdings (NCLH) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $9.5B (+10.9% year over year) and net income of $910M.
- Top risk flagged: Debt covenant compliance risk with no assurance of lender waivers if default occurs, risking $1.7B Revolving Loan Facility and $790M 8.125% notes
FY2024 key financial metrics · XBRL
- Revenue
- $9.5B
- +10.9% YoY
- Net income
- $910M
- +447.8% YoY
- Operating margin
- 15.5%
- +4.6 pp YoY
- EPS (diluted)
- $1.89
- +384.6% YoY
- ROE
- 63.9%
- +8.6 pp YoY
- Operating cash flow
- $2.0B
- +2.2% YoY
Source: XBRL data from the Norwegian Cruise Line Holdings (NCLH) FY2024 10-K on SEC EDGAR. USD.
Norwegian Cruise Line Holdings FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Global cruise line operator generating revenue from passenger ticket sales and onboard activities
- New emphasis on Prima Class Ships and Allura Class Ships, assigned extended useful lives of 35 years, reflecting technological advancements
- Strategic financial shifts include multiple debt refinancing transactions totaling over $2 billion in 2024-2025 and expanded Revolving Loan Facility to $1.7 billion
- Notable quantitative: Goodwill totaled $135.8 million and trade names $500.5 million as of Dec 31, 2024, with annual impairment reviews supporting carrying values
- Unusual fact: Reversal of $161.9 million U.S. deferred tax asset valuation allowance included as a non-GAAP adjustment impacting 2024 earnings
Management Discussion & Analysis
- No profitability or margin figures provided in this excerpt
- Future capital commitments: $2.5B (2025), $2.4B (2026), $2.4B (2027) for ship construction; $0.6B other capex (2025)
- Material cash requirements: $4.0B (2025), $5.1B (2026), $5.9B (2027) including debt and ship construction
- Contract prices for 13 ships total €17.5B ($18.1B) with export-credit backed financing covering ~80%
- Capitalized interest $59.9M (2024) vs $56.4M (2023), linked to ship construction
- Management expects to fund operations, debt payments, capex through cash, revolver, issuing debt/equity next 12 months
- Risks include delays in ship deliveries, potential forfeiture of deposits if contracts cancelled, possible builder delays and fees
- No dividends, buybacks or net income guidance disclosed in this excerpt
Risk Factors
- Debt covenant compliance risk with no assurance of lender waivers if default occurs, risking $1.7B Revolving Loan Facility and $790M 8.125% notes
- Credit rating downgrade risk by Moody’s B1/Ba3/B3 and S&P B+/BB/BB- impacting capital access and cost of financing
- Credit card processor collateral risk on $2.8B advance ticket sales, requiring potential cash reserves posting affecting liquidity
- Investment cash outflow $1.2B in 2024 from newbuild payments and ship improvements, indicating capital-intensive operational profile
- Financing cash outflow $1.0B in 2024 due to debt repayments including 2028 Secured Notes and 3.625% notes due 2024
Generated from the filing text; verify against the original. How to read a 10-K
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